Document:

exv10w29

 

Exhibit 10.29

SAIA, INC.

AMENDED AND RESTATED

2003 OMNIBUS INCENTIVE PLAN

	1.	 	Purpose

The Saia, Inc. 2003 Omnibus Incentive Plan is designed to enable qualified executive,
managerial, supervisory and professional personnel of Saia, Inc. and its Subsidiaries and
non-employee directors of Saia, Inc. and its Subsidiaries to acquire or increase their
ownership of common stock of the Company on reasonable terms, and in some cases, to enable
such personnel to receive cash awards. The opportunity so provided is intended to foster
in such individuals a strong incentive to put forth maximum effort for the continued
success and growth of the Company and its Subsidiaries, to aid in retaining individuals
who put forth such efforts, and to assist in attracting the best available individuals in
the future.

	2.	 	Definitions

When used herein, the following terms shall have the meaning set forth below:

2.1 “Award” shall mean an Option, an SAR, a Performance Unit Award, a Restricted Stock
Award, or a grant of Shares.

2.2 “Board” means the Board of Directors of Saia, Inc.

2.3 “Cause” means gross negligence or gross neglect of duties, commission of a felony or
of a gross misdemeanor involving moral turpitude; or fraud, disloyalty, dishonesty or
willful violation of any law or significant Company or Subsidiary policy resulting in an
adverse effect on the Company or such Subsidiary.

2.4 “Code” means the Internal Revenue Code of 1986, as amended.

2.5 “Committee” means the members of the Board’s Compensation Committee who are
“disinterested persons” as defined in Rule 16b-3(b)(3)(i) promulgated under the Securities
Exchange Act of 1934, as amended, as it exists on the effective date of the Plan or as
subsequently amended or interpreted and who are “outside directors” within the meaning of
Section 162(m) of the Code and the regulations thereunder.

2.6 “EBITDA” means the Company’s consolidated earnings before interest, taxes,
depreciation and amortization, as derived from the Company’s audited financial statements
as the sum of operating income plus depreciation and amortization, as calculated by the
Committee.

2.7 “Company” means Saia, Inc., a Delaware corporation.

 

 

2.8 “Fair Market Value” means with respect to the Company’s Shares the closing price of
the Shares as reported by NASDAQ or if the closing price is not reported, the bid price of
the Shares as reported by NASDAQ.

2.9 “Grantee” means a person to whom an Award is made.

2.10 “Incentive Stock Option” or “ISO” means an Option awarded under the Plan which meets
the requirements of Section 422 of the Code and the regulations thereunder.

2.11 “NASDAQ” means the National Association of Securities Dealers Automated Quotation
System.

2.12 “Non-Employee Director” means a director of the Company who is not also an employee
of the Company or any Subsidiary.

2.13 “Non-Qualified Stock Option” or “NQSO” means an Option awarded under the Plan, which
is not an ISO.

2.14 “Option” means the right to purchase, at a price, for a Term, under conditions, and
for cash or other considerations fixed by the Committee in accordance with the Plan, and
subject to such other limitations and restrictions as the Plan and the Committee impose, a
number of Shares specified by the Committee. An Option may be either an ISO or an NQSO or
a combination thereof.

2.15 “Performance Unit Award” means an award of cash tied to selected performance
criteria. Performance Unit Awards will provide for the payment of cash if performance
goals are achieved over specified performance periods.

2.16 “Plan” means this Saia, Inc. Amended and Restated 2003 Omnibus Incentive Plan.

2.17 “Restricted Stock Award” means the grant of a right to receive, at a time or times
fixed by the Committee in accordance with the Plan, and subject to such other limitations
and restrictions as the Plan and the Committee impose, the number of Shares specified by
the Committee.

2.18 “Right of First Refusal” means the right of the Company to be given the opportunity
to repurchase Shares awarded under the Plan at their then Fair Market Value prior to such
Shares being offered for sale to any other party. This right shall apply to any Shares
awarded under the Plan under terms and conditions established by the Committee at the time
of Award, and shall apply to all Grantees and their guardians, legal representatives,
joint tenants, tenants in common, heirs or Successors.

