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                                                                   EXHIBIT 10.11

                               YELLOW CORPORATION
                      EXECUTIVE DEFERRED COMPENSATION PLAN

      The Board of Directors of Yellow Corporation, a corporation organized
under the laws of the state of Delaware, hereby establishes the Yellow
Corporation Executive Deferred Compensation Plan to provide a select group of
management or highly compensated employees with a capital accumulation
opportunity by deferring compensation on a pre-tax basis.

                                    ARTICLE I
                                   DEFINITIONS

      As used in the Plan, the following terms shall have the meaning set forth
below, unless otherwise clearly indicated by the context:

1.1   "ACCOUNT" means the recordkeeping account described in Section 4.4 of the
      Plan and established for maintaining a record of the Company's obligation
      to each Participant and former Participant. A separate subaccount shall be
      established for each election by the Participant to defer Compensation
      with respect to which a different time and/or form of payment is elected.
      Company matching credits made pursuant to Section 4.3 shall be credited to
      the same subaccount as the Participant's deferrals for the Plan Year are
      credited.

1.2   "ADMINISTRATOR" means the person or persons appointed by the Committee to
      administer the Plan.

1.3   "BENEFICIARY" means the individual or entity (or individuals or entities)
      designated by the Participant under Section 8.4 who is or may become
      entitled to a benefit under the Plan, or if none is designated or living
      at the time of the Participant's or former Participant's death, then the
      Participant's or former Participant's estate.

1.4   "CODE" means the Internal Revenue Code of 1986, as amended.

1.5   "COMMITTEE" means the Compensation Committee of the Board of Directors of
      Yellow Corporation.

1.6   "COMPANY" means Yellow Corporation and any affiliate that is required to
      be treated as a single employer together with Yellow Corporation under
      section 414 of the Code whose participation in the Plan is approved by the
      Committee.

1.7   "COMPENSATION" means "Basic Annual Salary" and/or "Incentive Compensation"
      as defined below:

      (a)   "Basic Annual Salary" means a Participant's base salary or wages (as
            defined in section 3401(a) of the Code for purposes of federal
            income tax withholding) from the Company, modified by including any
            portion thereof that such Participant could have received but for
            his deferral election made pursuant to Section 4.1, (b) elective
            contributions made on his behalf by the Company pursuant to a
            qualified cash or deferred arrangement described in section 401(k)
            of the Code and (c) any elective contributions under a cafeteria
            plan described in section 125 of the Code, and modified further by
            excluding any bonus, incentive compensation, commissions, expense
            reimbursements or other expense allowances, fringe benefits (cash
            and

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            noncash), moving expenses, deferred compensation (other than
            elective contributions to the Plan or the Company's qualified cash
            or deferred arrangement described in section 401(k) of the Code),
            welfare benefits as defined in Section 3(1) of ERISA, overtime pay,
            special performance compensation amounts and severance compensation.

      (b)   "Incentive Compensation" means any compensation that may be paid
            directly to a Participant, in addition to Basic Annual Salary, under
            any Company annual or long-term incentive plan for services
            rendered.

1.8   "DEFERRED COMPENSATION" means the amount of Participant's Compensation
      deferred pursuant to Article IV of the Plan.

1.9   "DISABILITY" means that the Participant meets the definition of "disabled"
      under the terms of the Company's long-term disability plan in effect on
      the date in question, whether or not such Participant is covered by such
      plan.

1.10  "ERISA" means the Employee Retirement Income Securities Act of 1974, as
      amended.

1.11  "PARTICIPANT" means any employee of the Company who has been designated by
      the Committee as eligible to participate in the Plan in accordance with
      Article III.

1.12  "PLAN" means the Yellow Corporation Executive Deferred Compensation Plan
      set forth in this Agreement as it may be amended from time to time.

1.13  "PLAN YEAR" means the calendar year.

1.14  "RETIREMENT" means retirement of a Participant on or after having attained
      age 65 or early retirement with the prior approval of the Committee.

