Document:

EX-10.2

SAIA, INC.,

f/k/a SCS Transportation, Inc.

$150,000,000

SENIOR NOTES

AMENDED AND RESTATED MASTER SHELF AGREEMENT

Dated as of June 26, 2009

This Agreement contains confidentiality provisions (paragraph 11S)

TABLE OF CONTENTS

(Not Part of Agreement)

Page

PURCHASER SCHEDULE

SCHEDULE 5N — MORTGAGED PROPERTIES

SCHEDULE 6B — EXISTING LIENS

SCHEDULE 6C — EXISTING INDEBTEDNESS

EXHIBIT A-1 — FORM OF SERIES A NOTE

EXHIBIT A-2 — FORM OF SERIES B NOTE

EXHIBIT A-3 — FORM OF SERIES C NOTE

EXHIBIT B — FORM OF COMPLIANCE CERTIFICATE

EXHIBIT C — FORM OF GUARANTY AGREEMENT

EXHIBIT D — FORM OF SECURITY AGREEMENT

SAIA, INC.

f/k/a SCS Transportation, Inc.

11465 Johns Creek Parkway

Johns Creek, GA 30097

7.38% Senior Notes, Series A, due December 31, 2013

6.14% Senior Notes, Series B, due December 31, 2017

6.17% Senior Notes, Series C, due December 31, 2017

Dated as of

June 26, 2009

To each of the Purchasers listed in

 the attached Purchaser Schedule 

Ladies and Gentlemen:

SAIA, Inc., formerly known as SCS Transportation, Inc. (the “Company”), is a party with each
of the parties listed in the attached Purchaser Schedule (collectively, the “Purchasers”) to a
certain Master Shelf Agreement, dated as of September 20, 2002 (as amended, modified or
supplemented to date, the “Original Note Agreement”), pursuant to which the Company issued to the
Purchasers, and the Purchasers purchased from the Company, the Notes (as defined below).
Capitalized terms used in this Preamble and not defined herein shall have the meanings assigned to
them in paragraph 10.

The Company has requested that the Purchasers consent to certain amendments and modifications
to the Original Note Agreement. For purposes of convenience, the parties have agreed to effect
such modifications to the Original Note Agreement by amending and restating the Original Note
Agreement in its entirety as hereinafter set forth upon and subject to the terms hereof; the
amendments and restatements are not intended to be, and shall not be deemed or construed as, a
repayment or novation of the indebtedness outstanding pursuant to the Original Note Agreement or
the Notes.

In consideration of the foregoing, the Company agrees with the Purchasers that the Original
Note Agreement is amended and restated as follows:

1. AUTHORIZATION OF ISSUE OF NOTES. Pursuant to the Original Note Agreement, the Company has
authorized the issue and sale of, and has sold to, the Purchasers, all as reflected on the
Purchaser Schedule attached hereto, (i) $100,000,000 aggregate principal amount of its 7.38% Senior
Notes, Series A, due December 31, 2013, which notes are outstanding on the date hereof
(collectively, the “Series A Notes”), (ii) $25,000,000 aggregate principal amount of its 6.14%
Senior Notes, Series B, due December 31, 2017, which notes are outstanding on the date hereof
(collectively, the “Series B Notes”) and (ii) $25,000,000 aggregate principal amount of its 6.17%
Senior Notes, Series C, due December 31, 2017, which notes are outstanding on the date hereof
(collectively, the “Series C Notes”, and together with the Series A Notes and the Series B Notes,
the “Notes”). The Series A Notes are substantially in the form of Exhibit A-1, the Series
B Notes are substantially in the form of Exhibit A-2, and the Series C Notes are
substantially in the form of Exhibit A-3, in each case with such changes therefrom, if any,
as may have been or, in the case of the issuance of any notes in substitution therefore pursuant to
paragraph 11C of this Agreement may hereafter be, approved by the Company and the requisite
holders of the Notes. The term “Notes” as used herein shall include each Note delivered pursuant
to any provision of this Agreement and each Note delivered in substitution or exchange for any such
Note pursuant to any such provision. Notes which have (i) the same final maturity, (ii) the same
principal prepayment dates, (iii) the same principal prepayment amounts (as a percentage of the
original principal amount of each Note), (iv) the same interest rate, (v) the same interest payment
periods, and (vi) the same original date of issuance are herein called a “Series” of Notes.
Capitalized terms used herein have the meanings specified in paragraph 10.

2. PURCHASE AND SALE OF NOTES.

2A. Sale and Purchase of Notes. Prior to the Effective Date, the Company issued and sold to
the Purchasers and the Purchasers purchased from the Company the Notes in the respective principal
amounts specified opposite the name of each Purchaser in the Purchaser Schedule at the purchase
price of 100% of the principal amount thereof.

2B. Reserve Event Periods.

(i) If pursuant to generally applicable insurance regulations for U.S. life and health
insurance companies, the risk based capital reserve requirement (the “Risk Based Capital Factor”)
attributable to any Series of Notes on the Effective Date shall at any time after such date
increase such that the holders of a majority of the principal amount of Notes of such Series are
required by such insurance regulations to increase the amount of reserves with respect to such
Notes above the amount of reserves required as of the Effective Date (an “RBC Increase”), then the
per annum interest rate on the outstanding Notes of such Series (including any Default Rate) shall
increase by 150 basis points (1.50%) (the “Incremental Interest”) commencing on the date of the
event giving rise to the RBC Increase.

(ii) Once Incremental Interest begins to accrue pursuant to paragraph 2B(i) on a Series of
Notes, if the Risk Based Capital Factor attributable to such Series of Notes at any time thereafter
decreases to its original level prevailing on the Effective Date (an “RBC Decrease”), such
Incremental Interest shall cease to accrue on such Series of Notes as of the date of the event
giving rise to the RBC Decrease. If at any time thereafter an RBC Increase occurs on such Series
of Notes, the provisions of paragraph 2B(i) shall again apply.

(iii) Each holder of a Note agrees that if it has actual knowledge of an RBC Increase or RBC
Decrease for any Series of Notes held by such holder, it will provide prompt written notice thereof
to Company. Within ten (10) Business Days following the earlier to occur of: (x) the date the
Company receives the foregoing written notice from a holder of a Note; and (y) the date an
Authorized Officer becomes aware of an RBC Increase or RBC Decrease for a Series of Notes, the
Company shall give written notice thereof to each holder of the outstanding Notes of such Series.
The failure to provide any such notice shall not affect the rights of obligations of the Company or
any such holder of Notes hereunder, nor shall any such failure shorten or extend the period during
which Incremental Interest shall accrue pursuant to paragraphs 2B(i) and 2B(ii).

