Document:

EX-10.1

RAIT INVESTMENT TRUST

2005 EQUITY COMPENSATION PLAN

UNIT AWARD AGREEMENT

This UNIT AWARD AGREEMENT, dated as of October 24, 2006 (the “Date of Grant”), is delivered by
RAIT Investment Trust (“RAIT”), to       (the “Participant”).

RECITALS

A. The RAIT Investment Trust 2005 Equity Compensation Plan (the “Plan”) provides for the grant
of phantom units (“Units”), which represent the right to receive one or more common shares of
beneficial interest, par value $0.01, of RAIT (“Common Shares”), on a future redemption date.

B. The Compensation Committee of the Board of Trustees of RAIT (the “Committee”) has decided
to make a restricted Unit grant, subject to the terms and conditions set forth in this Unit Award
Agreement (the “Agreement”) and the Plan, as an inducement for the Participant to promote the best
interests of RAIT and its shareholders. The Participant may receive a copy of the Plan by
contacting Ellen J. DiStefano, Executive Vice President and Chief Financial Officer, at (215)
861-7918.

NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as
follows:

1. Grant of Units. Subject to the terms and conditions set forth in this Agreement and the
Plan, RAIT hereby grants to the Participant      Units (the “Restricted Units”). The
Restricted Units will become vested in accordance with Paragraph 3 below and will be redeemed in
accordance with Paragraph 4 below.

2. Restricted Unit Account. RAIT shall establish and maintain a Restricted Unit account,
as a bookkeeping account on its records, (the “Restricted Unit Account”) for the Participant and
shall record in such Restricted Unit Account the number of Restricted Units granted to the
Participant. The Participant shall not have any interest in any fund or specific assets of RAIT by
reason of this grant or the Restricted Unit Account established for the Participant.

3. Vesting.

(a) The Participant will become vested in the Restricted Units awarded pursuant to this grant
according to the following vesting schedule, provided the Participant does not incur a termination
of employment or service with the Company (as defined in the Plan) prior to the applicable vesting
date (the “Vesting Date”):

	 	 	 	 	 
	 	 	Percentage of
	Vesting Date	 	Restricted Units Vesting
	First anniversary of Date of Grant
	 	 	50	%
	Second anniversary of Date of Grant
	 	 	50	%

The vesting of the Restricted Units is cumulative, but shall not exceed 100% of the Restricted
Units subject to this Agreement. If the foregoing vesting schedule would produce fractional
Restricted Units, the number of Restricted Units that are vested shall be rounded down to the
nearest whole Restricted Unit. The Participant’s Restricted Units shall become fully vested if the
Participant is employed by, or providing service to, the Company on the second anniversary of the
Date of Grant.

(b) If the Participant’s employment or service with the Company terminates for any reason
prior to the Participant vesting in any of the Restricted Units as provided in subparagraph (a),
the Restricted Units that are not vested as of the Participant’s termination of employment or
service shall terminate and the Participant shall not have any redemption rights with respect to
any of such unvested Restricted Units.

4. Redemption. Unless an election is made pursuant to Paragraph 5 below, on the earliest
to occur of (i) the first anniversary of the applicable Vesting Date, (ii) the date of death of the
Participant, or (iii) the Participant becomes disabled (within the meaning of section 409A(a)(2)(C)
of the Internal Revenue Code of 1986, as amended (the “Code”)), (the “Redemption Date”), RAIT shall
redeem:

(1) in the case of clause (i) above, all of the Restricted Units for which it is the first
anniversary of the applicable Vesting Date; or

(2) in the case of clauses (ii) or (iii) above, all of the vested Restricted Units;

(the “Redeemed Units”) as provided in Paragraph 3, then credited to the Participant’s Restricted
Unit Account as of such date. On the Redemption Date, all Redeemed Units will be converted to an
equivalent number of Common Shares, and the Participant shall receive a single sum distribution of
such Common Shares, which shall be issued under the Plan. For purposes of this Agreement, each
Redemption Date shall be deemed a separate redemption event.

5. Deferrals.

(a) Within thirty (30) days of the Date of Grant, the Participant may make an irrevocable
election to defer the Redemption Date of any of the Restricted Units that are scheduled to vest
after the first anniversary of the Date of Grant, to a date that occurs after the applicable
Redemption Date by completing the deferral election form provided to the Participant by the
Committee, in the form attached hereto as Exhibit A or as subsequently modified to comply with the
requirements of section 409A of the Code. Any such election shall be made in accordance with
section 409A of the Code and any corresponding guidance and regulations issued under section 409A
of the Code.

(b) After the first thirty (30) days of the Date of Grant, a Participant may make an
irrevocable election to defer the Redemption Date of any of the Restricted Units to a later date,
provided that the election shall not take effect until at least twelve (12) months after the date
on which the election is made, the new Redemption Date cannot be earlier than five (5) years from
the original Redemption Date under Paragraph 4, and the election must be made no less than twelve
(12) months prior to the date of the Redemption Date.

If a Redemption Date is delayed pursuant to this Paragraph 5, the new Redemption Date shall
hereinafter be referred to as the “Deferred Date”.

6. 6.  Dividend Equivalents.

(a) Until such time as the Restricted Units become vested, if any dividends are declared with
respect to the Common Shares, RAIT shall credit to a dividend equivalent account (the “Dividend
Equivalent Account”) the value of the dividends that would have been distributed if the unvested
Restricted Units credited to the Participant’s Restricted Unit Account at the time of the
declaration of the dividend were Common Shares. On the Vesting Date of the Restricted Units, a
cash payment will be distributed to the Participant equal to the value of the dividend equivalents
credited to the Participant’s Dividend Equivalent Account that correspond to the Restricted Units
that vest on such Vesting Date. No interest shall accrue on any dividend equivalents credited to
the Participant’s Dividend Equivalent Account. If the Participant’s employment or service with the
Company terminates for any reason prior to the Participant vesting in any of the Restricted Units
as provided in Paragraph 3(a), the dividend equivalents credited to the Participant’s Dividend
Equivalent Account that correspond to the Restricted Units that are not vested as of the
Participant’s termination of employment or service shall terminate and be forfeited, and the
Participant shall not be entitled to receive any cash payments with respect to such forfeited
unvested dividend equivalent rights.