1.15  "UNFORESEEABLE FINANCIAL EMERGENCY" means an unexpected need of a
      Participant or former Participant for cash that (a) arises from an
      illness, casualty loss, sudden financial reversal, or such other
      unforeseeable occurrence that is caused by an event beyond the control of
      such Participant or former Participant, (b) would result in severe
      financial hardship to such Participant or former Participant if his
      compensation deferral election was not canceled pursuant to Section 7.3
      and/or if a benefit payment pursuant to Section 7.3 was not permitted, and
      (c) is not reasonably satisfiable from other resources of such Participant
      or former Participant. Cash needs arising from foreseeable events, such as
      the purchase of a house or education expenses for children, shall not be
      considered to be the result of an Unforeseeable Financial Emergency.
      Further, cash needs that may be relieved (i) through reimbursement or
      compensation by insurance or otherwise, (ii) by liquidation of the
      Participant's or former Participant's assets, to the extent the
      liquidation of such assets would not itself cause severe financial
      hardship, or (iii) by cessation of deferrals under the Plan shall not be
      considered to be Unforeseeable Financial Emergencies.

                                   ARTICLE II
                           ADMINISTRATION OF THE PLAN

2.1   ADMINISTRATION. The Plan shall be administered by the Committee. The
      Committee shall have the authority to:

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      (a)   determine which key executives of the Company shall be designated
            Participants under the Plan in accordance with the provisions of
            Article III of the Plan; and

      (b)   determine the amount of any matching Company contributions.

      The Committee shall have the authority to adopt, alter and repeal such
      administrative rules, guidelines and practices applicable to the Plan as
      it shall, from time to time, deem advisable; to interpret the terms and
      provisions of the Plan and any agreements relating thereto, and to
      otherwise supervise the administration of the Plan. However, any change
      shall not adversely affect any rights of a Participant or former
      Participant with respect to any benefits the Participant or former
      Participant has accrued under the Plan as of the date of the change
      without the Participant's or former Participant's written consent.

      All decisions made by the Committee pursuant to the provisions of the Plan
      shall be final and binding on all persons, including the Company and the
      Participants or former Participants.

                                   ARTICLE III
                                   ELIGIBILITY

3.1   ELIGIBILITY. The persons eligible to participate in the Plan shall be such
      officers and other key executives of the Company as the Committee
      determines in its sole discretion. No officer or employee shall have any
      right to be designated as a Participant. The fact that a person is
      designated as eligible to participate in the Plan during a Plan Year does
      not confer on him or her a right to participate in the Plan during
      subsequent Plan Years.

3.2   LIMITATION UPON PARTICIPATION. The Company intends for the Plan to be
      limited to a "select group of management or highly compensated employees"
      as such phrase is used in Sections 201, 301 and 401 of ERISA. If at any
      time the Committee determines that a Participant fails to be a member of a
      select group of management or highly compensated employees, his/her
      participation in the Plan shall cease.

                                   ARTICLE IV
                        CONTRIBUTION CREDITS TO ACCOUNTS

4.1   ELECTIVE DEFERRAL. A Participant may irrevocably elect to defer a portion
      of his or her Compensation by filing an election with the Administrator on
      or before November 30 of the year preceding the Plan Year for which the
      deferral of Compensation is to be effective. Such election shall be
      effective for such next Plan Year and for all subsequent Plan Years,
      unless modified as to subsequent Plan Years by the filing of a new
      election form. Such election will be effective only for Basic Annual
      Salary earned in such future Plan Year(s) and for Incentive Compensation
      earned in such future year(s) but which the Participant will have no right
      to receive until such future year(s). A new election to defer Compensation
      shall be evidenced by the execution and delivery on or before November 30
      in the form prescribed for that purpose by the Administrator. In the first
      Plan Year in which an individual becomes a Participant, he or she may make
      an election to defer within 30 days after he or she first becomes eligible
      to participate in the Plan.

4.2   AMOUNT OF DEFERRAL. A Participant may file separate elections with respect
      to his or her Basic Annual Salary and any Incentive Compensation. A
      Participant may elect to defer not less than 1% nor more than 50% of his
      or her Basic Annual Salary for the Plan Year, in

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      multiples of 1%; and may elect to defer not less than 5% nor more than 80%
      of his or her Incentive Compensation for the Plan Year, in multiples of
      5%.

4.3   COMPANY MATCHING CONTRIBUTION. To the extent that, as a result of the
      application of the discrimination test set forth in section 401(k) of the
      Code, a Participant is prevented from making the maximum pre-tax elective
      deferral under the Company's 401(k) plan in which he is eligible to
      participate, which would otherwise be matched by a Company contribution
      under the 401(k) plan, the Company will match under the Plan any Deferred
      Compensation, up to the limits under such 401(k) plan.