2C. Guaranties and Collateral. The performance and payment of the Company hereunder and under
the Notes and the other Note Documents are and shall continue to be guaranteed by the Guarantors
pursuant to the Guaranty Agreement. The obligations of the Credit Parties under and pursuant to
the Note Documents are and shall continue to be secured by the Collateral Agreements.

3. CONDITIONS PRECEDENT TO EFFECTIVENESS OF THIS AGREEMENT.

This Agreement shall not become effective and the Original Note Agreement shall continue in
full force and effect unless on or prior to the date hereof, each of the following conditions has
been fulfilled, to the satisfaction of the Purchasers:

3A. Closing Documents. The Purchasers shall have received the following, in form and
substance satisfactory to the Purchasers, each dated as of the date hereof:

(1) this Agreement duly executed by the Company and the Purchasers;

(2) the Guaranty Agreement, duly executed and delivered by SMF;

(3) an Intercreditor Agreement duly executed and delivered by the Collateral Agent,
Bank of Oklahoma, N.A. as administrative agent, the lenders under the Credit Agreement, the
Purchasers and the Credit Parties;

(4) the Security Agreement duly executed by the Company, STI and SMF, together with:

(a) copies of proper financing statements (as defined in the UCC) in form
appropriate for filing under the UCC of all jurisdictions that the Purchasers may
deem necessary or desirable in order to perfect the Liens created under the Security
Agreement, covering the Collateral described in the Security Agreement, originals of
which shall be delivered to the Collateral Agent;

(b) lien, tax and judgment searches conducted on the Company and its
Subsidiaries reflecting no Liens other than Excepted Liens against any of the
Personal Property Collateral as to which perfection of a Lien is accomplished by the
filing of a financing statement;

(c) copies of any certificates representing the Equity Interests of the
Subsidiaries of the Company, accompanied by undated stock powers executed in blank
or registered in the name of such nominee or nominees as the Collateral Agent shall
specify, the originals of which shall be delivered to the Collateral Agent;

(d) evidence that all other actions, recordings and filings required by the
Security Agreement, or that the Purchasers may deem necessary or desirable in order
to perfect or protect the Liens created under the Security Agreement, have been
taken (including, without limitation, receipt of duly executed payoff letters, and
UCC-3 termination statements) or will be taken promptly (and in no event later than
10 days) after the Effective Date;

(5) certified copies of the Credit Agreement (as amended and restated on the date
hereof) and all related Credit Documents, duly executed by the Company, the lenders party
thereto and the Bank of Oklahoma, N.A. as administrative agent, together with evidence that
all conditions precedent to the Credit Documents have been satisfied and such Credit
Documents are effective, which Credit Agreement shall include an approval to the terms and
conditions of this Amendment and the other transactions contemplated hereby and such related
matters as Purchasers shall require;

(6) (i) copies of the articles or certificate of incorporation or organization of the
Company and each of its Subsidiaries, together with all amendments, certified by the
appropriate governmental officer in its jurisdiction of incorporation or organization, (ii)
a certificate of good standing for the Company and each of its Subsidiaries, certified by
the appropriate governmental officer in its jurisdiction of incorporation or organization,
(iii) copies, certified by the Secretary or Assistant Secretary of the Company and each of
its Subsidiaries, of its bylaws, operating agreement or other internal governance documents,
together with all amendments thereto, and (iv) copies, certified by the Secretary or
Assistant Secretary of the Company and each of its Subsidiaries, of the resolutions or
actions of its Board of Directors or other governing body authorizing the execution of the
Note Documents to which it is a party;

(7) an incumbency certificate, executed by a Secretary or Assistant Secretary of the
Company and each of its Subsidiaries, which shall identify by name and title and bear the
signatures of the Authorized Officers of the Company and each of its Subsidiaries authorized
to sign the Note Documents to which it is a party;

(8) favorable written opinion, addressed to the Purchasers and dated the Effective
Date, of Bryan Cave LLP, counsel to the Credit Parties, covering such matters related hereto
as the Purchasers may reasonably request; each of the Company and the Guarantor hereby
directs such counsel to deliver such opinion, and understands and agrees that each Purchaser
will and hereby is authorized to rely on such opinion;

(9) favorable written opinion from King & Spalding LLP, special counsel to the
Purchasers in connection with this Amendment, covering such matters related hereto as the
Purchasers may reasonably request;

(10) a certificate from an Authorized Officer of the Company dated as of the Effective
Date addressed to each holder of the Notes certifying that, as of such date, each of the
Company and SMF is Solvent (assuming with respect to SMF, that the fraudulent transfer
savings language contained in the Guaranty Agreement applicable to SMF will be given full
effect, and assuming with respect to the Company that the Guaranty Agreement and the Credit
Agreement Guaranty are disregarded as obligations of SMF);

(11) evidence that all insurance required to be maintained pursuant to the Note
Documents has been obtained and is in effect, together with the certificates of insurance,
naming the Purchasers as additional insureds under all liability insurance policies and the
Collateral Agent, on behalf of the holders of the Notes and the lenders party to the Credit
Agreement, as an additional insured or loss payee, as the case may be, under all insurance
policies maintained with respect to the Property that constitutes Collateral, together with
a customary lender’s loss payable endorsement naming the Collateral Agent as the loss payee
on all casualty and property policies.

3B. Representations and Warranties; No Default. As of the Effective Date, the representations
and warranties contained in paragraph 8 shall be true and correct and no Default or Event of
Default shall have occurred and be continuing; and the Company shall have delivered to each
Purchaser an Officer’s Certificate, dated the Effective Date, to both such effects.

3C. Payment of Fees. The Company shall have paid (i) to each Purchaser an amendment fee in
the amount of 0.50% of the aggregate outstanding principal amount of the Notes of such Purchaser,
ratably to the Purchasers, and (ii) the fees, charges and disbursements of (A) the Collateral Agent
and (B) Purchasers’ special counsel in connection herewith.

3D. Proceedings. All corporate and other proceedings taken or to be taken in connection with
the transactions contemplated hereby and all documents incident thereto shall be satisfactory in
substance and form to the Purchasers, and the Purchasers shall have received all such counterpart
originals or certified or other copies of such documents as it may reasonably request.

The Purchasers shall notify the Company when each of the foregoing conditions required to be
to the satisfaction of the Purchasers has been satisfied (or waived pursuant to paragraph 11C).