2.19 “SAR” means a right to surrender to the Company all or a portion of an Option and to
be paid therefore an amount, as determined by the Committee, no greater than the excess,
if any, of (a) the Fair Market Value, on the date such right is exercised, of the Shares
to which the Option or portion thereof relates, over (b) the aggregate Option price of
those Shares.

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2.20 “Shares” means shares of the Company’s common stock or, if by reason of the
adjustment provisions hereof any rights under an Award under the Plan pertain to any other
security, such other security.

2.21 “Subsidiary” means any business, whether or not incorporated, in which the Company,
at the time an Award is granted to an employee thereof, or in other cases, at the time of
reference, owns directly or indirectly not less than 50% of the equity interest.

2.22 “Successor” means the legal representative of the estate of a deceased Grantee or the
person or persons who shall acquire the right to exercise an Option or an SAR, or to
receive Shares issuable in satisfaction of a Restricted Stock Award, by bequest or
inheritance or by reason of the death of the Grantee, as provided in accordance with
Section 12 hereof.

2.23 “Term” means the period during which a particular Option or SAR may be exercised or
the period during which the restrictions placed on a Restricted Stock Award are in effect.

2.24 “Total Disability” means total disability as defined under the Company’s or any
Subsidiary’s group insurance plan covering total disability. In the absence of such
insurance plan the Committee shall make such determination.

	3.	 	Administration of the Plan

3.1 The Plan shall be administered by the Committee.

3.2 The Committee shall have plenary authority, subject to the provisions of the Plan, to
determine when and to whom Awards shall be granted, the Term of each Award, the number of
Shares covered by the Award, and all other terms or conditions of the Award. The
Committee may grant such additional benefits in connection with any Award as it deems
appropriate. The number of Shares, the Term, the other terms and conditions of a
particular kind of Award and any additional benefits granted in connection with any Award
need not be the same, even as to Awards made at the same time. The Committee’s actions in
granting Awards, in setting their terms and conditions, and in granting any additional
benefits in connection with any Award, shall be conclusive on all persons.

3.3 The Committee shall have the sole responsibility for construing and interpreting the
Plan, for establishing and amending such rules and regulations as it deems necessary or
desirable for the proper administration of the Plan, and for resolving all questions
arising under the Plan. Any decision or action taken by the Committee arising out of, or
in connection with, the construction, administration, interpretation and effect of the
Plan and of its rules and regulations shall be conclusive and binding upon all Grantees,
Successors, and all other persons.

3.4 The Committee shall regularly inform the Board of its actions with respect to all
Awards under the Plan and the terms and conditions of such

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Awards in a manner, at such times, and in such form as the Board may reasonably request.

3.5 The performance criteria for Awards made to any “covered employee” (as defined in
Section 162(m) of the Code), and which are intended to qualify as “performance-based
compensation” (as defined in Section 162(m) of the Code), shall consist of objective tests
established by the Committee based on one or more of the indicators of performance
described in Section 8.2.

	4.	 	Eligibility

Awards may be made under the Plan to employees of the Company or a Subsidiary who have
executive, managerial, supervisory or professional responsibilities. In making a
determination concerning the granting of Awards to eligible employees, the Committee may
take into account the nature of the services they have rendered or that the Committee
expects they will render, their present and potential contributions to the success of the
business, the number of years of effective service they are expected to have and such
other factors as the Committee in its sole discretion shall deem relevant. Awards may be
made to Non-Employee Directors pursuant to Section 10.

	5.	 	Shares Subject to Plan

Subject to adjustment as provided in Section 21 below, 424,000 Shares are hereby reserved
for issuance in connection with Awards under the Plan. The Shares so issued may be
unreserved Shares held in the treasury however acquired or Shares which are authorized but
unissued. For purposes of determining the number of Shares issued under the Plan, no
Shares shall be deemed issued until they are actually delivered to a Grantee or such other
person described in Section 11. Shares covered by Awards that either wholly or partly are
not earned, or that expire or are forfeited, cancelled or terminated shall be available
for future issuance of Awards. Subject to adjustment as provided in Section 21 below:

     (a) the maximum number of Shares with respect to which Options and SAR’s may be
granted during the term of the Plan to an employee under the Plan is 100,000 Shares;

     (b) the maximum number of Shares with respect to which Restricted Stock Awards and
awards of Shares may be granted during the term of the Plan to an employee or Non-Employee
Director under the Plan is 50,000 Shares; and

     (c) the maximum number of Shares with respect to which Restricted Stock Awards and
awards of Shares may be granted in the aggregate during the term of the Plan is 100,000
Shares.