(b) After the Restricted Units vest, but prior to such time as the vested Restricted Units are
redeemed, if any dividends are declared with respect to the Common Shares, a cash payment will be
paid to the Participant by RAIT equal to the value of the dividends that would have been
distributed if the vested Restricted Units credited to the Participant’s Restricted Unit Account at
the time of the declaration of the dividend were Common Shares. The dividend equivalents will be
paid to the Participant at the same time as dividends are paid to shareholders holding the Common
Shares.

7. Change of Control. The provisions set forth in the Plan applicable to a Change of
Control (as defined in the Plan) shall apply to the Restricted Units, and, in the event of a Change
of Control, the Committee may take such actions as it deems appropriate in accordance with the
terms of the Plan and the requirements of section 409A of the Code.

8. Acknowledgment by Participant. By executing this Agreement, the Participant hereby
acknowledges that with respect to any right to redemption or distribution pursuant to this
Agreement, the Participant is and shall be an unsecured general creditor of RAIT without any
preference as against other unsecured general creditors of RAIT, and the Participant hereby
covenants for himself or herself, and anyone at any time claiming through or under the Participant
not to claim any such preference, and hereby disclaims and waives any such preference which may at
any time be at issue, to the fullest extent permitted by applicable law. The Participant also
hereby agrees to be bound by the terms and conditions of the Plan and this Agreement. The
Participant further agrees to be bound by the determinations and decisions of the Committee with
respect to this Agreement and the Plan and the Participant’s rights to benefits under this
Agreement and the Plan, and agrees that all such determinations and decisions of the Committee
shall be binding on the Participant, his or her beneficiaries and any other person having or
claiming an interest under this Agreement and the Plan on behalf of the Participant.

9. Restrictions on Issuance or Transfer of Common Shares.

(a) The obligation of RAIT to deliver Common Shares upon the redemption of the Restricted
Units shall be subject to the condition that if at any time the Committee shall determine in its
discretion that the listing, registration or qualification of the Common Shares upon any securities
exchange or under any state or federal law, or the consent or approval of any governmental
regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of
Common Shares, the Common Shares may not be issued in whole or in part unless such listing,
registration, qualification, consent or approval shall have been effected or obtained free of any
conditions not acceptable to the Committee. The issuance of Common Shares and the payment of cash
to the Participant pursuant to this Agreement is subject to any applicable taxes and other laws or
regulations of the United States or of any state having jurisdiction thereof.

(b) The Participant agrees to be bound by RAIT’s policies regarding the transfer of the Common
Shares and understands that there may be certain times during the year in which the Participant
will be prohibited from selling, transferring, pledging, donating, assigning, mortgaging, or
encumbering Common Shares.

(c) As soon as reasonably practicable after the Redemption Date, or the Deferred Date, if
applicable, a certificate representing the Common Shares that are redeemed shall be issued to the
Participant.

10. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms
of which are incorporated herein by reference, and in all respects shall be interpreted in
accordance with the Plan. In the event of any contradiction, distinction or difference between this
Agreement and the terms of the Plan, the terms of the Plan will control. Except as otherwise
defined in this Agreement, capitalized terms used in this Agreement shall have the meanings set
forth in the Plan. This grant is subject to the interpretations, regulations and determinations
concerning the Plan established from time to time by the Committee in accordance with the
provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights and
obligations with respect to withholding taxes, (ii) the registration, qualification or listing of
the Common Shares, (iii) changes in capitalization of RAIT, and (iv) other requirements of
applicable law. The Committee shall have the authority to interpret and construe this grant
pursuant to the terms of the Plan, its decisions shall be conclusive as to any questions arising
hereunder and the Participant’s acceptance of this grant is the Participant’s agreement to be bound
by the interpretations and decisions of the Committee with respect to this grant and the Plan.

11. No Rights as Shareholder. The Participant shall not have any rights as a shareholder
of RAIT, including the right to any cash dividends (except as provided in Paragraph 6), or the
right to vote, with respect to any Restricted Units.

12. No Rights to Continued Employment or Service. This grant shall not confer upon the
Participant any right to be retained in the employment or service of the Company and shall not
interfere in any way with the right of the Company to terminate the Participant’s employment or
service at any time. The right of the Company to terminate at will the Participant’s employment or
service at any time for any reason is specifically reserved.

13. Assignment and Transfers. No Restricted Units or dividend equivalents awarded to the
Participant under this Agreement may be transferred, assigned, pledged, or encumbered by the
Participant and a Restricted Unit shall be redeemed and dividend equivalent distributed during the
lifetime of the Participant only for the benefit of the Participant. Any attempt to transfer,
assign, pledge, or encumber the Restricted Unit or dividend equivalent by the Participant shall be
null, void and without effect. The rights and protections of RAIT hereunder shall extend to any
successors or assigns of RAIT. This Agreement may be assigned by RAIT without the Participant’s
consent.

14. Withholding. The Participant shall be required to pay to the Company, or make other
arrangements satisfactory to the Company to provide for the payment of, any federal, state, local
or other taxes that the Company is required to withhold with respect to the grant, vesting or
redemption/distribution of the Restricted Units and dividend equivalents. Subject to Committee
approval, the Participant may elect to satisfy any tax withholding obligation of the Company with
respect to the Restricted Units by having Common Shares withheld up to an amount that does not
exceed the minimum applicable withholding tax rate for federal (including FICA), state, local and
other tax liabilities.

15. Effect on Other Benefits. The value of Common Shares and dividend equivalents
distributed with respect to the Restricted Units shall not be considered eligible earnings for
purposes of any other plans maintained by the Company. Neither shall such value be considered part
of the Participant’s compensation for purposes of determining or calculating other benefits that
are based on compensation, such as life insurance.

16. Applicable Law. The validity, construction, interpretation and effect of this
Agreement shall be governed by and construed in accordance with the laws of the State of Maryland,
without giving effect to the conflicts of laws provisions thereof.

17. Notice. Any notice to RAIT provided for in this instrument shall be addressed to RAIT
in care of the Board of Trustees at the principal office of RAIT, and any notice to the Participant
shall be addressed to such Participant at the current address shown on the payroll records of the
Company, or to such other address as the Participant may designate to RAIT in writing. Any notice
shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as
stated above, registered and deposited, postage prepaid, in a post office regularly maintained by
the United States Postal Service.