Upon the satisfaction of the foregoing conditions and this Agreement becoming effective, each
of the Notes shall, without any further action required on the part of any other Person, deemed to
be automatically amended as of the date hereof by adding the following sentence at the end of the
first paragraph of each Note:

“Additional interest hereon may also be required pursuant to paragraph 2B of
the Agreement (as defined below).”

4. PREPAYMENTS. The Notes shall be subject to prepayment with respect to any required
prepayments set forth in such Notes as provided in paragraph 4A and with respect to the optional
prepayments permitted by paragraph 4B.

4A. Required Prepayments.

(i) The Notes of each Series shall be subject to required prepayments, if any, as set forth in
the Notes of such Series.

(ii) In addition, upon any permanent reduction during the Adjusted Covenant Period in the
revolving credit commitments established pursuant to the Credit Agreement (other than a permanent
reduction under Section 2.3.2 of the Credit Agreement resulting from a prepayment of the Notes),
the Company will prepay the principal amount of the Notes in an amount equal to such permanent
reduction in such revolving credit commitments, together with any accrued interest and
Yield-Maintenance Amount with respect thereto. Any partial prepayment of a Note pursuant to this
paragraph 4A(ii) shall be applied in satisfaction of required payments of principal for such Note
on a pro rata basis.

4B. Optional Prepayment With Yield-Maintenance Amount. The Notes shall be subject to
prepayment, in whole at any time or from time to time in part (in integral multiples of $100,000
and in a minimum amount of $1,000,000), at the option of the Company, at 100% of the principal
amount so prepaid plus interest thereon to the prepayment date and the Yield-Maintenance Amount, if
any, with respect to each such Note. Any partial prepayment of Notes pursuant to this paragraph 4B
shall be applied in satisfaction of required payments of principal of the Notes in inverse order of
their scheduled due dates unless the holders of the Notes and the Company agree to some other
allocation of a prepayment, and paragraph 4A hereof and the Notes are amended to proportionately
reduce the scheduled prepayments set forth in the Notes in a manner agreed to by the Company and
the holders of the Notes.

4C. Notice of Optional Prepayment. The Company shall give the holder of each Note to be
prepaid pursuant to paragraph 4B irrevocable written notice of such prepayment not less than 10
Business Days prior to the prepayment date, specifying such prepayment date, specifying the
aggregate principal amount of the Notes to be prepaid on such date, identifying each Note held by
such holder, and the principal amount of each such Note, to be prepaid on such date and stating
that such prepayment is to be made pursuant to paragraph 4B. Notice of prepayment having been
given as aforesaid, the principal amount of the Notes specified in such notice, together with
interest thereon to the prepayment date and together with the Yield-Maintenance Amount, if any,
herein provided, shall become due and payable on such prepayment date. The Company shall, on or
before the day on which it gives written notice of any prepayment pursuant to paragraph 4B, give
telephonic notice of the principal amount of the Notes to be prepaid and the prepayment date to
each Significant Holder which shall have designated a recipient for such notices in the Purchaser
Schedule attached hereto or by notice in writing to the Company.

4D. Application of Prepayments. Upon any partial prepayment of the Notes of any Series
pursuant to paragraph 4A(i), the amount so prepaid shall be allocated to all outstanding Notes of
such Series (including, for the purpose of this paragraph 4D only, all Notes prepaid or otherwise
retired or purchased or otherwise acquired by the Company or any of its Subsidiaries or Affiliates
other than by prepayment pursuant to paragraph 4A or 4B) in proportion to the respective
outstanding principal amounts thereof. Upon any partial prepayment of the Notes pursuant to 4A(ii)
or 4B, the amount to be prepaid shall be applied pro rata to all outstanding Notes of all Series
(including, for the purpose of this paragraph 4D only, all Notes prepaid or otherwise retired or
purchased or otherwise acquired by the Company or any of its Subsidiaries or Affiliates other than
by prepayment pursuant to paragraph 4A or 4B) according to the respective unpaid principal amounts
thereof.

4E. Retirement of Notes. The Company shall not, and shall not permit any of its Subsidiaries
or Affiliates to, prepay or otherwise retire in whole or in part prior to their stated installment
or final maturities (other than by prepayment pursuant to paragraphs 4A or 4B or upon acceleration
of such final maturity pursuant to paragraph 7A), or purchase or otherwise acquire, directly or
indirectly, Notes held by any holder.

5. AFFIRMATIVE COVENANTS. So long as any Note or other Obligation is outstanding and unpaid,
the Company covenants as follows:

5A. Financial Statements; Notice of Defaults. The Company will deliver to each holder of any
Notes in duplicate:

(i) as soon as practicable and in any event within 45 days after the end of each
quarterly period (other than the last quarterly period) in each fiscal year (or, if earlier,
such date as the Company is required to file a Quarterly Report on Form 10-Q with the SEC),
consolidating and consolidated statements of income, cash flows and shareholders’ equity of
the Company and its Subsidiaries for the period from the beginning of the current fiscal
year to the end of such quarterly period, and a consolidating and a consolidated balance
sheet of the Company and its Subsidiaries as of the end of such quarterly period, setting
forth in each case in comparative form figures for the corresponding period in the preceding
fiscal year, all in reasonable detail and certified by an Authorized Officer of the Company,
subject to changes resulting from year-end adjustments; provided, however,
that delivery pursuant to clause (vi) below of copies of the Quarterly Report on Form 10-Q
of the Company for such quarterly period filed with the SEC shall be deemed to satisfy the
requirements of this clause (i) with respect to consolidated financial statements so long as
such statements contained in such Quarterly Report on Form 10-Q are prepared in accordance
with then current SEC and GAAP standards;

(ii) as soon as practicable and in any event within 90 days after the end of each
fiscal year (or, if earlier, such date as the Company is required to file an Annual Report
on Form 10-K with the SEC), consolidating and consolidated statements of income, cash flows
and shareholders’ equity of the Company and its Subsidiaries for such year, and a
consolidating and consolidated balance sheet of the Company and its Subsidiaries as of the
end of such year, setting forth in each case in comparative form corresponding consolidated
figures from the preceding annual audit, all in reasonable detail and satisfactory in form
to the Required Holders and, as to the consolidated statements, reported on by independent
public accountants of recognized national standing selected by the Company whose report
shall be without limitation as to scope of the audit and satisfactory in substance to the
Required Holders and, as to the consolidating statements, certified by an Authorized Officer
of the Company; provided, however, that delivery pursuant to clause (vi) below of copies of
the Annual Report on Form 10-K of the Company for such fiscal year filed with the SEC shall
be deemed to satisfy the requirements of this clause (ii) with respect to consolidated
financial statements so long as such statements contained in such Annual Report on Form 10-K
are prepared in accordance with then current SEC and GAAP standards;

