Document:

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                                                                    EXHIBIT 10.1

                       AMENDMENT NO. 4 TO CREDIT AGREEMENT

         THIS AMENDMENT NO. 4 TO CREDIT AGREEMENT (this "Amendment"), dated as
of June 30, 2002, by and among:

                  (i) ANTHONY & SYLVAN POOLS CORPORATION, an Ohio corporation
         (herein, together with its successors and assigns, the "BORROWER");

                  (ii) the financial institutions listed on the signature pages
         hereof (collectively, the "LENDERS"); and

                  (iii) NATIONAL CITY BANK, a national banking association, as a
         Lender, the Letter of Credit Issuer, the Collateral Agent and the
         Administrative Agent.

         PRELIMINARY STATEMENTS:

         (1) The Borrower, the Lenders, the Letter of Credit Issuer, the
Collateral Agent and the Administrative Agent entered into the Credit Agreement,
dated as of July 8, 1999, as amended (the "CREDIT AGREEMENT"; the terms defined
therein used herein as so defined).

         (2) The parties hereto desire to modify certain provisions of the
Credit Agreement, all as more fully set forth below.

         NOW, THEREFORE, the parties hereby agree as follows:

         SECTION 1. AMENDMENTS.

         1.1. AMENDMENT TO FIXED CHARGE COVERAGE RATIO COVENANT. Section 9.10 of
the Credit Agreement is hereby amended and restated in its entirety to read as
follows:

         9.10. FIXED CHARGE COVERAGE RATIO. The Borrower will not permit its
Fixed Charge Coverage Ratio for any Testing Period to be less than the ratio
specified below:

-------------------------------------------------------------------------------
         TESTING PERIOD                                             RATIO
-------------------------------------------------------------------------------
         Testing Period ended on or nearest to                  1.30 to 1.00
         June 30, 2000 and any Testing Period
         thereafter ending prior to the
         Testing Period specified below
-------------------------------------------------------------------------------
         Testing Periods ended on or nearest                    1.50 to 1.00
         to December 31, 2001 and March 31,
         2002
-------------------------------------------------------------------------------
         Testing Period ended June 30, 2002                     1.20 to 1.00
         and any Testing Period thereafter
-------------------------------------------------------------------------------

         SECTION 2. REPRESENTATIONS AND WARRANTIES. The Borrower represents and
warrants to the Lenders and the Administrative Agent as follows:

         2.1 AUTHORIZATION, VALIDITY AND BINDING EFFECT. This Amendment has been
duly authorized by all necessary corporate action on the part of the Borrower,
has been duly executed and delivered by a duly authorized officer or officers of
the Borrower, and constitutes the valid and binding agreement of the Borrower,
enforceable against the Borrower in accordance with its terms.

         2.2. REPRESENTATIONS AND WARRANTIES TRUE AND CORRECT. The
representations and warranties of the Borrower contained in the Credit
Agreement, as amended hereby, are true and correct on and as of the date hereof
as though made on and as of the date hereof, except to the extent that such
representations and warranties expressly relate

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to a specified date, in which case such representations and warranties are
hereby reaffirmed as true and correct when made.

         2.3. NO EVENT OF DEFAULT. No condition or event has occurred or exists
that constitutes or that, after notice or lapse of time or both, would
constitute a Default or an Event of Default.

         2.4. NO CLAIMS. The Borrower is not aware of any claim or offset
against, or defense or counterclaim to, any of its obligations or liabilities
under the Credit Agreement or any other Credit Document.

         SECTION 3. RATIFICATIONS. Except as expressly modified and superseded
by this Amendment, the terms and provisions of the Credit Agreement are ratified
and confirmed and shall continue in full force and effect.

         SECTION 4. BINDING EFFECT. This Amendment shall become effective as of
the date first written above, subject to the satisfaction of the following
conditions:

         (a) this Amendment shall have been executed by the Borrower, the
Required Lenders and the Administrative Agent, and counterparts hereof as so
executed shall have been delivered to the Administrative Agent;

         (b) the Borrower shall have paid all legal fees and expenses of the
Administrative Agent in connection with this Amendment and the documents
executed in connection herewith; and

         (c) the Borrower shall have provided such other items and shall have
satisfied such other conditions as may be reasonably required by the
Administrative Agent and the Lenders.

         SECTION 5. MISCELLANEOUS.

         5.1. SUCCESSORS AND ASSIGNS. This Amendment shall be binding upon and
inure to the benefit of the Borrower, each Lender and the Administrative Agent
and their respective permitted successors and assigns.

         5.2. SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations
and warranties made in this Amendment shall survive the execution and delivery
of this Amendment, and no investigation by the Administrative Agent or any
Lender or any subsequent Loan or issuance of a Letter of Credit shall affect the
representations and warranties or the right of the Administrative Agent or any
Lender to rely upon them.

         5.3. REFERENCE TO CREDIT AGREEMENT. The Credit Agreement and any and
all other agreements, instruments or documentation now or hereafter executed and
delivered pursuant to the terms of the Credit Agreement as amended hereby, are
hereby amended so that any reference therein to the Credit Agreement shall mean
a reference to the Credit Agreement as amended hereby.

