Document:

thirdamendmenttocreditagr.htm

    
      EXHIBIT 10.1

       

      THIRD AMENDMENT TO AMENDED
AND RESTATED CREDIT AGREEMENT

       

      This
THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) is entered into as
of March 10, 2008 by and among A. T. MASSEY COAL COMPANY, INC., a
Virginia corporation (the “Administrative Borrower”),
individually and as agent on behalf of the other Loan Parties (such term and
each other capitalized term used but not defined herein having
the meaning given to it in Article I of
the Credit Agreement referenced below), the Required Lenders signatory hereto,
UBS AG, STAMFORD BRANCH, as
administrative agent (the “Administrative Agent”), and
THE CIT GROUP/BUSINESS CREDIT, INC., as collateral agent and as security trustee
(the “Collateral Agent”; and
together with the Administrative Agent, the “Agents”) for the Secured Parties and Issuing Bank.

       

      RECITALS

       

      WHEREAS,
the Administrative Borrower, the other Borrowers, the Guarantors, the
Administrative Agent, the Collateral Agent and Lenders entered into that certain
Amended and Restated Credit Agreement dated as of August 15, 2006 (as amended,
supplemented, restated or otherwise modified from time to time, the “Credit
Agreement”);

       

      WHEREAS,
the Administrative Borrower is required to deliver to the Collateral Agent and
Administrative Agent an Inventory Appraisal reasonably satisfactory to both
Agents pursuant to Section 5.15(e) of the Credit Agreement simultaneously with
its delivery of the annual financial statements required by Section 5.01(a) of
the Credit Agreement;

       

      WHEREAS,
the Administrative Borrower is able to timely deliver the financial statements
for the fiscal year ending December 31, 2007 as required by Section 5.01(a) of
the Credit Agreement, but anticipates that it will be unable to timely deliver
the Inventory Appraisal required by Section 5.15(e) of the Credit Agreement;
and

       

      WHEREAS,
the Administrative Borrower (on behalf of itself and each of the other Loan
Parties) has requested that Agents and the Required Lenders amend Section
5.15(e) of the Credit Agreement to change the deadline by which the Inventory
Appraisal must be delivered for the 2007 and subsequent fiscal
years.

       

      NOW
THEREFORE, in consideration of the foregoing recitals, mutual agreements
contained herein and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Agents, the Required Lenders
and the Administrative Borrower (on behalf of itself and each of the other Loan
Parties) agree as follows:

       

      1 Amendment
to Credit Agreement.  Effective on the
date of the satisfaction of the conditions precedent set forth in Section 2 hereof,
Section 5.15(e) of the Credit Agreement is amended by amending and restating
Section 5.15(e) as follows:

       

      “(i) as
soon as available after the end of the 2007 fiscal year but no later than April
15, 2008, (ii) as soon as available after the end of the 2008 fiscal year but no
later than August 15, 2009 and (iii) as soon as available after the end of the
2009 fiscal year and each fiscal year thereafter but no later than November
15th
of the year following the end

      
        
          
            

             

          

           

        

        
           

          
            

          

        

        
           

        

      

      of such
fiscal year, in each case, an Inventory Appraisal to be conducted by an
appraiser satisfactory to the Collateral Agent, and in form, scope and
substance, substantially the same as the Inventory Appraisal delivered on or
about the Original Closing Date and, otherwise reasonably satisfactory to the
Collateral Agent and Administrative Agent;”

      

      2 Conditions
to Effectiveness.  This Agreement
shall be effective on the date on which all of the following conditions
precedent are satisfied:

       

      2.1 This
Agreement shall have been executed and delivered by the Administrative Agent,
the Collateral Agent, the Required Lenders and the Administrative Borrower (on
behalf of itself and each of the other Loan Parties).

       

      2.2 The
representations and warranties contained herein shall be true and correct in all
respects, and, after giving effect to this Agreement, no Event of Default or
Default shall exist on the date hereof.

       

      3 Representations and
Warranties.

       

      3.1 The
execution, delivery and performance by Administrative Borrower (on behalf of
itself and each of the other Loan Parties) of this Agreement has been duly
authorized by all necessary corporate action and this Agreement is a legal,
valid and binding obligation of the Administrative Borrower and each of the
other Loan Parties enforceable against the Administrative Borrower and each of
the other Loan Parties in accordance with its terms, except as the enforcement
thereof may be subject to (i) the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar law affecting creditors’
rights generally and (ii) general principles of equity (regardless of whether
such enforcement is sought in a proceeding in equity or at law);

       

      3.2 Each of
the representations and warranties contained in the Credit Agreement is true and
correct in all material respects on and as of the date hereof as if made on the
date hereof, except to the extent that such representations and warranties
expressly relate to an earlier date; and

       

      3.3 Neither
the execution, delivery and performance of this Agreement by the Administrative
Borrower (on behalf of itself and each of the other Loan Parties) nor the
consummation of the transactions contemplated hereby does or shall result in a
breach of, or violate (i) any provision of the Administrative Borrower’s or any
other Loan Party’s articles of incorporation or bylaws, (iii) any law or
regulation, or any order or decree of any court or government instrumentality,
applicable to the Administrative Borrower or the other Loan Parties or binding
upon any of their properties, or (iii) any indenture, mortgage, deed of trust,
lease, agreement or other instrument to which the Administrative Borrower or any
other Loan Party is a party or by which the Administrative Borrower or any other
Loan Party or any of their property is bound, except in any such case to the
extent such conflict or breach has been waived by a written waiver document, a
copy of which has been delivered to the Agents on or before the date
hereof.

       

      
        
          
             

            2

          

           

        

        
           

          
            

          

        

        
           

        

      

      4.           Reference
to and Effect upon the Credit Agreement.

       

      4.1           Except
as specifically set forth above, the Credit Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified and
confirmed.

       

      4.2           The
execution, delivery and effectiveness of this Agreement shall not operate as a
waiver of any right, power or remedy of any Agent or any Lender under the Credit
Agreement or any other Loan Document, nor constitute amendment of any provision
of the Credit Agreement or any other Loan Document, except as specifically set
forth herein.  Upon the effectiveness of this Agreement, each
reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”,
“herein” or words of similar import shall mean and be a reference to the Credit
Agreement as amended hereby.

       

      4.3           The
Administrative Borrower (on behalf of itself and each of the other Loan Parties)
acknowledges and agrees that the execution and delivery by Agents and Required
Lenders of this Agreement shall not be deemed (i) to create a course of dealing
or otherwise obligate Agents or Lenders to forbear, waive, consent or execute
similar amendments under the same or similar circumstances in the future, or
(ii) to amend, relinquish or impair any right of Agents or Lenders to receive
any indemnity or similar payment from any Person or entity as a result of any
matter arising from or relating to this Agreement.

       

      4.4           The
Administrative Borrower (on behalf of itself and each of the other Loan Parties)
affirms and acknowledges that this Agreement constitutes a Loan Document under
the Credit Agreement and any reference to the Loan Documents under the Credit
Agreement contained in any notice, request, certificate or other document
executed concurrently with or after the execution and delivery of this Agreement
shall be deemed to include this Agreement unless the context shall otherwise
specify.

       

      5.           Costs and
Expenses.  As provided in Section 11.03 of the
Credit Agreement, Borrowers agree to reimburse Agents for all reasonable
out-of-pocket expenses incurred by the Administrative Agent and the Collateral
Agent in connection with the preparation, execution and delivery of this
Agreement, including the fees, charges and disbursements of Latham &
Watkins, LLP, counsel for the Administrative Agent and Hahn & Hessen, LLP,
counsel to the Collateral Agent.

       

      6. GOVERNING
LAW.  THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AS
OPPOSED TO CONFLICTS OF LAWS PROVISIONS) OF THE STATE OF NEW YORK.

       

      7.           Headings.  Section
headings in this Agreement are included herein for convenience of reference only
and shall not constitute a part of this Agreement for any other
purposes.

