Document:

EX-10.n

Exhibit 10.n

POLARIS INDUSTRIES INC.

RESTRICTED STOCK PLAN

ARTICLE I. PURPOSE AND ADOPTION OF THE PLAN

1.01 PURPOSE. The purpose of the Polaris Industries Inc. Restricted Stock Plan is to assist
the Corporation and its subsidiaries in attracting, retaining and motivating selected key
management employees, consultants and independent contractors who will contribute to the
Corporation’s success. The Plan is intended to link the remunerative benefits paid to eligible
employees, consultants and independent contractors who have substantial responsibility for the
successful operation, administration and management of the Corporation with the enhancement of
shareholder value and to provide eligible employees, consultants and independent contractors with
an opportunity to acquire a greater proprietary interest in the Corporation through the grant of
restricted shares of Stock which, in accordance with the terms and conditions set forth below, will
vest only if the participants meet the vesting criteria established by the Committee. Awards under
the Plan will act as an incentive to participants to achieve long-term objectives which will inure
to the benefit of all shareholders of the Corporation. The Plan authorizes awards intended to
qualify as “performance-based” for purposes of Section 162(m) of the Internal Revenue Code of 1986,
as amended, as well as awards that may not so qualify.

1.02 ADOPTION AND EFFECTIVE DATE. The Plan was originally adopted as the Polaris Industries
Inc. 1996 Restricted Stock Plan (the “1996 Plan”) effective as of January 25, 1996. The 1996 Plan
was amended and restated by the Board as of January 18, 2001. This Plan is an amendment and
restatement of the 1996 Plan, as amended, effective January 20, 2005. The Plan has been renamed
the “Polaris Industries Inc. Restricted Stock Plan.”

ARTICLE II. DEFINITIONS

For purposes of this Plan, the capitalized terms set forth below shall have the following
meanings:

2.01 AWARD AGREEMENT means a written agreement between the Corporation and a Participant
specifically setting forth the terms and conditions of an award of Restricted Stock granted to a
Participant pursuant to Article V of the Plan.

2.02 BOARD means the Board of Directors of the Corporation.

2.03 BUSINESS DAY means any day on which the New York Stock Exchange shall be open for
trading.

2.04 CAUSE means a determination by the Committee that a Participant has engaged in conduct
that is dishonest or illegal, involves moral turpitude or jeopardizes the Corporation’s right to
operate its business in the manner in which it is now operated.

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2.05 CHANGE IN CONTROL means any of the events set forth below:

(a) Any election has occurred of persons to the Board that causes at least one-half of the
Board to consist of persons other than (x) persons who were members of the Board on January 1, 1996
and (y) persons who were nominated for election by the Board as members of the Board at a time when
more than one-half of the members of the Board consisted of persons who were members of the Board
on January 1, 1996; provided, however, that any person nominated for election by the Board at a
time when at least one-half of the members of the Board were persons described in clauses (x)
and/or (y) or by persons who were themselves nominated by such Board shall, for this purpose, be
deemed to have been nominated by a Board composed of persons described in clause (x) (persons
described or deemed described in clauses (x) and/or (y) are referred to herein as “Incumbent
Directors”); or

(b) The acquisition in one or more transactions, other than from the Corporation, by any
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of a number of Corporation Voting Securities equal to or greater than 35% of the Corporation Voting
Securities unless such acquisition has been approved by the Incumbent Directors as an acquisition
not constituting a Change in Control for purposes hereof; or

(c) Any of the following: (x) a liquidation or dissolution of the Corporation; (y) a
reorganization, merger or consolidation of the Corporation unless, following such reorganization,
merger or consolidation, (A) the Corporation is the surviving entity resulting from such
reorganization, merger or consolidation or (B) at least one-half of the Board of the entity
resulting from such reorganization, merger or consolidation consists of Incumbent Directors; or (z)
a sale or other disposition of all or substantially all of the assets of the Corporation unless,
following such sale or disposition, at least one-half of the Board of the transferee consists of
Incumbent Directors.

2.06 COMMITTEE means the Compensation Committee of the Board or such other committee of the
Board as the Board may designate.

2.07 CORPORATION means Polaris Industries Inc., a Minnesota corporation, and its successors.

2.08 CORPORATION VOTING SECURITIES means the combined voting power of all outstanding voting
securities of the Corporation entitled to vote generally in the election of the Board.