         5.4. SEVERABILITY. Any term or provision of this Amendment held by a
court of competent jurisdiction to be invalid or unenforceable shall not impair
or invalidate the remainder of this Amendment and the effect thereof shall be
confined to the term or provision so held to be invalid or unenforceable.

         5.5. APPLICABLE LAW. This Amendment shall be governed by and construed
in accordance with the laws of the State of Ohio, without regard to principles
of conflicts of laws.

         5.6. HEADINGS. The headings, captions and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of
this Amendment.

         5.7. ENTIRE AGREEMENT. This Amendment is specifically limited to the
matters expressly set forth herein. This Amendment and all other instruments,
agreements and documentation executed and delivered in connection with this
Amendment embody the final, entire agreement among the parties hereto with
respect to the subject matter

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hereof and supersede any and all prior commitments, agreements, representations
and understandings, whether written or oral, relating to the matters covered by
this Amendment, and may not be contradicted or varied by evidence of prior,
contemporaneous or subsequent oral agreements or discussions of the parties
hereto. There are no oral agreements among the parties hereto relating to the
subject matter hereof or any other subject matter relating to the Credit
Agreement.

         5.8. WAIVER OF CLAIMS. The Borrower, by signing below, hereby waives
and releases the Administrative Agent, the Collateral Agent, the Letter of
Credit Issuer and each of the Lenders and their respective directors, officers,
employees, attorneys, affiliates and subsidiaries from any and all claims,
offsets, defenses and counterclaims of which Borrower is aware, such waiver and
release being with full knowledge and understanding of the circumstances and
effect thereof and after having consulted legal counsel with respect thereto.

         5.9. COUNTERPARTS. This Amendment may be executed by the parties hereto
separately in one or more counterparts, each of which when so executed shall be
deemed to be an original, but all of which when taken together shall constitute
one and the same agreement. Transmission by a party to another party (or its
counsel) via facsimile of a copy of this Amendment (or a signature page of this
Amendment) shall be as fully effective as delivery by such transmitting party to
the other parties hereto of a counterpart of this Amendment that had been
manually signed by such transmitting party.

[Remainder of page intentionally left blank.]

                                       17<PAGE>
                                                                     Exhibit 4.3

                   ROADWAY CORPORATION NONEMPLOYEE DIRECTORS'
                      EQUITY AND DEFERRED COMPENSATION PLAN

<PAGE>

                               ROADWAY CORPORATION
                             NONEMPLOYEE DIRECTORS'
                      EQUITY AND DEFERRED COMPENSATION PLAN

                                TABLE OF CONTENTS
                               -----------------

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ARTICLE I        DEFINITIONS..................................................................................1

ARTICLE II       PURPOSE......................................................................................4

ARTICLE III      VOLUNTARY SHARES.............................................................................4

         3.1   Voluntary Shares...............................................................................4

ARTICLE IV       DEFERRAL OF FEES, REQUIRED RETAINER SHARES AND VOLUNTARY SHARES..............................5

         4.1   Deferral of Fees...............................................................................5

         4.2   Crediting of Deferred Fees.....................................................................5

         4.3   Deferral of Required Retainer Shares and Voluntary Shares......................................5

         4.4   Crediting of Deferred Shares...................................................................5

         4.5   Initial Year of Participation..................................................................5

         4.6   Withholding Taxes..............................................................................5

ARTICLE V        DEFERRED SHARE ACCOUNT.......................................................................6

         5.1   Determination of Deferred Share Account........................................................6

         5.2   Crediting of Dividend Equivalents..............................................................6

         5.3   Adjustments to Deferred Share Accounts.........................................................6

         5.4   Statements of Deferred Share Accounts..........................................................6

         5.5   Vesting of Deferred Share Account..............................................................6

ARTICLE VI       DISTRIBUTION OF BENEFITS.....................................................................6

         6.1   Settlement Date................................................................................6

         6.2   Amount to be Distributed.......................................................................6

         6.3   In-Service Distribution........................................................................6

         6.4   Form of Distribution-- Deferred Shares.........................................................7
</TABLE>

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                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
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<S>                                                                                                          <C>

         6.5   Special Distributions..........................................................................7

         6.6   Beneficiary Designation........................................................................8

         6.7   Facility of Payment............................................................................8

ARTICLE VII      ADMINISTRATION, AMENDMENT AND TERMINATION....................................................8

         7.1   Administration.................................................................................8

         7.2   Amendment and Termination......................................................................9

ARTICLE VIII     FINANCING OF BENEFITS........................................................................9

         8.1   Financing of Benefits..........................................................................9

         8.2   Security for Benefits..........................................................................9

         8.3   Guarantee by Subsidiaries......................................................................9

ARTICLE IX       SHARES SUBJECT TO PLAN.......................................................................9

         9.1   Shares Subject to Plan.........................................................................9

         9.2   Adjustments....................................................................................9

ARTICLE X        GENERAL PROVISIONS..........................................................................10

         10.1  Interests Not Transferable; Restrictions on Shares and Rights to Shares.......................10

         10.2  Governing Law.................................................................................10

         10.3  Withholding Taxes.............................................................................10

         10.4  Miscellaneous.................................................................................10
</TABLE>

                                      -ii-

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                   ROADWAY CORPORATION NONEMPLOYEE DIRECTORS'
                      EQUITY AND DEFERRED COMPENSATION PLAN