       

      8.           Counterparts.  This
Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed an original, but all such counterparts shall constitute
one and the same instrument.    In the event that any
signature is delivered by facsimile

       

      
        
          
             

            3

          

           

        

        
           

          
            

          

        

        
           

        

      

      transmission,
such signature shall create a valid and binding obligation of the party
executing (or on whose behalf the signature is executed) the same with the same
force and effect as if such facsimile signature page were an original thereof,
and such party shall promptly follow its facsimile signature page by mailing of
a hard copy original.

       

      [Signature
Pages Follow]

       

      
        
          
             

            4

          

           

        

        
           

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement
as of the date first written above.

       

      ADMINISTRATIVE
BORROWER

      

      A. T.
MASSEY COAL COMPANY, INC., individually and as agent for each of the other Loan
Parties

      

      

      By:           /s/ Philip W.
Nichols                                                                

      Name:
Philip W. Nichols

      Title:  Treasurer

      

       

      AGENTS

       

      UBS AG,
STAMFORD BRANCH, as the Administrative Agent

      

      

      By:           /s/ Mary E.
Evans                                                                

      Name:  Mary
E. Evans

      Title:  Associate
Director

      

      

      By:           /s/ David B.
Julie                                                                

      Name:
David B. Julie

      Title:  Associate
Director

      

      

      THE CIT
GROUP/BUSINESS CREDIT, INC., as the Collateral Agent

      

      By:           /s/ Eddy L.
Milstein                                                                

      Name:  Eddy
L. Milstein

      Title:  Vice
President

      

      LENDERS

      

      UBS LOAN
FINANCE LLC,

      as
Swingline Lender

      

      

      By:           /s/ Mary E.
Evans                                                                

      Name:  Mary
E. Evans

      Title:  Associate
Director

      

      

      By:           /s/ David B.
Julie                                                                

      Name:  David
B. Julie

      Title:  Associate
Director

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      UBS LOAN
FINANCE LLC,

      as a
Lender

      

      

      By:           /s/ Mary E.
Evans                                                                

      Name:  Mary
E. Evans

      Title:  Associate
Director

      

      

      By:           /s/ David B.
Julie                                                                

      Name:  David
B. Julie

      Title:  Associate
Director

      
 

      The CIT
Group/Business Credit, Inc., as a Lender

      

      

      By:           /s/ Eddy L.
Milstein                                                                

            Name:  Eddy
L. Milstein

            Title:  Vice
President

       

      
        GENERAL
ELECTRIC CAPITAL CORPORATION, as a Lender

        

        

        By:           /s/ Randall F.
Hornick

        Name:  Randall
F. Hornick

        Title:  Authorized
Signatory

         

         

        BANK OF
AMERICA, N.A., as a Lender

        

        

        By:           /s/ Lawrence P.
Garni

        Name:  Lawrence
P. Garni

        Title:  SVP

         

         

        PNC BANK,
NATIONAL ASSOCIATION, as a Lender

        

        

        By:           /s/ Dale A.
Stein

        Name:  Dale
A. Stein

        Title:  Sr.
Vice Presidentexh108.htm

    EXHIBIT
10.8

    

    

     

     

     

    
 

    

    

    

    

    

    FFE
Transportation Services Inc.

    Restated
Wrap Plan

     

     

     

    (Effective
January 1, 2008)

     

     

     

     

    Note-  This
replaces Exhibit 10.1 to our Current Report on Form 8-K filed on March 5,
2008.  It is refiled here to correct certain typographical
errors.

     

     

     

     

     

     

     

     

     

     

     

     

    
      
         

      

      
        48 of
71

        
          

        

      

      
         

      

    

    ARTICLE
I

     

    PURPOSE
OF THE PLAN

     

    The Company sponsors and maintains a
401(k) Wrap Plan which was adopted and effective prior to the effective date of
Internal Revenue Code section 409A.  By action of its Board of
Directors, the Company has approved and adopted this Restated Wrap Plan
effective January 1, 2008 (the “Plan”) which is intended to comply, and shall be
interpreted in a manner to comply in all respects with Code Section
409A.  The Plan shall govern the terms and conditions under which
certain select management and highly compensated employees of the Participating
Employers covered under the Savings Plan for Employees of Frozen Food Express
Industries, Inc. (the "Savings Plan") may accumulate deferred compensation which
cannot be accumulated under the Savings Plan because of the limitations on
deferrals under Code Section 402(g) (the "Deferral Limit"), the limitations on
annual additions under Code Section 415 (the "415 Limit"), the limitations on
tax-qualified pension plan benefits under Code Section 401(a)(17) (the "Pay
Cap"), and because Savings Contributions and Employer Contributions have been
required to be returned under the Savings Plan because of the nondiscrimination
rules under Code Section 401(k)(3) ("ADP Restrictions") or 401(m)(2) ("ACP
Restrictions"), for all periods commencing as of January 1, 2008.

     

    This Plan
is intended to be "a plan which is unfunded and maintained by an employer
primarily for the purpose of providing deferred compensation for a select group
of management or highly compensated employees" within the meaning of Sections
201(2) and 301(a)(3) of the Employee Retirement Income Security Act of 1974
("ERISA") and shall be interpreted and administered in a manner consistent with
that intent.

     

    ARTICLE
II

     

    DEFINITIONS

     

    
      	
              2.1  

            	
              ACCOUNT
      means those separate accounts established and maintained under the Plan in
      the name of each Participant as required pursuant to the provisions of
      Article VII.

            

    

     

    
      	
              2.2  

            	
              ADP
      RESTRICTIONS AND ACP RESTRICTIONS means the nondiscrimination rules under
      Code Sections 401(k)(3) and
401(m)(2).

            

    

     

    
      	
              2.3  

            	
              AFFILIATE
      means any company which is included within a "controlled group of
      corporations" as determined under Code Section 1563 (without regard to
      subsections (a)(4) and (e)(3)(C) of such Section 1563) and Code Section
      409(l)(4), with the Company.

            

    

     

    
      	
              2.4  

            	
              BENEFICIARY
      means a Participant's beneficiary or beneficiaries identified under the
      Savings Plan.

            

    

     

    
      	
              2.5  

            	
              BOARD
      means the Board of Directors of FFE Transportation Services,
      Inc.

            

    

     

    
      	
              2.6  

            	
              BONUS
      means the bonus paid on either a monthly, quarterly or annual basis by a
      Participating Employer to an Eligible Employee, but shall not include any
      Performance Bonus.

            

    

     

    
      	
              2.7  

            	
              CODE
      means the Internal Revenue Code of 1986 and the regulations thereunder, as
      amended from time to time.

            

    

     

    
      	
              2.8  

            	
              COMMITTEE
      means the Committee appointed by the Board to administer the
      Plan.

            

    

     

    
      	
              2.9  

            	
              COMPANY
      means FFE Transportation Services, Inc., or any company which is a
      successor as a result of merger, consolidation, liquidation, transfer of
      assets, or other reorganization.

            

    

     

    
      	
              2.10  

            	
              COMPENSATION
      means "Compensation" as that term is defined in the Savings Plan, without
      regard to the Pay Cap.

            

    

     

    
      	
              2.11  

            	
              DEFERRAL
      LIMIT means the limitations on deferrals under Code Section
      402(g).

            

    

     

    
      	
              2.12  

            	
              DISABILITY
      means the Participant:

            

    

     

    
      	
              (A)  

            	
              is
      unable to engage in any substantial gainful activity by reason of any
      medically determinable physical or mental impairment which can be expected
      to result in death or can be expected to last for a continuous period of
      not less than 12 months, or

            

    

     

    
      
         

      

      
        49 of
71

        
          

        

      

      
         

      

    

    

     

    
      	
              (B)  

            	
              is,
      by reason of any medically determinable physical or mental impairment
      which can be expected to result in death or can be expected to last for a
      continuous period of not less than 12 months, receiving income replacement
      benefits for a period of not less than 3 months under an accident and
      health plan covering employees of the
Company.

