Document:

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                                                                    EXHIBIT 10.2

                                  COMPASS BANK
                               SECURITY AGREEMENT

     KNOW ALL MEN BY THESE PRESENTS: That

     WHEREAS, BOYD BROS. TRANSPORTATION, INC., an Alabama corporation ("DEBTOR")
is, contemporaneously with the execution hereof, becoming indebted to COMPASS
BANK (the "BANK"), on loan in the principal amount of THREE MILLION TWO HUNDRED
SIXTY-SEVEN THOUSAND ONE HUNDRED SIXTY AND NO/100 DOLLARS ($3,267,160.00), or so
much thereof as may be advanced under the Note as hereafter defined (the
"LOAN"), as evidenced by one or more Promissory Notes of various dates, payable
to Bank with interest thereon and as provided therein (each a "NOTE" and
collectively, the "NOTES"), and as secured by a Credit and Security Agreement
from Debtor to Bank (the "LOAN AGREEMENT") and the other Loan Documents defined
therein (the "LOAN DOCUMENTS"); and

     WHEREAS, Debtor may hereafter become indebted to Bank or a subsequent
holder of this Security Agreement on loans or otherwise (said Bank and any
subsequent holder of this Security Agreement being referred to herein as
"SECURED PARTY"); and

     WHEREAS, Debtor agrees to make this Security Agreement (the "AGREEMENT") to
further secure said Notes and any and all other future or additional Liabilities
of Debtor to Secured Party (said Liabilities, as defined in paragraph 5, being
referred to herein as "LIABILITIES").

     NOW, THEREFORE, the undersigned Debtor, in consideration of making the
Loan, and to secure the prompt payment of same, with the interest thereon, and
any extensions, modifications, or renewals of same, and any and all Liabilities
of Debtor to Secured Party, and further to secure the performance of the
covenants, conditions, and agreements hereinafter set forth and set forth in the
Note, and as may be set forth in the Loan Agreement and other Loan Documents or
other instruments evidencing or securing other Liabilities of Debtor to Secured
Party, and further to secure any and all charges incurred by Secured Party on
account of Debtor, including but not limited to attorney's fees, does hereby
agree as follows:

     1. DEFINITIONS. All terms used herein which are defined in the Alabama
Uniform Commercial Code (the "CODE") shall have the same meaning herein as in
the Code unless otherwise indicated herein.

     2. INCORPORATION BY REFERENCE. All of the terms and provisions of the Note
are hereby incorporated by reference as though set forth in full herein.

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     3. SECURITY INTERESTS. Debtor hereby grants to Secured Party title to and a
security Interest in the Collateral described in paragraph 4 hereof to secure
the performance and payment of the Liabilities described in paragraph 5 hereof.

     4. COLLATERAL. As security for the payment and performance of all
Liabilities of the Debtor, Debtor grants Secured Party title to and a security
interest in the following described property of the Debtor (herein collectively
referred to as the "COLLATERAL"):

          4.01 Equipment. The items of personal property described on Exhibit
     "A" hereto and all equipment and other personal property of every nature
     whatsoever now or hereafter owned by the Debtor and purchased with the
     proceeds of the Loan, wheresoever the same may be located.

          4.02 Proceeds. Proceeds (including insurance, contract and tort
     claims) and products of all of the foregoing Collateral.

     5. LIABILITIES. "Liabilities" of Debtor, as used herein, shall mean:

          5.01 Notes. The Notes, with interest as therein provided, and all
     extensions, modifications, or renewals thereof.

          5.02 Other Indebtedness. Any and all other obligations, indebtedness,
     and liabilities of the Debtor to the Secured Party, whether joint or
     several, due or to become due, liquidated or unliquidated, now existing or
     hereafter arising, absolute or contingent, direct or indirect, and all
     extensions, modifications, and renewals thereof, and whether incurred or
     given as maker, endorser, guarantor, surety, or otherwise.

