Document:

exv10w36

 

Exhibit 10.36

THIRD AMENDMENT TO

RESTATED AGENTED REVOLVING CREDIT AGREEMENT

     THIS THIRD AMENDMENT TO RESTATED AGENTED REVOLVING CREDIT AGREEMENT (“Amendment”) dated as of
the 31st day of January, 2007, among SAIA, INC. (formerly known as SCS TRANSPORTATION,
INC.), a Delaware corporation (the “Borrower”), and BANK OF OKLAHOMA, N.A., U.S. BANK NATIONAL
ASSOCIATION, JPMORGAN CHASE BANK, N.A. (as successor by merger to Bank One, NA), HARRIS N.A. (as
successor by merger to HARRIS TRUST AND SAVINGS BANK) and LASALLE BANK NATIONAL ASSOCIATION
(individually a “Bank” and collectively the “Banks”), and BANK OF OKLAHOMA, N.A., as agent for the
Banks (in such capacity the “Agent”).

RECITALS

     A. Reference is made to the Restated Agented Revolving Credit Agreement dated January 31,
2005, and amended April 29, 2005, and June 30, 2006, among Borrower, Agent and Banks (as amended,
the “Credit Agreement”) pursuant to which a $110,000,000 Revolving Credit Loan was established.
Terms used herein shall have the meanings ascribed to them in the Credit Agreement unless otherwise
defined.

     B. Borrower has requested that Banks and Agent extend the term of the Banks’ Commitment to
make Revolving Credit Loans under the Credit Agreement to January 31, 2009; and Banks and Agent
have agreed to accommodate such request, subject to the terms and conditions set forth below.

     C. Borrower has notified Banks and Agent that it intends, from time to time, to acquire one
hundred percent (100%) of the outstanding stock of certain entity(ies) which operate a primary line
of business within Borrower’s core industry, and Banks and Agent have consented to such
acquisition(s) and agree to certain resulting secured indebtedness, subject to the terms and
conditions set forth below.

AGREEMENT

1. Amendments to the Credit Agreement.

          1.1. Section 1.01(83) is hereby amended to evidence that the Termination Date shall now
be “January 31, 2009”.

          1.2. Section 5.03 is hereby amended to add the following sentence at the end of such
Section:

“Notwithstanding the above, in the event, and each time, Borrower or one of its
Subsidiaries acquires one hundred percent (100%) of the outstanding stock of an
entity (or entities) (each a “Target”) which operates a primary line of business
within Borrower’s core industry, the indebtedness of such Target assumed as a result
of such acquisition, and Liens affecting the assets of such Target and securing such
indebtedness, may be maintained and remain in effect for a period of time not beyond
the existing maturity date of such indebtedness; provided, however, that the
aggregate amount of assumed indebtedness from all Targets shall not exceed
$10,000,000 at any one time outstanding.”

 

 

          1.3. Section 5.09 is hereby amended to add the following sentence at the end of such
Section:

“Notwithstanding the above, the requirements of this Section 5.09 shall not apply to
indebtedness of a Target assumed by Borrower or one of its Subsidiaries, as allowed
under Section 5.03 hereof.”

2. Conditions Precedent. The obligations of the Banks to perform under the Credit
Agreement, as amended hereby, are subject to Borrower’s execution and/or delivery of the following:

          2.1. This Amendment; and

          2.2. Any other documents or agreements reasonably requested by Lender.

3. Representations and Warranties. The Borrower hereby (i) ratifies and confirms all
representations and warranties set forth in the Credit Agreement and all other Loan Documents, and
(ii) represents and warrants that no Event of Default has occurred and is continuing.

4. Ratification. Borrower hereby ratifies and confirms the Credit Agreement and all other
Loan Documents, and agrees that they remain in full force and effect.

5. Ratification of Guaranty. Guarantor, Saia Motor Freight Line, Inc., by execution
hereof, hereby acknowledges and agrees that its Guaranty Agreement remains in full force and
effect, as evidenced by the Ratification attached hereto.

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

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

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

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first written.

[Signature Pages Follow]

2

 

	 	 	 	 	 
	 	SAIA, INC. (f/k/a SCS TRANSPORTATION, INC.)