            

    

     

    
      	
              2.13  

            	
              EARLY
      RETIREMENT means Termination of Employment following attainment of age 55
      with ten (10) Years of Service (as determined in accordance with the
      provisions of the Savings Plan).

            

    

     

    
      	
              2.14  

            	
              EFFECTIVE
      DATE means January 1, 2008.

            

    

     

    
      	
              2.15  

            	
              ELIGIBLE
      EMPLOYEE means, for any Plan Year (or applicable portion thereof), a
      person employed by a Participating Employer who (i) is determined by the
      Committee to be a member of a select group of management or highly
      compensated employees, (ii) who is designated by the Committee to be
      eligible under the Plan, and (iii) who is a participant in the Savings
      Plan.  The Committee shall notify those individuals, if any, who
      will be Eligible Employees prior to the Plan Year in which they will
      become Eligible Employees.  If the Committee determines that an
      employee first becomes an Eligible Employee during a Plan Year, the
      Committee shall notify such employee of its determination and of the date
      during the Plan Year on which the employee shall first become an Eligible
      Employee.

            

    

     

    
      	
              2.16  

            	
              EMPLOYER
      CONTRIBUTION means those contributions by the Participating Employers to
      the Savings Plan for a Plan Year on account of the Savings Contributions
      made during that Plan Year by the participants in the Savings
      Plan.

            

    

     

    
      	
              2.17  

            	
              ENTRANCE
      DATE means the "Entrance Date" as that term is defined in the Savings
      Plan.

            

    

     

    
      	
              2.18  

            	
              EXCESS
      CONTRIBUTION means those contributions by Participating Employers to the
      Savings Plan for a Plan Year that are in excess of the 415
      Limit.

            

    

     

    
      	
              2.19  

            	
              415
      LIMIT means the limitations on annual additions under Code Section
      415.

            

    

     

    
      	
              2.20  

            	
              LEAVE
      OF ABSENCE means military leave, sick leave, or other bona fide leave of
      absence if the period of such leave does not exceed six months, or if
      longer, so long as the Participant retains a right to reemployment with
      the Company under an applicable statute or by contract. For purposes of
      this Section 2.21, a leave of absence constitutes a bona fide leave of
      absence only if there is a reasonable expectation that the Participant
      will return to perform services for the Company. If the period of leave
      exceeds six months and the Participant does not retain a right to
      reemployment under an applicable statute or by contract, the employment
      relationship is deemed to terminate on the first date immediately
      following such six-month period. Notwithstanding the foregoing, where a
      leave of absence is due to any medically determinable physical or mental
      impairment that can be expected to result in death or can be expected to
      last for a continuous period of not less than six months, where such
      impairment causes the Participant to be unable to perform the duties of
      his or her position of employment or any substantially similar position of
      employment, a 29-month period of absence may be substituted for such
      six-month period.

            

    

     

    
      	
              2.21  

            	
              NONQUALIFIED
      EMPLOYER MATCHING CONTRIBUTION means an amount contributed by the
      Participating Employers, pursuant to the provisions of Article V, on
      account of the Participant's Nonqualified Savings
      Contribution.

            

    

     

    
      	
              2.22  

            	
              NONQUALIFIED
      EMPLOYER DISCRETIONARY CONTRIBUTION means an amount contributed by a
      Participating Employer pursuant to the provisions of Article
      VI.

            

    

     

    
      	
              2.23  

            	
              NONQUALIFIED
      EXCESS CONTRIBUTIONS means an amount contributed by a Participating
      Employer, pursuant to the provisions of Article VI, in an amount equal to
      the Excess Contributions made to a Participant's account in the Savings
      Plan.

            

    

     

    
      	
              2.24  

            	
              NONQUALIFIED
      SAVINGS CONTRIBUTION means Compensation that is due to be earned and which
      would otherwise be paid to the Participant, which the Participant elects
      to defer under the Plan, determined without regard to the Deferral Limit,
      the 415 Limit, the Pay Cap or the ADP Restrictions under the Savings Plan,
      and which is contributed on behalf of each Participant by the
      Participating Employers pursuant to the provisions of Article
      IV.

            

    

     

    
      
         

      

      
        50 of
71

        
          

        

      

      
         

      

    

    

     

    
      	
              2.25  

            	
              PARTICIPANT
      means any person so designated in accordance with the provisions of
      Article III, including, where appropriate according to the context of the
      Plan, any former employee who is or may become (or whose Beneficiaries may
      become) eligible to receive a benefit under the
  Plan.

            

    

     

    
      	
              2.26  

            	
              PARTICIPANT
      ENROLLMENT AND ELECTION FORM means the form on which a Participant elects
      to defer Compensation hereunder and on which the Participant makes certain
      other designations as required
thereon.

            

    

     

    
      	
              2.27  

            	
              PARTICIPATING
      EMPLOYER means the Company and any Affiliate that adopts the
      Plan.

            

    

     

    
      	
              2.28  

            	
              PAY
      CAP means the limitations on compensation considered in tax-qualified
      pension plans under Code Section
401(a)(17).

            

    

     

    
      	
              2.29  

            	
              PERFORMANCE
      BONUS mean a Participant’s annual bonus under the 2006 Management
      Incentive Bonus Plan that qualifies as performance-based compensation as
      determined under Code Section 409A.

            

    

     

    
      	
              2.30  

            	
              PHANTOM
      SHARE means a fictitious share of the common stock of Frozen Food Express
      Industries, Inc. which carries with it certain rights and benefits as
      described herein but which does not entitle the holder thereof either to
      equity rights or voting rights in Frozen Food Express Industries,
      Inc.

            

    

     

    
      	
              2.31  

            	
              PLAN
      means this FFE Transportation Services, Inc. Wrap Plan (As Restated
      January 1, 2008).

            

    

     

    
      	
              2.32  

            	
              PLAN
      YEAR means the "Plan Year" as that term is defined in the Savings
      Plan.

            

    

     

    
      	
              2.33  

            	
              RETIREMENT
      means Termination of Employment after attainment of age 65, as determined
      in accordance with the provisions of the Savings
  Plan.

            

    

     

    
      	
              2.34  

            	
              SAVINGS
      CONTRIBUTION means those contributions by the Company to the Savings Plan
      for a Plan Year on behalf of and on account of the qualified cash or
      deferral elections within the meaning of Code Section 401(k) made by the
      participants in the Savings Plan.

            

    

     

    
      	
              2.35  

            	
              SAVINGS
      PLAN means the Savings Plan for Employees of Frozen Food Express
      Industries, Inc.

            

    

     

    
      	
              2.36  

            	
              SPECIFIED
      EMPLOYEE means (i) an officer of an Employer earning more than $135,000
      per year, as adjusted from time to time in accordance with Internal
      Revenue Service guidelines, (ii) a five per cent (5%) owner of a
      Participating Employer, or (iii) a one percent (1%) owner of a
      Participating Employer having Compensation from the Participating Employer
      of more than $150,000, all as determined in accordance with Sections 409A
      and 416(i) of the Code and applicable Treasury Regulations issued
      thereunder.

            

    

     

    
      	
              2.37  

            	
              TERMINATION
      OF EMPLOYMENT means a termination of an Participant’s employment with the
      Company in accordance with the Company’s policies and procedures which is
      not a Leave of Absence; provided, however, that the Company and the
      Participant reasonably anticipate that no further services will be
      performed after a certain date or that the level of bona fide services the
      Participant will perform after such date (whether as an employee or as an
      independent contractor) would permanently decrease to no more than twenty
      percent (20%) of the average level of bona fide services performed
      (whether as an employee or an independent contractor) over the immediately
      preceding 36-month period (or the full period of services to the Company
      if the Participant has been providing services to the Company for less
      than 36 months).

            

    

     

    
      	
              2.38  

            	
              TRANSFER
      DATE means the date on which amounts credited to each Participant's
      Account for the Plan Year are transferred to the Savings
    Plan.

            

    

     

    
      	
              2.39  

            	
              VALUATION
      DATE means each business day.