18. Section 409A of the Code. Notwithstanding anything in the Plan or this Agreement to
the contrary, the Committee may, without the Participant’s consent, amend this Agreement to comply
with the requirements of Section 409A of the Code and any corresponding guidance and regulations
issued under Section 409A of the Code to the extent it is subsequently determined, in the sole
discretion of the Committee, that such amendments are necessary for this grant to comply with the
requirements of Section 409A of the Code.

IN WITNESS WHEREOF, RAIT has caused its duly authorized officer to execute this Unit Award
Agreement, and the Participant has placed his or her signature hereon, effective as of the Date of
Grant.

RAIT INVESTMENT TRUST

By:

Name:

Title:

I hereby accept the award of Restricted Units and dividend equivalents described in this Agreement,
and I agree to be bound by the terms of this Agreement and the Plan. I hereby acknowledge and agree
that all of the decisions, interpretations and determinations of the Committee with respect to the
Restricted Units and dividend equivalents shall be final, binding and conclusive on me, my
beneficiaries and any other persons having or claiming an interest under this Agreement.

Date Participant

1

EXHIBIT A

SUBSEQUENT DEFERRAL ELECTION FORM

PART A. TIME OF REDEMPTION (only complete subpart (a) or (b), but not both)

	(a)	 	Election to Defer Redemption of Restricted Units Within Thirty (30) Days of Date of
Grant

THIS SUBPART (a) SHOULD ONLY BE COMPLETED IF YOU ARE MAKING THE ELECTION WITHIN 30 DAYS OF THE DATE
OF GRANT OF THE RESTRICTED UNITS AND SUCH ELECTION APPLIES TO RESTRICTED UNITS THAT VEST AFTER THE
FIRST ANNIVERSARY OF THE DATE OF GRANT.

I,      , (the “Participant”) hereby irrevocably elect to have the      Restricted
Units (the “Deferred Units”) granted to me on      , 200      pursuant to the Unit
Award Agreement (the “Agreement”) under the RAIT Investment Trust 2005 Equity Compensation Plan
(the “Plan”) that would have been redeemed by RAIT Investment Trust (“RAIT”) on           ,
     (the “Redemption Date”), to instead be redeemed on      ,      (the
“Deferred Date”), which is a date that is no sooner than the original Redemption Date for such
Restricted Units.

(b) Election to Defer Redemption of Restricted Units After Thirty (30) Days of Date of Grant

THIS SUBPART (b) SHOULD ONLY BE COMPLETED IF EITHER (I) YOU ARE MAKING THE ELECTION AFTER 30 DAYS
OF THE DATE OF GRANT OF THE RESTRICTED UNITS FOR RESTRICTED UNITS THAT VEST AFTER THE FIRST
ANNIVERSARY OF THE DATE OF GRANT OR (II) THE ELECTION IS BEING MADE FOR RESTRICTED UNITS THAT VEST
ON THE FIRST ANNIVERSARY OF THE DATE OF GRANT

I,      , (the “Participant”) hereby irrevocably elect to have the      Restricted
Units (the “Deferred Units”) granted to me on      , 200      pursuant to the Unit
Award Agreement (the “Agreement”) under the RAIT Investment Trust 2005 Equity Compensation Plan
(the “Plan”) that would have been redeemed by RAIT Investment Trust (“RAIT”) on           ,
     (the “Redemption Date”), to instead be redeemed on      ,      (the
“Deferred Date”), which is a date that is at least twelve (12) months before the date RAIT would
otherwise redeem the Restricted Units and is a date that is no earlier than five (5) years from the
Redemption Date under the Agreement.

2

	 
	 

	PART B. ACKNOWLEDGMENT

I understand and expressly agree that the Deferred Date for the Deferred Units shall be the date I
specified in Part A(a) or (b) above and I will not be entitled to receive a redemption of the
Deferred Units on an earlier date. I also understand and expressly agree that this deferral
election is irrevocable, and, with respect to an election made pursuant to Part A(b) above, shall
not take effect until twelve (12) months after the date on which I make this election.

PARTICIPANT SIGNATURE

Date:

Receipt Acknowledged:

RAIT INVESTMENT TRUST

By:

Name:

Title:

Date:

3EX-10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

AGREEMENT, made this 24th day of October, 2006, by and between Saia, Inc., a Delaware
corporation (“Saia”) and Richard D. O’Dell (the “Executive”).

WITNESSETH

WHEREAS, the Board of Directors of Saia has approved the employment of the Executive on the
terms and conditions set forth in this Agreement; and

WHEREAS, the Executive is willing, for the consideration provided, to enter into employment
with Saia on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, the parties, intending to be legally bound, agree as follows:

	 	1.	 	Employment. Saia hereby agrees to employ the Executive, and the
Executive hereby accepts such employment, upon the terms and conditions set forth in
this Agreement.

	 	2.	 	Term. The term of this Agreement shall be for two years from the date
hereof (the “Effective Date”), with said term renewing daily, and ending on the date of
termination of the Executive’s employment determined pursuant to Section 5, 6 or 7,
whichever shall be applicable. Notwithstanding any other provision in this Agreement
to the contrary, if this Agreement has not been earlier terminated, it shall
automatically expire on the twentieth (20th) anniversary of the Effective
Date.

	 	3.	 	Position and Duties. The Executive shall serve as President of Saia
until January 1, 2007, and thereafter as President and Chief Executive Officer of Saia,
and shall have such responsibilities and authority as commensurate with such offices
and as may from time to time be prescribed by or pursuant to Saia’s bylaws. The
Executive shall devote substantially all of his working time and efforts to the
business and affairs of Saia.

	 	4.	 	Compensation. During the period of the Executive’s employment, Saia
shall provide the Executive with the following compensation and other benefits:

	 	(a)	 	Base Salary. Saia shall pay to the Executive base
salary at the rate of $364,000.00 per annum which shall be payable in
accordance with the standard payroll practices of Saia. Effective January 1,
2007, Saia shall pay to the Executive base salary at the rate of $419,000.00
per annum. Such base salary rate shall be reviewed annually in accordance with
Saia’s normal policies beginning in calendar year 2007 for calendar year 2008;
provided, however, that at no time during the term of this Agreement shall the
Executive’s base salary be decreased from the rate then in effect.

	 	(b)	 	Annual Bonus. The Executive shall participate in a
bonus program established and maintained by Saia, which shall be paid by Saia.
The criteria for establishment of the parameters for payments shall be
determined annually by the Compensation Committee of the Board of Directors of
Saia.