     6. REPRESENTATIONS, WARRANTIES, AND COVENANTS. The Debtor hereby
represents, warrants, and covenants as follows:

          6.01 No Adverse Liens. Except for any security interest specifically
     set forth on an addendum attached hereto, and except for the security
     interest granted hereby, the Debtor is or (with respect to Collateral not
     presently owned by Debtor will be) the lawful owner of all Collateral free
     from any adverse lien, security interest, or encumbrance, and shall have
     full right to pledge, sell, assign, or transfer the same to Secured Party.
     Debtor will defend the Collateral against all claims and demands of all
     persons at any time claiming the same or any interest therein.

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          6.02 Financing Statements. No financing statement covering any
     Collateral or any proceeds thereof is on file in any public office, except
     for financing statements specifically set forth on an addendum attached
     hereto, if any, and except for the financing statements executed by Debtor
     and Secured Party. At the Secured Party's request, the Debtor will join
     with Secured Party in executing one or more financing statements pursuant
     to the Code in form satisfactory to the Secured Party, and will pay the
     cost of filing the same in all public offices wherever filing is deemed by
     the Secured Party to be necessary or desirable. The Debtor authorizes the
     Secured Party to prepare and to file financing statements covering the
     Collateral signed only by the Secured Party and to sign the Debtor's
     signature to such financing statements in jurisdictions where Debtor's
     signature is required. The Debtor promises to pay the Secured Party the
     fees incurred in filing the financing statements, which fees shall become
     part of the Liabilities secured by this Agreement.

          6.03 Inspection of Collateral and Records. The Secured Party may
     examine and inspect the Collateral and records and documents related to the
     Collateral at any time, wherever located.

          6.04 Assignment or Sale. Debtor, its agents, servants, or employees
     will not sell, assign, or offer to sell or assign or otherwise transfer
     the Collateral, either in whole or in part, or any interest therein without
     the written consent of the Secured Party.

          6.05 Payment of Taxes and Insurance. Debtor will pay promptly all
     taxes and assessments upon or with respect to the Collateral. Debtor hereby
     authorizes Secured Party to discharge taxes, assessments, liens, security
     interests, or other encumbrances at any time levied or placed on the
     Collateral, to pay for any insurance on the Collateral required to be
     maintained by Debtor hereunder, and to pay for, make, or provide for any
     maintenance, repair, or preservation of the Collateral as the Secured Party
     shall deem reasonably necessary to preserve its interests; provided,
     however, that Secured Party shall be under no obligation to do so. Debtor
     agrees to reimburse Secured Party on demand with interest at the rate set
     forth in the Note for any payment made or any expense incurred by Secured
     Party pursuant to the foregoing authorization. Payments made or expenses
     incurred by Secured Party pursuant to the foregoing authorization shall be
     included in the Liabilities secured hereunder.

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          6.06 Additional Representations of Debtor (Collateral). With respect
     to all of the Collateral:

               6.06(a) Such Collateral is used or bought primarily for business
          purposes.

               6.06(b) Such Collateral is being acquired with the proceeds of
          the Note.

               6.06(c) All such Collateral will be kept at the address of Debtor
          shown below Debtor's signature. Debtor will promptly notify Secured
          Party of any change in the location of the Collateral. Except for
          transactions in the ordinary course of Debtor's trucking business,
          Debtor, its agents or employees will not remove such Collateral from
          said location without the prior written consent of the Secured Party.

               6.06(d) If certificates of title are issued or outstanding with
          respect to such Collateral, the Debtor will cause the Secured Party's
          interest to be properly noted thereon.

               6.06(e) Debtor has and will maintain insurance on such Collateral
          to the extent and against such hazards and liabilities as is commonly
          done by companies of like nature, similarly situated, including but
          not limited to public liability, theft, fire (with extended coverage)
          insurance, and in the case of motor vehicles, collision insurance, all
          containing such terms and for such periods as may be reasonably
          satisfactory to the Secured Party; provided, however, that Debtor may
          self-insure the Collateral against physical damage up to an aggregate
          of $500,000 and provide insurance against catastrophic loss thereof in
          excess of such self-insurance amount. All such insurance will be
          maintained with insurance companies reasonably acceptable to the
          Secured Party and will be payable to the Secured Party and to the
          Debtor as their interests may appear. All insurance policies shall
          provide for a minimum of ten (10) days' written cancellation notice to
          the Secured Party and, at the Secured Party's request, all policies
          shall be delivered to and hold by the Secured Party. If at any time
          the Secured Party is of the opinion that the Debtor's insurance