            

    

     

    
      
         

      

      
        51 of
71

        
          

        

      

      
         

      

    

    

     

    ARTICLE
III

     

    ELIGIBILITY
AND PARTICIPATION

     

    
      	
              3.1  

            	
              REQUIREMENTS.  Every
      Eligible Employee that is a Participant in the Plan as of the Effective
      Date shall continue to participate therein.  Every other
      Eligible Employee shall be eligible to become a Participant on the first
      Entrance Date occurring on or after the date on which he or she becomes an
      Eligible Employee.  No individual shall become a Participant,
      however, if he or she is not an Eligible Employee on the date his or her
      participation is to begin.

            

    

     

    Participation
in the Plan is voluntary.  In order to participate, an otherwise
Eligible Employee must execute a valid Participant Enrollment and Election Form
in such manner as the Committee may require and must agree to make Nonqualified
Savings Contributions as provided in Article IV.

     

    
      	
              3.2  

            	
              RE-EMPLOYMENT.  If
      a Participant whose employment with the Participating Employers is
      terminated is subsequently re-employed, he or she shall become a
      Participant in the Plan in accordance with the provisions of Section 3.1
      of this Article.

            

    

     

    
      	
              3.3  

            	
              CHANGE
      OF EMPLOYMENT CATEGORY.  During any period in which a
      Participant remains in the employ of a Participating Employer, but either
      ceases to be an Eligible Employee or a participant in the Savings Plan, he
      or she shall not be eligible to make additional Nonqualified Savings
      Contributions under the Plan.

            

    

     

    ARTICLE
IV

     

    NONQUALIFIED
SAVINGS CONTRIBUTIONS

     

    
      	
              4.1  

            	
              NONQUALIFIED
      SAVINGS ELECTIONS.  In accordance with rules established by the
      Committee, a Participant may elect, within the thirty (30) day period
      prior to the beginning of a calendar year, to make a Nonqualified Savings
      Contribution with respect to the following Plan Year by use of a
      Participant Enrollment and Election Form.  The terms of the
      election form shall provide that the Participant agrees to accept a
      reduction in whole percentage amounts of either (i) his Compensation,
      exclusive of any Bonus paid to the Participant (not to exceed 20% of
      Compensation, excluding Bonuses), and/or (ii) his Bonus, if any, from the
      Company (up to 100% of the Bonus).  In addition, a participant
      in the Savings Plan who becomes a Participant during the Plan Year may
      elect, within thirty (30) days after the date he or she became a
      Participant, to make a Nonqualified Savings Contribution with respect to
      the remaining portion of the Plan Year by use of a Participant Enrollment
      Form.  In addition, a Participant may elect, no later than the
      date that is six (6) months before the end of the fiscal year, to defer up
      to 100% of his Performance Bonus for such fiscal year to the Plan (to the
      extent that the amount of such bonus that is earned for such year remains
      substantially uncertain at the date of the election to defer
      it).

            

    

     

    
      	
              4.2  

            	
              PAYROLL
      DEDUCTIONS.  Nonqualified Savings Contributions shall be made
      through payroll deductions.

            

    

     

    
      	
              4.3  

            	
              ADJUSTMENT
      OF PAYROLL DEDUCTIONS.  The Participant may change the amount of
      his or her Nonqualified Savings Contribution by delivering to the
      Committee, prior to the beginning of a calendar year, a new Participant
      Enrollment and Election Form.  Any amendment or termination of a
      Participant Enrollment and Election Form shall not be effective until
      January 1 following the calendar year in which the amendment or
      termination election is both (i) executed by the Participant and (ii)
      delivered to the Committee.  Once made, a Nonqualified Savings
      Contribution payroll deduction election shall continue in force
      indefinitely, until changed by the Participant on a subsequent Participant
      Enrollment and Election Form.  The foregoing provisions shall
      not apply to elections to defer Performance Bonuses in accordance with
      Section 4.1 hereof.

            

    

     

    
      	
              4.4  

            	
              TIMING
      OF CONTRIBUTION.  Nonqualified Savings Contributions shall be
      made at the same time and in the same manner as Savings
      Contributions.

            

    

     

    
      
         

      

      
        52 of
71

        
          

        

      

      
         

      

    

    

     

    ARTICLE
V

     

    NONQUALIFIED
EMPLOYER MATCHING CONTRIBUTIONS

     

    
      	
              5.1  

            	
              NONQUALIFIED
      EMPLOYER MATCHING CONTRIBUTION PERCENTAGE.  The Participating
      Employers shall make a Nonqualified Employer Matching Contribution on
      behalf of a Participant, and on account of the Participant's Nonqualified
      Savings Contributions for a Plan Year, at the same rate as the Employer
      Contribution to the Savings Plan for the Plan Year, taking into account
      the Pay Cap.

            

    

     

    
      	
              5.2  

            	
              TIMING
      OF MATCH.  Nonqualified Employer Matching Contributions shall be
      made at the same time and in the same manner as Employer Contributions to
      the Savings Plan.

            

    

     

    ARTICLE
VI

     

    NONQUALIFIED
EMPLOYER DISCRETIONARY AND EXCESS CONTRIBUTIONS

     

    
      	
              6.1  

            	
              NONQUALIFIED
      EMPLOYER DISCRETIONARY CONTRIBUTION.  In its sole discretion,
      each Participating Employer may make a Nonqualified Employer Discretionary
      Contribution on behalf of each Participant, in an amount determined by the
      Participating Employer in accordance with the
  following:

            

    

     

    
      	
              (A)  

            	
              A
      percentage of each Participant's Compensation for the Plan
      Year;  and/or

            

    

     

    
      	
              (B)  

            	
              A
      percentage of some or all of the Participant's Nonqualified Savings
      Contribution for the Plan Year.

            

    

     

    
      	
              6.2  

            	
              NONQUALIFIED
      EXCESS CONTRIBUTION.  In its sole discretion, each Participating
      Employer may make a Nonqualified Excess Contribution on behalf of each
      Participant, in an amount equal to the Excess Contributions made to each
      Participant's Savings Plan
accounts.

            

    

     

    
      	
              6.3  

            	
              TIMING
      OF CONTRIBUTION.  The Nonqualified Employer Discretionary
      Contributions and Nonqualified Excess Contributions shall be made as soon
      as administratively feasible after declared by the Board of Directors of
      each Participating Employer.

            

    

     

    ARTICLE
VII

     

    PLAN
ACCOUNTS

     

    
      	
              7.1  

            	
              ESTABLISHMENT
      OF ACCOUNTS;  DEEMED INVESTMENT FUNDS.  There shall be
      established and maintained by the Committee separate Accounts in the name
      of each Participant, as required and as described in this Article
      VII.  The Committee shall designate a selection of investment
      funds, one of which shall be invested in Phantom Shares.  Each
      Participant’s Accounts may be deemed to be invested in one or more of such
      investment funds, in multiples of 1%.  The establishment of the
      investment funds shall be solely for purposes of determining the income,
      gains and losses to be subsequently credited to each Participant’s
      Accounts, and the Company is under no obligation to acquire or provide any
      investment funds.  In crediting the Participant’s Accounts with
      the Contributions set forth below, the amount of the Contribution shall be
      divided by the fair market value of a share of the investment fund as of
      the most recent Valuation Date, or in the case of an investment in Phantom
      Shares, divided by the Phantom Share value as of the most recent Valuation
      Date coinciding with the last day of a calendar
  quarter.

            

    

     

    
      	
              7.2  

            	
              NONQUALIFIED
      SAVINGS ACCOUNT.  The Committee shall establish an Account to
      which are credited a Participant’s Nonqualified Savings
      Contributions.

            

    

     

    
      	
              7.3  

            	
              NONQUALIFIED
      EMPLOYER MATCHING CONTRIBUTION ACCOUNT.  The Committee shall
      establish an Account to which are credited a Participant’s Nonqualified
      Employer Matching Contributions.