	6.	 	Granting of Options to Employees

6.1 Subject to the terms of the Plan, the Committee may from time to time grant Options to
eligible employees.

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6.2 The aggregate Fair Market Value (as determined on the date of grant) of ISO Awards to
an individual Grantee and exercisable for the first time during any calendar year shall
not exceed $100,000.

6.3 The purchase price of each Share subject to Options shall be fixed by the Committee,
but shall not be less than 100% of the Fair Market Value of the Shares on the date the
Option is granted. Except as otherwise provided in Section 21, in no event may an Option
be repriced.

6.4 The minimum purchase price of an ISO Award shall be 110% of Fair Market Value with
respect to Grantees who at the time of Award are deemed to own 10% or more of the voting
power of the Company as defined by the Code.

6.5 Each Option shall expire and all right to purchase Shares thereunder shall cease on
the date fixed by the Committee, which subject to the terms of the Plan, shall not be
later than the tenth anniversary of the date on which the Option was granted.

6.6 ISO awards shall expire and all rights to purchase Shares thereunder shall cease no
later than the fifth anniversary of the date on which the Option was granted with respect
to Grantees who at the time of Award are deemed to own 10% or more of the voting power of
the Company as defined by the Code.

6.7 Each Option shall become exercisable at the time, and for the number of Shares, fixed
by the Committee. Except to the extent otherwise provided in or pursuant to Sections 12
and 13, no Option granted to employees shall become exercisable as to any Shares during
the first six months after the date on which the Option was granted.

6.8 Subject to the terms of the Plan, the Committee may make all or any portion of Option
Shares subject to a Right of First Refusal for any period of time set by the Committee at
the time of Award.

6.9 Each Option granted under this Section 6 shall be evidenced by an agreement with the
Company which shall contain the terms and provisions set forth herein and shall otherwise
be consistent with the provisions of the Plan.

	7.	 	Grant of Stock Appreciation Rights to Employees

7.1 The Committee may, in its discretion, grant an SAR to any employee that is the holder
of an Option, either at the time the Option is granted or by amending the instrument
evidencing the grant of the Option at any time after the Option is granted and more than
six months before the end of the Term of the Option, so long as the grant is made during
the period in which grants of SARs may be made under the Plan.

7.2 Each SAR shall be for such Term, and shall be subject to such other terms and
conditions, as the Committee shall impose. The terms and conditions may include Committee
approval of the exercise of the SAR, limitations on the time within which and the extent
to which such SAR shall be exercisable, limitations on the amount of appreciation which
may be recognized with regard

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to such SAR, and specification of what portion, if any, of the amount payable to the
Grantee upon his or her exercise of an SAR shall be paid in cash and what portion, if any,
shall be payable in Shares. If and to the extent that Shares are issued in satisfaction
of amounts payable on exercise of an SAR, the Shares shall be valued at their Fair Market
Value on the date of exercise.

7.3 Except to the extent otherwise provided in Sections 12 and 13, no SAR shall be
exercisable during the first six months after its date of grant.

7.4 Upon exercise of an SAR, the Option, or portion thereof, with respect to which such
right is exercised shall be surrendered and shall not thereafter be exercisable.

	8.	 	Grant of Performance Unit Awards to Employees

8.1 The Committee may designate employees as Grantees of Performance Unit Awards and shall
establish performance periods under the Performance Unit Awards, provided that the total
cash covered by all Performance Unit Awards granted to a “covered employee” (as defined in
Section 162(m) of the Code) with respect to a performance period shall not exceed 1% of
EBITDA for the Company and its Subsidiaries on a consolidated basis for the three fiscal
years immediately preceding the grant; provided, further that the total cash covered by
all Performance Unit Awards granted to all “covered employees” (as defined in Section
162(m) of the Code) as a group with respect to a performance period shall not exceed 2% of
EBITDA for the Company and its Subsidiaries on a consolidated basis for the three fiscal
years immediately preceding the grant.