            The Roadway Corporation Nonemployee Directors' Compensation Plan
("Plan") is effective as of May 30, 2001. The Plan is an amendment and
restatement of the Roadway Express, Inc. Nonemployee Directors' Equity and
Deferred Compensation Plan. The purpose of this amendment and restatement of the
Plan is to reflect the formation of Roadway Corporation and the exchange of
common shares of Roadway Express, Inc. for common shares of Roadway Corporation
pursuant to the Agreement and Plan of Merger by and among Roadway Express, Inc.,
Roadway Merger Corp. and Roadway Corporation dated May 29, 2001.

                             ARTICLE I DEFINITIONS

            Whenever the following terms are used in this Plan they shall have
the meanings specified below unless the context clearly indicates to the
contrary:

            (a)    "Account": A Deferred Fee Account and/or a Deferred Share
                   Account, as the context may require.

            (b)    "Accounting Date": December 31 of each year and the last day
                   of each calendar quarter.

            (c)    "Accounting Period": The period beginning on the date
                   immediately following an Accounting Date and ending the next
                   following Accounting Date.

            (d)    "Administrator": The Compensation and Nominating Committee of
                   the Board or any successor committee designated by the Board.

            (e)    "Beneficiary": The person or persons (natural or otherwise)
                   designated pursuant to Section 6.6.

            (f)    "Board": The Board of Directors of the Company.

            (g)    "Chairman": The Chairman of the Board.

            (h)    "Change in Control": The occurrence of any of the following
                   events:

                           (i)    a filing pursuant to any federal or state
                                  law in connection with any tender offer for
                                  shares of the Company (other than a tender
                                  offer by the Company);

                           (ii)   the merger, consolidation or reorganization
                                  of the Company into or with another
                                  corporation or other legal person, if as a
                                  result of such merger, consolidation or
                                  reorganization less than 50% of the combined
                                  voting power of the then-outstanding
                                  securities of such corporation or person
                                  immediately after such transaction are held
                                  in the aggregate by the holders of Voting
                                  Stock (as that term is hereafter defined) of
                                  the Company immediately prior to such
                                  transaction by reason of their ownership of
                                  Voting Stock of the Company;

                           (iii)  the sale or transfer by the Company of all or
                                  substantially all of its assets to another
                                  company or other legal person, if as a result
                                  of such sale or

<PAGE>
                                  transfer less than 50% of the combined voting
                                  power of the then-outstanding securities of
                                  such company immediately after such sale or
                                  transfer is held in the aggregate by the
                                  holders of Voting Stock of the Company
                                  immediately prior to such sale or transfer by
                                  reason of their ownership of Voting Stock of
                                  the Company;

                          (iv)    the adoption of any resolution of
                                  reorganization or dissolution of the Company
                                  by its shareholders;

                          (v)     the filing of a report on Schedule 13D or
                                  Schedule 14D-1 (or any successor schedule,
                                  form or report), each as promulgated pursuant
                                  to the Securities Exchange Act of 1934, as
                                  amended (the "Exchange Act"), disclosing that
                                  any person (as the term "person" is used in
                                  Section 13(d)(3) or Section 14(d)(2) of the
                                  Exchange Act) has become the beneficial owner
                                  (as the term "beneficial owner" is defined
                                  under Rule 13d-3 or any successor rule or
                                  regulation promulgated under the Exchange Act)
                                  of securities representing 50% or more of the
                                  combined voting power of the then-outstanding
                                  securities entitled to vote generally in the
                                  election of directors of the Company ("Voting
                                  Stock");

                          (vi)    the filing of a report or proxy statement by
                                  the Company with the Securities and Exchange
                                  Commission pursuant to the Exchange Act
                                  disclosing in response to Form 8-K or Schedule
                                  14A (or any successor schedule, form or report
                                  or item therein) that a change in control of
                                  the Company has occurred or will occur in the
                                  future pursuant to any then-existing contract
                                  or transaction;

                          (vii)   if during any period of two consecutive
                                  year, individuals who at the beginning of such
                                  period constituted the directors of the
                                  Company cease for any reason to constitute a
                                  majority thereof (unless the election, or the
                                  nomination for election by the Company's
                                  shareholders, of each director of the Company
                                  first elected during such period was approved
                                  by a vote of at least two-thirds of the
                                  directors then still in office who were
                                  directors of the Company at the beginning of
                                  any such period; or