            

    

     

    
      	
              7.4  

            	
              NONQUALIFIED
      EMPLOYER DISCRETIONARY CONTRIBUTION ACCOUNT.  The Committee
      shall establish an Account to which are credited a Participant’s
      Nonqualified Employer Discretionary
  Contributions.

            

    

     

    
      
         

      

      
        53 of
71

        
          

        

      

      
         

      

    

    

     

    
      	
              7.5  

            	
              NONQUALIFIED
      EXCESS CONTRIBUTION ACCOUNT.  The Committee shall establish an
      Account to which are credited a Participant's Nonqualified Excess
      Contributions.

            

    

     

    ARTICLE
VIII

     

    TRANSFERS
TO SAVINGS PLAN

     

    
      	
              8.1  

            	
              ACCOUNT
      TRANSFERS.  A transfer made pursuant to this Article shall not
      constitute a Payment of Benefits, as that phrase is referenced in Article
      XI.  As soon as administratively feasible after the end of a
      Plan Year, but in no event later than 2 1/2 months following the end of
      that Plan Year, the Committee shall transfer to the Savings
      Plan:

            

    

     

    
      	
              (A)  

            	
              The
      Nonqualified Savings Contributions credited to each Participant's
      Nonqualified Savings Contribution Account for that Plan Year (inclusive of
      earnings);  and

            

    

     

    
      	
              (B)  

            	
              The
      Nonqualified Employer Matching Contributions credited to each
      Participant's Nonqualified Employer Matching Contribution Account for that
      Plan Year (inclusive of earnings).

            

    

     

    Notwithstanding
the above, the amounts so transferred shall be adjusted so that in no event
shall an amount be transferred that would cause the Savings Plan to exceed the
Deferral Limit, the 415 Limit, the Pay Cap, the ADP Restrictions or the ACP
Restrictions under the Savings Plan.  Further, and notwithstanding the
above, it is intended that all transfers pursuant to this Article shall satisfy
the requirements of the final Treasury Regulations under Section 409A of the
Code, and shall not constitute a prohibited acceleration of payments under a
non-qualified deferred compensation plan.  Therefore, such transfers
shall not otherwise result in a change in the time or form of a payment under
this Plan, the change in the amounts deferred under this Plan shall not exceed
the change in the amounts deferred as a result of the transfer under the
Company’s Savings Plan.

     

    
      	
              8.2  

            	
              FREQUENCY
      OF TRANSFERS.  In its sole discretion, the Committee may make
      multiple transfers under Section 8.1 during the Plan
  Year.

            

    

     

    
      	
              8.3  

            	
              RESTRICTION.  No
      transfer shall occur under Section 8.1 unless the terms of the Savings
      Plan specifically provide that such transfers will be
      accepted.

            

    

     

    
      	
              8.4  

            	
              NON-TRANSFERABILITY.  Except
      as expressly provided in this Article VIII, the Phantom Shares and/or any
      rights or benefits under the Plan may not be transferred, assigned,
      pledged or hypothecated in any manner, by operation of law or otherwise,
      other than by will or by the laws of descent and distribution, and shall
      not be subject to execution, attachment or similar
  process.

            

    

     

    ARTICLE
IX

     

    ALLOCATION
OF FUNDS

     

    
      	
              9.1  

            	
              ALLOCATIONS
      OF CONTRIBUTIONS.  Each Participant's Account shall be credited
      with Nonqualified Savings Contributions and Nonqualified Employer Matching
      Contributions in accordance with the allocation provisions of the Savings
      Plan.  Nonqualified Employer Matching Contributions shall only
      be allocated to those Eligible Employees who meet the requirements of
      receiving an allocation of Employer Contributions under the Savings
      Plan.  As of the last day of the Plan year, each Participant's
      Account shall be credited with Nonqualified Employer Discretionary
      Contributions and Nonqualified Excess Contributions in accordance with the
      allocation method specified by the Participating Employer in accordance
      with Article 6 of the Plan.  Nonqualified Employer Discretionary
      Contributions shall only be allocated to those Eligible Employees who are
      employed on the last business day of the Plan year, and each Eligible
      Employee who would have been an Eligible Employee on such day but for his
      death, Disability, Early Retirement, or Retirement during such
      year.

            

    

     

    
      
         

      

      
        54 of
71

        
          

        

      

      
         

      

    

    

     

    
      	
              9.2  

            	
              ALLOCATION
      OF EARNINGS OR LOSSES ON ACCOUNTS.  Each Participant’s Account
      shall be deemed invested in the investment funds or Phantom Shares, as
      elected by the Participant in accordance with Section 7.1 of the
      Plan.  Accounts which are deemed invested in investment funds
      shall, as a bookkeeping entry, be credited or debited with the increase or
      decrease in the value of such fund as of each Valuation
      Date.  Accounts which are deemed invested in Phantom Shares
      shall, as a bookkeeping entry, be credited or debited with the increase or
      decrease in the price of a share of common stock of Frozen Food Express
      Industries, Inc. as quoted on the American Stock Exchange as of the last
      day of each calendar quarter.  The Committee shall have
      discretion to establish reasonable administrative procedures and
      allocation rules as it deems necessary to maintain the records of each
      Participant’s Accounts.

            

    

     

    
      	
              9.3  

            	
              ADJUSTMENTS
      TO NUMBER OF PHANTOM SHARES.  If Frozen Food Express Industries,
      Inc. shall (i) declare a dividend or make a distribution on its
      outstanding shares of common stock in additional shares of
      stock,  (ii) subdivide or reclassify the outstanding shares of
      stock into a greater number of shares of stock, or (iii) combine or
      reclassify the outstanding shares of stock into a lesser number of shares
      of stock, then the number of a Participant’s Phantom Shares shall be
      adjusted immediately after the record date for such dividend or
      distribution or the effective date of such subdivision, combination or
      reclassification, so that such number is increased or decreased as
      appropriate, in the sole discretion of the Committee, to reflect such
      event.

            

    

     

    
      	
              9.4  

            	
              INTERIM
      VALUATIONS.  If it is determined by the Committee that the
      Phantom Share value as of any date on which distributions are to be made
      differs materially from the Phantom Share value on the last day of the
      prior calendar quarter upon which the distribution is to be based, the
      Committee, in its discretion, shall have the right to designate any date
      in the interim as a valuation of the Phantom Shares, for the purpose of
      revaluing the Phantom Shares so that the Account from which the
      distribution is being made will, prior to the distribution, reflect its
      share of such material difference in
value.

            

    

     

    
      	
              9.5  

            	
              ACCOUNTING
      FOR DISTRIBUTIONS.  As of the date of any distribution under the Plan
      to a Participant or his or her Beneficiary or Beneficiaries, such
      distribution shall be charged to the applicable Participant’s
      Account.  The Participant’s Account is valued based upon the
      investment funds’ or Phantom Shares’ most recent valuation as determined
      in accordance with this Article IX.

            

    

     

    ARTICLE
X

     

    VESTING

     

    
      	
              10.1  

            	
              NONQUALIFIED
      SAVINGS CONTRIBUTIONS AND NONQUALIFIED EXCESS
      CONTRIBUTIONS.  A Participant shall always be one hundred
      percent (100%) vested in amounts credited to his or her Nonqualified
      Savings Contribution Account and Nonqualified Excess Contribution
      Account.

            

    

     

    
      	
              10.2  

            	
              NONQUALIFIED
      EMPLOYER MATCHING CONTRIBUTIONS.  A Participant shall always
      have the same vesting percentage in his or her Nonqualified Employer
      Matching Contribution Account as he or she has in his or her Employer
      Contribution Account under the Savings Plan.  A Participant's
      Nonqualified Employer Matching Contribution Account shall be one hundred
      percent (100%) vested immediately prior to a Change in Control (as defined
      in Section 11.6) of Frozen Food Express Industries,
  Inc.