2.09 DATE OF GRANT means the date as of which an award of Restricted Stock is granted in
accordance with Article V.

2.10 DISABILITY means any physical or mental injury or disease of a permanent nature which
renders a Participant incapable of meeting the requirements of the employment performed by such
Participant immediately prior to the commencement of such disability. The determination of whether
a Participant is disabled shall be made by the Committee in its sole and absolute discretion.

2.11 EFFECTIVE DATE means January 20, 2005.

2.12 EXCHANGE ACT means the Securities Exchange Act of 1934, as amended.

2.13 FAIR MARKET VALUE means, as of any given date, (i) if the Stock is listed on a national
securities exchange or is authorized for quotation on the National Association of Securities
Dealers Inc.’s NASDAQ National Market System (“NASDAQ/NMS”), the closing price, regular way, of the
Stock on such exchange or NASDAQ/NMS, as the case may be, or if no such reported sale of the Stock
shall have occurred on such date, on the next preceding date on which there was such a reported
sale; or (ii) if the Stock is not listed for trading on a national securities exchange or
authorized for quotation on NASDAQ/NMS, the closing bid price as reported by the National
Association of Securities Dealers Automated Quotation System (“NASDAQ”), or if no such prices shall
have been so reported for such date, on the next preceding date for which such prices were so
reported; or (iii) if the Stock is not listed for trading on a national securities exchange or
authorized for quotation on NASDAQ, the last reported bid price published in the “pink sheets” or
displayed on the NASD Electronic Bulletin Board, as the case may be; or (iv) if the Stock is not
listed for trading on a national securities exchange, or is not authorized for quotation on
NASDAQ/NMS or NASDAQ, or is not published in the “pink sheets” or displayed on the NASD Electronic
Bulletin Board, the Fair Market Value of the Stock as determined in good faith by the Committee.

2.14 OUTSTANDING STOCK means, at any time, the issued and outstanding Stock.

2.15 PARTICIPANT means any person selected by the Committee, pursuant to Section 3.02, to
participate under the Plan.

2.16 PLAN means the Polaris Industries Inc. Restricted Stock Plan, as the same may be amended
from time to time.

2.17 RESTRICTED STOCK means shares of Stock awarded to a Participant subject to restrictions
as described in Article V.

2.18 STOCK means the common stock, par value $0.01 per share, of the Corporation.

ARTICLE III. ADMINISTRATION AND PARTICIPATION

3.01 ADMINISTRATION. The Plan shall be administered by the Committee which shall have
exclusive and final authority and discretion in each determination, interpretation or other action
affecting the Plan and its Participants. The Committee shall have the sole and absolute authority
and discretion to interpret the Plan, to establish and modify administrative rules for the Plan, to
select, in accordance with Section 3.02, the persons who will be Participants hereunder, to impose,
in accordance with Section 5.01, such conditions and restrictions as it determines appropriate and
to take such other actions and make such other determinations in connection with the Plan as it may
deem necessary or advisable.

3.02 DESIGNATION OF PARTICIPANTS. Participants in the Plan shall be such employees,
consultants and independent contractors of the Corporation and its subsidiaries as the Committee,
in its sole discretion, may designate. The Committee’s designation of a Participant with respect
to any calendar year shall not require the Committee to designate such person as a Participant with
respect to any other calendar year. The Committee shall consider such factors as it deems
pertinent in selecting Participants.

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ARTICLE IV. STOCK ISSUABLE UNDER THE PLAN

4.01 NUMBER OF SHARES OF STOCK ISSUABLE. Subject to adjustments as provided in Section 6.03,
the maximum number of shares of Stock available for issuance under the Plan shall be 2,350,000.
The Stock to be offered under the Plan shall be authorized and unissued Stock, or Stock which shall
have been reacquired by the Corporation and held in its treasury. In any calendar year, no
Participant shall receive awards in excess of 500,000 shares of Stock, subject to adjustment as
provided in Section 6.03.

4.02 SHARES SUBJECT TO TERMINATED AWARDS. Shares of Stock forfeited as provided in Section
5.02 may again be issued under the Plan.

ARTICLE V. RESTRICTED STOCK

5.01 RESTRICTED STOCK AWARDS. The Committee may grant to any Participant an award of
Restricted Stock in respect of such number of shares of Stock, and subject to such terms and
conditions relating to forfeitability and restrictions on delivery and transfer (whether based on
performance standards, periods of service or otherwise), as the Committee shall determine in its
sole discretion. With respect to performance-based awards of Restricted Stock to “covered
employees” (as defined in Section 162(m) of the Internal Revenue Code of 1986, as amended) that are
intended to qualify as “performance-based compensation” for purposes of Section 162(m) of the
Internal Revenue Code of 1986, as amended, performance standards will be limited to specified
levels of one or more of the following: share price appreciation, earnings, cash flow, revenues and
total shareholder return. The terms of all such Restricted Stock awards shall be set forth in an
Award Agreement between the Corporation and the Participant which shall contain such provisions,
not inconsistent with this Plan, as shall be determined by the Committee.