                          (viii)  the occurrence of any other event or series
                                  of events, which event or series of events, in
                                  the opinion of the Board, will, or is likely
                                  to, if carried out, result in a change in
                                  control of the Company; provided, however, a
                                  "Change in Control" will not be deemed to have
                                  occurred, either (i) solely because (A) the
                                  Company, (B) a subsidiary of the Company, or
                                  (C) any Company-sponsored employee stock
                                  ownership plan or any other employee benefit
                                  plan of the Company, either files or becomes
                                  obligated to file a report or a proxy
                                  statement under or in response to Schedule
                                  13D, Schedule 14-D1, Form 8-K or Schedule 14A
                                  (or any successor schedule, form or report or
                                  item therein) under the Exchange Act,
                                  disclosing beneficial ownership by it of
                                  shares of Voting Stock, whether in excess of
                                  50% or otherwise, or because the Company
                                  reports that a change in control of the
                                  Company has or may have occurred or will or
                                  may occur in the future by reason of such
                                  beneficial ownership, or (ii) solely because
                                  of a change in control of any subsidiary.
                                  Notwithstanding the foregoing provisions of
                                  Paragraphs (1)-(5) of this Subsection, if,
                                  prior to any event described in Paragraphs
                                  (1)-(5) of this Subsection instituted by any
                                  person not an officer or director of the
                                  Company, or prior to any disclosed proposal
                                  instituted by any person not an officer or
                                  director of the Company which could lead to
                                  any such event, management proposes any
                                  restructuring of the Company which ultimately

<PAGE>

                                  leads to an event described in Paragraphs
                                  (1)-(5) of this Subsection pursuant to such
                                  management proposal, then a "Change in
                                  Control" will not be deemed to have occurred
                                  for purposes of the Plan. In any "Change in
                                  Control" is abandoned, the Board, may, by
                                  notice of the Directors, nullify the effect
                                  thereof.

            (i)    "Code": The Internal Revenue Code of 1986, as amended.

            (j)    "Company": Roadway Corporation or any successor or successors
                   thereto.

            (k)    "Deferral Commitment": An agreement made by a Director in a
                   Participation Agreement to have all or a specified portion of
                   his or her Fees, Required Retainer Shares and/or Voluntary
                   Shares deferred under the Plan for a specified period in the
                   future.

            (l)    "Deferral Period": The Plan Year for which a Director has
                   elected to defer all or a portion of his or her Fees,
                   Required Retainer Shares and/or Voluntary Shares.

            (m)    "Deferred Fees": The Fees credited to a Director's Deferred
                   Share Account pursuant to Article IV and payable to a
                   Director pursuant to Article VI.

            (n)    "Deferred Shares": The Required Retainer Shares and Voluntary
                   Shares credited to a Director's Deferred Share Account
                   pursuant to Articles IV and V and payable to a Director
                   pursuant to Article VI.

            (o)    "Deferred Share Account": The account maintained on the books
                   of the Company for each Director pursuant to Article V.

            (p)    "Director": An individual duly elected or chosen as a
                   Director of the Company or of a subsidiary who is not also an
                   employee of the Company or any of its subsidiaries.

            (q)    "Fair Market Value": With respect to a Share, the last
                   transaction price for a Share as quoted by the National
                   Market System of the National Association of Securities
                   Dealers Automated Quotation System ("NASDAQ") for a day
                   specified herein for which such fair market value is to be
                   calculated, or if there was no transaction price of Shares so
                   quoted for such day, on the most recently preceding day on
                   which there was such a so quoted transaction price.

            (r)    "Fees": The portion of the Retainer and other Director
                   compensation payable in cash.

            (s)    "Participation Agreement": The agreement submitted by a
                   Director to the Administrator in which a Director may specify
                   an amount of Voluntary Shares, or may elect to defer receipt
                   of all or any portion of his or her Fees, Required Retainer
                   Shares and/or Voluntary Shares for a specified period in the
                   future.

            (t)    "Plan": The Plan set forth in this instrument as it may from
                   time to time be amended.

            (u)    "Plan Year": The 12-month period beginning January 1 and
                   ending December 31.

<PAGE>

            (v)    "Retainer": The portion of a Director's annual compensation
                   that is payable without regard to number of Board or
                   committee meetings attended or committee positions.

            (w)    "Required Retainer Shares": An amount, payable in Shares,
                   constituting a portion of a Director's Retainer.

            (x)    "Settlement Date": The date on which a Director terminates as
                   a Director. Settlement Date shall also include with respect
                   to any Deferral Period the date prior to the date of
                   termination as a Director selected by a Director in a
                   Participation Agreement for distribution of all or a portion
                   of the Fees, Required Retainer Shares and Voluntary Shares
                   deferred during such Deferral Period as provided in Section
                   6.3.

            (y)    "Shares": The Company's common shares, $0.01 par value.
                   Shares may be shares of original issuance or treasury shares
                   or a combination of the foregoing. Prior to May 30, 2001,
                   Shares were common shares of Roadway Express, Inc. without
                   par value.

            (z)    "Voluntary Shares": The meaning set forth in Section 3.1(a).

                               ARTICLE II PURPOSE

                  The purpose of this Plan is to provide Directors with
opportunities to invest all or a portion of their cash compensation payable for
services as a Director in Shares, and to defer receipt of any or all of their
compensation payable for services as a Director in Shares or in cash.