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          coverage is inadequate, the Debtor will, within ten (10) days after
          written request by the Secured Party, obtain such insurance as the
          Secured Party shall reasonably request. Secured Party is hereby made
          attorney-in-fact for Debtor to obtain, adjust, and settle, in its
          sole discretion, such insurance and to endorse any drafts or checks
          issued in connection with such insurance.

               6.06(f) Debtor agrees to prevent and protect against any waste,
          damage, or destruction of such Collateral, and Debtor will maintain
          the same in as good condition as it now is in, ordinary and reasonable
          wear and tear excepted.

          6.07 Name of Debtor. Debtor's name has always been as set forth on the
     first page of this Agreement, except as otherwise disclosed in writing to
     the Secured Party. Debtor will promptly advise the Secured Party in writing
     of any change in Debtor's name.

     7. SET OFF. The Secured Party is hereby given a continuing lien as
additional security for the Liabilities hereunder upon any and all monies,
securities, and other property of Debtor, and the proceeds thereof, now or
hereafter held or received by or in transit to the Secured Party from or for
Debtor, whether for safekeeping, custody, pledge, transmission, collection, or
otherwise, and also upon any and all deposit balances (general or special) and
credits of Debtor with, and any and all claims of Debtor against, the Secured
Party at any time existing, and upon an event of default hereunder, the Secured
Party may apply or set off the same against the Liabilities hereby secured.

     8. EVENTS OF DEFAULT. Debtor shall be in default under this Agreement upon
the happening of any of the following events or conditions which is not
completely cured within any specific time period provided in any Loan Document:

          8.01 Any Event of Default or failure to perform any obligation,
     covenant, or liability contained or referred to herein, in the Notes, the
     Loan Agreement, or any other Loan Document.

          8.02 Assignment, transfer, or encumbrance or any unreimbursed loss,
     theft, damage or destruction to or of any part of the Collateral (except
     for sales or encumbrances of Collateral expressly authorized by the terms
     of this Agreement), or any levy, seizure, injunction, or attachment
     thereon.

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     9. RIGHTS AND REMEDIES UPON DEFAULT. Upon occurrence of any of the above
events of default, the Secured Party shall have the following rights which shall
be cumulative with all other rights and remedies of Secured Party:

          9.01 Acceleration and Other Rights. The right to declare all
     Liabilities secured hereby to be immediately due and payable without notice
     to or demand upon the Debtor or any other person. The Secured Party, in
     addition to any remedies it may exercise under this Security Agreement, the
     Note, under other documents executed in connection with the Liabilities
     secured hereby, or under applicable law, may immediately and without
     demand, exercise any and all of the rights of a secured party upon default
     under the Alabama Uniform Commercial Code, all of which shall be
     cumulative. Such rights shall include, without limitation:

               9.01(a) The right to take possession of the Collateral without
          judicial process and to enter upon any premises where the Collateral
          may be located for the purposes of taking possession of, securing,
          removing, and/or disposing of the Collateral without interference from
          the Debtor and without any liability for rent, storage, utilities or
          other sums.

               9.01(b) The right to sell, lease, or otherwise dispose of any or
          all of the Collateral, whether in its then condition or after further
          processing or preparation, at public or private sale. Unless the
          Collateral is perishable or threatens to decline speedily in value or
          is of a type customarily sold on a recognized market, the Secured
          Party shall give the Debtor at least five (5) days' prior notice of
          the time and place of any public sale of the Collateral or of the time
          after which any private sale or other intended disposition of the
          Collateral is to be made, all of which the Debtor agrees shall be
          reasonable notice of any sale or disposition of the Collateral.

               9.01(c) Upon request of Secured Party, Debtor shall assemble and
          make the Collateral available to Secured Party at a place reasonably
          convenient to Debtor and Secured Party.