	 	(c)	 	Long-Term Incentive Awards. The Compensation Committee
of the Board of Directors of Saia shall determine the form and amount of any
long-term incentive awards, if any, to be granted to the Executive and the
terms and conditions of any such awards.

	 	(d)	 	Other Benefits. In addition to the compensation and
benefits otherwise specified in this Agreement, the Executive (and, if provided
for under the applicable plan or program, his spouse) shall be entitled to
participate in, and to receive benefits under, Saia’s employee benefit plans
and programs that are or may be available to senior executives generally and on
terms and conditions that are no less favorable than those generally applicable
to other senior executives of Saia.

	 	(e)	 	Expenses. The Executive shall be entitled to prompt
reimbursement of all reasonable expenses incurred by him in performing services
hereunder, provided he properly accounts therefore in accordance with Saia’s
policies. Such expenses shall be reimbursed no later than 21/2 months after the
end of the year in which they were incurred.

	 	(f)	 	Office and Services Furnished. Saia shall furnish the
Executive with office space, secretarial assistance and such other facilities
and services as shall be suitable to the Executive’s position and adequate for
the performance of his duties hereunder.

	 	5.	 	Termination of Employment by Saia.

	 	(a)	 	Cause. Saia may terminate the Executive’s employment
for “Cause” if the Executive willfully engages in conduct which is materially
and demonstrably injurious to Saia or any of its affiliates (as defined below)
or willfully engages in an act or acts of dishonesty resulting in material
personal gain to the Executive at the expense of Saia or any of its affiliates.
Saia shall exercise its right to terminate the Executive’s employment for
Cause by (i) giving him written notice of termination at least 30 days before
the date of such termination specifying in reasonable detail the circumstances
constituting such Cause; and (ii) delivering to the Executive a copy of a
resolution duly adopted by the affirmative vote of not less than a majority of
the entire membership of the Board of Directors after reasonable notice to the
Executive and an opportunity for the Executive and his counsel to be heard
before the Board of Directors, finding that the Executive has engaged in the
conduct set forth in this subsection (a). In the event of such termination of
the Executive’s employment for Cause, the Executive shall be entitled to
receive (i) his base salary pursuant to Section 4(a) and any other compensation
and benefits to the extent actually earned pursuant to this Agreement or any
benefit plan or program of Saia as of the date of such termination at the
normal time for payment of such salary, compensation or benefits, and (ii) any
amounts owing under Section 4(e). In addition, in the event of such
termination of the Executive’s employment for Cause, all outstanding options to
purchase common stock of Saia held by the Executive at the effective date of
such termination which had not already been exercised shall be forfeited.
Except as provided in Section 9, the Executive shall receive no other
compensation or benefits from Saia or any of its affiliates.

	 	(b)	 	Disability. If the Executive incurs a Permanent and
Total Disability, as defined below, Saia may terminate the Executive’s
employment by giving him written notice of termination at least 30 days before
the date of such termination. In the event of such termination of the
Executive’s employment because of Permanent and Total Disability, (i) the
Executive shall be entitled to receive his base salary pursuant to Section 4(a)
and any other compensation and benefits to the extent actually earned by the
Executive pursuant to this Agreement or any benefit plan or program of Saia as
of the date of such termination of employment at the normal time for payment of
such salary, compensation or benefits and any amounts owing under Section 4(e),
and (ii) all outstanding stock options to purchase common stock of Saia held by
the Executive at the time of his termination of employment shall become
immediately exercisable at that time, and the Executive shall have one year
from the date of such termination of employment to exercise any or all of such
outstanding options (but not beyond the term of such option). For purposes of
this Agreement, the Executive shall be considered to have incurred a “Permanent
and Total Disability” if he is unable to engage in any substantial gainful
employment by reason of any materially determinable physical or mental
impairment which can be expected to result in death or which has lasted or can
be expected to last for a continuous period of not less than 12 months. The
existence of such Permanent and Total Disability shall be evidenced by such
medical certification as the Secretary of Saia shall require and shall be
subject to the approval of the Compensation Committee of the Board of Directors
of Saia.

	 	(c)	 	Without Cause. Saia may terminate the Executive’s
employment at any time and for any reason, other than for Cause or because of
Permanent and Total Disability, by giving him a written notice of termination
to that effect at least 30 days before the date of termination. In the event
of such termination of the Executive’s employment without Cause, and provided
Executive fully complies with his obligations under Sections 11 and 12 of this
Agreement, then Executive shall be entitled to the benefits described in
Section 8. Executive shall forfeit the benefits described in Section 8 in the
event he violates his obligations under Sections 11 or 12 of this Agreement.

	 	6.	 	Termination of Employment by the Executive.

	 	(a)	 	Good Reason. The Executive may terminate his employment
for Good Reason by giving Saia a written notice of termination at least 30 days
before the date of such termination specifying in reasonable detail the
circumstances constituting such Good Reason. In the event of the Executive’s
termination of his employment for Good Reason, and provided that Executive
fully complies with his obligations under Sections 11 and 12 of this Agreement,
then Executive shall be entitled to the benefits described in Section 8.
Executive shall forfeit the benefits described in Section 8 in the event he
violates his obligations under Sections 11 or 12 of this Agreement. For
purposes of this Agreement, “Good Reason” shall mean (i) the failure of Saia in
any material way either to pay or provide to the Executive the compensation and
benefits that he is entitled to receive pursuant to this Agreement by the later
of (A) 60 days after the applicable due date or (B) 30 days after the
Executive’s written demand for payment, or (ii) the assignment to the Executive
of any duties that are materially inconsistent with those of a President or
Chief Executive Officer (as the case may be, depending on the Executive’s title
at such time) of a company that results in a diminution in the Executive’s
normal duties, responsibilities and authority as described in Section 3, or
(iii) Executive’s receipt of notice from Saia of the cut-off of the automatic
renewal of the term of this Agreement as described in Section 2 above.

	 	(b)	 	Other. The Executive may terminate his employment at
any time and for any reason, other than pursuant to subsection (a) above, by
giving Saia a written notice of termination to that effect at least 30 days
before the date of termination. In the event of the Executive’s termination of
his employment pursuant to this subsection (b), the Executive shall be entitled
to receive (i) his base salary pursuant to Section 4(a) and any other
compensation and benefits to the extent actually earned by the Executive
pursuant to this Agreement or any benefit plan or program of Saia as of the
date of such termination at the normal time for payment of such salary,
compensation or benefits, and (ii) any amounts owing under Section 4(e). In
the event of the Executive’s termination of his employment pursuant to this
subsection (b), all outstanding options to purchase common stock of Saia held
by the Executive not previously exercised by the date of termination shall be
forfeited. Except as provided in Section 9, the Executive shall receive no
other compensation or benefits from Saia or any of its affiliates.