8.2 The Committee shall establish indicators of performance applicable to the relevant
performance period. Indicators of performance are utilized to determine the amount and
timing of Performance Unit Awards, and may vary between performance periods and different
Performance Unit Awards. The indicators of performance shall be one or more of the
following: the Company’s pretax income, net income, earnings per Share, revenue, expenses,
return on assets, return on equity, return on investment, return on capital, net profit
margin, operating profit margin, cash flow, total stockholder return, capitalization,
liquidity, results of customer satisfaction surveys, quality, safety, productivity, cost
management or process improvement or any combination of the foregoing as the Committee
approves. Such performance goals may be determined solely by reference to the performance
of the Company, a Subsidiary, or a division or unit of any of the foregoing, or based upon
comparisons of any of the indicators of performance relative to other companies. The
Committee may also exclude the impact of any event or occurrence which the Committee
determines should appropriately be excluded such as, for example, a restructuring or other
nonrecurring charge, an event either not directly related to the operations of the Company
or not within the reasonable control of the Company’s management, or a change in
accounting standards required by U. S. generally accepted accounting principles.

8.3 Subject to the terms of the Plan, the Committee may make downward adjustments in
Performance Unit Awards to Grantees.

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8.4 At the time of making grants of Performance Unit Awards, the Committee shall establish
such terms and conditions as it shall determine applicable to such Awards.

8.5 Subject to applicable restrictions under Section 162(m) of the Code, the Committee
shall determine the extent to which an Employee shall participate in a partial performance
period because of becoming eligible to be a Grantee after the beginning of such
performance period. In the event a Grantee is involuntarily terminated without cause or
terminates employment due to death, Total Disability or retirement (as determined by the
Committee), after completing at least 50% of the performance period for an Award, such
Grantee shall be entitled to a pro rata portion of the Award if the indicators of
performance are met, payable in accordance with procedures established by the Committee.

	9.	 	Grant of Restricted Stock Awards to Employees

9.1 Subject to the terms of the Plan, the Committee may also grant eligible employees
Restricted Stock Awards.

9.2 The terms and conditions of such Awards, including restrictions on transfer or on the
ability of the Grantee to make elections with respect to the taxation of the Award without
the consent of the Committee, shall be determined by the Committee. Except as provided in
or pursuant to Sections 12 and 13, no such restrictions shall lapse earlier than the
first, or later than the tenth, anniversary of the date of the Award.

9.3 The Committee may establish terms and conditions under which the Grantee of a
Restricted Stock Award shall be entitled to receive a credit equivalent to any dividend
payable with respect to the number of Shares which, as of the record date for such
dividend, have been awarded but not delivered to him or her. Any such dividend
equivalents shall be paid to the Grantee of the Restricted Stock Award at such time or
times during the period when the Shares are being held by the Company pursuant to the
terms of the Restricted Stock Award, or at the time the Shares to which the dividend
equivalents apply are delivered to the Grantee, as the Committee shall determine. Any
arrangement for the payment of dividend equivalents shall be terminated if, under the
terms and conditions established by the Committee, the right to receive Shares being held
pursuant to the terms of the Restricted Stock Award shall lapse.

9.4 Subject to the terms of the Plan, the Committee may make all or any portion of Shares
Awarded under a Restricted Stock Award subject to a Right of First Refusal for any period
of time set by the Committee at the time of Award.

9.5 The Committee may adopt and apply rules to ensure compliance with tax withholding
requirements, including, but not limited to, the retention of a sufficient number of
restricted shares upon which restrictions have lapsed to pay such tax.