          9.02 Attorney-in-Fact. To effectuate the rights and remedies of the
     Secured Party upon default, Debtor does hereby irrevocably appoint Secured
     Party attorney-in-fact for the Debtor, with full power of

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     substitution to, after default of Debtor, sign, execute, and deliver any
     and all instruments and documents and do all acts and things to the same
     extent as Debtor could do, and to sell, assign, and transfer any Collateral
     to Secured Party or any other party.

          9.03 Receiver. Secured Party shall have the right to apply for and
     have a receiver appointed by a court of competent jurisdiction, in
     connection with any action taken by the Secured Party to enforce its rights
     and remedies hereunder, to manage, protect, and preserve the Collateral and
     continue the business of the Debtor, to collect all revenues and profits
     thereof, and to apply the same to the payment of all expenses and other
     charges of such receivership, including but not limited to the compensation
     of the receiver, and to the payment of Liabilities secured hereby, until a
     sale or other disposition of such Collateral shall be finally made and
     consummated, or until all Liabilities secured hereby shall have been paid.

          9.04 Proceeds of Sale; Deficiency. The proceeds of any sale or other
     disposition of Collateral by the Secured Party shall be applied first to
     the expenses (including, but not limited to legal expenses and reasonable
     attorneys' fees) of retaking, holding, storing, and processing the
     Collateral and preparing the Collateral for sale, selling and the like and
     collecting or attempting to collect the Liabilities secured by this
     Agreement; then to the satisfaction of the Liabilities secured hereby with
     the application of such proceeds to particular Liabilities or to interest
     or principal as the Secured Party, in its sale discretion, shall determine;
     and the balance, if any, to be paid to Debtor or to be paid as otherwise
     provided by Law. The enumeration of the foregoing rights is not intended to
     be exhaustive, and the exercise of any right shall not preclude the
     exercise of any other rights, all of which shall be cumulative. Debtor
     agrees that any delay by the Secured Party in exercising any right or
     remedy hereby granted shall not be construed as a waiver by the Secured
     Party of any of its rights or remedies hereunder. Secured Party may permit
     the Debtor to remedy any default, but such shall not be a waiver of the
     default so remedied, and Secured Party's waiver of any default shall not be
     a waiver of any subsequent or prior defaults.

     10. WAIVERS. In addition to any other waivers, as set forth herein or in
the Note, against the Liabilities secured hereby, Debtor expressly waives, to
the extent allowed by law, all claims and rights to claim any exemptions allowed
or allowable under the Constitution or laws of the United States, the State of
Alabama, or any other jurisdiction. All rights and remedies of Secured Party
hereunder or with respect to Liabilities or Collateral shall be cumulative, and
in addition to any other right

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available to Secured Party by statute or at law or in equity, and may be
exercised singularly or concurrently. In the event that any one or more of the
terms or provisions of this Agreement or of the Note shall be invalid, illegal,
or unenforceable in any respect, the validity of the remaining terms or
provisions shall in no way be affected, prejudiced or disturbed thereby.

     11. ASSIGNMENT OF LIABILITIES. If at any time or times by sale, assignment,
negotiation, pledge, or otherwise, Secured Party transfers any or all of the
Liabilities, such transfer shall, unless otherwise specified in writing, carry
with it Secured Party's rights and remedies under this Agreement with respect to
such Liabilities transferred, and the transferee shall become vested with such
rights and remedies whether or not they are specifically referred to in the
transfer. If and to the extent Secured Party retains any of the Liabilities,
Secured Party shall continue to have the rights and remedies herein set forth
with respect thereto.

     12. NOTICES. Any demand upon or notice to Debtor that the Secured Party may
elect to give shall be effective if hand delivered to Debtor, deposited in the
United States mail, postage prepaid, return receipt requested, or delivered to a
telegraph company addressed to Debtor at the address shown below Debtor's
signature, or if Debtor has notified the Secured Party in writing of a change of
address, to Debtor's last address so notified. Demands or notices addressed to
Debtor's address at which the Secured Party customarily communicates with Debtor
shall also be effective.