(iii) together with each delivery of financial statements required by clause (i) and
clause (ii) above, an Officer’s Certificate in the form of Exhibit B, demonstrating
(with computations in reasonable detail) compliance by the Company and its Subsidiaries with
the provisions of paragraphs 6A(1), 6A(2), 6A(3), 6A(4), 6A(5), 6B(iv) and 6G hereof and
stating that there exists no Default or Event of Default, or, if any Default or Event of
Default exists, specifying the nature and period of existence thereof and what action the
Company proposes to take with respect thereto;

(iv) together with each delivery of financial statements required by clause (ii) above,
a certificate of such accountants stating that, in making the audit necessary for their
report on such financial statements, they have obtained no knowledge of any Default or Event
of Default, or, if they have obtained knowledge of any Default or Event of Default,
specifying the nature and period of existence thereof. Such accountants, however, shall not
be liable to anyone by reason of their failure to obtain knowledge of any Default or Event
of Default which would not be disclosed in the course of an audit conducted in accordance
with generally accepted auditing standards;

(v) within 45 days after the end of each quarterly period (other than the last
quarterly period) in each fiscal year, commencing with respect to the fiscal quarter ending
September 30, 2009, a borrowing base report, an accounts aging report, and an updated list
of all Rolling Stock, each in the form delivered pursuant to the Credit Agreement or, if not
so delivered, in a form reasonably acceptable to the Required Holders, each prepared as of
the last day of the applicable quarter, and with respect to the last quarterly period in
each fiscal year, within 45 days after the end of such quarterly period, a preliminary
accounts aging report (which the holders of the Notes acknowledge will be subject to
year-end audit adjustments) and within 90 days after the end of such quarterly period, a
borrowing base report, an accounts aging report, and an updated list of all Rolling Stock,
each in the form delivered pursuant to the Credit Agreement or, if not so delivered, in a
form reasonably acceptable to the Required Holders, each prepared as of the last day of the
applicable quarter;

(vi) promptly upon transmission thereof, copies of all such financial statements, proxy
statements, notices and reports as it shall send to its public stockholders and copies of
all registration statements (without exhibits) and all reports which it files with the SEC;

(vii) promptly upon receipt thereof, a copy of each other report submitted to the
Company or any Subsidiary by independent accountants in connection with any annual, interim
or special audit made by them of the books of the Company or any Subsidiary;

(viii) immediately after any Authorized Officer obtains knowledge of a Default or Event
of Default, an Officer’s Certificate specifying the nature and period of existence thereof
and what action the Company proposes to take with respect thereto;

(ix) no later than February 15 of each year, a copy of the annual operating budget of
Company and its Subsidiaries for such year; and

(x) with reasonable promptness, such other information respecting the condition or
operations, financial or otherwise, of the Company or any of its Subsidiaries as such holder
may reasonably request.

5B. Information Required by Rule 144A. The Company will, upon the request of the holder of
any Note, provide such holder, and any qualified institutional buyer designated by such holder,
such financial and other information as such holder may reasonably determine to be necessary in
order to permit compliance with the information requirements of Rule 144A under the Securities Act
in connection with the resale of Notes, except at such times as the Company is subject to and in
compliance with the reporting requirements of section 13 or 15(d) of the Exchange Act. For the
purpose of this paragraph 5B, the term “qualified institutional buyer” shall have the meaning
specified in Rule 144A under the Securities Act.

5C. Inspection of Property.

(i) The Company will permit any Person designated by the holder of any Note in writing, at
such holder’s expense if no Default or Event of Default exists and at the Company’s expense if a
Default or Event of Default does exist, to visit and inspect any of the Properties of the Company
and its Subsidiaries, to examine the corporate books and financial records of the Company and its
Subsidiaries and make copies thereof or extracts therefrom and to discuss the affairs, finances and
accounts of the Company and its Subsidiaries with the principal officers of the Company and its
independent public accountants, all at such reasonable times and as often as the holder of any Note
may reasonably request.

(ii) The Company will permit the Collateral Agent or the holders of the Notes, upon reasonable
request of the Required Holders, to obtain an appraisal of each Mortgaged Property within 120 days
following the Effective Date. Each appraisal shall be prepared by an MAI real estate appraiser
selected by the Required Holders, shall be conducted in accordance with all applicable requirements
imposed pursuant to title XI of the Financial Institutions Reform, Recovery and Enforcement Act of
1989 (FIRREA)), and shall be in form and substance satisfactory to the Required Holders in the
reasonable exercise of its sole discretion. Updated appraisals of each Mortgaged Property may be
requested by such holder periodically, but not more frequently than annually. The Company will pay
all reasonable costs and expenses actually incurred by the holders of the Notes in connection with
each appraisal if (i) an appraisal has been performed within the last 12 months for the lenders
under the Credit Agreement and a copy thereof delivered to all holders of the Notes and (ii) no
Default or Event of Default has occurred and is continuing.

(iii) The Company will permit the holders of the Notes, at the reasonable request of the
Required Holders, through the authorized agents and representatives of such holders (who need not
be employees of such holders), to conduct periodic field audits of the Company and its Subsidiaries
and to review its operations, books and records, credit policies, charge-off policies, collection
procedures, methodology for eligibility calculations, and other matters relating to the value and
maintenance of the accounts receivable and the Company’s financial reporting. The initial field
audit will be conducted within 120 days following the Effective Date and subsequent field audits
will be conducted annually thereafter (or more frequently if any Default has occurred and is
continuing). The Company will pay all reasonable costs and expenses actually incurred by the
holders of the Notes in connection with the initial field audit and each field audit thereafter;
provided, however, that prior to the occurrence of any Default or Event of Default,
the Company shall not be required to pay the costs of more than one field audit per year if (i) a
field audit has been performed within the last 12 months for the lenders under the Credit Agreement
and a copy thereof delivered to all holders of the Notes and (ii) no Default or Event of Default
has occurred and is continuing.