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	10.	 	Awards to Non-Employee Directors

10.1 Mandatory Retainer Awards. At the later of (i) the Board of Directors meeting
immediately following the Company’s annual meeting of stockholders in each calendar year,
and (ii) the third business day after the announcement of the Company’s earnings results
for the quarter ended prior to the Company’s annual meeting of stockholders in each
calendar year, each Non—Employee Director shall be granted an award of Shares equal in
value to fifty percent (50%) of the then applicable level of annual Board and committee
retainers, with the value of the Shares to be computed for the purposes of determining the
number of Shares awarded by reference to the Fair Market Value of a Share on the date of
the award of the Shares. Any Non-Employee Director appointed to the Board of Directors
other than at the Company’s annual meeting of stockholders shall be granted upon his or
her appointment an award of Shares equal in value to fifty percent (50%) of the then
applicable level of annual Board and committee retainers, reduced proportionately as the
Committee deems appropriate based on the time remaining until the next annual meeting of
stockholders, with the value of Shares to be computed for the purposes of determining the
number of Shares awarded by reference to the Fair Market Value of a Share on the date of
the award of the Shares. Fractional Shares shall be rounded off to the nearest whole
share. Such award shall be in lieu of fifty percent (50%) of the annual Board and
Committee retainers otherwise payable to the Non-Employee Directors in cash. To the
extent that there are insufficient Shares available for Awards, the Awards to all
Non-Employee Directors for that year shall be proportionately reduced and the balance paid
in cash. Notwithstanding the preceding, any award made under this Section 10.1 to the
non-executive chairman of the Board may, at the discretion of the Committee, be made in
cash rather than in Shares.

10.2 Discretionary Retainer Awards. Each Non-Employee Director shall annually have the
option of receiving up to 100% of the applicable level of annual Board and committee
retainers in Shares rather than cash. Should any Non-Employee Director desire to take
advantage of this option, such Non-Employee Director shall so notify the Committee no
later than seven (7) calendar days prior to each year’s annual meeting of stockholders,
which notification shall advise the Committee the percentage over and above the mandatory
50% of the annual Board and committee retainers the Non-Employee Director wishes to
receive in Shares rather than cash. The number of Shares that shall be awarded to any
such Non-Employee Director under this provision shall be determined in the same manner as
the awards described in Section 10.1 above.

10.3 Non-Retainer Equity Awards. In addition to the Mandatory Retainer Award under
Section 10.1 above, at the later of (i) the Board of Directors meeting immediately
following the Company’s annual meeting of stockholders in each calendar year, and (ii) the
third business day after the announcement of the Company’s earnings results for the
quarter ended prior to the Company’s annual meeting of stockholders in each calendar year,
each Non-Employee Director shall be granted an award of not more than 3,000 Shares (with
the exact number of Shares to be determined by the Committee). Any Non-Employee Director
appointed to the Board of Directors other than at the Company’s annual meeting of
stockholders shall be granted upon his or her appointment an award of not more than 3,000
Shares (with the exact number of Shares to be determined by

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the Committee reduced proportionately based on the time remaining until the next annual
meeting of stockholders).

10.4 Deferral of Awards. Notwithstanding Sections 10.1, 10.2 and 10.3, each Non-Employee
Director shall have the right to defer all or a portion of his or her Mandatory Retainer
Awards under Section 10.1, Discretionary Awards under Section 10.2, and Non-Retainer
Equity Awards under Section 10.3 under the Saia, Inc. Directors’ Deferred Fee Plan.

	11.	 	Non-Transferability of Rights

No rights under any Award shall be transferable otherwise than by will or the laws of
descent and distribution. Notwithstanding the foregoing, to the extent allowed by Rule
16b-3 or any successor rule promulgated under the Securities Exchange Act of 1934, as
amended from time to time, as then applicable to the Company’s benefit plans, the
Committee may permit an NQSO to be transferred to a member or members of the Grantee’s
immediate family, or to a trust for the benefit for such immediate family member(s) or a
partnership, limited liability company, or similar entity in which such immediate family
member(s) comprise the majority partners or equity holders. For purposes of this
provision, a Grantee’s immediate family shall mean the Grantee’s spouse, children and
grandchildren.

	12.	 	Death or Termination of Employment of Employees

12.1 Subject to the provisions of the Plan, the Committee may make such provisions
concerning exercise or lapse of Options or SARs on death or termination of employment as
it shall, in its discretion, determine. No such provision shall extend the Term of an
Option or SAR, nor shall any such provision permit an Option or SAR to be exercised prior
to six months after the date on which it was granted, except in the event of death or
termination by reason of disability.