(a) ISSUANCE OF RESTRICTED STOCK. As soon as practicable after the Date of Grant of
Restricted Stock, the Corporation shall cause to be transferred on the books of the Corporation
shares of Stock, registered on behalf of the Participant, evidencing such Restricted Stock, but
subject to forfeiture to the Corporation retroactive to the Date of Grant if an Award Agreement
delivered to the Participant by the Corporation with respect to the Restricted Stock is not duly
executed by the Participant and timely returned to the Corporation. Unless the Committee
determines otherwise, until the lapse or release of all restrictions applicable to an award of
Restricted Stock (i) the stock certificates representing such Restricted Stock shall be held in
custody by the Corporation or its designee, (ii) such certificates shall be deemed not delivered to
the Participant and (iii) no Participant shall have any interest with respect to such Restricted
Stock except as expressly provided herein or in the applicable Award Agreement.

(b) SHAREHOLDER RIGHTS. Beginning on the Date of Grant of the Restricted Stock and subject to
execution of the Award Agreement as provided in Section 5.01(a), the Participant shall become a
shareholder of the Corporation with respect to all Stock subject to the Award Agreement and shall
have all of the rights of a shareholder, including, but not limited to, the right to vote such
Stock and, unless the Committee provides otherwise in the applicable Award Agreement, the right to
receive dividends and other distributions paid with respect to such Stock; provided, however, that,
if the Committee provides in the applicable Award Agreement that the Participant shall be entitled
to receive any Stock distributed as a dividend or otherwise with respect to any Restricted Stock as
to which the restrictions have not yet lapsed, such Stock shall be subject to the same restrictions
as such Restricted Stock and shall be held as prescribed in Section 5.01(a).

(c) RESTRICTION ON TRANSFERABILITY. None of the Restricted Stock may be assigned, transferred
(other than by will or the laws of descent and distribution), pledged, sold or otherwise disposed
of prior to lapse or release of the restrictions applicable thereto.

(d) DELIVERY OF STOCK UPON RELEASE OF RESTRICTIONS. Upon expiration or earlier termination of
the forfeiture period without a forfeiture, and the satisfaction of or release from any other
conditions prescribed by the Committee, the restrictions applicable to the Restricted Stock shall
lapse. As promptly as administratively feasible thereafter, subject to the requirements of Section
6.02, the Corporation shall deliver to the Participant or, in case of the Participant’s death, to
the Participant’s legal representatives, one or more stock certificates for the appropriate number
of shares of Stock, free of all such restrictions, except for any restrictions that may be imposed
by law.

5.02 TERMS OF RESTRICTED STOCK.

(a) FORFEITURE OF RESTRICTED STOCK. Subject to Section 5.02(b) and the last sentence of this
Section 5.02(a), all Restricted Stock shall be forfeited and returned to the Corporation and all
rights of the Participant with respect to such Restricted Stock shall cease and terminate in their
entirety if during the forfeiture period the service of the Participant with the Corporation and
its affiliates terminates for any reason or any other vesting conditions applicable to such
Restricted Stock are not met or such Restricted Stock is forfeited in accordance with its terms.
The Committee, in its sole discretion, shall establish the forfeiture period for each grant of
Restricted Stock, and may provide for the forfeiture period to lapse in installments.
Notwithstanding the foregoing, unless the Committee provides otherwise in the applicable Award
Agreement, in the event of the discharge by the Corporation or an affiliate of a Participant
without Cause or termination of a Participant’s service by reason of death, Disability or
retirement pursuant to the retirement policy of the Corporation or an affiliate, all forfeiture
restrictions imposed on Restricted Stock shall immediately and fully lapse. Upon the occurrence of
a Change in Control, all forfeiture restrictions imposed on Restricted Stock shall immediately and
fully lapse.

(b) WAIVER OF FORFEITURE PERIOD. Notwithstanding anything contained in this Article V to the
contrary, the Committee may, in its sole discretion, waive the forfeiture conditions set forth in
any Award Agreement under appropriate circumstances and subject to such terms and conditions
(including forfeiture of a proportionate number of the shares of Restricted Stock) as the Committee
may deem appropriate, provided that the Participant shall at that time have completed at least one
year of service after the Date of Grant.