4.4   DEFERRED COMPENSATION ACCOUNT. Any of a Participant's Deferred
      Compensation and any Company matching contribution for a Plan Year shall
      be credited to the Participant's Account as of the last day of the
      calendar quarter in which the related compensation would have been paid
      but for the Participant's deferral election.

                                    ARTICLE V
                      DEEMED INVESTMENT CREDITS TO ACCOUNTS

      All amounts credited to a Participant's or former Participant's Account
together with the earnings thereon, shall be credited with income and loss as if
invested in one or more investment alternatives selected by the Committee. At
such times and under such procedures as the Committee shall designate, each
Participant and former Participant shall have the right to elect among
investment alternatives made available by the Committee, including, without
limitation, the right to transfer all or a portion of the funds credited to the
Participant's or former Participant's Account among such available investment
alternatives. The Committee shall give written notice to the Participants and
former Participants of the investment alternatives, if any, available to them
for election. The Committee may change, add to or subtract from the investment
alternatives available at any time. Nothing contained in this section shall be
construed to give any Participant or former Participant any power or control to
make investment directions or to otherwise influence in any manner the
investment and reinvestment of assets of the Company. Nothing contained in this
section shall be construed to require the Company or the Committee to fund any
Participant's or former Participant's Account, and the investment alternatives
discussed herein shall be used solely as a means to determine the amount of
earnings and losses which shall be deemed to be credited to or debited from his
or her Account.

                                   ARTICLE VI
                            TERMINATION OF EMPLOYMENT

6.1   DEATH. If a Participant's employment with the Company terminated by reason
      of death, the Participant's or former Participant's balance in the Account
      as of the end of the following Plan Year will be paid to the Participant's
      Beneficiary as soon as administratively practicable after the end of such
      Plan Year.

6.2   DISABILITY OR RETIREMENT. If a Participant's or former Participant's
      employment with the Company terminates by reason of Disability or
      Retirement, the balance of the Participant's or former Participant's
      Account, as adjusted by deemed investment earnings and losses under
      Article V, will be paid in the form of a lump sum or periodic payments
      over a five (5) or ten (10) year period, as elected by the Participant or
      former Participant pursuant to Section 7.1.

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                                   ARTICLE VII
                                  DISTRIBUTIONS

7.1   TIME OF REGULAR DISTRIBUTIONS. At the time of each deferral election, the
      Participant must select one of the following events which will cause the
      value of his or her Account, or subaccount, as appropriate, to be
      distributed:

      (a) Termination of employment;
      (b) Retirement; or
      (c) the attainment of the age specified by the Participant.

      Distributions will commence as soon as administratively practicable after
      the selected event and will be payable in a lump sum or periodic payments
      over a five or ten year period, in accordance with the Participant's or
      former Participant's election made at the time of his or her deferral
      election.

7.2   IRREVOCABLE CHANGE OF ELECTION OF TIME AND/OR FORM OF PAYMENT. In
      accordance with procedures established by the Committee, a Participant or
      former Participant may make a one-time irrevocable election to change the
      time and/or form of payment he or she previously selected under the Plan.
      Any such change election shall apply to all of the amounts credited to his
      or her Account. Any such change election must be made no later than 18
      months before the date on which such amounts were scheduled to be paid or
      commence to be paid under the Participant's or former Participant's
      original election. In addition, any such change election may not provide
      for a payment or commencement of payment that is earlier than 18 months
      after the date on which the change election is made. For purposes of
      calculating the 18-month period, such period will commence on the first
      day of the month immediately following the month in which the election is
      made.