12.2 Subject to the provisions of the Plan and pursuant to the Code, no ISO shall be
exercisable as an ISO after the date which is three months following a Grantee’s
termination of employment for any reason other than disability or death, or twelve months
following a Grantee’s termination of employment by reason of disability. Following a
Grantee’s death, the executor, administrator or other person acquiring an ISO by bequest
or inheritance or by reason of the death of the Grantee may exercise it at any time during
its remaining Term, provided the deceased Grantee was an employee either at the time of
his death or within three months prior to death.

12.3 The effect of death or termination of employment on Shares issued or issuable
pursuant to any Restricted Stock Awards and on cash payable pursuant to a Performance Unit
Award shall be as stated in the Award.

12.4 Transfers of employment between the Company and a Subsidiary, or between
Subsidiaries, shall not constitute termination of employment for purposes of any Award.
The Committee may specify in the terms and conditions of an Award, whether any authorized
leave of absence or absence for military or

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government service or for any other reason shall constitute a termination of employment
for purposes of the Award and the Plan.

	13.	 	Provisions Relating to Termination of the Company’s Separate Existence

The Committee may provide that in the event the Company is to be wholly or partly
liquidated, or agrees to participate in a merger, consolidation or reorganization in which
it, or any entity controlled by it, is not the surviving entity, any and all Options and
SARs granted under the Plan shall be immediately exercisable in full, any or all
Restricted Stock Awards made under the Plan shall be immediately payable in full and any
award agreement with respect to a Performance Unit Award will terminate and be of no
further force and the amounts payable thereunder in such event shall be as specified in
the award agreement. The Committee may also provide that the Grantees be paid the
consideration received by stockholders in such transaction, minus (1) the Option price of
the Grantee’s Options and (2) the Fair Market Value of Shares covered by SARs on the date
of grant of the SARs, in full satisfaction of such Options and SARs.

	14.	 	Writings Evidence Awards

Each Award granted under the Plan shall be evidenced by a writing which may, but need not,
be in the form of an agreement to be signed by the Grantee. The writing shall set forth
the nature and size of the Award, its Term, the other terms and conditions thereof, other
than those set forth in the Plan, and such other information as the Committee directs.
Acceptance of any benefits of an Award by the Grantee shall be conclusively presumed to be
an assent to the terms and conditions set forth therein, whether or not the writing is in
the form of an agreement to be signed by the Grantee.

	15.	 	Exercise of Rights Under Awards

15.1 A person entitled to exercise an Option or SAR may do so by delivery of a written
notice to that effect specifying the number of Shares with respect to which the Option or
SAR is being exercised and any other information the Committee may prescribe.

15.2 In the case of an exercise of an Option, the notice shall be accompanied by payment
in full for the purchase price of any Shares to be purchased with such payment being made
(i) in cash; (ii) in Shares having a Fair Market Value equivalent to the purchase price of
such Option; (iii) in a combination thereof; or (iv) by means of a cashless exercise
pursuant to the cashless exercise program offered by the Company (if any, and to the
extent allowed by law). No Shares shall be issued upon exercise of an Option until full
payment has been made therefor.

15.3 The notice of exercise of an SAR shall be accompanied by the Grantee’s copy of the
writing or writings evidencing the grant of the SAR and the related Option.

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15.4 Upon exercise of an Option or SAR, or grant of a Restricted Stock Award but before a
distribution of Shares in satisfaction thereof, the Grantee may request in writing that
the Shares to be issued in satisfaction of the Award be issued in the name of the Grantee
or the Grantee and another person as joint tenants with right of survivorship or as
tenants in common.

15.5 If a Right of First Refusal has been required for some or all of the Shares
applicable to an Option, SAR, or Restricted Stock Award, the Grantee shall be required to
acknowledge in writing his or her understanding of such Right of First Refusal and the
legend which shall be placed on the certificates for such Shares.

15.6 All notices or requests provided for herein shall be delivered to the Secretary of
the Company.

	16.	 	Effective Date of the Plan and Duration

16.1 The Plan shall become effective on January 23, 2003, subject to approval within one
(1) year thereafter by the Company’s stockholders.

16.2 No Awards may be granted under the Plan on or after January 22, 2013 although the
terms of any Award may be amended at any time prior to the end of its Term in accordance
with the Plan.

	17.	 	Date of Award

The date of an Award shall be the date on which the Committee’s determination to grant
such Award is final, or such later date as shall be specified by the Committee.