                          ARTICLE III VOLUNTARY SHARES

            3.1   VOLUNTARY SHARES.

            (a)   VOLUNTARY SHARES. Prior to the commencement of any calendar
quarter, a Director may elect by the filing of a Participation Agreement with
the Administrator to have up to 100% of his or her Fees for such quarter paid in
the form of Voluntary Shares and in lieu of the cash payment. Such election,
unless subsequently modified, shall apply to a Director's Fees for the remainder
of the current Plan Year and each subsequent Plan Year. Any subsequent election
shall be made in a modified Participation Agreement filed with the
Administrator.

            (b) ISSUANCE OF SHARES. Promptly following each Accounting Date, the
Company shall issue to each Director who has made an election under Section
3.1(a) a number of Voluntary Shares equal to the portion of such Director's Fees
that such Director has elected to receive as Voluntary Shares for such
Accounting Period divided by the Fair Market Value on such Accounting Date
(less, in each case, the portion of the Required Retainer Shares and Voluntary
Shares the Director elected to defer under Section 4.3). To the extent that the
application of the foregoing formula would result in the issuance of fractional
Shares, no fractional Shares shall be issued, but instead, the Company shall
maintain two separate non-interest-bearing accounts for each Director, which
accounts shall be credited with the amount of any Required Retainer Shares or
Voluntary Shares, as the case may be, not convertible into whole Shares, which
amounts shall be combined with Required Retainer Shares and Voluntary Shares,
respectively, which are paid for the next following Accounting Period. When
whole Shares are issued by the Company to the Director for such Accounting
Period, the amounts in such accounts shall be reduced by that amount which (when
added to the Required Retainer
<PAGE>

Shares and Voluntary Shares for such Director for such quarter) results in the
issuance of the maximum number of whole Shares to such Director. The Company
shall pay any and all fees and commissions incurred in connection with the
payment of Required Retainer Shares and Voluntary Shares to a Director in
Shares.

             ARTICLE IV DEFERRAL OF FEES, REQUIRED RETAINER SHARES
                              AND VOLUNTARY SHARES

            4.1 DEFERRAL OF FEES. A Director may elect to defer all or a
specified percentage of his or her Fees, and may change such percentage by
filing a Participation Agreement with the Administrator, which shall be
effective as of the first day of the Plan Year which commences after the date
such Participation Agreement is filed with the Administrator.

            4.2 CREDITING OF DEFERRED FEES. The portion of a Director's Fees
that is deferred pursuant to a Deferral Commitment shall be credited as Deferred
Shares promptly following each Accounting Date to the Director's Deferred Share
Account as of the date the corresponding non-deferred portion of his or her Fees
would have been paid to the Director. The number of Deferred Shares credited
shall be determined by dividing the dollar value of such portion by the Fair
Market Value on such crediting date.

            4.3 DEFERRAL OF REQUIRED RETAINER SHARES AND VOLUNTARY SHARES. A
Director may elect to defer all or a specified percentage of his or her Required
Retainer Shares and his or her Voluntary Shares, and may change such percentage
by filing a Participation Agreement with the Administrator, which shall be
effective as of the first day of the Plan Year which commences after the date
such Participation Agreement is filed with the Administrator.

            4.4 CREDITING OF DEFERRED SHARES. The portion of a Directors
Required Retainer Shares and Voluntary Shares that is deferred pursuant to a
Deferral Commitment shall be credited promptly following each Accounting Date to
the Director's Deferred Share Account as of the date the corresponding
non-deferred portion of his or her Required Retainer Shares and Voluntary Shares
would have been issued to the Director.

            4.5 INITIAL YEAR OF PARTICIPATION. In the event that an individual
who first becomes a Director during a Plan Year wishes to make a Deferral
Commitment with respect to such Plan Year, a Participation Agreement must be
filed with the Administrator no later than 30 days following such individual's
becoming a Director. Any Deferral Commitment made in such Participation
Agreement shall be effective only with regard to Fees, Required Retainer Shares
and Voluntary Shares earned following the date the Participation Agreement is
filed with the Administrator. If a Director does not submit a Participation
Agreement within such period of time, such Director will not be eligible to
participate in the Plan except in accordance with Sections 4.1 and 4.3.

            4.6 WITHHOLDING TAXES. If the Company or a subsidiary is required to
withhold any taxes or other amounts from a Director's Deferred Fees or Deferred
Shares pursuant to any state, Federal or local law, such amounts shall, to the
extent possible, be deducted from the Director's Fees or Required Retainer
Shares or Voluntary Shares before such amounts are credited as described in
Sections 4.2 and 4.4. Any additional withholding amount required shall be paid
by the Director to the Company or a subsidiary as a condition of crediting his
or her Accounts.

<PAGE>

                        ARTICLE V DEFERRED SHARE ACCOUNT

            5.1 DETERMINATION OF DEFERRED SHARE ACCOUNT. On any particular date,
a Director's Deferred Share Account shall consist of the aggregate number of
Deferred Shares credited thereto pursuant to Sections 4.2 and 4.4, plus any
dividend equivalents credited pursuant to Section 5.2, minus the aggregate
amount of distributions, if any, made from such Deferred Share Account.