	 	7.	 	Termination of Employment By Death. In the event of the death of the
Executive during the course of his employment hereunder, (i) the Executive’s estate
shall be entitled to receive his base salary pursuant to Section 4(a) and any other
compensation and benefits to the extent actually earned by the Executive pursuant to
this Agreement or any other benefit plan or program of Saia as of the date of such
termination at the normal time for payment of such salary, compensation or benefits,
and (ii) all outstanding stock options to purchase common stock of Saia held by the
Executive at the time of his death shall become immediately exercisable upon his death,
and the Executive’s spouse or, if predeceased, the Executive’s estate, shall have one
year from the date of his death to exercise any or all of such outstanding options (but
not beyond the term of such option).

	 	8.	 	Benefits Upon Termination Without Cause or Good Reason. If the
Executive’s employment with Saia shall terminate (i) because of termination by Saia
pursuant to Section 5(c) and not for Cause or because of Permanent and Total
Disability, or (ii) because of termination by the Executive for Good Reason pursuant to
Section 6(a), the Executive shall be entitled to the following, provided that Executive
fully complies with his obligations under Sections 11 and 12:

	 	(a)	 	Saia shall pay to the Executive his base salary pursuant to
Section 4(a) and, subject to the further provisions of this Section 8, any
other compensation and benefits to the extent actually earned by the Executive
under this Agreement or any benefit plan or program of Saia as of the date of
such termination at the normal time for payment of such salary, compensation or
benefits.

	 	(b)	 	Saia shall pay the Executive any amounts owing under Section
4(e) in accordance with the terms thereof.

	 	(c)	 	Saia shall pay to the Executive as a severance benefit an
amount equal to two times his annual rate of base salary immediately preceding
his termination of employment, paid pro rata in accordance with Saia’s standard
payroll practices over the twenty-four months following the effective date of
termination. Notwithstanding the preceding, to the extent required to comply
with Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), such severance benefit and any interest thereon, as described below,
shall be paid beginning on the date six months following the date of
Executive’s termination of employment, with a payment for the first six months
paid in a lump sump and with the remaining amount paid pro rata in accordance
with Saia’s standard payroll practices over the remainder of the twenty-four
month period. Interest on such severance benefit shall accrue beginning at the
date of termination and continuing during the twenty-four month payment period
at a reasonable rate to be determined by Saia.

	 	(d)	 	Saia shall pay to the Executive a pro rated target bonus based
on the actual portion of the fiscal year elapsed prior to the termination of
Executive’s employment under Saia’s target bonus plan for the fiscal year in
which his termination of employment occurs as if the target had been exactly
met. Such payment shall be made in a lump sum within 30 days after the date of
such termination of employment, and the Executive shall have no right to any
further bonuses under said program. Notwithstanding the preceding, to the
extent required to comply with Section 409A of the Code, such target bonus and
any interest thereon, as described below, shall be paid on the date six months
following the date of Executive’s termination of employment. Interest on such
target bonus shall accrue during the six month period at a reasonable rate to
be determined by Saia.

	 	(e)	 	The Executive shall become eligible for payment of the
retirement benefits pursuant to Saia’s nonqualified defined contribution plans,
if any. Payment of benefits under such plans shall be made at the time and in
the manner determined under the applicable plan.

	 	(f)	 	During the period of 24 months beginning on the date of the
Executive’s termination of employment, the Executive (and, if applicable under
the applicable program, his spouse) shall remain covered by the employee
benefit plans and programs that covered him immediately prior to his
termination of employment as if he had remained in employment for such period;
provided, however, that there shall be excluded for this purpose (i) any plan
or program providing payment for time not worked (including without limitation
holiday, vacation, and long- and short-term disability), (ii) any perquisite
program, and (iii) except as provided in paragraph 8(g) hereof any equity based
or executive compensation plan. In the event that the Executive’s
participation in any such employee benefit plan or program is barred (other
than as provided herein), Saia shall arrange to provide the Executive with
substantially similar benefits. Any medical insurance coverage for such
two-year period pursuant to this subsection (f) shall become secondary upon the
earlier of (i) the date on which the Executive begins to be covered by
comparable medical coverage provided by a new employer, or (ii) the earliest
date upon which the Executive becomes eligible for Medicare or a comparable
Government insurance program. Notwithstanding the preceding, to the extent
required to comply with Section 409A of the Code, coverage under such employee
benefit plans and programs or substantially similar benefits shall be provided
at the Executive’s after-tax expense for the six month period following the
date of Executive’s termination of employment. The value of the coverage or
substantially similar benefits, determined as of Executive’s termination date,
during said six month period and any interest thereon, as described below,
shall be paid on the date six months following the date of Executive’s
termination of employment. Interest on the cost of such coverage or
substantially similar benefits shall accrue during the six month period at a
reasonable rate to be determined by Saia.

	 	(g)	 	All outstanding stock options to purchase common stock of Saia
held by the Executive at the time of termination of his employment shall become
fully exercisable upon such termination of employment and the Executive shall
have two years from the date of such termination of employment to exercise any
or all of such outstanding options (but not beyond the term of such option).

	 	(h)	 	If any payment or benefit received by or in respect of the
Executive under this Agreement or any other plan, arrangement or agreement with
Saia (determined without regard to any additional payments required under this
subsection (h) and Exhibit A of this Agreement) (a “Payment”) would be subject
to the excise tax imposed by Section 4999 of the Code (or any similar tax that
may hereafter be imposed) or any interest or penalties are incurred by the
Executive with respect to such excise tax (such excise tax, together with any
such interest and penalties, but excluding any penalties and interest imposed
under Section 409A of the Code, being hereinafter collectively referred to as
the “Excise Tax”), Saia shall pay to the Executive with respect to such Payment
at the time specified in Exhibit A an additional amount (the “Gross-up
Payment”) such that the net amount retained by the Executive from the Payment
and the Gross-up Payment, after reduction for any Excise Tax upon the payment
and any federal, state and local income and employment tax and Excise Tax upon
the Gross-up Payment, shall be equal to the Payment. The calculation and
payment of the Gross-up Payment shall be subject to the provisions of Exhibit
A.