            

    

     

    
      	
              10.3  

            	
              NONQUALIFIED
      EMPLOYER DISCRETIONARY CONTRIBUTIONS.  A Participant shall
      always have the same vesting percentage in his or her Nonqualified
      Employer Discretionary Contribution Account as he or she has in his or her
      Employer Contribution Account under the Savings Plan.  A
      Participant's Nonqualified Employer Discretionary Contribution Account
      shall be one hundred percent (100%) vested immediately prior to a Change
      in Control (as defined in Section 11.3) of Frozen Food Express Industries,
      Inc.

            

    

     

    ARTICLE
XI

     

    PAYMENTS
OF BENEFITS

     

    
      	
              11.1  

            	
              PAYMENT
      OF BENEFITS.  Prior to January 1, 2008, a Participant shall have
      executed a Participant Enrollment and Election Form, as required by
      Section 3.1.  The terms of the election form shall provide that
      the Participant agrees to accept a reduction in Compensation and shall
      require the Participant to make certain elections regarding the timing and
      form of payment of his benefit under this Plan.  Except as
      provided in Section 11.1(D), the Participant’s elections regarding the
      timing and form of payment shall be
irrevocable.

            

    

     

    
      
         

      

      
        55 of
71

        
          

        

      

      
         

      

    

    

     

    
      	
              (A)  

            	
              TIME
      OF PAYMENT.  The benefit payable under this Plan shall be
      distributed upon the occurrence of such event as the Participant has
      elected from the following alternatives (the "Distribution
      Date(s)"):

            

    

     

    
      	
              (1)  

            	
              One
      (1) or more specified dates in the
future;

            

    

     

    
      	
              (2)  

            	
              The
      Participant's attainment of a specified
    age(s);  or

            

    

     

    
      	
              (3)  

            	
              The
      Participant's Termination of
Employment.

            

    

     

    Notwithstanding
the above, the Participant's benefit shall be payable upon the death or
Disability of the Participant.  Any death benefit payable under the
Plan shall be payable to the Participant’s Beneficiary.  If the
Participant elects more than one Distribution Date, he will also be required to
designate the percentage of his Account balance that shall be distributed on
each Distribution Date.

     

    
      	
              (B)  

            	
              PAYMENTS
      UPON TERMINATION OF EMPLOYMENT OF SPECIFIED EMPLOYEES.Notwithstanding any
      other provision of the Plan to the contrary, if a payment is made upon
      Termination of Employment (not by reason of death or Disability) of a
      Participant who is a Specified Employee (as defined in Code Section
      409A(a)(2)(B)(i)) on the date of Termination, such Participant’s
      distribution may not commence earlier than six (6) months and one (1) day
      following the date of his or her Termination of Employment (or if earlier,
      upon his death). If it is determined that compliance with Section 409A of
      the Code necessitates distribution on a date certain, such distribution
      shall be made, or begin to be made, on the date that is the first business
      day after the six-month anniversary of the date of Termination of
      Employment.  The provisions of this Section 11.1(B) shall apply
      only if any of the Company’s stock is publicly traded on an established
      securities market upon the date of Termination of Employment.
    

            

    

     

    
      	
              (C)  

            	
              FORM
      OF PAYMENT.  Payment of the nonforfeitable portion of the
      benefits credited to each Participant's Account shall be made in such form
      as the Participant has elected from the following
      alternatives:

            

    

     

    
      	
              (1)  

            	
              In
      a lump sum;

            

    

     

    
      	
              (2)  

            	
              In
      monthly, quarterly or annual periodic payments for a specified number of
      years, not in excess of ten (10), where each payment shall be a fraction
      of the Participant's Account balances as of the Valuation Date immediately
      prior to the date each payment is to be made, and where such fraction for
      each payment shall be one (1) divided by the number of payments remaining
      (including the current payment), and in which event the unpaid balance
      shall continue to be adjusted until it is distributed in
      full;  or

            

    

     

    
      	
              (3)  

            	
              In
      a combination of the methods specified in Sections 11.1(C)(1) and
      (2).

            

    

     

    The
payment of the benefit due under the Plan shall begin as soon as
administratively feasible, but in no event later than the sixtieth (60th) day
following the Participant's Distribution Date, death or
Disability.  Benefit payments payable under this Plan shall be
distributed in cash (for accounts deemed invested in investment funds) and/or
shares of common stock of Frozen Food Express Industries, Inc. (for accounts
deemed invested in Phantom Shares).

     

    
      	
              (D)  

            	
              SUBSEQUENT
      ELECTIONS REGARDING TIMING AND/OR FORM OF PAYMENT.  A
      Participant may make a subsequent election regarding the timing and/or
      form of payment of his benefit by completing a new Participant Enrollment
      and Election Form;  provided, however, that a modification of a
      Participant’s previous election related to the form of distribution of his
      or her benefit is ineffective unless all of the following requirements are
      satisfied:

            

    

     

    
      	
              (a)  

            	
              Such
      modification may not be effective for at least twelve (12) months after
      the date on which the modification is filed with the
      Committee;

            

    

     

    
      
         

      

      
        56 of
71

        
          

        

      

      
         

      

    

    

     

    
      	
              (b)  

            	
              Except
      in the case of modifications relating to distributions on account of
      death, Disability or an unforeseeable emergency (as defined in Section
      11.2), the modification must provide that payment will not commence for at
      least five (5) years from the date payment would otherwise have been made
      or commenced under the Participant’s prior payment election;
      and

            

    

     

    
      	
              (c)  

            	
              A
      modification related to distribution to be made at a specified time or
      under a fixed schedule may not be made less than twelve (12) months prior
      to the date of the first otherwise scheduled
  payments.

            

    

     

    
      	
              11.2  

            	
              HARDSHIP
      WITHDRAWALS.  A Participant may
      apply to the Committee to receive a distribution from his Account
      (hereinafter called a "Hardship Withdrawal"), which the Committee may
      approve in its sole discretion if it determines that the Participant has
      an unforeseeable emergency as hereinafter defined.  No Hardship
      Withdrawal shall be in an amount greater than the lesser of (i) the amount
      needed to satisfy such emergency plus amounts necessary to pay taxes
      reasonably anticipated as a result of the distribution, and (ii) the
      balance of the Participant's Account on the date of such Hardship
      Withdrawal.  An unforeseeable emergency is defined as a severe
      financial hardship resulting from an illness or accident of the
      Participant, the Participant’s spouse, or of a dependent (as defined in
      Code Section 152(a)), loss of the Participant’s property due to casualty,
      or other similar extraordinary and unforeseeable circumstances arising as
      a result of events beyond the control of the Participant. A distribution
      on account of unforeseeable emergency may not be made to the extent that
      such emergency is or may be relieved through reimbursement or compensation
      from insurance or otherwise, or by liquidation of the Participant’s
      assets, to the extent the liquidation of such assets would not cause
      severe financial hardship.  Distributions because of
      unforeseeable emergency must be limited to the amount reasonably necessary
      to satisfy the emergency need, which may include amounts necessary to pay
      any federal, state or local income taxes or penalties reasonably
      anticipated from the distribution.

            

    

     

    
      	
              11.3  

            	
              PAYMENT
      UPON CHANGE IN CONTROL.  Notwithstanding any other provision of
      this Plan, a Participant's Account shall be distributed to the Participant
      in a cash lump-sum within sixty (60) days after a Change in Control of
      Frozen Food Express Industries,
Inc.

            

    

     

    
      	
              11.4  

            	
              LOANS.  No
      loans are permitted by the Plan.

            

    

     

    
      	
              11.5  

            	
              PAYMENT
      UPON TERMINATION OF THE PLAN.  If the Plan is terminated
      pursuant to the provisions of Article XIV. hereof, the Committee shall
      cause the Employer to pay to all Participants all of the vested amounts
      then standing to their credit, in accordance with the applicable
      provisions of Article XIV.