            5.2 CREDITING OF DIVIDEND EQUIVALENTS. Each Deferred Share Account
shall be credited as of the end of each Accounting Period with additional
Deferred Shares equal in value to the amount of cash dividends paid by the
Company during such Accounting Period on that number of Shares equivalent to the
number of Deferred Shares in such Deferred Share Account during such Accounting
Period. The dividend equivalents shall be valued by dividing the dollar value of
such dividend equivalents by the Fair Market Value on the dividend payment date.
Until a Director or his or her Beneficiary receives his or her entire Deferred
Share Account, the unpaid balance thereof credited in Deferred Shares shall be
credited with dividend equivalents as provided in this Section 5.2.

            5.3 ADJUSTMENTS TO DEFERRED SHARE ACCOUNTS. Each Director's Deferred
Share Account shall be immediately debited with the amount of any distributions
under the Plan to or on behalf of the Director or, in the event of his or her
death, his or her Beneficiary.

            5.4 STATEMENTS OF DEFERRED SHARE ACCOUNTS. As soon as practicable
after the end of each Plan Year, a statement shall be furnished to each Director
or, in the event of his or her death, to his or her Beneficiary showing the
status of his or her Deferred Share Account as of the end of the Accounting
Period, any changes in such Account since the end of the immediately preceding
Accounting Period, and such other information as the Administrator shall
determine.

            5.5 VESTING OF DEFERRED SHARE ACCOUNT. A Director shall be 100%
vested in his or her Deferred Share Account at all times.

                      ARTICLE VI DISTRIBUTION OF BENEFITS

            6.1 SETTLEMENT DATE. A Director, or in the event of such Director's
death, his or her Beneficiary shall be entitled to all or a portion of the
balance in such Director's Deferred Share Account, as provided in this Article
VI, following such Director's Settlement Date or Dates.

            6.2 AMOUNT TO BE DISTRIBUTED. The amount to which a Director, or in
the event of such Director's death, his or her Beneficiary is entitled in
accordance with the following provisions of this Article VI shall be based on
the Director's adjusted balance in his or her Deferred Share Account determined
as of the Accounting Date coincident with or next following his or her
Settlement Date or Dates.

            6.3 IN-SERVICE DISTRIBUTION. A Director may irrevocably elect to
receive a pre-termination distribution of all or any specified percentage of his
or her Deferred Fees or Deferred Shares for any Plan Year on or commencing not
earlier than the beginning of the third Plan Year following the Plan Year such
Fees and Shares otherwise would have been payable. A Director's election of a
pre-termination distribution shall be made in a Participation Agreement filed
for the Plan Year as provided in Section 4.1 or Section 4.3. A Director shall
elect irrevocably to receive such Deferred Fees and/or Deferred Shares as a
pre-termination distribution under one of the forms provided in Section 6.4.

<PAGE>

            6.4 FORM OF DISTRIBUTION -- DEFERRED SHARES. As soon as practicable
after the end of the Accounting Period in which a Director's Settlement Date
occurs, but in no event later than 30 days following the end of such Accounting
Period, the Company shall distribute or cause to be distributed, to the Director
a number of Shares equal to the number of Deferred Shares in the Director's
Deferred Share Account as determined under Section 6.2, under one of the forms
provided in this Section 6.4. Notwithstanding the foregoing, if elected by the
Director, the distribution of all or a portion of the Director's Deferred Share
Account may be made or may commence at the beginning of the Plan Year next
following his or her Settlement Date. In the event of a Director's death, the
number of Shares equal to the number of Deferred Shares in his or her Deferred
Share Account shall be distributed to his or her Beneficiary in a single
distribution or in installments, as elected by the Director.

            Distribution of a Director's Deferred Share Account shall be made in
one of the following forms as elected by the Director:

            (a) by payment in Shares or cash in a single distribution;

            (b) by payment in Shares or cash in not greater than ten annual
      installments; or

            (c) a combination of (a) and (b) above. The Director shall designate
      the percentage payable under each option.

The Director's election of the form of distribution shall be made by written
notice filed with the Administrator at least one year prior to the Director's
voluntary retirement as a Director. Any such election may be changed by the
Director at any time and from time to time without the consent of any other
person by filing a later signed written election with the Administrator;
provided that any election made less than one year prior to the Director's
voluntary termination as a Director shall not be valid, and in such case payment
shall be made in accordance with the Director's prior election.

            The number of Shares to be distributed in each installment shall be
equal to the quotient obtained by dividing the number of Deferred Shares in the
Director's Deferred Share Account as of the date of such installment payment by
the number of installment payments remaining to be made to or in respect of such
Director at the time of calculation. Fractional Shares shall be rounded down to
the nearest whole Share, and such fractional amount shall be re-credited as a
fractional Deferred Share in the Director's Deferred Share Account.

            If a Director elects payment in a single distribution in cash, the
amount of the payout shall be equal to the Fair Market Value of the Deferred
Shares in the Director's Deferred Share Account on the Settlement Date. If such
Director elects payout in installments in cash, an amount equal to the Fair
Market Value of the Deferred Shares in the Director's Deferred Share Account on
the Settlement Date shall be transferred to the Director's Deferred Fee Account
pending distribution.