7.3   EMERGENCY BENEFIT. In the event that the Committee, upon written petition
      of a Participant or former Participant who has not incurred a termination
      of employment, determines in its sole discretion that such Participant or
      former Participant has suffered an Unforeseeable Financial Emergency, such
      Participant or former Participant shall be entitled to a distribution in
      an amount not to exceed the lesser of (a) the amount determined by the
      Committee as necessary to meet such Participant's or former Participant's
      needs created by the Unforeseeable Financial Emergency or (b) the then
      value of such Participant's or former Participant's Account. Such benefit
      shall be paid in a single lump sum payment as soon as administratively
      practicable after the Committee has made its determinations with respect
      to the availability and amount of such benefit. If a Participant's or
      former Participant's Account is deemed to be invested in more than one
      investment fund, such benefit shall be distributed pro rata from each fund
      in which such Account is deemed to be invested. If a Participant's or
      former Participant's Account contains more than one distribution
      subaccount, such benefit shall be considered to have been distributed,
      first, from the subaccount with respect to which the earliest distribution
      would be made, then, from the subaccount with respect to which the next
      earliest distribution would be made, and continuing in such manner until
      the amount of such distribution has been satisfied.

      In the event that the Committee, upon written petition of a Participant,
      determines in its sole discretion that such Participant has suffered an
      Unforeseeable Financial Emergency or that such Participant will, absent
      termination of such Participant's Participant deferral election then in
      effect, suffer an Unforeseeable Financial Emergency, then the deferral
      election of such Participant then in effect, if any, shall be terminated
      as soon as administratively practicable after such determination. A
      Participant whose Participant deferral election has

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      been so terminated may again make a new Participant deferral election for
      a subsequent Plan Year that commences at least twelve months after the
      effective date of such termination, if he satisfies the eligibility
      requirements set forth in Section 3.1, by effecting a new Participant
      deferral election for such Plan Year and within the time period prescribed
      by the Committee.

7.4   VOLUNTARY EARLY WITHDRAWAL WITH FORFEITURE PENALTY. Notwithstanding any
      Plan provisions to the contrary, before or after his termination of
      employment a Participant or former Participant may make written petition
      to the Committee to make a voluntary early withdrawal of the entire
      balance in his Account, in accordance with such procedures as the
      Committee shall determine from time to time. Upon approval of such a
      withdrawal request, the Participant or former Participant shall forfeit
      ten percent (10%) of his Account balance as of the most recent valuation
      date preceding the date of the withdrawal request. As soon as practicable
      after such withdrawal request is approved by the Committee, the Company
      shall pay the Participant or former Participant in a single lump sum in
      cash an amount equal to the lesser of (a) the requested amount and (b) the
      remaining available balance of such Account (determined as of the most
      recent valuation date preceding the date such election is filed and after
      deducting the forfeiture amount described in the preceding sentence).
      Participant deferrals for a Participant who elects to make a withdrawal
      under this Section 7.4 shall be discontinued for the remainder of the Plan
      Year in which such voluntary early withdrawal is made and for the entire
      following Plan Year.

7.5   PAYMENT OF WITHHOLDING AND OTHER TAXES. The Company shall withhold from
      payments under the Plan such amounts as are necessary to satisfy the
      Company's withholding obligations for federal, state or local taxes,
      unless the Participant otherwise satisfies such withholding requirements.

      To assist the Company in collecting any withholding or other taxes that
      shall become due as a result of a payment under this Article 7, a
      Participant, as a condition of participation in the Plan, shall make any
      arrangements requested by the Committee regarding the payment of federal,
      state or local taxes required by law to be withheld with respect to such
      amount.

                                  ARTICLE VIII
                               GENERAL PROVISIONS

8.1   UNFUNDED STATUS OF PLAN. The Plan is intended to constitute an unfunded
      plan for the purpose of providing deferred compensation for a select group
      of management or highly compensated employees of the Company. The Plan is
      only a general corporate commitment of the Company and each Participant or
      former Participant must rely solely upon the general credit of the Company
      for the fulfillment of its obligations hereunder. Under all circumstances
      the rights of a Participant or former Participant to any asset held by the
      Company will be no greater than the rights expressed in the Plan. Nothing
      contained in the Plan will constitute a guarantee by the Company that the
      assets of the Company will be sufficient to pay any benefits under the
      Plan or would place a Participant or former Participant in a secured
      position ahead of general creditors of the Company; the Participants and
      former Participants are only unsecured creditors of the Company with
      respect to their Plan benefits and the Plan constitutes a mere promise by
      the Company to make benefit payments in the future. No specific assets of
      the Company have been or will be set aside, or will be pledged in any way
      for the performance of the Company's obligations under the Plan which
      would remove such assets from being subject to the general creditors of
      the Company. It is intended that the Plan shall be unfunded for tax

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      purposes and for purposes of Title I of ERISA. The Committee, in its sole
      discretion, may authorize the creation of a rabbi trust to assist the
      Company in meeting its obligations under the Plan provided that such trust
      is drafted in such a manner that the Plan will continue to be unfunded for
      tax purposes and for purposes of Title I of ERISA.