ARTICLE VI. MISCELLANEOUS

6.01 LIMITATIONS ON TRANSFER. The rights and interest of a Participant under the Plan may not
be assigned or transferred other than by will or the laws of descent and distribution. During the
lifetime of a Participant, only the Participant personally may exercise rights under the Plan.

6.02 TAXES. The Corporation shall be entitled to withhold (or secure payment from the
Participant in lieu of withholding) the amount of any withholding or other tax required by law to
be withheld or paid by the Corporation with respect to any Stock issuable under this Plan, or with
respect to any income recognized upon the lapse of restrictions applicable to Restricted Stock, and
the Corporation may defer issuance of Stock hereunder until and unless indemnified to its
satisfaction against any liability for any such tax. The amount of such withholding or tax payment
shall be determined by the Committee or its delegate and shall be payable by the Participant at
such time as the Committee determines. The Committee shall prescribe in each Award Agreement one or
more methods by which the Participant will be permitted to satisfy his or her tax withholding
obligation, which methods may include, without limitation, the payment of cash by the Participant
to the Corporation and the tendering of previously acquired shares of Stock of the Participant, or
the withholding, at the appropriate time, of shares of Stock otherwise issuable to the Participant,
in a number sufficient, based upon the Fair Market Value of such Stock, to satisfy such tax
withholding requirements. The Committee shall be authorized, in its sole discretion, to establish
such rules and procedures relating to any such withholding methods as it deems necessary or
appropriate, including, without limitation, rules and procedures relating to elections by
Participants who are subject to the provisions of Section 16 of the Exchange Act to tender Stock or
to have Stock withheld to meet such tax withholding obligations.

6.03 ADJUSTMENTS TO REFLECT CAPITAL CHANGES. The amount and kind of Stock available for
issuance under the Plan and the limit on the number of shares of Stock in respect of which awards
may be made to any Participant in any calendar year shall be appropriately adjusted to reflect any
stock dividend, stock split, combination or exchange of shares, merger, consolidation or other
change in capitalization with a similar substantive effect upon the Plan. The Committee shall have
the power and sole discretion to determine the nature and amount of the adjustment, if any, to be
made pursuant to this Section 6.03.

6.04 NO RIGHT TO AWARD; NO RIGHT TO CONTINUED SERVICE. No person shall have any claim of
right to be permitted to participate or be granted an award under this Plan. Neither the Plan nor
any action taken hereunder shall be construed as giving any Participant any right to be retained in
the service of the Corporation.

6.05 AWARDS NOT INCLUDABLE FOR BENEFIT PURPOSES. Income recognized by a Participant pursuant
to the provisions of the Plan shall not be included in the determination of benefits under any
employee pension benefit plan (as such term is defined in Section 3(2) of the Employee Retirement
Income Security Act of 1974, as amended) or group insurance or other benefit plans applicable to
the Participant which are maintained by the Corporation, except as may be provided under the terms
of such plans or determined by resolution of the Board.

6.06 GOVERNING LAW. The Plan and all determinations made and actions taken pursuant to the
Plan shall be governed by the laws of the State of Minnesota other than the conflict of laws
provisions of such laws, and shall be construed in accordance therewith.

6.07 NO STRICT CONSTRUCTION. No rule of strict construction shall be implied against the
Corporation, the Committee, or any other person in the interpretation of any of the terms of the
Plan, any award granted under the Plan or any rule or procedure established by the Committee.

6.08 CAPTIONS. The captions (i.e., all Section and subsection headings) used in the Plan are
for convenience only, do not constitute a part of the Plan, and shall not be deemed to limit,
characterize or affect in any way any provisions of the Plan, and all provisions of the Plan shall
be construed as if no captions had been used in the Plan.

6.09 SEVERABILITY. Whenever possible, each provision in the Plan and every Award Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of the Plan or any Award Agreement shall be held to be prohibited by or invalid under
applicable law, then (a) such provision shall be deemed amended to accomplish the objectives of the
provision as originally written to the fullest extent permitted by law and (b) all other provisions
of the Plan and every Award Agreement shall remain in full force and effect.

6.10 LEGENDS. All certificates for Stock delivered under the Plan shall be subject to such
transfer restrictions set forth in the Plan and such other restrictions as the Committee may deem
advisable under the rules, regulations and other requirements of the Securities and Exchange
Commission, any stock exchange upon which the Stock is then listed and any applicable federal or
state securities law, and the Committee may cause a legend or legends to be endorsed on any such
certificates making appropriate references to such restrictions.