            If a Director fails to make an election in a timely manner as
provided in this Section 6.4, distribution of the Director's Deferred Share
Account shall be made in Shares in a single distribution.

            6.5 SPECIAL DISTRIBUTIONS. Notwithstanding any other provision of
this Article VI, a Director may elect to receive a distribution of part or all
of his or her Deferred Share Account in one or more distributions if (and only
if) the number of the Shares in the Director's Deferred Share Account subject to
such distribution is reduced by 10%. Any

<PAGE>

distribution made pursuant to such an election shall be made within 60 days of
the date such election is submitted to the Administrator. The remaining 10% of
the portion of the electing Director's Deferred Share Account subject to such
distribution shall be forfeited.

            6.6 BENEFICIARY DESIGNATION. As used in the Plan the term
"Beneficiary" means:

            (a) The person last designated as Beneficiary by the Director in
      writing on a form prescribed by the Administrator;

            (b) If there is no designated Beneficiary or if the person so
      designated shall not survive the Director, such Director's spouse; or

            (c) If no such designated Beneficiary and no such spouse is living
      upon the death of a Director, or if all such persons die prior to the
      distribution of the Director's balance in his or her Deferred Share
      Account, then the legal representative of the last survivor of the
      Director and such persons, or, if the Administrator shall not receive
      notice of the appointment of any such legal representative within one year
      after such death, the heirs-at-law of such survivor shall be the
      Beneficiaries to whom the then remaining balance of such Accounts shall be
      distributed (in the proportions in which they would inherit his or her
      intestate personal property).

Any Beneficiary designation may be changed from time to time by the filing of a
new form. No notice given under this Section 6.6 shall be effective unless and
until the Administrator actually receives such notice.

            6.7 FACILITY OF PAYMENT. Whenever and as often as any Director or
his or her Beneficiary entitled to payments hereunder shall be under a legal
disability or, in the sole judgment of the Administrator, shall otherwise be
unable to apply such payments to his or her own best interests and advantage,
the Administrator in the exercise of its discretion may direct all or any
portion of such payments to be made in any one or more of the following ways:
(i) directly to him or her; (ii) to his or her legal guardian or conservator; or
(iii) to his or her spouse or to any other person, to be expended for his or her
benefit; and the decision of the Administrator, shall in each case be final and
binding upon all persons in interest.

             ARTICLE VII ADMINISTRATION, AMENDMENT AND TERMINATION

            7.1 ADMINISTRATION. The Plan shall be administered by the
Administrator. The Administrator shall have such powers as may be necessary to
discharge its duties hereunder. The Administrator may, from time to time,
employ, appoint or delegate to an agent or agents (who may be an officer or
officers of the Company) and delegate to them such administrative duties as it
sees fit, and may from time to time consult with legal counsel who may be
counsel to the Company or its subsidiaries. The Administrator shall have no
power to add to, subtract from or modify any of the terms of the Plan, or to
change or add to any benefits provided under the Plan, or to waive or fail to
apply any requirements of eligibility for a benefit under the Plan. No member of
the Administrator shall act in respect of his or her own Deferred Share Account.
All decisions and determinations by the Administrator shall be final and binding
on all parties. No member of the Administrator shall be liable for any such
action taken or determination made in good faith. All decisions of the
Administrator shall be made by the vote of the majority, including actions and
writing taken without a meeting. All elections, notices and directions under the
Plan by a Director shall be made on such forms as the Administrator shall
prescribe.

<PAGE>

            7.2 AMENDMENT AND TERMINATION. The Board may alter or amend this
Plan from time to time or may terminate it in its entirety; provided, however,
that no such action shall, without the consent of a Director, affect the rights
in any Shares issued or to be issued to such Director, in any Deferred Shares in
a Director's Deferred Share Account or in any amounts in a Director's Deferred
Fee Account; and further provided, that, any amendment which must be approved by
the shareholders of the Company in order to comply with applicable law or the
rules of any national securities exchange or national quotation system upon
which the Shares are traded or quoted will not be effective unless and until
such approval has been obtained.

                       ARTICLE VIII FINANCING OF BENEFITS

            8.1 FINANCING OF BENEFITS. The Shares and benefits payable in cash
under the Plan to a Director or, in the event of his or her death, to his or her
Beneficiary shall be paid by the Company from its general assets. The right to
receive payment of the Shares and benefits payable in cash represents an
unfunded, unsecured obligation of the Company. No person entitled to payment
under the Plan shall have any claim, right, security interest or other interest
in any fund, trust, account, insurance contract, or asset of the Company which
may be responsible for such payment.

            8.2 SECURITY FOR BENEFITS. Notwithstanding the provisions of Section
8.1, nothing in this Plan shall preclude the Company from setting aside Shares
or funds in trust ("Trust") pursuant to one or more trust agreements between a
trustee and the Company. However, no Director or Beneficiary shall have any
secured interest or claim in any assets or property of the Company or the Trust
and all Shares or funds contained in the Trust shall remain subject to the
claims of the Company's general creditors.