8.2   AGREEMENTS WITH PARTICIPANTS. To evidence and formalize participation in
      the Plan, each Participant shall be required to enter into one or more
      agreements with the Company which shall contain such provisions as may be
      established from time to time by the Committee.

8.3   NON-TRANSFERABILITY OF RIGHTS. The right of a Participant, former
      Participant or any other person to the payment of benefits under the Plan
      may not be assigned or transferred in whole or in part either directly or
      by operation of law or otherwise except, in the event of the Participant's
      or former Participant's death, by will or by the laws of descent and
      distribution. Such limitation or transfer shall include, but not limited
      to, transfer by way of execution, levy, garnishment, attachment, pledge,
      bankruptcy or transfer in any other manner.

8.4   BENEFICIARY DESIGNATIONS. Each Participant and former Participant may
      file, on a form provided by the Committee, a written election designating
      one or more Beneficiaries with respect to any amounts payable under the
      Plan in the event of the Participant's or former Participant's death. A
      Participant or former Participant may amend such Beneficiary designation
      at any time; provided, however, that such amended designation shall not be
      effective unless and until received by the duly authorized representative
      of the Company prior to such Participant's or former Participant's death.
      If no Beneficiary is named by the Participant, any amount payable under
      the Plan will be paid to the Participant's or former Participant's estate.

8.5   APPLICABLE LAW. The Plan and all actions taken pursuant to the Plan shall
      be governed by, and construed in accordance with the laws of the State of
      Kansas, to the extent not preempted by ERISA.

8.6   RIGHTS OF PARTICIPANTS. The designation of an employee as a Participant
      shall not give any such person any right to be retained in the employ of
      the Company.

8.7   INDEMNITY. To the extent permitted by applicable law, the Company shall
      indemnify and save harmless the Board of Directors of Yellow Corporation,
      each member of the Committee, and each delegate of the Committee against
      any and all expenses, liabilities and claims (including legal fees
      incurred to investigate or defend against such liabilities and claims)
      arising out of their discharge in good faith of responsibilities under or
      incident to the Plan. Expenses and liabilities arising out of willful
      misconduct shall not be covered under this indemnity. This indemnity shall
      not preclude such further indemnities as may be available under insurance
      purchased by the Company or provided by the Company under any bylaw,
      agreement, vote of stockholders or disinterested directors or otherwise,
      as such indemnities are permitted under applicable law.

8.8   AMENDMENT OR TERMINATION OF PLAN. The Committee may alter, amend or
      terminate the Plan at any time or from time to time for any reason
      including change of the Company's financial circumstances. However, no
      such amendment or termination of the Plan shall adversely affect any
      rights of a Participant or former Participant with respect to the balance
      credited to the Participant's or former Participant's Account accrued as
      of the date on which the Plan is amended or terminated.

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8.9   SEVERABILITY. The invalidity or unenforceability of any one or more
      provisions of the Plan shall not affect the validity or enforceability of
      any other provision of the Plan, which shall remain in full force and
      effect.

8.10  NOTICES. All notices under the Plan shall be addressed to the Committee.

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      IN WITNESS WHEREOF, the Plan has been duly executed as of ____________ day
of ______________________________, 2002 to be effective January 1, 2003.

                                         YELLOW CORPORATION

                                         BY:
                                            ------------------------------

                                         TITLE:
                                               ---------------------------

                                       9<PAGE>
                                                                   EXHIBIT 10.15

                               YELLOW CORPORATION
                       DIRECTORS' STOCK COMPENSATION PLAN

                                OPTION AGREEMENT

      THIS STOCK OPTION AGREEMENT (this "Agreement"), made this 2nd day of
January, ___________, between Yellow Corporation, a Delaware corporation (the
"Company"), and [director's name] (the "Grantee"), evidences the agreement made
between the Company and the Grantee by virtue of the Grantee's acceptance of the
Stock Option (the "Option"), granted under the Yellow Corporation Amended
Directors' Stock Compensation Plan (the "Plan").