     13. AGREEMENT UNDER SEAL. This Agreement is given under the seal of all
persons signing as and for the Debtor. It is intended by Debtor and all persons
signing for Debtor that this instrument is and shall constitute a sealed
instrument according to law.

     14. HEADINGS. The headings of the sections, paragraphs, and subdivisions of
this Agreement are for convenience of reference only, are not to be considered a
part hereof, and shall not limit or otherwise affect any of the terms hereof.

     15. SUCCESSORS AND ASSIGNS. The provisions of this Agreement shall inure to
and bind not only the parties hereto, but also their respective heirs,
executors, administrators, successors, and assigns.

     16. APPLICABLE LAW. This Agreement, the Note, and the Loan Documents,
except as may otherwise be provided therein, shall be construed and governed,
and their validity determined, according to the laws of the State of Alabama.

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IN WITNESS WHEREOF, the undersigned Debtor and Secured Party have caused this
Agreement to be duly executed and delivered effective on the 11 day of April,
2000.

ATTEST:                                    DEBTOR:

                                           BOYD BROS. TRANSPORTATION, INC.

By: /s/ Ginger B. Tibbs                    By: /s/ Richard C. Bailey
    ------------------------------             -----------------------------
    Its: Secretary                                  Richard C. Bailey
         -----------                                ------------------------
                                               Its: CFO/Exec VP

Debtor's address: Route 1, Box 40
                  Clayton, Alabama 36016

WITNESS:                                   SECURED PARTY:

                                           COMPASS BANK

/s/ Rosie M. Clark                         By: /s/ Billy V. Houston
----------------------------                   -----------------------------
                                                Billy V. Houston
                                                ----------------------------
                                           Its: City President

Secured Party's address: 223 E. Broad Street
                         Eufaula, Alabama 36027

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<PAGE>   10

STATE OF ALABAMA   )
COUNTY OF Barbour  )

     I, the undersigned, a Notary Public in and for said County in said State,
hereby certify that Richard C Bailey, whose name as CFO/Exec VP of BOYD BROS.
TRANSPORTATION, INC., an Alabama corporation, is signed to the foregoing
instrument, and who is known to me, acknowledged before me on this day that,
being informed of the contents of the above and foregoing instrument, he, as
such officer and with full authority, executed the same voluntarily for and as
the act of said corporation.

     Given under my hand and official seal of office this 11 day of April, 2000.

                                           /s/ Ray Nell Pelham
                                           -------------------------------
                                           Notary Public
[NOTARIAL SEAL]                            My commission expires: 1-1-2002
                                                                  --------

STATE OF ALABAMA   )
COUNTY OF Barbour  )

     I, the undersigned, a Notary Public in and for said County in said State,
hereby certify that Billy V. Houston, whose name as City President of COMPASS
BANK, an Alabama banking corporation, is signed to the foregoing instrument, and
who is known to me, acknowledged before me on this day that, being informed of
the contents of the above and foregoing instrument, he, as such officer and
with full authority, executed the same voluntarily for and as the act of said
corporation.

     Given under my hand and official seal of office this 11 day of April, 2000.

                                           /s/ Tonya Henderson
                                           -------------------------------
                                           Notary Public
[NOTARIAL SEAL]                            My commission expires: 1-22-01
                                                                  -------

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                                   EXHIBIT A

                           DESCRIPTION OF COLLATERAL

       DEBTOR: Boyd Bros. Transportation Inc.
SECURED PARTY: Compass Bank

All of Debtor's trucks, tractors, trailers and other equipment and other
personal property financed with the proceeds of any loan from Secured Party,
whether now owned or existing or hereafter created or acquired; all goods,
instruments, documents of title, policies and certificates of insurance,
securities, chattel paper, deposits, cash or other property owned by Debtor or
in which Debtor has an interest which are now or may hereafter be in the
possession of Secured Party or as to which Secured party may now or hereafter
control by possession, by documents of tile or otherwise; and proceeds and
products (including tort and insurance claims) of the foregoing:

Without limiting the generality of the foregoing, the collateral shall include:

(15) New 2000 International Trucks Model 99001 SFA 6 x 4 Serial Numbers:

2HSCHAPR4YCO39802                            2HSCHAPR6YCO39803
2HSCHAPR8YCO39804                            2HSCHAPRXYCO39805
2HSCHAPRIYCO39806                            2HSCHAPR3YCO39807
2HSCHAPR5YCO39808                            2HSCHAPR7YCO39809
2HSCHAPR3YCO39810                            2HSCHAPR5YCO39811
2HSCHAPR7YCO39812                            2HSCHAPR9YCO39813
2HSCHAPROYCO39814                            2HSCHAPR2YCO39815
2HSCHAPR4YCO39816

     FOR VALUE RECEIVED, Debtor hereby grants to Secured Party a security
interest in all of the foregoing property.

Boyd Bros. Transportation Inc.

/s/ Richard C. Bailey
----------------------------------
Richard C. Bailey Its: CFO/Exec VP<PAGE>   1
                                                                    EXHIBIT 10.3

                               FIRST AMENDMENT TO
                   ACQUISITION AGREEMENT, EMPLOYMENT AGREEMENT
                           AND COVENANT NOT TO COMPETE

         THIS FIRST AMENDMENT TO ACQUISITION AGREEMENT, EMPLOYMENT AGREEMENT AND
COVENANT NOT TO COMPETE (this "Amendment"), made this 17 day of March, 2000, by
and among BOYD BROS. TRANSPORTATION INC., a Delaware corporation (hereinafter
referred to as "Boyd"), WELBORN TRANSPORT, INC., (formerly known as W. T.
Acquisition Corp.), an Alabama corporation (hereinafter referred to as "Boyd
Sub"), MILLER WELBORN ("Welborn") and STEVEN RUMSEY ("Rumsey") (Welborn and
Rumsey are hereinafter sometimes collectively referred to as the
"Shareholders").

                              W I T N E S S E T H:

         WHEREAS, Boyd, Boyd Sub and the Shareholders (together with Welborn
Transport, Inc., which was merged into Boyd Sub) entered into an Acquisition
Agreement, dated October 8, 1997 (the "Acquisition Agreement"); and

         WHEREAS, Boyd, Boyd Sub and Welborn entered into a Covenant Not to
Compete, erroneously dated as of December 8, 1998 (the "Welborn Noncompete
Agreement"); and

         WHEREAS, Boyd, Boyd Sub and Rumsey entered into a Covenant Not to
Compete, erroneously dated as of December 8, 1998 (the "Rumsey Noncompete
Agreement", the Welborn Noncompete Agreement and the Rumsey Noncompete Agreement
are hereinafter collectively referred to as the "Noncompete Agreements"); and

         WHEREAS, Boyd and Welborn entered into an Employment Agreement, dated
as of December 8, 1997 (the "Welborn Employment Agreement"); and

         WHEREAS, Boyd, Boyd Sub and the Shareholders desire to amend the
Acquisition Agreement, the Noncompete Agreements and the Welborn Employment
Agreement to correct certain typographical errors contained therein and to
modify certain terms and conditions contained therein, all as more particularly
set forth herein.

         NOW, THEREFORE, for and in consideration of the premises and the mutual
promises, agreements, representations, warranties and covenants hereinafter set
forth, and the sum of ten dollars and other good and valuable consideration, the
receipt and sufficiency of which is hereby specifically agreed to and
acknowledged, the Acquisition Agreement, Noncompete Agreements and Welborn
Employment Agreement are each hereby amended as follows:

         1. AMENDMENT TO ACQUISITION AGREEMENT. Section 4.5.1. of the
Acquisition Agreement is hereby amended by deleting said Section in its entirety
and substituting in lieu thereof a new 4.5.1 reading as follows:

                  "4.5.1 For a period of one (1) year from the Closing Date (the
         "Restricted Period"), the shares of Boyd Common Stock held by Miller
         Welborn shall not be voluntarily or involuntarily transferred,
         assigned, sold or conveyed and the certificates representing such
         shares shall bear a legend to that effect. The words "transfer, assign,
         sell or convey" as used in this Section 4.5.1 shall include the grant
         of any proxy, the establishment of any voting

<PAGE>   2

         trust or any sale, hypothecation, pledge, assignment or other
         conveyance, with or without consideration or incidence of ownership or
         title as to any share of Boyd Common Stock owned of record or
         beneficially by the Shareholder, regardless of whether record or
         beneficial title to such shares is thereby transferred. After the
         Restricted Period, Miller Welborn may not, during any one calendar
         quarter, voluntarily or involuntarily transfer, assign, sell or convey
         a number of shares of Boyd Common Stock which is greater than one
         percent (1%) of the number of shares of Boyd Common Stock outstanding
         at the beginning of such calendar quarter. In the event that Miller
         Welborn sells shares of Boyd Common Stock on the open market during the
         ten (10) calendar quarters immediately following the second anniversary
         of the Closing Date at a per share price which is less than $6.50 per
         share (the "Per Share Minimum Price") (as the same may be adjusted
         pursuant to Section 2.1.4 hereof), Boyd shall pay to Welborn the
         difference between the Per Share Minimum Price and the per share price
         at which such shares were sold on the open market, such payment to be
         made within ten (10) days after Welborn transmits to Boyd confirmation
         of such sale. Notwithstanding anything to the contrary contained in
         this Agreement, in the event Miller Welborn elects to sell shares of
         Boyd Common Stock on the open market during the ten (10) calendar
         quarters immediately following the second anniversary of the Closing
         Date at a price that is less than the Per Share Minimum Price, then
         Miller Welborn must first deliver written notice thereof, in the form
         of Exhibit 4.5.1(a) attached hereto (an "Offer Notice"), to the Chief
         Financial Officer of the Company in order to provide the Company a
         right of first refusal on the following terms and conditions:

                  (a)      The Offer Notice must contain a full description of
                           the proposed sale of Boyd Common Stock by Miller
                           Welborn, including, without limitation, the number of
                           shares of to be sold (the "Affected Shares"), the
                           proposed price per share of the Boyd Common Stock,
                           terms of payment for the Affected Shares and the
                           proposed date of such sale. An Offer Notice shall
                           constitute Miller Welborn's binding agreement to sell
                           all of the Affected Shares to the Company on the
                           terms and conditions specified therein.

                  (b)      If the Company elects to purchase all, and not less
                           than all, of the Affected Shares from Miller Welborn,
                           the Company shall have until 5 p.m. Clayton, Alabama
                           time on the first business day following the
                           Company's receipt of the Offer Notice (the "Offer
                           Deadline") to deliver to Miller Welborn, in writing,
                           notice of its election to so purchase the Affected
                           Shares (the "Company Acceptance"). Upon such election
                           by the Company, the Company shall purchase, and
                           Miller Welborn shall sell, of the Affected Shares to
                           the Company upon the terms and conditions contained
                           in the Offer Notice within three (3) business days
                           following Miller Welborn's receipt of the Company
                           Acceptance. At the closing, Miller Welborn shall
                           deliver to the Company his confirmation that he has
                           transferred the Affected Shares free and clear of any
                           and all pledges, liens, claims, security interests or
                           other encumbrances (other than restrictions imposed
                           by this Agreement or applicable securities laws) and
                           the Company shall pay to Miller Welborn the
                           consideration set forth in the Offer Notice in
                           accordance with the terms described therein, as well
                           as any additional payments in connection with the Per
                           Share Minimum Price contemplated by the first
                           paragraph of this Section 4.5.1.