(iv) The Company will permit the holders of the Notes, at the reasonable request of the
Required Holders, to order and obtain desktop appraisals of the Company’s Rolling Stock (meaning
appraisals of limited scope whereby the appraiser estimates the value of the Rolling Stock from his
or her desk based on a current listing supplied to him or her, but without conducting a physical
inspection of the Rolling Stock). Each desk-top appraisal shall be conducted by a qualified
appraiser selected by the Required Holders and shall set forth the appraiser’s estimate of the Net
Orderly Liquidation Value of the Company’s Rolling Stock. The initial desktop appraisal will be
conducted within 90 days following the Effective Date and subsequent desktop appraisals will be
obtained annually thereafter. The Company will pay all reasonable costs and expenses actually
incurred by the holders of the Notes or the Collateral Agent in connection with the initial desktop
appraisal and each desktop appraisal thereafter; provided, however, that the
Company shall not be required to pay the costs of any desktop appraisal if (i) a desktop appraisal
has been performed within the last 12 months for the lenders under the Credit Agreement and a copy
thereof delivered to all holders of the Notes and (ii) no Default or Event of Default has occurred
and is continuing.

5D. Covenant to Secure Notes Equally. If the Company or any Subsidiary shall create or assume
any Lien upon any of its Properties, whether now owned or hereafter acquired, other than (i) with
respect to Indebtedness permitted under paragraph 6C, Liens affecting assets of a Person acquired
by the Company or one of its Subsidiaries (which Liens must be released and the debt secured
thereby extinguished within forty-five (45) days following the consummation of the Acquisition),
(ii) Liens permitted by the provisions of paragraph 6B, and (iii) Liens created or assumed with the
prior written consent of the Collateral Agent and the Required Holders, the Company shall make or
cause to be made effective provision whereby the Obligations and Bank Obligations will be secured
by such Lien equally and ratably with any and all other Indebtedness thereby secured so long as any
such other Indebtedness shall be so secured.

5E. Compliance with Laws. The Company will, and will cause each of its Subsidiaries to,
comply with all laws, ordinances or governmental rules or regulations to which each of them is
subject, including, without limitation, Environmental and Safety Laws, and will obtain and maintain
in effect all licenses, certificates, permits, franchises and other governmental authorizations
necessary to the ownership of their respective properties or to the conduct of their respective
businesses, in each case to the extent necessary to ensure that non-compliance with such laws,
ordinances or governmental rules or regulations or failures to obtain or maintain in effect such
licenses, certificates, permits, franchises and other governmental authorizations could not
reasonably be expected, individually or in the aggregate, to have a material adverse effect on the
business, condition (financial or otherwise), operations or prospects of the Company and its
Subsidiaries taken as a whole.

5F. Insurance.

(i) The Company will, and will cause each of its Subsidiaries to, maintain with financially
sound and reputable insurance companies not Affiliates of the Company or any of its Subsidiaries,
(i) insurance with respect to its Properties and business against such casualties and
contingencies, of such types, on such terms and in such amounts as is customarily carried by
companies engaged in similar businesses and owning similar properties in localities where the
Company or any Subsidiary operates and (ii) such other insurance as may be required by the Note
Documents or applicable law.

(ii) The Company will, and will cause each of its Subsidiaries to, cause all such policies
covering any Collateral to be endorsed or otherwise amended to include a customary lender’s loss
payable endorsement or to name the Collateral Agent as an additional insured, in form and substance
satisfactory to the Collateral Agent, which endorsement shall provide that, from and after the
Effective Date, if the insurance carrier shall have received written notice from the Collateral
Agent of the occurrence of an Event of Default, the insurance carrier shall pay all proceeds
otherwise payable to the Company or a Subsidiary under such policies directly to the Collateral
Agent; (ii) deliver original or certified copies of all such policies to the Collateral Agent;
cause each such policy to provide that it shall not be canceled, modified or not renewed upon not
less than 30 days’ prior written notice thereof by the insurer to the Collateral Agent; and (iii)
deliver to the Collateral Agent, prior to the cancellation, modification or nonrenewal of any such
policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a
policy previously delivered to the Collateral Agent) together with evidence satisfactory to the
Collateral Agent of payment of the premium therefor.

(iii) If at any time the area in which any Mortgaged Property is located is designated a
“flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management
Agency (or any successor agency), the Company will, or will cause SMF, to obtain flood insurance in
such total amount as required by Regulation H of the Federal Reserve Board, as the same is from
time-to-time in effect, and all official rulings and interpretations thereunder or thereof may from
time to time require, and otherwise comply with the National Flood Insurance Program as set forth
in the Flood Disaster Protection Act of 1973, as it may be amended from time to time.

5G. Maintenance of Existence. The Company will, and will cause each of its Subsidiaries to,
do or cause to be done all things necessary to preserve, renew and keep in full force and effect
its corporate existence, material rights, licenses, permits and franchises; provided that
nothing in this paragraph shall prevent the abandonment or termination of the existence of any
Subsidiary, or the rights or franchises of any Subsidiary or the Company if such abandonment or
termination would not have a material adverse effect upon the business, condition (financial or
otherwise) operations or prospects of the Company and its Subsidiaries taken as a whole.

5H. Maintenance of Property. The Company will, and will cause each of its Subsidiaries to, at
all times maintain and preserve all Property used or useful in its business in good working order
and condition, and from time to time make, or cause to be made, all needful and proper repairs,
renewals and replacements thereto, so that the business carried on in connection therewith may be
properly conducted at all times, except to the extent that the failure to do so would not have a
material adverse effect upon the business, condition (financial or otherwise), operations or
prospects of the Company and its Subsidiaries taken as a whole.

5I. Payment of Taxes. The Company will, and will cause each of its Subsidiaries to, pay and
discharge promptly all taxes, assessments and governmental charges or levies imposed upon it or
upon its income or profits or in respect of its Property, prior to the time penalties would attach
thereto, as well as lawful claims for labor, materials and supplies or otherwise which, if unpaid,
might become a Lien or charge upon such Properties or any part thereof; provided,
however, that neither the Company nor any Subsidiary shall be required to pay and discharge
or to cause to be paid and discharged any such tax, assessment, charge, levy or claim so long as
the validity or amount thereof shall be subject to an active challenge or contest initiated in good
faith for which adequate reserves have been established in accordance with GAAP.

5J. Parity with Other Indebtedness. The Company will, and will cause its Subsidiaries to,
execute all such documents and take all such actions as the Required Holders may reasonably request
in order to assure that at all times (i) the Notes shall rank in right of payment senior to or pari
passu with all other Indebtedness of the Company and (ii) each Guarantor’s guaranty obligations
under the Guaranty Agreement in respect of the Notes shall rank in right of payment senior to or
pari passu with all other Indebtedness of such Guarantor.