      1. Grant; Number of Shares. The Grantee has been granted an Option
covering 2,000 shares of the common stock of the Company.

      2. Exercise Price. The price at which shares may be acquired on exercise
of the Option is $ [closing price on date of grant] per share.

      3. Term of Option. The term of the Option is from January 2, _______,
until the close of business at the executive offices of the Company on January
2, [five years from date of grant].

      4. When Option Becomes Exercisable. Except as otherwise provided in
Section 5 below, all shares become exercisable on July 1, [same year as date of
grant]. Once shares become exercisable, they may be exercised in part or in
whole from that date through January 2, [five years from date of grant].

      5. Acceleration of Exercisability. Notwithstanding the provisions of
Section 4 of this Agreement:

      (a) If the Grantee's membership on the Board terminates by reason of
retirement following attainment of age 70, disability, or not being renominated
or re-elected to the Board, all outstanding options held by Grantee shall
<PAGE>

become fully exercisable and may be exercised in whole and part for a period of
one year from the date upon which the Director ceases to be a director; provided
in no event shall any options be exercisable beyond the period provided for in
Section 4, above. If Grantee's membership on the Board terminates by reason of
Grantee's resignation or death, all outstanding options held by Grantee, but
only to the extent then exercisable, may be exercised by the Grantee (or, in the
event of the Grantee's death, the person or persons to whom such Option passes
by will or the laws of descent and distribution) in whole or in part for a
period of one year from the date of such resignation or death; provided in no
event shall any options be exercisable beyond the period provided for in Section
4 above. If Grantee's membership on the Board is terminated for cause, all
outstanding options held by such Grantee shall immediately expire upon such
termination.

      (b) If the Company is wholly or partially liquidated, or is a party to a
merger, consolidation or reorganization in which it is not the surviving entity,
this Option shall become immediately exercisable.

      6. Method of Exercise. Rights presented by this Option shall be exercised
by written notice that shall state:

      (a) The election to exercise those rights;

      (b) The number of shares in respect to which the Option is being
exercised;

      (c) The person(s) in whose name the stock certificate(s) receivable on
exercise of the Option are to be registered; and

      (d) The address and social security number of each such person.

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      The notice shall be signed by the person(s) entitled to exercise and
option and, if the Option is being exercised by a person or persons other than
the Grantee, shall be accompanied by proof, satisfactory to the Company, of the
right of such person(s) to exercise the Option. Payment of the purchase price of
any shares shall be either by (1) personal check, which must be delivered with
the notice of exercise; (2) surrender of shares of Company stock certificates
for which shares transferring ownership to the Company must accompany the notice
(this Option may be combined with the first Option to allow payment in both
stock and cash); or (3) cashless exercise pursuant to the cashless exercise
program that the Company so long as such cashless exercise is not prohibited by
law. As a condition of the exercise of the Option, the Company may require the
person(s) exercising the Option to make any representation, warranty or
undertaking required by any applicable law or regulation. A notice of exercise
is effective from and after it is received by the Secretary of the Company.

      7. Transferability of Option. The Option granted to grantee may be
transferred to a member or members of the Grantee's immediate family, or to a
trust for the benefit of such immediate family member(s), or a partnership in
which such immediate family member(s) are partners. For purposes of this
provision, a Grantee's immediate family shall mean the Grantee's spouse,
children and grandchildren. Options may also be transferred pursuant to a
qualified domestic relations order.

      8. Option Subject to Plan. A copy of the Plan is attached to this
Agreement. The provisions of the Plan as now in effect are hereby incorporated
in this Agreement by reference as though fully set forth herein. Grantee

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acknowledges that he or she has received, reviewed, and understands the Plan,
including the provisions of the Committee's decision on any matter arising out
of the Plan is conclusive and binding.

      9. Definitions. Unless redefined herein, all terms defined in the Plan
have the same meaning when used in this Agreement.

      10. Registration. Notwithstanding anything else in this Plan, this Option
is not exercisable until such time as the Company complies with all regulatory
requirements regarding registration of the shares to be issued under the terms
of the Plan.

                                            YELLOW CORPORATION

                                            By:
                                               -----------------------------

                                            Title:
                                                 ---------------------------

                                            GRANTEE

                                            --------------------------------

                                       4

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