6.11 AMENDMENT AND TERMINATION.

(a) AMENDMENT. The Board shall have complete power and authority to amend the Plan at any
time it is deemed necessary or appropriate. No termination or amendment of the Plan may, without
the consent of the Participant to whom any award shall theretofore have been granted under the
Plan, adversely affect the right of such individual under such award; provided, however, that the
Committee may, in its sole discretion, make such provision in the Award Agreement for amendments
which, in its sole discretion, it deems appropriate.

(b) TERMINATION. The Board shall have the right and the power to terminate the Plan at any
time. Unless sooner terminated by action of the Board, the Plan shall automatically terminate,
without further action of the Board or the Corporation’s shareholders, on May 31, 2011. No award
shall be granted under the Plan after the termination of the Plan, but the termination of the Plan
shall not have any other effect and any award outstanding at the time of the termination of the
Plan shall continue in effect in accordance with its terms as if the Plan has not terminated.

3EX-10.1

AMENDMENT NO. 1 TO

MASTER SHELF AGREEMENT

(SCS Transportation, Inc.)

As of April 21, 2005

Prudential Investment Management, Inc. (“Prudential”)

The Prudential Insurance Company

of America (“PICA”)

Pruco Life Insurance Company

Reliastar Life Insurance Company

Southland Life Insurance Company

Each Prudential Affiliate (as defined herein)

which becomes bound by certain provisions of the

Agreement as hereinafter provided (together with

each above-named entity, the “Purchasers”)

c/o Prudential Capital Group

2200 Ross Avenue, Suite 4200E

Dallas, Texas 75201

Ladies and Gentlemen:

We refer to the Master Shelf Agreement, dated as of September 20, 2002 (the “Agreement”),
among the undersigned, SCS Transportation, Inc. (the “Company”), Prudential, PICA, Pruco Life
Insurance Company, Reliastar Life Insurance Company and Southland Life Insurance Company. Unless
otherwise defined herein, the terms defined in the Agreement shall be used herein as therein
defined.

The Company desires to (i) increase the amount of the Notes available to be issued under the
Agreement to an aggregate principal amount of $150,000,000, (ii) extend the Issuance Period until
April 21, 2008 and (iii) amend certain provisions of the Agreement. Prudential and the holders of
Notes have agreed to permit the Facility to be increased to $150,000,000. However, PICA and its
Subsidiaries and other corporations owned by Prudential Financial, Inc. may only purchase and hold
Notes in an aggregate principal amount not to exceed $100,000,000. Amounts in excess of
$100,000,000 of Accepted Notes will be purchased by Prudential Affiliates that are managed accounts
managed by Prudential.

Therefore, Prudential, the holders of the Notes and the Company, in consideration of the
mutual promises and agreements set forth herein and in the Agreement, agree as follows:

1

1. Amendments.

(a) Paragraph 1. Authorization of Notes. Paragraph 1 of the Agreement is amended by deleting the
amount “$125,000,000” contained therein and substituting therefore the amount “$150,000,000.”

(b) Paragraph 2A. Facility. Paragraph 2A of the Agreement is amended in full to read as follows:

"(i) Facility. Prudential is willing to consider, in its sole discretion and within limits
which may be authorized for purchase by Prudential Affiliates from time to time, the
purchase of $150,000,000 of the total amount of authorized Notes pursuant to this
Agreement. The willingness of Prudential to consider such purchase of Notes is herein
called the “Facility”. At any time, subject to the additional limitations in Paragraph
2A(ii), the aggregate principal amount of Notes stated in Paragraph 1A, minus the
aggregate principal amount of Notes purchased and sold pursuant to this Agreement prior to
such time, minus the aggregate principal amount of Accepted Notes which have not
yet been purchased and sold hereunder prior to such time is herein called the “Available
Facility Amount” at such time. NOTWITHSTANDING THE WILLINGNESS OF PRUDENTIAL TO CONSIDER
PURCHASES OF NOTES, THIS AGREEMENT IS ENTERED INTO ON THE EXPRESS UNDERSTANDING THAT
NEITHER PRUDENTIAL NOR ANY PRUDENTIAL AFFILIATE SHALL BE OBLIGATED TO MAKE OR ACCEPT OFFERS
TO PURCHASE NOTES, OR TO QUOTE RATES, SPREADS OR OTHER TERMS WITH RESPECT TO SPECIFIC
PURCHASES OF NOTES, AND THE FACILITY SHALL IN NO WAY BE CONSTRUED AS A COMMITMENT BY
PRUDENTIAL OR ANY PRUDENTIAL AFFILIATE.