5K. ERISA. The Company covenants that it and each of its Commonly Controlled Entities will
deliver to the holders of the Notes promptly and in any event within 10 days after it knows or has
reason to know of the occurrence of any event of the type specified in clause (xiv) of paragraph 7A
notice of such event and the likely impact on the Company and its Subsidiaries. In the event it or
any Commonly Controlled Entity has participated, now participates or will participate in any Plan
or Multiemployer Plan, the Company covenants that it and any such Commonly Controlled Entity will
deliver to the holders of the Notes: (i) promptly and in any event within 10 days after it knows
or has reason to know of the occurrence of a Reportable Event with respect to a Plan, a copy of any
materials required to be filed with the PBGC with respect to such Reportable Event, together with a
statement of the chief financial officer of the Company setting forth details as to such Reportable
Event and the action which the Company proposes to take with respect thereto; (ii) at least 10 days
prior to the filing by any plan administrator of a Plan of a notice of intent to terminate such
Plan, a copy of such notice; (iii) promptly upon the reasonable request of the holder of any Note,
and in no event more than 10 days after such request, copies of each annual report on Form 5500
that is filed with the Internal Revenue Service, together with certified financial statements for
the Plan (if any) as of the end of such year and actuarial statements on Schedule B to such Form
5500; (iv) promptly and in any event within 10 days after it knows or has reason to know of any
event or condition which might constitute grounds under section 4042 of ERISA for the termination
of, or the appointment of a trustee to administer, any Plan, a statement of the chief financial
officer of the Company describing such event or condition; (v) promptly and in no event more than
10 days after its or any Commonly Controlled Entity’s receipt thereof, the notice concerning the
imposition of any withdrawal liability under section 4202 of ERISA; and (vi) promptly after receipt
thereof, a copy of any notice the Company or any Commonly Controlled Entity may receive from the
PBGC or the Internal Revenue Service with respect to any Plan or Multiemployer Plan;
provided, however, that this paragraph 5K shall not apply to notices of general
application promulgated by the PBGC or the Internal Revenue Service.

5L. Environmental Covenants.

(i) The Company will maintain an environmental management system that is designed (A)
to monitor the Company’s and its Subsidiaries’ compliance with Environmental and Safety Laws
and (B) to minimize the Company’s and its Subsidiaries’ exposure to liabilities under
Environmental and Safety Laws, including, but not limited to, the Company’s and its
Subsidiaries’ exposure to liabilities under contracts or agreements with its customers or
partners. In addition, the environmental management system shall ensure that the Company’s
and its Subsidiaries’ potential exposures to liabilities under Environmental and Safety Laws
are adequately insured against pursuant to paragraph 5F.

(ii) The Company will immediately notify each holder of the Notes of and provide such
holder with copies of any notifications of violations or notifications of discharges or
releases or threatened releases or discharges of Hazardous Materials on, upon, into or from
any property of the Company or any Subsidiary, or any property where the Company or its
Subsidiaries is conducting operations, which are received or are given or required to be
given by or on behalf of the Company or any of its Subsidiaries to any federal, state or
local governmental agency or authority if any of the foregoing may materially and adversely
affect the Company or any of its Subsidiaries. Copies of such notifications shall be
delivered to the holders of the Notes at the same time as they are delivered to the
governmental agency or authority.

(iii) The Company further agrees promptly to undertake and pursue diligently to
completion, or to cause its Subsidiaries to undertake and pursue diligently to completion,
any appropriate and legally required remedial containment and cleanup action in the event of
any release or discharge or threatened release or discharge of Hazardous Materials on,
upon, into or from any property of the Company or any Subsidiary.

(iv) At all times, the Company will maintain and retain, or cause its Subsidiaries to
maintain and retain, to the extent legally required, complete and accurate records of all
releases, discharges or other disposal of Hazardous Materials on, onto, into or from (A) any
Property of the Company or any Subsidiary, or (B) any Property on or adjacent to which the
Company or any of its Subsidiaries conducts operations (“Third Party Property”) if such
releases, discharges, or other disposal on Third Party Properties is caused by the Company
or any of its Subsidiaries or any Person under its control or acting on its behalf and to
the extent such failure to maintain such records would have a material adverse effect on the
business, condition (financial or otherwise) or operations of the Company and its
Subsidiaries, taken as a whole.

5M. Maintenance of Collateral; Pledge of Additional Collateral.

(i) Subject to paragraphs 5N and 5O, the Company will, and will cause each of STI and
SMF to, grant to the Collateral Agent an Acceptable Security Interest in each item or type
of Property included in the Collateral; provided, however, that prior to the
occurrence of any Default, the Company and its Subsidiaries will not be required to take
steps to perfect the Collateral Agent’s Liens on deposit accounts, trademarks, patents,
promissory notes, instruments, or other Personal Property Collateral (other than Rolling
Stock, as provided in paragraph 5O) as to which perfection is not accomplished by the filing
of one or more UCC financing statements.

(ii) Within thirty (30) days after any other Person becomes a Subsidiary, (a) cause
such Person to (i) become a Guarantor by executing and delivering to each holder of any Note
a supplement to the Guaranty Agreement or such other document as the Required Holders shall
deem appropriate for such purpose, (ii) deliver to each holder of any Note Documents of the
types referred to in paragraph 3B and favorable opinions of counsel to such Person (which
shall cover, among other things, the legality, validity, binding effect and enforceability
of the documentation referred to in clause (i)), all in form, content and scope reasonably
satisfactory to the Required Holders, and (iii) execute such Collateral Documents as the
Collateral Agent or the Required Holders may reasonably request, in each case to secure the
Obligations, and (b) cause the immediate parent of such Subsidiary to pledge 100% of the
Equity Interest in such Subsidiary to secure the Obligations and provide such legal opinions
relating thereto as the Required Holders may reasonably request, along with share
certificates pledged thereby and appropriately executed stock powers in blank.

5N. Mortgaged Properties.