            

    

     

    ARTICLE
XII

     

    THE
COMMITTEE

     

    
      	
              12.1  

            	
              COMMITTEE.  The
      Committee shall administer, construe, and interpret the Plan and shall
      determine, subject to the provisions of the Plan in a manner consistent
      with the administration of the Savings Plan, the Eligible Employees who
      become Participants in the Plan from time to time and the amount, if any,
      due a Participant (or his or her Beneficiary) under this
      Plan.  No member of the Committee shall be liable for any act
      done or determination made in good faith.  No member of the
      Committee who is a Participant in this Plan may vote on matters affecting
      his or her personal benefit hereunder, but any such member shall otherwise
      be fully entitled to act in matters arising out of or affecting this Plan
      notwithstanding his or her participation herein.  In carrying
      out its duties herein, the Committee shall have discretionary authority to
      exercise all powers and to make all determinations, consistent with the
      terms of the Plan, in all matters entrusted to it, and its determinations
      shall be given deference and shall be final and binding on all interested
      parties.

            

    

     

    ARTICLE
XIII

     

    ADMINISTRATION

     

    
      	
              13.1  

            	
              ADMINISTRATIVE
      AUTHORITY.  Except as otherwise specifically provided herein,
      the Committee shall have the sole responsibility for and the sole control
      of the operation and administration of the Plan, and shall have the power
      and authority to take all actions and to make all decisions and
      interpretations which may be necessary or appropriate in order to
      administer and operate the Plan Plan, including, without limiting the
      generality of the foregoing, the power, duty, and responsibility
      to:

            

    

     

    
      
         

      

      
        57 of
71

        
          

        

      

      
         

      

    

    

     

    
      	
              (A)  

            	
              Resolve
      and determine all disputes or questions arising under the Plan, including
      the power to determine the rights of Eligible Employees, Participants, and
      Beneficiaries, and their respective benefits, and to remedy any
      ambiguities, inconsistencies, or omissions in the
  Plan.

            

    

     

    
      	
              (B)  

            	
              Adopt
      such rules of procedure and regulations as in its opinion may be necessary
      for the proper and efficient administration of the Plan and as are
      consistent with the Plan.

            

    

     

    
      	
              (C)  

            	
              Implement
      the Plan in accordance with its terms and the rules and regulations
      adopted as above.

            

    

     

    
      	
              (D)  

            	
              Make
      determinations with respect to the eligibility of any Eligible Employee as
      a Participant and make determinations concerning the crediting and
      distribution of Plan Accounts.

            

    

     

    
      	
              (E)  

            	
              Appoint
      any persons or firms, or otherwise act to secure specialized advice or
      assistance, as it deems necessary or desirable in connection with the
      administration and operation of the Plan, and the Committee shall be
      entitled to rely conclusively upon, and shall be fully protected in any
      action or omission taken by it in good faith reliance upon the advice or
      opinion of such firms or persons.  The Committee shall have the
      power and authority to delegate from time to time by written instrument
      all or any part of its duties, powers, or responsibilities under the Plan,
      both ministerial and discretionary, as it deems appropriate, to any person
      or committee, and in the same manner to revoke any such delegation of
      duties, powers, or responsibilities.  Any action of such person
      or committee in the exercise of such delegated duties, powers, or
      responsibilities shall have the same force and effect for all purposes
      hereunder as if such action had been taken by the
      Committee.  Further, the Committee may authorize one or more
      persons to execute any certificate or document on behalf of the Committee,
      in which event any person notified by the Committee of such authorization
      shall be entitled to accept and;  conclusively rely upon any
      such certificate or document executed by such person as representing
      action by the Committee until such third person shall have been notified
      of the revocation of such
authority.

            

    

     

    
      	
              13.2  

            	
              UNIFORMITY
      OF DISCRETIONARY ACTS.  Whenever in the administration or
      operation of the Plan discretionary actions by the Committee are required
      or permitted, such actions shall be consistently and uniformly applied to
      all persons similarly situated, and no such action shall be taken which
      shall discriminate in favor of any particular person or group of
      persons.

            

    

     

    
      	
              13.3  

            	
              LITIGATION.  Except
      as may be otherwise required by law, in any action judicial proceeding
      affecting the Plan, no Participant or Beneficiary shall be entitled to any
      notice or service of process, and any final judgment entered in such
      action shall be binding on all persons interested in, or claiming under,
      the Plan.

            

    

     

    
      	
              13.4  

            	
              PAYMENT
      OF ADMINISTRATION EXPENSES.  All expenses incurred in the
      administration and operation of the Plan, including any taxes payable by
      the Participating Employers in respect of the Plan  shall be
      paid by the Participating
Employers.

            

    

     

    
      	
              13.5  

            	
              CLAIMS
      PROCEDURE.

            

    

     

    
      	
              (A)  

            	
              Notice
      of Claim.  Any Eligible Employee or beneficiary, or the duly
      authorized representative of an Eligible Employee or beneficiary, may file
      with the Committee a claim for a benefit hereunder.  Such a
      claim must be in writing on a form provided by the Committee and must be
      delivered to the Committee, in person or by mail, postage
      prepaid.  Within ninety (90) days after the receipt of such a
      claim, the Committee shall send to the claimant, by mail, postage prepaid,
      a notice of the granting or the denying, in whole or in part, of such
      claim, unless special circumstances require an extension of time for
      processing the claim.  In no event may the extension exceed
      ninety (90) days from the end of the initial period.  If such an
      extension is necessary, the claimant will be given a written notice to
      this effect prior to the expiration of the initial ninety (90) day
      period.  The Committee shall have full discretion to deny or
      grant a claim in whole or in part in accordance with the terms of the
      Plan.  If notice of the denial of a claim is not furnished in
      accordance with this Section, the claim shall be denied and the claimant
      shall be permitted to exercise his or her right to review pursuant to
      Sections 13.5(c) and 13.5(d) of the Plan, as
  applicable.

            

    

     

    
      
         

      

      
        58 of
71

        
          

        

      

      
         

      

    

    

     

    
      	
              (B)  

            	
              Action
      on Claim.  The Committee shall provide to every claimant who is
      denied a claim for benefits a written notice setting forth, in a manner
      calculated to be understood by the
claimant:

            

    

     

    
      	
              (1)  

            	
              The
      specific reason or reasons for the
denial;

            

    

     

    
      	
              (2)  

            	
              A
      specific reference to the pertinent Plan provisions on which the denial is
      based;

            

    

     

    
      	
              (3)  

            	
              A
      description of any additional material or information necessary of the
      claimant to perfect the claim and an explanation of why such material or
      information is
necessary;  and

            

    

     

    
      	
              (4)  

            	
              An
      explanation of the Plan's claim review
  procedure.

            

    

     

    
      	
              (C)  

            	
              Review
      of Denial.  Within sixty (60) days after the receipt by a
      claimant of written notification of the denial (in whole or in part) of a
      claim, the claimant or the claimant's duly authorized representative, upon
      written application to the Committee, delivered in person or by certified
      mail, postage prepaid, may review pertinent documents and may submit to
      the Committee, in writing, issues and comments concerning the
      claim.

            

    

     

    
      	
              (D)  

            	
              Decision
      on Review.  Upon the Committee's receipt of a notice of a
      request for review, the Committee shall make a prompt decision on the
      review and shall communicate the decision on review in writing to the
      claimant.  The decision on review shall be written in a manner
      calculated to be understood by the claimant and shall include specific
      reasons for the decision and specific references to the pertinent
      provisions on which the decision is based.  The decision on
      review shall be made not later than sixty (60) days after the Committee's
      receipt of a request for a review, unless special circumstances require an
      extension of time for processing, in which case a decision shall be
      rendered not later than one hundred twenty (120) days after receipt of the
      request for review.  If an extension is necessary, the claimant
      shall be given written notice of the extension by the Committee prior to
      the expiration of the initial sixty (60) day period.  If notice
      of the decision on review is not furnished in accordance with this
      Section, the claim shall be denied on
review.

            

    

     

    
      	
              13.6  

            	
              LIABILITY
      OF COMMITTEE, INDEMNIFICATION.  To the extent permitted by law,
      the Committee shall not be liable to any person for any action taken or
      omitted in connection with the interpretation and administration of the
      Plan unless attributable to his or her own bad faith or willful
      misconduct.