(ii) Limitation on Facility. Notwithstanding anything in paragraph 2A(i), the Company may
not request the issuance of Notes, and neither Prudential nor any other Prudential
Financial Entity shall be required to purchase Notes pursuant to the Facility if, after the
issuance of such Notes, the aggregate amount of SCS Exposure would exceed $100,000,000. If
the purchase of any Accepted Note would cause the aggregate amount of SCS Exposure to
exceed $100,000,000, such Accepted Notes would be purchased by Prudential Affiliates that
are not Prudential Financial Entities.”

(c) Paragraph 2B. Issuance Period. Paragraph 2B of the Agreement is amended in full to read as
follows:

“2B. Issuance Period. Notes may be issued and sold pursuant to this Agreement until the
earlier of (i) April 21, 2008 (or if such day is not a Business Day, the Business Day next
preceding such day) and (ii) the thirtieth day after Prudential shall have given to the
Company, or the Company shall have given to Prudential, written notice stating that it
elects to terminate the issuance and sale of Notes pursuant to this Agreement (or if such
thirtieth day is not a Business Day, the Business Day next preceding such thirtieth day).
The period during which Notes may be issued and sold pursuant to this Agreement is herein
called the ‘Issuance Period‘.”

(d) Paragraph 5A. Financial Statements; Notice of Defaults. Paragraph 5A of the Agreement is
amended (I) by amending clause (i) thereof to delete the word “GAAP” at the end thereof and replace
it with the phrase “then current SEC and GAAP standards” and (II) by amending clause (ii) thereof
to delete the word “GAAP” at the end thereof and replace it with the phrase “then current SEC and
GAAP standards.”

(e) Paragraph 6A(1). Total Indebtedness to EBITDAR Ratio. Paragraph 6A(1) of the Agreement is
amended in its entirety to read as follows:

“6A(1). Total Indebtedness to EBITDAR Ratio. The Company will not permit, on any date, the
ratio of (i) Total Indebtedness excluding all letters of credit on such date to (ii)(a)
EBITDAR of the Company for the period of four consecutive fiscal quarters most recently
ended on or immediately preceding the date of determination and (b) without duplication,
EBITDAR for any Person acquired by the Company or any Subsidiary through purchase, merger
or consolidation or otherwise for each consecutive fiscal quarter or portion thereof from
the date 12 months prior to the date of termination to the applicable acquisition less (c)
EBITDAR for any Person disposed of by the Company or any Subsidiary for each consecutive
fiscal quarter or portion thereof from the date 12 months prior to the date of
determination to the applicable disposition to be greater than 2.75 to 1.00.”

(f) Paragraph 6A(2). Adjusted Total Indebtedness to EBITDAR Ratio. Paragraph 6A(2) of the
Amendment is amended in its entirety to read as follows:

“6A(2). Adjusted Total Indebtedness to EBITDAR Ratio. The Company will not permit, on any
date, the ratio of (i) Adjusted Total Indebtedness on such date to (ii)(a) EBITDAR of the
Company for the period of four consecutive fiscal quarters most recently ended on or
immediately preceding the date of determination and (b) without duplication, EBITDAR for
any Person acquired by the Company or any Subsidiary through purchase, merger or
consolidation or otherwise for each consecutive fiscal quarter or portion thereof from the
date 12 months prior to the date of termination to the applicable acquisition less (c)
EBITDAR for any Person disposed of by the Company or any Subsidiary for each consecutive
fiscal quarter or portion thereof from the date 12 months prior to the date of
determination to the applicable disposition to be greater than 3.00 to 1.00.”

(g) Paragraph 6C(1). Liens. Paragraph 6C(1) of the Amendment is amended by amending clause
(viii) thereof in its entirety to read as follows:

"(viii) Liens encumbering assets of a Person acquired by the Company or one of its
Subsidiaries, provided that such Liens are released and the Indebtedness secured
thereby repaid within 45 days of the date of acquisition thereof.”

(h) Paragraph 6C(2). Debt. Paragraph 6C(2) is amended by deleting the word “and” after clause
(iii) thereof, (II) by deleting the period after clause (iv) thereof and substituting therefor “;
and” and (III) by adding a new clause (v) to read as follows:

"(v) Indebtedness described on Schedule 6C(2) hereof.”

(i) Paragraph 6C(3). Loans, Advances and Investments. Paragraph 6C(3) of the Agreement is amended
by amending clause (viii) thereof in its entirety to read as follows:

"(viii) other investments not to exceed $3,000,000 in the aggregate for reasonable business
purposes.”