 	 
	 	By:  	/s/ James A. Darby
 	 
	 	 	James A. Darby, Vice President, Chief 	 
	 	 	Financial Officer and Secretary 	 
	 

	 	 	 	 	 
	 	11465 Johns Creek Parkway, Suite 400

Duluth, Georgia 30097

Attention:

Phone:

Facsimile:

 	 
	 	
 	 
	 	 	 
	 	 	 

 

	 	 	 	 	 

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

 	 
	 	By:  	/s/ Brian Puckett
 	 
	 	 	Brian Puckett, Senior Vice President 	 

	 	 	 	 	 
	 	Principal Office and Lending Office for Prime and

LIBOR Loans:

Bank of Oklahoma Tower

P.O. Box 2300

Tulsa, Oklahoma 74192

Attention: Brian Puckett

Phone: (918) 588-6230

Facsimile: (918) 295-0400

E-mail: bpuckett@bokf.com

 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Michael J. Reymann
 	 
	 	 	Michael J. Reymann, 	 
	 	 	Senior Vice President 	 

	 	 	 	 	 
	 	Principal Office and Lending Office for Prime Loans

and LIBOR Loans:

800 Nicollet Mall

Minneapolis, Minnesota 55402

Attention: Michael J. Reymann

Phone: (612) 303-3781

Facsimile: (612) 303-2264

E-mail: michael.reymann@usbank.com

 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A. (as successor by merger to
Bank One, NA)

 	 
	 	By:  	/s/ Linda L. Kaiser
 	 
	 	 	Linda L. Kaiser, First Vice President 	 

	 	 	 	 	 
	 	Principal Office and Lending Office for Prime Loans

and LIBOR Loans:

111 Monument Circle, IN1-0048

Indianapolis, Indiana 46277

Attention: Linda L. Kaiser

Phone: (317) 321-8609

Facsimile: (317) 592-5270

E-mail: linda_kaiser@bankone.com

 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BMO CAPITAL MARKETS FINANCING, INC.

 	 
	 	By:  	/s/ William Thomson
 	 
	 	 	William Thomson, Vice President 	 

	 	 	 	 	 
	 	Principal Office and Lending Office for Prime Loans

and LIBOR Loans:

111 West Monroe, 10-W

Chicago, Illinois 60603

Attention: William Thomson

Phone: (312) 461-3879

Facsimile: (312) 461-5225

E-mail: william.thomson@bmo.com

 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LASALLE BANK

NATIONAL ASSOCIATION

 	 
	 	By  	/s/ David J. Thomas
 	 
	 	 	David J. Thomas, Senior Vice President 	 

	 	 	 	 	 
	 	Principal Office and Lending Office for Prime Loans

and LIBOR Loans:

135 South LaSalle Street, Suite 1425

Chicago, IL 60603

Attention: Wanda Williams

Phone: (312) 904-0895

Fax: (312) 904-6373

E-mail: wanda.williams@abnamro.com

 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	 	 	 	 

 RATIFICATION

     As inducement for the Banks and the Agent to enter into the Third Amendment to Restated
Agented Revolving Credit Agreement (“Amendment”) dated January 31, 2007, to which this Ratification
is affixed, the undersigned Guarantor hereby ratifies and confirms its Guaranty Agreement, and
acknowledges and agrees that it remains in full force and effect.

	 	 	 	 	 
	 	“Guarantor”

SAIA MOTOR FREIGHT LINE, INC.

 	 
	 	By  	/s/ James A. Darby
 	 
	 	 	James A. Darby, SecretaryEX-10.1

 

Exhibit 10.1

2007 Cash Bonus Plans

     The Compensation Committee approved a bonus plan for each executive officer of the Company to
be effective for the 2007 fiscal year. Pursuant to the 2007 bonus plans, Joey A. Jacobs, William B.
Rutherford, Brent Turner, Jack E. Polson, Christopher L. Howard and Steven T. Davidson may be
awarded cash bonuses based upon the Company’s attainment of certain performance targets during
2007. The Company must collect at least 95% of revenue recorded in 2007 in order for the executive
officers to be eligible for payment of a bonus. The bonus plans provide that the bonus of Messrs.
Jacobs, Turner, Polson, Howard and Davidson for 2007 will be based 60% upon targets related to the
comparison of the Company’s actual earnings before income from continuing operations before
interest expense (net of interest income), income taxes, depreciation and amortization (“EBITDA”)
to budgeted EBITDA for 2007; 20% upon targets related to adjusted earnings per share for 2007; and
20% upon other criteria selected by the Compensation Committee. The bonus for Mr. Rutherford for
2007 will be based 70% upon targets related to the comparison of the Company’s actual EBITDA to
budgeted EBITDA for 2007; 20% upon targets related to adjusted earnings per share for 2007; and 10%
upon other criteria selected by the Compensation Committee. The maximum bonus award (as a
percentage of base salary) that each executive officer can receive is as follows: Mr. Jacobs, 135%;
Mr. Rutherford, 97.5%; Messrs. Turner, Polson and Howard, 75%; and Mr. Davidson, 67.5%.

     Following the end of the 2007 fiscal year, the Compensation Committee will determine whether
and the extent to which the applicable 2007 performance targets discussed above were met. The
Compensation Committee will then award each executive officer a cash bonus based on the achievement
of the applicable performance targets. No payments will be made for performance below specified
threshold levels. Payments for performance between the minimum threshold and the target level
required to receive the maximum bonus award will be determined based on a formula. The awarding of
cash bonuses is subject to the discretion of the Compensation Committee.

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