            8.3 GUARANTEE BY SUBSIDIARIES. Each subsidiary of the Company
jointly and severally guarantees the performance by the Company of its
obligations under the Plan.

                       ARTICLE IX SHARES SUBJECT TO PLAN

            9.1 SHARES SUBJECT TO PLAN. Subject to adjustment as provided in
this Plan, the total number of Shares which may be issued under this Plan shall
be 100,000; provided however, that such Shares (i) may be supplemented by Shares
authorized but not granted under the following Company Plans: Management
Incentive Stock Plan, Employee Stock Purchase Plan, Equity Ownership Plan,
Nonemployee Directors' Stock Option Plan and Nonemployee Directors' Equity
Ownership Plan ("stock related plans") and (ii) shall be reduced by any shares
authorized under this Plan designated to be used to grant awards under any other
stock related plan in excess of the shares authorized under such other plan.
Notwithstanding the foregoing, in no event shall the sum of all Shares granted,
out of the additional 800,000 Shares authorized pursuant to the amendment to the
Equity Ownership Plan and the establishment of the Nonemployee Directors' Equity
Ownership Plan, both on the date hereof, pursuant to Required Retainer Shares
and Voluntary Shares under the Plan, Awards other than Options and Stock
Appreciation Rights under the Equity Ownership Plan and Restricted Shares under
the Nonemployee Directors' Equity Ownership Plan exceed 600,000 Shares.

            9.2 ADJUSTMENTS. In the event of any change in the outstanding
Shares by reason of (a) any stock dividend, stock split, combination of shares,
recapitalization or any other change in the capital structure of the Company,
(b) any merger, consolidation, spin-off, split-off, spin-out, split-up,
reorganization, partial or complete liquidation or other distribution of assets,
issuance of rights or warrants to purchase securities, or (c) any other
corporate transaction or event having an effect similar to any of the foregoing,
the number and kind of shares specified in

<PAGE>

Article III, the number or kind of Shares that may be issued under the Plan as
specified in Article IX and the number of Deferred Shares in a Director's
Deferred Share Account shall automatically be adjusted so that the proportionate
interest of the Directors shall be maintained as before the occurrence of such
event. Such adjustment shall be conclusive and binding for all purposes with
respect to the Plan.

                          ARTICLE X GENERAL PROVISIONS

            10.1 INTERESTS NOT TRANSFERABLE; RESTRICTIONS ON SHARES AND RIGHTS
TO SHARES. No rights to Shares or other benefits payable in cash shall be
assigned, pledged, hypothecated or otherwise transferred by a Director or any
other person, voluntarily or involuntarily, other than by will or the laws of
descent and distribution. No person shall have any right to commute, encumber,
pledge or dispose of any other interest herein or right to receive payments
hereunder, nor shall such interests or payments be subject to seizure,
attachment or garnishment for the payments of any debts, judgments, alimony or
separate maintenance obligations or be transferable by operation of law in the
event of bankruptcy, insolvency or otherwise, all payments and rights hereunder
being expressly declared to be nonassignable and nontransferable.

            10.2 GOVERNING LAW. The provisions of this Plan shall be governed by
and construed in accordance with the laws of the State of Delaware.

            10.3 WITHHOLDING TAXES. To the extent that the Company or a
subsidiary is required to withhold Federal, state or local taxes in connection
with any component of a Director's compensation in cash or Shares, and the
amounts available to the Company or such subsidiary for such withholding are
insufficient, it shall be a condition to the receipt of any Shares that the
Director make arrangements satisfactory to the Company or such subsidiary for
the payment of the balance of such taxes required to be withheld, which
arrangement may include relinquishment of the Shares. The Company or a
subsidiary and a Director may also make similar arrangements with respect to
payment of any other taxes derived from or related to the payment of Shares with
the respect to which withholding is not required.

            10.4 MISCELLANEOUS. Headings are given to the sections of this Plan
solely as a convenience to facilitate reference. Such headings, numbering and
paragraphing shall not in any case be deemed in any way material or relevant to
the construction of this Plan or any provisions thereof. The use of the singular
shall also include within its meaning the plural, and vice versa.

            The undersigned does hereby execute the Roadway Corporation
Nonemployee Directors' Equity and Deferred Compensation Plan.

                                         ROADWAY CORPORATION

                                         By: /s/ Joseph R. Boni III
                                             ----------------------------------

                                         Title: Treasurer
                                                -------------------------------

Attest:

/s/ John J. Gasparovic
------------------------

Secretary
[CORPORATE SEAL]

<PAGE>

            The undersigned does hereby specifically acknowledge the guarantee
made pursuant to Section 8.3 of the Roadway Corporation Nonemployee Directors'
Equity and Deferred Compensation Plan.

                                         ROADWAY CORPORATION

                                         By: /s/ Joseph R. Boni III
                                             ----------------------------------

                                         Title: Treasurer
                                                -------------------------------

Attest:

/s/ John J. Gasparovic
------------------------

Secretary
[CORPORATE SEAL]

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