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<PAGE>   3

                  (c)      If the Company fails to provide Miller Welborn notice
                           of its election to purchase or not to purchase the
                           Affected Shares on or before the Offer Deadline, or
                           if the Company notifies Miller Welborn that it has
                           elected not to purchase the Affected Shares, Miller
                           Welborn shall be free to sell the Affected Shares on
                           the open market in strict accordance with the terms
                           set forth in the Offer Notice at any time within
                           ninety (90) days after the Offer Deadline (the
                           "Transfer Period Termination Date"). In the event
                           that Miller Welborn does not sell or otherwise
                           dispose of all of such Affected Shares in the manner
                           set forth in the immediately preceding sentence prior
                           to the Transfer Period Termination Date, the right of
                           first refusal provided for in this Section 4.5.1
                           shall continue to be applicable to any subsequent
                           sale or transfer of such Affected Shares.

         2. AMENDMENTS TO NONCOMPETE AGREEMENTS. Solely in order to correct an
unintended typographical error contained therein, the date of each Noncompete
Agreement appearing on the first and second lines of the Noncompete Agreements
(below the titles thereof) shall be changed from "8th day of December 1998" to
"8th day of December, 1997" to correctly reflect the date on which each of these
Noncompete Agreements was executed.

         3. AMENDMENTS TO WELBORN EMPLOYMENT AGREEMENT.

                  (a) Solely to correct an unintended typographical error
contained therein, and to accurately reflect the actual intent of the parties
thereto, Section 2 of the Welborn Employment Agreement is hereby amended by
deleting the last clause of the first sentence thereof, which reads as follows:

                  "which duties shall include acting as Chairman of the Board of
         Boyd."

and substituting in lieu thereof the following clause:

                  "which duties shall include acting as Chairman of the Board of
         Welborn."

                  (b) Solely to correct an unintended typographical error
contained therein, Section 7(d) of the Welborn Employment Agreement is hereby
amended by deleting the bracket symbols ("[" and "]") immediately preceding and
immediately following sub-clause (ii) therein.

         4. NO OTHER MODIFICATIONS. Except to the extent expressly amended
herein, all terms and conditions of the Acquisition Agreement, Noncompete
Agreements and Welborn Employment Agreement are hereby affirmed and shall remain
in full force and effect.

         5. GOVERNING LAW. This Amendment shall be governed by and construed and
interpreted in accordance with, the laws of the State of Alabama without giving
effect to any conflict or choice of laws principles.

         6. COUNTERPARTS. This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                                       3
<PAGE>   4

         IN WITNESS WHEREOF, each party hereto has executed or caused this
Amendment to be executed on its behalf, all on the day and year first above
written.

                                    BOYD BROS. TRANSPORTATION INC.

                                    "Boyd"

                                    By: /s/ Richard Bailey
                                        ----------------------------------------
                                    Name: Richard Bailey
                                          --------------------------------------
                                    Title: CFO
                                           -------------------------------------

                                    WELBORN TRANSPORT, INC.

                                    "Boyd Sub"

                                    By: /s/ Miller Welborn
                                        ----------------------------------------
                                    Name: Miller Welborn
                                          --------------------------------------
                                    Title: Chairman
                                           -------------------------------------

                                    SHAREHOLDERS

                                    /s/ Miller Welborn
                                    --------------------------------------------
                                    Miller Welborn

                                    /s/ Steven Rumsey
                                    --------------------------------------------
                                    Steven Rumsey

                                       4
<PAGE>   5

                                                                   EXHIBIT 4.5.1

                              FORM OF OFFER NOTICE

Boyd Bros. Transportation, Inc.                    VIA FAX:_____________________
32 75 Highway 30
Clayton, Alabama  36016

Gentlemen:

         Pursuant to Section 4.5.1 of the Acquisition Agreement, this is to
provide notice that the undersigned proposes to sell in the open market during
the next _______ days (not to exceed 90 days), ____________ shares of Boyd
Common Stock at a proposed price per share of not less than $____________ for
______________ (state terms of sale, i.e., cash, credit, etc.). Please advise if
you wish to exercise your right of first refusal to purchase pursuant to Section
4.5.1 of the Acquisition Agreement.

         As used herein, all defined terms shall have the same meaning as found
in that certain Acquisition Agreement between and among Boyd, Boyd Sub, Miller
Welborn and Steven Rumsey, dated October 8, 1997.

                                    --------------------------------------------
                                    Miller Welborn

                                       5

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