(i) Within 60 days following the Effective Date, the Company shall cause SMF (or other
record owner of any Mortgaged Property) to execute and deliver to the Collateral Agent, as
collateral agent for the benefit of the Secured Parties, a Mortgage covering each Mortgaged
Property described on Schedule 5N hereof, together with any other documents, agreements or
instruments necessary to create a mortgage Lien on such Mortgaged Property (but only upon
the Collateral Agent’s receipt of verification that such Mortgaged Property is not located
in an area designated by the Federal Emergency Management Agency as having special flood or
mud slide hazards). Within 120 days following the Effective Date, the Company shall deliver
to the Collateral Agent all appropriate documentation and evidence required by the Required
Holders necessary to determine that arrangements have been made for the Collateral Agent,
for the benefit of Secured Parties, to have an Acceptable Security Interest in each of the
Mortgaged Properties described on Schedule 5N, including as to each such Mortgaged Property:

(a) if requested by the Collateral Agent or the Required Holders, a favorable
opinion from local counsel located in the jurisdiction of such Mortgaged Property;

(b) an ALTA lender’s title insurance policy (or commitment for the issuance
thereof) issued by a title insurer reasonably satisfactory to the Collateral Agent
and the Required Holders, in form and substance and in amounts reasonably
satisfactory to the Collateral Agent and the Required Holders insuring that such
Mortgage creates a valid and enforceable first priority mortgage Lien on such
Mortgaged Property, free and clear of all defects and encumbrances except Excepted
Liens, and containing such endorsements as the Required Holders may reasonably
request;

(c) a current survey of such Mortgaged Property, certified by a licensed or
registered surveyor, to the extent required in order for the title insurer to delete
the standard survey exception from the title insurance policy covering such
Mortgaged Property;

(d) if requested by the Collateral Agent or the Required Holders or the title
insurer, satisfactory evidence that such Mortgaged Property is zoned for its current
use; and

(e) a “Phase I” environmental assessment report (and if recommended in the
“Phase I” environmental assessment report and requested by the Collateral Agent or
the Required Holders, a “Phase II” environmental assessment report) covering such
Mortgaged Property prepared by an environmental engineering firm acceptable to the
Collateral Agent and the Required Holders, as the case may be and reflecting that
the environmental condition of such Mortgaged Property is acceptable (such
determination to be made by the Collateral Agent and the Required Holders, as the
case may be, in the reasonable exercise of its or their sole discretion).

(ii) If a Phase I environmental assessment report recommends a Phase II environmental
assessment report with respect to any Mortgaged Property described in Schedule 5N and if the
Collateral Agent or the Required Holders requests such a “Phase II” environmental assessment
report or further environmental due diligence, or if a title defect (other than an Excepted
Lien) is discovered with respect to any Mortgaged Property described in Schedule 5N that the
Company is unable to cure, the Company may elect to withdraw such Mortgaged Property from
the Borrowing Base (and with respect to a request for a “Phase II” environmental assessment
report or further environmental due diligence, also elect not to obtain or furnish the
requested report or information), but within 60 days of such election the Company shall
grant or cause SMF to grant the Collateral Agent an Acceptable Security Interest in a
substitute terminal facility or facilities having an Appraised Value (as defined in the
Credit Agreement as in effect on the date hereof) comparable to the Mortgaged Property so
withdrawn. Upon providing an Acceptable Security Interest in the terminal facility or
facilities so substituted, the substitute facilities will be Mortgaged Properties for
purposes of this Agreement.

(iii) The Company may at any time grant or cause to be granted an Acceptable Security
Interest in favor of the Collateral Agent on other real Properties owned by the Company or
any of its Subsidiaries. Upon the Collateral Agent’s being provided an Acceptable Security
Interest therein, such Properties will be Mortgaged Properties for purposes of this
Agreement.

5O. Rolling Stock. Within 90 days following the Effective Date, the Company shall deliver to
the Collateral Agent and, promptly upon request, the holders of the Notes all appropriate
documentation and evidence reasonably required by the Collateral Agent and the Required Holders
necessary to determine that arrangements have been made for the Collateral Agent, for the benefit
of Secured Parties, to have an Acceptable Security Interest in Rolling Stock representing at least
85% of the amount of the initial Net Orderly Liquidation Value of the Company’s Rolling Stock as
set forth in the appraisal to be delivered pursuant to paragraph 5C(iv). Such arrangements shall
include (i) the Company’s execution and delivery of such agreements as the Vehicle Title Service
Company may reasonably require, (ii) the Company’s delivery to the Vehicle Title Service Company of
the certificates of title covering Rolling Stock that, when combined with Rolling Stock as to which
perfection of the Collateral Agent’s has been accomplished through the filing of financing
statements pursuant to the UCC, represents at least 85% of the Net Orderly Liquidation Value of the
Company’s Rolling Stock and notation of the Collateral Agent’s Lien on each certificate of title so
delivered, and (iii) the Company’s payment of the normal set-up and services charges of the Vehicle
Title Service Company and the filing fees payable in connection with the notation of the Collateral
Agent’s Lien on each certificate of title so delivered. Thereafter, so long as no Default or Event
of Default has occurred and is continuing, the Company shall cause the Collateral Agent, for the
benefit of Secured Parties, at all times to have an Acceptable Security Interest in Rolling Stock
representing at least 85% of the amount of the current Net Orderly Liquidation Value of the
Company’s Rolling Stock. Upon the request of the Collateral Agent following the occurrence of any
Default or Event of Default, the Company will cooperate with the Vehicle Title Service Company in
causing the certificates of title on all Rolling Stock to be promptly delivered to the Vehicle
Title Service Company and in causing the Collateral Agent’s Lien to be noted on each certificate of
title.

5P. Merger of STI. The Company shall cause STI to be merged with and into the Company, with
the Company as the surviving corporation, on or before June 30, 2009, and within 30 days following
the Effective Date shall deliver to the Collateral Agent and the holders of the Notes appropriate
documentation to evidence that such merger has been completed in accordance with all applicable
legal requirements.

6. NEGATIVE COVENANTS. So long as any Note or other Obligation is outstanding and unpaid, the
Company covenants as follows:

6A. Financial Covenants.

6A(1) Fixed Charge Coverage Ratio. The Company will not permit the Fixed Charge Coverage
Ratio, determined as of the last day of each fiscal quarter beginning with the fiscal quarter
ending June 30, 2009, for the four fiscal quarters then ended, to be less than the minimum required
Fixed Charge Coverage Ratio set forth below.

	 	 	 
	Period
	 	Minimum Required Fixed Charge

Coverage Ratio

	 
	 	 

	During the Adjusted Covenant Period
	 	1.05 to 1.00

	 
	 	 

	Following the Adjusted Covenant Period
	 	1.10 to 1.00

	 
	 	 

6A(2) Leverage Ratio. The Company will not permit the Leverage Ratio, determined as of the
last day of each fiscal quarter beginning with the fiscal quarter ending June 30, 2009, to be
greater than the maximum permitted Leverage Ratio set forth below.