	 	(i)	 	All payments and benefits set forth in this Section 8 are
conditioned upon Executive’s compliance with his obligations under Sections 11
and 12. In the event Executive breaches any provision of Section 11 or 12, he
shall forfeit all payments and benefits set forth in this Section 8 and shall
forfeit all unexercised stock options (vested and unvested).

	 	9.	 	Entitlement To Other Benefits. Except as provided in this Agreement,
this Agreement shall not be construed as limiting in any way any rights to benefits
that the Executive may have pursuant to any other plan or program of Saia.

	 	10.	 	Termination or Resignation Following a Change of Control. In the event
that Executive resigns his employment with Saia and its affiliates or suffers a
“Termination” of such employment within two years after a “Change of Control” of Saia
under the circumstances described and the definitions set forth in paragraphs 3 and 1
(e) of the Executive Severance Agreement entered into between Executive and Saia on
October      , 2006 (the “Executive Severance Agreement”), the provisions of which are
hereby incorporated by reference, the Executive shall be entitled to the greater of
each benefit described in Section 8 or each benefit provided for under the Executive
Severance Agreement.

	 	11.	 	Non-Competition and Non-Solicitation. The Executive acknowledges that
in the course of his employment with Saia and its affiliates he has become, and in the
course of his employment with Saia he will continue to become, familiar with Saia’s
trade secrets and those of Saia’s affiliates and its customers and suppliers.
Executive further acknowledges that his services are of special, unique and
extraordinary value to Saia. Therefore, the Executive agrees that, during the
Restricted Period (as defined below), he shall not, either directly or indirectly, for
himself or on behalf of or in conjunction with any other person, company, partnership,
corporation, business, group, or other entity (each, a “Person”):

	 	(a)	 	perform (as an officer, director, owner, partner, member, joint
venturer, or in a managerial capacity (whether as an employee, independent
contractor, or consultant)), within the Territory, any executive, managerial,
sales, business planning, financial planning, or marketing services that are
the same or substantially similar to the services that he performed for Saia or
an affiliate of Saia at any time during the last twelve (12) months of his
employment for any business engaged in the Restricted Business (as defined
below);

	 	(b)	 	directly or indirectly solicit, call upon, divert, or take
away, or attempt to solicit, call upon, divert, or take away, for the purpose
of competing with Saia in the Restricted Business, any customer, supplier, or
trading partner of Saia with or as to whom Executive had any business-related
contact or acquired or had access to any Confidential Information or Trade
Secrets of Saia or an affiliate of Saia at any time during the last twelve (12)
months of his employment;

	 	(c)	 	directly or indirectly solicit or attempt to solicit any
employees, agents, or independent contractors of Saia or an affiliate of Saia
with whom Executive had any business-related contact within the last twelve
(12) months of his employment with Saia, without the prior written consent of
Saia, in order to induce them to terminate their employment or to terminate or
limit their agency or independent contractor agreement or relationship with
Saia or an affiliate of Saia.

	 	(d)	 	For purposes of Sections 11 and 12 of this Agreement:

	 	(i)	 	References to the “Territory” shall
mean the territory described in Exhibit B hereto, which Executive
acknowledges and agrees is the territory in which Saia operates its
business. Executive further acknowledges and agrees that he performs
services for Saia, and calls on Saia’s customers, throughout the entire
Territory.

	 	(ii)	 	References to the “Restricted Business”
shall mean the provision of regional, interregional and/or national
less-than-truckload services. Executive acknowledges that Saia’s
business may change over time and agrees that he will not unreasonably
withhold consent to the modification of this definition resulting from
such change.

	 	(iii)	 	References to the “Restricted Period”
shall mean the period of time Executive is employed by Saia or an
affiliate of Saia and a period of two years after the date the
Executive ceases to be employed by Saia or an affiliate of Saia.

	 	(iv)	 	Executive agrees to confer in good faith
annually with Saia regarding the definitions contained within this
Section and agrees that he shall not be entitled to any annual
increases in pay or benefits until such good faith conference has
concluded and, when appropriate, written modifications are made to
the definitions.

	 	(e)	 	The covenants in this Section 11 are severable and separate,
and the unenforceability of any specific covenant shall not affect the
provisions of any other covenant. If any provision of this Section 11 relating
to the time period, scope, or geographic areas of the restrictive covenants
shall be declared by a court of competent jurisdiction to exceed the maximum
time period, scope, or geographic area, as applicable, that such court deems
reasonable and enforceable, then this Agreement shall automatically be
considered to have been amended and revised to reflect such determination.

	 	(f)	 	All of the covenants in this Section 11 shall be construed as
an agreement independent of any other provisions in this Agreement, and the
existence of any claim or cause of action Executive may have against Saia or an
affiliate, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement by Saia of such covenants.

	 	(g)	 	Executive has carefully read and considered the provisions of
this Section 11 and, having done so, agrees that the restrictive covenants in
this Section 11 impose a fair and reasonable restraint on Executive and are
reasonably required to protect the interests of Saia or its affiliates and its
officers, directors, employees, and stockholders.

	 	12.	 	Trade Secrets and Confidential Information. “Confidential
Information” means any data or information (other than Trade Secrets) that is
valuable to Saia or its affiliates (or, if owned by someone else, is valuable to that
third party) and not generally known to the public or to competitors in the industry,
including, but not limited to, any non-public information (regardless of whether in
writing or retained as personal knowledge) pertaining to research and development;
product costs and processes; stockholder information; pricing costs, or profit factors;
quality programs; annual budget and long-range business plans; marketing plans and
methods; contracts and bids; and personnel. Confidential Information does not include
any information that Executive knew or obtained prior to his employment with Saia or
its affiliates or that has become generally available to the public by the act of one
who has the right to disclose such information without violating any right of the
person or entity to which such information pertains. “Trade Secret” means
trade secret as defined by applicable state law. In the absence of such a definition,
Trade Secret means information including, but not limited to, any technical or
nontechnical data, formula, pattern, compilation, program, device, method, technique,
drawing, process, financial data, financial plan, product plan, list of actual or
potential customers or suppliers or other information similar to any of the foregoing,
which (i) derives economic value, actual or potential, from not being generally known
to, and not being readily ascertainable by proper means by, other persons who can
derive economic value from its disclosure or use and (ii) is the subject of efforts
that are reasonable under the circumstances to maintain its secrecy.