(j) Paragraph 6C(7). Sale and Leaseback. Paragraph 6C(7) of the Agreement is amended by deleting
the word “tractor” therein and replacing it with the word “property”.

(k) Paragraph 6G. Borrowing Base. Paragraph 6G of the Agreement is amended by deleting such
paragraph in its entirety:

(l) Paragraph 6H. Acquisitions Paragraph. Paragraph 6H of the Agreement is amended by deleting
such paragraph in its entirety.

(m) Paragraph 6. Negative Covenants. Paragraph 6 of the Agreement is amended by adding thereto a
new paragraph 6I to read as follows:

“6I. Terrorism Sanctions Regulations. The Company will not and will not permit any
Subsidiary to (i) become a Person described or designated in the Specially Designated
Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1
of the Anti-Terrorism Order or (ii) engage in any dealings or transactions with any such
Person.”

(n) Paragraph 7A. Acceleration. Paragraph 7A of the Agreement is amended by amending clause
(xiv)(E) thereof in its entirety to read as follows:

"(E) The Company or any ERISA Affiliate withdraws from any Multiemployer Plan which creates
an obligation of the Company in excess of $1,000,000.”

(o) Paragraph 8. Representations, Covenants and Warranties. Paragraph 8 of the Agreement is
amended by adding thereto a new paragraph 8T to read as follows:

“8T. Foreign Assets Control Regulations, Etc. (i) Neither the sale of the Notes by the
Company hereunder nor its use of the proceeds thereof will violate the Trading with the
Enemy Act, as amended, or any of the Foreign Assets Control Regulations of the United
States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling
legislation or executive order relating thereto.

(ii) Neither the Company nor any Subsidiary (a) is a Person described or designated in the
Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets
Control or in Section 1 of the Anti-Terrorism Order or (b) engages in any dealings or
transactions with any such Person. The Company and its Subsidiaries are in compliance, in
all material respects, with the USA Patriot Act.

(iii) No part of the proceeds from the sale of the Notes hereunder will be used, directly
or indirectly, for any payments to any governmental official or employee, political party,
official of a political party, candidate for political office, or anyone else acting in an
official capacity, in order to obtain, retain or direct business or obtain any improper
advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as
amended, assuming in all cases that such Act applies to the Company.”

(p) Paragraph 10B. Other Terms. Paragraph 10B of the Agreement is amended by (i) deleting the
definition of “Borrowing Base” and (ii) adding new definitions of “Anti-Terrorism Order”, “Other
Company Notes”, “Prudential Financial Entity”, “SCS Transportation Exposure” and “USA Patriot Act”
in alphabetical order to read as follows:

"'Anti-Terrorism Order’ shall mean Executive Order No. 13224 of September 24, 2001,
Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit
or Support Terrorism, 66 U.S. Fed. Reg. 49,079 (2001), as amended.

‘Other Company Notes’ shall mean any promissory notes of the Company or any Subsidiary
issued pursuant to agreements, indentures or other instruments (other than this Agreement).

‘Prudential Financial Entity’ shall mean (i) PICA, Pruco Life Insurance Company, Pruco Life
Insurance Company of New Jersey and any other corporation or other entity controlling,
controlled by, or under common control with, PICA. For purposes of this definition the
terms “control”, “controlling” and “controlled” shall mean the ownership, directly or
through subsidiaries, of a majority of a corporation’s or other entity’s voting stock or
equivalent voting securities or interests.

‘SCS Exposure’ shall mean, at any time, the aggregate principal amount of (i) Notes
outstanding at such time held by Prudential Financial Entities (other than Notes held for
separate accounts), (ii) Accepted Notes which Prudential Financial Entities have agreed to
purchase but which have not been purchased at such time (other than Accepted Notes to be
purchased for separate accounts) and (iii) Other Company Notes outstanding at such time
held by Prudential Financial Entities (other than Other Company Notes held for separate
accounts).

‘USA Patriot Act’ shall mean United States Public Law 107-56, Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA
PATRIOT Act) Act of 2001, as amended from time to time, and the rules and regulations
promulgated hereunder from time to time in effect.”

(q) Paragraph 10C. Accounting Principles, Terms and Determinations. Paragraph 10C of the
Agreement is amended by amending the first sentence thereof to delete the date “January 1, 2002”
and replacing it with the date “January 1, 2005”.

(r) Cover Page. The Cover Page attached to the Agreement is replaced in its entirety by the Cover
Page attached hereto as Exhibit A.