            

    

     

    
      	
              13.7  

            	
              EXPENSES.  The
      cost of the establishment of the Plan and its adoption by Participating
      Employers, including but not limited to legal and accounting fees, shall
      be borne by the Participating
Employers.

            

    

     

    
      	
              13.8  

            	
              TAXES.  All
      amounts payable hereunder shall be reduced by any and all Federal, state,
      and local taxes imposed upon an Eligible Employee or his or her
      beneficiary which are required to be paid or withheld by Participating
      Employers.  The determination of Participating Employers
      regarding applicable income and employment tax withholding requirements
      shall be final and binding on the Eligible
  Employee.

            

    

     

    
      	
              13.9  

            	
              ATTORNEY'S
      FEES.  The Participating Employers shall pay the reasonable
      attorney's fees incurred by any Eligible Employee in an action brought
      against a Participating Employer to enforce such Eligible Employee's
      rights under the Plan, provided that such fees shall only be payable in
      the event that the Eligible Employee prevails in such
    action.

            

    

     

    
      	
              13.10  

            	
              PLAN
      STATUS.  This Plan is intended to be "a plan which is unfunded
      and maintained by an employer primarily for the purpose of providing
      deferred compensation for a select group of management or highly
      compensated employees" within the meaning of Sections 201(2) and 301(a)(3)
      of the Employee Retirement Income Security Act of 1974 ("ERISA") and shall
      be interpreted and administered in a manner consistent with that
      intent.  Participants have the status of general unsecured
      creditors of the Company and the Plan constitutes a mere promise by the
      Company to pay benefit payments in the future.  A participant's
      right to benefit payments under the Plan are not subject in any manner to
      anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
      attachment, or garnishment by creditors of the participant or the
      participant's beneficiary.

            

    

     

    
      
         

      

      
        59 of
71

        
          

        

      

      
         

      

    

    

     

    ARTICLE
XIV

     

    MISCELLANEOUS
PROVISIONS

     

    
      	
              14.1  

            	
              GOVERNING
      LAW.  The Plan shall be governed by and construed in accordance
      with the laws of the State of Texas, except to the extent that federal law
      preempts it application.

            

    

     

    
      	
              14.2  

            	
              NO
      EMPLOYMENT GUARANTEE.  Nothing in the Plan shall be construed as
      an employment contract or a guarantee of continued employment with a
      Participating Employer.

            

    

     

    
      	
              14.3  

            	
              COUNTERPART
      EXECUTION.  The Plan may be executed by the Participating
      Employers in multiple counterparts, each of which shall be deemed an
      original but all of which together shall constitute but one and the same
      instrument.

            

    

     

    
      	
              14.4  

            	
              AMENDMENT;  TERMINATION.  The
      Board of Directors of the Company shall have the power and right from time
      to time to modify or amend the Plan, provided that no such change may
      deprive a Participant of the amounts allocated to his or her Account or be
      retroactive in effect to the prejudice of any Participant, and no such
      amendment shall cause the Plan to fail to comply with the provisions of
      Code Section 409A.  The Board of Directors of the Company may
      terminate the Plan upon occurrence of any one of the
      following:

            

    

     

    
      	
              (A)  

            	
              Within
      twelve (12) months of the Company’s dissolution taxed under Section 331 of
      the Code or with the approval of a bankruptcy court pursuant to 11 U.S.C.
      Section 503(b)(1)(A), provided that the amounts deferred under the Plan
      are included in the Participants’ gross income in the latest
      of:

            

    

     

    
      	
              (1)  

            	
              The
      calendar year in which the Plan termination
  occurs;

            

    

     

    
      	
              (2)  

            	
              The
      calendar year in which the amount is no longer subject to a substantial
      risk of forfeiture; or

            

    

     

    
      	
              (3)  

            	
              The
      first calendar year in which the payment is administratively
      practicable.

            

    

     

    
      	
              (B)  

            	
              Within
      the thirty (30) days preceding or the twelve (12) months following a
      Change in Control;  provided that this paragraph will only apply
      to a payment if all agreements, methods, programs, and other arrangements
      sponsored by the Company immediately after the time of the Change in
      Control with respect to which deferrals of compensation are treated as
      having been deferred under a single plan under §1.409A-1(c)(2) are
      terminated and liquidated with respect to each Participant that
      experienced the Change in Control, so that under the terms of the
      termination and liquidation all such Participants are required to receive
      all amounts of compensation deferred under the terminated agreements,
      methods, programs, and other arrangements within twelve (12) months
      following the date the Company irrevocably takes all necessary action to
      terminate and liquidate the agreements, methods, programs, and other
      arrangements.

            

    

     

    
      	
              (C)  

            	
              At
      the discretion of the Company, provided that all of the following
      requirements are satisfied:

            

    

     

    
      	
              (1)  

            	
              The
      termination and liquidation does not occur proximate to a downturn in the
      Company’s financial health;

            

    

     

    
      	
              (2)  

            	
              All
      arrangements sponsored by the Company that would be aggregated with the
      Plan under Section 1.409A-1(c) if the same Participant participated in all
      of the arrangements are terminated;

            

    

     

    
      	
              (3)  

            	
              No
      payments other than payments that would be payable under the terms of the
      Plan if the termination had not occurred are made within twelve (12)
      months of the date the Company takes all necessary action to irrevocably
      terminate and liquidate the Plan and the other
    arrangements;

            

    

     

    
      	
              (4)  

            	
              All
      payments are made within twenty-four (24) months of the date the Company
      takes all necessary action to irrevocably terminate and liquidate the Plan
      and the other arrangements; and

            

    

     

    
      
         

      

      
        60 of
71

        
          

        

      

      
         

      

    

    

     

    
      	
              (5)  

            	
              The
      Company does not adopt a new arrangement that would be aggregated with any
      terminated arrangement under Section 1.409A-1(c) if the same Participant
      participated in both arrangements, at any time within three  (3)
      years following the date the Company takes all necessary action to
      irrevocably terminate and liquidate the
Plan.

            

    

     

    
      	
              (D)  

            	
              Such
      other events and conditions as the Commissioner of Internal Revenue may
      prescribe in generally applicable guidance published in the Internal
      Revenue Bulletin.

            

    

     

    
      	
              14.5  

            	
              CODE
      SECTION 409A COMPLIANCE.  The Plan shall be administered in
      accordance with the requirements of Code Section 409A and the regulatory
      guidance issued under such provision.  The Company reserves the
      right to further amend the Plan to whatever extent it deems necessary or
      appropriate to comply with Code Section
409A.

            

    

     

    
      	
              14.6  

            	
              ADOPTION
      BY PARTICIPATING EMPLOYERS.  Any Affiliate may, by resolution of
      its board of directors, adopt the Plan for its Eligible Employees, and
      thereby, from and after the effective date specified in such resolution,
      become a Participating Employer.  It shall not be necessary for
      the Participating Employer to execute the Plan.  The
      administrative powers and control of the Company, as provided in the Plan,
      including the right of amendment and of appointment and removal of the
      Committee, shall be the sole right of the Company and shall not be
      diminished by reason of the participation of any Participating
      Employer.  Any Participating Employer may withdraw from the Plan
      at any time.  Separate records shall be kept as to each
      Participating Employer.

            

    

     

    
      
         

      

      
        61 of
71

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, FFE TRANSPORTATION
SERVICES, INC. has caused this Plan to be executed by its duly appointed
officers on this 29th day of February, 2008, to be effective January
1, 2008.

    
      

       

      
        	 
      	
                FFE
      TRANSPORTATION SERVICES, INC.

                 

                 

              
	 
      	
                By:
      /s/ Soney M. Stubbs,
      Jr.

                Print
      Name: Stoney M. Stubbs,
      Jr.

                Date:
      2/29/08

              

      

    

     

     

     

     

     

    
      
        
        

      

      
        62 of
71

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}]]