	 	(a)	 	The Executive acknowledges that in the course of his employment
with Saia and its affiliates he has become or will become familiar with Trade
Secrets and Confidential Information of Saia, its affiliates, and their
respective customers and suppliers. Accordingly, he is willing to enter into
the covenants contained in Sections 11 and 12 of this Agreement in order to
provide Saia with what he considers to be reasonable protection for its
interests.

	 	(b)	 	Executive hereby agrees that, during the Restricted Period, he
will hold in confidence all Confidential Information that came into his
knowledge during his employment with Saia and its affiliates and will not
disclose, publish, or make use of such Confidential Information without the
prior written consent of Saia. In the event that the Executive is requested or
required (by oral question or request for information or documents in any legal
proceeding, interrogatory, subpoena, civil investigative demand, or similar
process) to disclose any Confidential Information or Trade Secrets, the
Executive shall notify Saia promptly of the request or requirement so that Saia
may seek an appropriate protective order or waive compliance with the
provisions of this Section 12. If, in the absence of a protective order or the
receipt of a waiver hereunder, the Executive is, on the advice of counsel,
compelled to disclose any Confidential Information or Trade Secrets to any
tribunal or else stand liable for contempt, the Executive may disclose the
Confidential Information or Trade Secrets to the tribunal; provided,
that the Executive shall first use his best efforts to obtain, at the
request of and at the cost of Saia, an order or other assurance that
confidential treatment shall be accorded to such portion of the Confidential
Information or Trade Secrets required to be disclosed as Saia shall designate.
This Section 12 shall not prevent Executive from using any of the Confidential
Information or Trade Secrets in connection with his employment with Saia or any
of its affiliates. Executive further agrees to deliver promptly to Saia, at
the request and option of Saia, all tangible embodiments (and all copies) of
the Confidential Information and Trade Secrets which are in his possession or
under his control.

	 	(c)	 	Executive hereby agrees to hold in confidence all Trade Secrets
that came into his knowledge during his employment by Saia or its affiliates
and shall not disclose, publish, or make use of at any time after the date
hereof such Trade Secrets without the prior written consent of Saia for as long
as the information remains a Trade Secret.

	 	(d)	 	The parties agree that the restrictions stated in this Section
12 are in addition to and not in lieu of protections afforded to trade secrets
and confidential information under applicable state law. Nothing in this
Agreement is intended to or shall be interpreted as diminishing or otherwise
limiting Saia’s rights under applicable state law to protect its trade secrets
and confidential information.

	 	13.	 	Use of Information of Prior Employers. During the term of this
Agreement, the Executive will not improperly use or disclose any Confidential
Information or Trade Secrets, if any, of any former employers or any other person to
whom the Executive has an obligation of confidentiality, and will not bring onto the
premises of Saia or any of its affiliates any unpublished documents or any property
belonging to any former employer or any other person to whom the Executive has an
obligation of confidentiality unless consented to in writing by the former employer or
person.

	 	14.	 	Remedy for Breach. The Executive acknowledges and agrees that in the
event of a breach by the Executive of any of the provisions of Sections 11, 12 or 13
monetary damages shall not constitute a sufficient remedy. Consequently, in the event
of any such breach, Saia and/or its respective successors or assigns may, in addition
to all other rights and remedies existing in their favor, apply to any court of law or
equity of competent jurisdiction for specific performance and/or injunctive or other
relief in order to enforce or prevent any violations of the provisions hereof, in each
case without the requirement of posting a bond or proving actual damages.

	 	15.	 	Enforcement. If the final judgment of a court of competent
jurisdiction declares that any term or provision of Sections 11, 12, 13 or 14 is
invalid or unenforceable, each of the Executive and Saia agree that the court making
the determination of invalidity or unenforceability shall have the power to reduce the
scope, duration, or area of the term or provision, to delete specific words or phrases,
or to replace any invalid or unenforceable term or provision with a term or provision
that is valid and enforceable and that comes closest to expressing the intention of the
invalid or unenforceable term or provision, and the terms provided herein shall be
enforceable as so modified after the expiration of the time within which the judgment
may be appealed.

	 	16.	 	Acknowledgment. The Executive acknowledges and agrees that (i) the
restrictions contained in Sections 11, 12, 13, 14 or 15 are reasonable in all respects
(including, without limitation, with respect to subject matter, time period and
geographical area) and are necessary to protect Saia’s interest in, and value of, its
business (including, without limitation, the goodwill inherent therein) and (ii)
Executive is responsible for the creation of such value.

	 	17.	 	Arbitration.

	 	(a)	 	Arbitration of Disputes. Except for an action for
specific performance or injunctive relief as contemplated by Section 14 and
except for a claim asserted with respect to an employee benefit plan governed
by the Employee Retirement Income Security Act of 1974, any dispute between the
parties hereto arising out of, in connection with, or relating to this
Agreement, the breach thereof, or Executive’s employment or termination of
employment with Saia shall be settled by binding arbitration in Atlanta,
Georgia, in accordance with the rules then in effect of the American
Arbitration Association (“AAA”). Arbitration shall be the exclusive remedy for
any such dispute except only as to failure to abide by an arbitration award
rendered hereunder. Regardless of whether or not both parties hereto
participate in the arbitration proceeding, any arbitration award rendered
hereunder shall be final and binding on each party hereto and judgment upon the
award rendered may be entered in any court having jurisdiction thereof. The
party seeking arbitration shall notify the other party in writing and request
the AAA to submit a list of 5 or 7 potential arbitrators. In the event the
parties do not agree upon an arbitrator, each party shall, in turn, strike one
arbitrator from the list, Saia having the first strike, until only one
arbitrator remains, who shall arbitrate the dispute. The parties shall have
the opportunity to conduct reasonable discovery as determined by the
arbitrator, and the arbitration hearing shall be conducted within 30 to 60 days
of the selection of an arbitrator or at the earliest date thereafter that the
arbitrator is available or as otherwise set by the arbitrator.

	 	(b)	 	Indemnification. If arbitration occurs as provided for
herein and the Executive is awarded more than Saia has asserted is due him or
otherwise substantially prevails therein, Saia shall reimburse the Executive
for his reasonable attorneys’ fees, costs and disbursements incurred in such
arbitration and hereby agrees to pay interest on any money award obtained by
the Executive from the date payment should have been made until the date
payment is made, calculated at the prime interest rate of Bank of America,
N.A., Atlanta, Georgia in effect from time to time from the date that
payment(s) to him should have been made under this Agreement. If the Executive
enforces the arbitration award in court, Saia shall reimburse the Executive for
his reasonable attorneys’ fees, costs and disbursements incurred in such
enforcement.