(s) Schedule 6.2. The Agreement is amended by adding a new Schedule 6C(2) attached hereto as
Exhibit B.

(t) Schedule 6C(3). Schedule 6C(3) attached to the Agreement is deleted.

2. Conditions Precedent. The effectiveness of this Amendment is contingent on:

(a) the Company providing to Prudential certified copies of resolutions of its Board of Directors
approving the amendments to the Agreement contained herein;

(b) the Consent attached hereto shall have been executed by the Subsidiary Guarantors;

	 	(c)	 	receipt by Prudential of a $25,000 structuring fee for extending and increasing the Facility;
and

(d) receipt by Prudential of all documents evidencing other necessary corporate action and
governmental approvals, if any, with respect to the amendments to the Agreement herein contained.

3. Miscellaneous. On and after the effective date of this Letter Amendment, each reference in the
Agreement to “this Agreement,” “hereunder,” “hereof,” or words of like import referring to the
Agreement, and each reference in the Notes to “the Agreement,” “thereunder,” “thereof,” or words of
like import referring to the Agreement, shall mean the Agreement as amended by this Letter
Amendment. The Agreement, as amended by this Letter Amendment, is and shall continue to be in full
force and effect and is hereby in all respects ratified and confirmed. The execution, delivery and
effectiveness of this Letter Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy under the Agreement nor constitute a waiver of any provision
of the Agreement.

This Amendment may be executed in any number of counterparts and by any combination of the
parties hereto in separate counterparts, each of which counterpart shall be an original and all of
which, taken together, shall constitute one and the same Amendment.

If you agree to the terms and provisions hereof, please evidence your agreement by executing
and returning at least one counterpart of this Amendment to SCS Transportation, Inc., One Main
Plaza, 4435 Main Street, Kansas City, MO 64111, Attention of Chief Financial Officer. This
Amendment shall become effective as of the date first above written when and if counterparts of
this Amendment shall have been executed by us and you.

Very truly yours,

SCS Transportation, Inc.

By: James J. Bellinghausen

Title: Vice President – Finance and
Chief Financial Officer

Agreed as of the date first above written:

Prudential Investment Management, Inc.

By: B. Lemons

Vice President

The Prudential Insurance Company of America

By: B. Lemons

Vice President

Pruco Life Insurance Company

By: B. Lemons

Vice President

2

Reliastar Life Insurance Company 

	 	 	 
	By:

	 	Prudential Private Placement Investors,

L.P. (as Investment Advisor)
	 
	 	 
	By:

	 	Prudential Private Placement Investors, Inc.

(as its General Partner)

By: B. Lemons

Vice President

Southland Life Insurance Company 

	 	 	 
	By:

	 	Prudential Private Placement Investors,

L.P. (as Investment Advisor)
	 
	 	 
	By:

	 	Prudential Private Placement Investors, Inc.

(as its General Partner)

By: B. Lemons

Vice President

3

CONSENT

Each of the undersigned, as a Guarantor under the Guaranty Agreement dated as of September 20,
2002 (the “Guaranty”) in favor of the holders from time to time of the Notes issued pursuant to the
Agreement, referred to in the foregoing Amendment No. 1 to Master Shelf Agreement (the
"Amendment”), hereby consent to the Amendment (including without limitation, the increase in the
amount of Notes that may be issued under the Agreement to $150,000,000 and extending the period
during which Notes may be issued until April 21, 2008) and hereby confirm and agree that,
notwithstanding the effectiveness of the Agreement, the Guaranty is, and shall continue to be, in
full force and effect and is hereby confirmed and ratified in all respects.

SAIA MOTOR FREIGHT

LINE, INC.

By:     

Name: Richard D. O’Dell

Title: President and CEO

JEVIC TRANSPORTATION, INC.

By:     

Name: Paul J. Karvois

Title: President and CEO

4

EXHIBIT A

[Execution Copy]

SCS TRANSPORTATION, INC.

$150,000,000

SENIOR NOTES

MASTER SHELF AGREEMENT

Dated as of September 20, 2002

This Agreement contains confidentiality obligation (paragraph 11S)

5

EXHIBIT B

SCHEDULE 6C(2)

(Existing Debt)

The unsecured promissory note of Saia Motor Freight Line, Inc. and guaranteed by SCS
Transportation, Inc. dated February 16, 2004 in the amount of $6,200,000.00 payable to James D.
Clark, an individual and as agent for others. The note is due February 16, 2008 and bears interest
at the prime rate (as published in the Wall Street Journal) minus 1.25% and is adjusted each
February 16 and August 16.

6

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