	18.	 	Shareholder Status

No person shall have any rights as a stockholder by virtue of the grant of an Award under
the Plan except with respect to Shares actually issued to that person.

	19.	 	Postponement of Exercise

The Committee may postpone any exercise of an Option or SAR or the distribution of any
portion of a Restricted Stock Award or the grant of Shares for such time as the Committee,
in its discretion, may deem necessary in order to permit the Company (i) to effect or
maintain registration of the Plan or the Shares issuable upon the exercise of an Option or
an SAR or distributable in satisfaction of a Restricted Stock Award or pursuant to a grant
of Shares under the Securities Act of 1933, as amended, or the securities laws of any
applicable jurisdiction, (ii) to permit any action to be taken in order to comply with
restrictions or regulations incident to the maintenance of a public market for its Shares,
or (iii) to determine that such Shares and the Plan are exempt from such registration or
that no action of the kind referred to in (i) or (ii) above needs to be taken. The Company
shall not be obligated by virtue of any terms and conditions of any Award or any provision
of the Plan to recognize the exercise of an Option or an

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SAR or to sell or issue shares in violation of the Securities Act of 1933 or the law of
any government having jurisdiction thereof. Any such postponement shall not extend the
Term of an Option or SAR nor shorten the Term of any restriction attached to any
Restricted Stock Award. Neither the Company nor its directors or officers shall have any
obligation or liability to any Grantee, to the Grantee’s Successor or to any other person
with respect to any Shares with respect to which the Option or SAR shall lapse because of
such postponement or as to which issuance under a Restricted Stock Award was delayed.

	20.	 	Termination, Suspension or Modification of Plan or Awards

The Board may at any time terminate, suspend or modify the Plan, except that the Board
shall not, without authorization of the Company’s stockholders in accordance with the
requirements of Section 16, effect any change (other than through adjustment for changes
in capitalization as herein provided) which:

20.1 increases the aggregate number of Shares for which Awards may be granted;

20.2 lowers the minimum Option price;

20.3 lengthens the maximum period during which an Option or SAR may be exercised;

20.4 increases the maximum amount a Grantee may be paid upon the exercise of an SAR;

20.5 disqualifies any member of the Committee from being a “disinterested person” as
defined in Rule 16b-3(b)(3)(i) promulgated under the Securities Exchange Act of 1934, as
amended;

20.6 changes the class of employees eligible to receive Awards; or

20.7 extends the period of time during which Awards may be granted.

No termination, suspension or modification of the Plan shall adversely affect any right
acquired by any Grantee or any Successor under an Award granted before the date of such
termination, suspension or modification, unless such Grantee or Successor shall consent;
but it shall be conclusively presumed that any adjustment for changes in capitalization as
provided for herein does not adversely affect any such right. Except as described above,
the Committee may amend the Plan and any Award granted under the Plan as the Committee
deems necessary or appropriate to comply with Section 409A of the Code.

	21.	 	Adjustment for Changes in Capitalization

Any increase in the number of outstanding Shares of the Company occurring through stock
splits or stock dividends after the adoption of the Plan shall be reflected
proportionately in an increase in the aggregate number of Shares then available for the
grant of Awards under the Plan, or becoming available through the termination, surrender
or lapse of Awards previously granted but unexercised,

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and an increase in the number of Shares subject to Awards then outstanding; and in the
number of Shares available for grant under Section 10; and a proportionate reduction shall
be made in the per Share option price as to any outstanding Options. Any fractional shares resulting from such adjustment shall be eliminated. If changes in capitalization
other than those considered above shall occur, the Board shall make such adjustment in the
number or class of Shares, remaining subject to Awards then outstanding and in the per
Share Option price as the Board in its discretion may consider appropriate, and all such
adjustments shall be conclusive upon all persons.

	22.	 	Delivery of Shares in Lieu of Cash Incentive Awards

22.1 Any employee otherwise eligible for an Award under the Plan who is eligible to
receive a cash incentive payment from the Company under any management incentive plan may
make application to the Committee in such manner as may be prescribed from time to time by
the Committee, to receive Shares from the Plan in lieu of all or any portion of such cash
payment.