	 	18.	 	Indemnification under Charter and Bylaws. Saia shall provide the
Executive with rights to indemnification by Saia that are no less favorable to the
Executive than those set forth in Saia’s governing documents as in effect as of the
Effective Date.

	 	19.	 	Successors. This Agreement shall be binding upon and inure to the
benefit of the Executive and his estate and Saia and any successor or assign of Saia,
but neither this Agreement nor any rights arising hereunder may be assigned or pledged
by the Executive.

	 	20.	 	Severability. Any provision in this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only
to the extent of such prohibition or unenforceability without invalidating or affecting
the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

	 	21.	 	409A Compliance. This Agreement is intended to be compliant with
Section 409A of the Code. Any provision that would cause the Agreement to violate
Section 409A of the Code shall be ineffective. Notwithstanding the preceding,
Executive is advised to consult his personal tax counsel to determine the tax
consequences of any payments hereunder and Executive shall, except as provided in
Section 8(h), be liable for any taxes, penalties and/or interest assessed with respect
to any payments hereunder.

	 	22.	 	Survival. The parties agree that the obligations contained in this
Agreement which by their terms survive the expiration, termination or cancellation of
this Agreement shall survive any expiration, termination or cancellation of this
Agreement and continue to be enforceable.

	 	23.	 	Notices. All notices required or permitted to be given under this
Agreement shall be given in writing and shall be deemed sufficiently given if delivered
by hand or mailed by registered mail, return receipt requested, to his residence in the
case of the Executive and to its principal executive offices in the case of Saia.
Either party may by giving written notice to the other party in accordance with this
Section 22 change the address at which it is to receive notices hereunder.

	 	24.	 	Controlling Law. This Agreement shall in all respects be governed by
and construed in accordance with the laws of the State of Delaware, not including the
choice-of-law rules thereof.

	 	25.	 	Changes to Agreement. This Agreement may not be changed orally but
only in a writing, signed by the party against whom enforcement is sought.

	 	26.	 	Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed an original but all of
which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the

24th of October, 2006.

	 	 	 	 	 
	EXECUTIVE

/s/ Richard D. O’Dell

	 	SAIA, INC.
	 	

/s/ Herbert A. Trucksess
	 

	 	 
	 	 
	Richard D. O’Dell

	 	By:

ATTEST
	 	Herbert A. Trucksess

Chairman and CEO

	 
	 	 	 	 
	
 
	 	 	 	/s/ James A. Darby
	
 
	 	 
	 	 
	
 
	 	By:
	 	James A. Darby

Secretary

1

Exhibit A

Gross-Up Payments

The following provisions shall be applicable with respect to the Gross-Up Payments described
in Section 8 (h) of this Agreement.

(a) For purposes of determining whether any of the Payments will be subject to the Excise Tax
and the amount of such Excise Tax, (i) all of the Payments received or to be received shall be
treated as “parachute payments” within the meaning of Section 280G(b) (2) of the Code, and all
“excess parachute payments” within the meaning of Section 280G(b) (1) of the Code shall be treated
as subject to the Excise Tax unless, in the opinion of tax counsel selected by Saia, the Payments
(in whole or in part) do not constitute parachute payments, including by reason of Section 280G(b)
(4) (A) of the Code, or excess parachute payments (as determined after application of Section
280G(b) (4) (B) of the Code), and (ii) the value of any non-cash benefits or any deferred payment
or benefit shall be determined by independent auditors selected by Saia in accordance with the
principles of Sections 280G(d) (3) and (4) of the Code. For purposes of determining the amount of
the Gross-Up Payment, the Executive shall be deemed to pay Federal income taxes at the highest
marginal rate of Federal income taxation in the calendar year in which the Gross-Up Payment is to
be made and state and local income taxes at the highest marginal rate of taxation to which such
payment could be subject based upon the state and locality of the Executive’s residence or
employment, net of the maximum reduction in Federal income taxes which could be obtained from
deduction of such state and local taxes. In addition, for purposes of determining the amount of
the Gross-Up Payment, Saia shall make a determination of the amount of any employment taxes
required to be paid on the Gross-Up Payment. In the event that the Excise Tax is determined to
exceed the amount taken into account hereunder at the time the Gross-Up Payment is made (including
by reason of any payments the existence or amount of which cannot be determined at the time of the
Gross-Up Payment), Saia shall make an additional gross-up payment in respect of such excess (plus
any interest, penalties or additions payable with respect to such excess) on the date which is four
years after the date of the Payment. Notwithstanding the foregoing, Saia shall withhold from any
payment due to the Executive the amount required by law to be so withheld under Federal, state or
local wage or employment tax withholding requirements or otherwise (including without limitation
Section 4999 of the Code), and shall pay over to the appropriate government authorities the amount
so withheld.

(b) The Gross-Up Payment with respect to a Payment shall be paid not later than the thirtieth
day following the date of the Payment or, in the event the Change in Control does not constitute a
change in control within the meaning of Section 409A of the Code, on the date six months following
the date of Executive’s termination of employment. If the amount of such Gross-Up Payment or
portion thereof cannot be finally determined on or before such day, Saia shall pay to the Executive
on such date an estimate, as determined in good faith by Saia, of the amount of such Gross-Up
payments and shall pay the remainder of such payments (together with interest at the Federal
short-term rate provided in Section 1274(d)(1)(C)(i) of the Code) on the date which is four years
after the date of the Payment. At the time that payments are made under Section 8(h) and this
Exhibit A, Saia shall provide the Executive with a written statement setting forth the manner in
which such payments were calculated and the basis for such calculations, including, without
limitation, any opinions or other advice Saia has received from outside counsel, auditors or
consultants (and any such opinions or advice which are in writing shall be attached to the
statement).

2

Exhibit B

Territory

Washington, Oregon, Idaho, California, Arizona, Nevada, Utah, Colorado, New Mexico, Texas,

Oklahoma, Kansas, Nebraska, South Dakota, North Dakota, Minnesota, Iowa, Illinois, Wisconsin,

Missouri, Arkansas, Louisiana, Mississippi, Tennessee, Alabama, Florida, Georgia, South Carolina,

North Carolina, Virginia

3

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