22.2 The Committee may in its discretion honor such application by delivering Shares from
the Plan to such employee equal in Fair Market Value to that portion of the cash payment
otherwise payable to the employee under such incentive plan for which a Share delivery is
to be made in lieu of cash payment.

22.3 Any Shares delivered to employees under the Plan in lieu of cash incentive payments
shall come from the aggregate number of Shares authorized for use by the Plan and shall
not be available for any other Awards under the Plan.

	23.	 	Non-Uniform Determination

The Committee’s determination under the Plan including, without limitation, determination
of the persons to receive Awards, the form, amount and type of Awards, the terms and
provisions of Awards and the written material evidencing such Awards, the grant of
additional benefits in connection with any Award, and the granting or rejecting of
applications for delivery of Shares in lieu of cash bonus or incentive payments need not
be uniform and may be made selectively among otherwise eligible employees, whether or not
such employees are similarly situated.

	24.	 	Taxes

The Company may withhold amounts necessary to satisfy its tax withholding obligations with
respect to Awards.

	25.	 	Tenure

An employee’s right, if any, to continue in the employ of the Company or a Subsidiary
shall not be affected by the fact that he or she has been granted an Award. At the sole
discretion of the Committee, an employee terminated for Cause may be required to forfeit
all of his or her rights under the Plan, except as

13

 

to Options or SARs already exercised and Restricted Stock Awards on which restrictions
have already lapsed.

	26.	 	Application of Proceeds

The proceeds received by the Company from the sale of its Shares under the Plan shall be
used for general corporate purposes.

	27.	 	Other Actions

Nothing in the Plan shall be construed to limit the authority of the Company to exercise
its corporate rights and powers, including the right to grant options for proper corporate
purposes otherwise than under the Plan to any person, firm, corporation, association or
other entity, or to grant options to, or assume options of, any person in connection with
the acquisition, by purchase, lease, merger, consolidation or otherwise, of all or any
part of the business and assets of any person, firm, corporation, association or other
entity.

	28.	 	Governing Law

The Plan and all determinations made and action taken pursuant hereto shall be governed by
and construed in accordance with the laws of the state of Delaware, without regard to the
principles of conflicts of law which might otherwise apply.

As amended July 20, 2006.

14exv10w30

 

Exhibit 10.30

AMENDMENT TO THE

SAIA, INC.

AMENDED AND RESTATED

2003 OMNIBUS INCENTIVE PLAN

          WHEREAS, Saia, Inc. (“Company”) previously adopted the Saia, Inc. Amended and Restated 2003
Omnibus Incentive Plan (“Plan”) for the benefit of certain eligible employees;

          WHEREAS, Section 20 of the Plan affords the Board of Directors (the “Board”) of the Company
the authority to amend the Plan; and

          WHEREAS, the Board desires to amend the Plan, effective immediately.

          NOW THEREFORE, effective immediately, the Plan is amended as follows:

     1. Section 5 is deleted in its entirety and replaced with the following:

Subject to adjustment as provided in Section 21 below, 824,000 Shares are hereby reserved for
issuance in connection with Awards under the Plan. The Shares so issued may be unreserved Shares
held in the treasury however acquired or Shares which are authorized but unissued. For purposes of
determining the number of Shares issued under the Plan, no Shares shall be deemed issued until they
are actually delivered to a Grantee or such other person described in Section 11. Shares covered by
Awards that either wholly or partly are not earned, or that expire or are forfeited, cancelled or
terminated shall be available for future issuance of Awards. Subject to adjustment as provided in
Section 21 below:

     (a) the maximum number of Shares with respect to which Options and SAR’s may be granted during
the term of the Plan to an employee under the Plan is 200,000 Shares;

     (b) the maximum number of Shares with respect to which Restricted Stock Awards and awards of
Shares may be granted during the term of the Plan to an employee or Non-Employee Director under the
Plan is 100,000 Shares; and

     (c) the maximum number of Shares with respect to which Restricted Stock Awards and awards of
Shares may be granted in the aggregate during the term of the Plan is 200,000 Shares.

          IN WITNESS WHEREOF, this Amendment to the Plan has been duly executed as of the                      day of
March, 2007.

Saia, Inc.

By:                                                            

Name:                                                            

Title:

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