	 	 	 
	Calculation Date

	 	Maximum Permitted Leverage Ratio
	 

	 	 
	June 30, 2009, September 30, 2009,

December 31, 2009, and March 31, 2010

	 	4.25 to 1.00

	 

	 	 
	June 30, 2010, and September 30, 2010

	 	4.00 to 1.00
	 

	 	 
	December 31, 2010

	 	3.75 to 1.00
	 

	 	 
	March 31, 2011 and thereafter

	 	3.25 to 1.00
	 

	 	 

6A(3) Adjusted Leverage Ratio. The Company will not permit, as of the last day of any fiscal
quarter, the Adjusted Leverage Ratio, calculated on a consolidated basis, to be greater than

	 	 	 
	Calculation Date

	 	Maximum Permitted Leverage Ratio
	 

	 	 
	June 30, 2009, September 30, 2009,

December 31, 2009, and March 31, 2010

	 	4.75 to 1.00

	 

	 	 
	June 30, 2010, and September 30, 2010

	 	4.50 to 1.00
	 

	 	 
	December 31, 2010

	 	4.25 to 1.00
	 

	 	 
	March 31, 2011 and thereafter

	 	3.75 to 1.00
	 

	 	 

6A(4) Tangible Net Worth. The Company will not permit Tangible Net Worth at any time to be
less than $145,000,000 plus the sum of (i) 75% of positive Net Income from Continuing
Operations in each fiscal quarter commencing with the fiscal quarter ending June 30, 2009,
plus (ii) 75% of the Net Proceeds from the issuance and sale by the Company of any Equity
Interests after the Effective Date, minus (iii) loss from Discontinued Operations
commencing with the fiscal quarter ending June 30, 2009.

6A(5) Asset Coverage Ratio. During the period commencing on the Effective Date and continuing
until the later of (i) the first determination of the Borrowing Base under the Credit Agreement or
(ii) the date as of which the Company has satisfied the requirements set forth in paragraphs 5M,
5N, 5O and 5P, the Company will not permit the Asset Coverage Ratio to be less than 2.00 to 1.00.

6B. Liens. The Company will not and will not permit any Subsidiary to create, assume or
suffer to exist any Lien upon any of its properties or assets, whether now owned or hereafter
acquired, or any income, participation, royalty or profits therefrom (whether or not provision is
made for the equal and ratable securing of the Obligations in accordance with the provisions of
paragraph 5D), except

(i) Excepted Liens;

(ii) Liens securing the Obligations and, so long as such Liens are subject to the terms
of the Intercreditor Agreement, the Bank Obligations;

	 	(iii)	 	Liens in existence on the date hereof as set forth on
Schedule 6B hereto;

(iv) Any attachment or judgment Lien with respect to an obligation not in excess of
$3,500,000, provided that the judgment it secures shall, within sixty (60) days after the
entry thereof, have been discharged or execution thereof stayed pending appeal; and

(v) Liens on the Properties of any Subsidiary acquired pursuant to a Permitted
Acquisition, provided that the Indebtedness secured thereby is permitted under paragraph
6C(v).

6C. Debt. The Company will not and will not permit any Subsidiary to create, incur, assume or
suffer to exist any Indebtedness, except

(i) Indebtedness of any Subsidiary to the Company or a Wholly Owned Subsidiary;

(ii) Indebtedness of any Guarantor under the Guaranty Agreement;

(iii) Indebtedness of any Guarantor under any Credit Agreement Guaranty so long as the
Intercreditor Agreement is in effect; and

(iv) obligations of the Company under this Agreement, the Notes and the Credit
Agreement;

(v) other Indebtedness not to exceed $25,000,000 in the aggregate at any time
outstanding (such other Indebtedness may include Indebtedness of any Subsidiary acquired
pursuant to a Permitted Acquisition, provided, however, that in no case shall any such
Indebtedness remain in effect for a period of time beyond the maturity date of such
Indebtedness in place when such Subsidiary is acquired); and

(vi) Indebtedness described on Schedule 6C hereto.

6D. Loans, Advances and Investments. The Company will not and will not permit any Subsidiary
to make or permit to remain outstanding any loan or advance to, or extend credit other than credit
extended in the normal course of business to any Person who is not an Affiliate of the Company to,
or own, purchase or acquire any stock, obligations or securities of, or any other interest in, or
make any capital contribution to, any Person, or make any Acquisition, or commit to do
any of the foregoing, except

(i) investments in, loans or advances to, or contribution to any Wholly Owned
Subsidiary;

(ii) obligations backed by the full faith and credit of the United States Government
(whether issued by the United States Government or an agency thereof), and obligations
guaranteed by the United States Government, in each case which mature within one year from
the date acquired;

(iii) demand and time deposits with, or certificates of deposit issued by, any
commercial bank or trust company (A) organized under the laws of the United States or any of
its states or having branch offices therein, (B) having equity capital in excess of
$250,000,000 and (C) which issues either (1) senior debt securities rated A or better by
S&P, or by Moody’s or (2) commercial paper rated A-1 by S&P or Prime-1 by Moody’s, in each
case payable in the United States in United States dollars, in each case which mature within
one year from the date acquired;

(iv) readily marketable commercial paper rated as A-1 or better by S&P or Prime-1 or
better by Moody’s (or, in either case, an equivalent rating from another nationally
recognized credit rating agency) and maturing not more than 270 days from the date
acquired;

(v) bonds, debentures, notes or similar debt instruments issued by a state or
municipality given a “AA” rating or better by S&P or an equivalent rating by another
nationally recognized credit rating agency and maturing not more than one year from the date
acquired;

(vi) negotiable instruments endorsed for collection in the ordinary course of business;

(vii) other investments not to exceed $3,000,000 (in addition to short term investment
of cash on hand from time to time in the Company’s operating account) in the aggregate for
reasonable business purposes; and

(viii) Acquisitions not otherwise prohibited hereunder so long as in each case:

(A) the target of the Acquisition is in the same line of business as the Company;

(B) no Default or Event of Default exists at the time of such Acquisition or would
result from such Acquisition;

(C) the Company has delivered to the holders of the Notes written notice of the
intended Acquisition and a copy of the information provided to the board of directors of the
Company not less than ten (10) days prior to the consummation of the Acquisition;

(D) not less than ten (10) days prior to the consummation of the Acquisition, the
Company provides each holder of a Note with a certification, in form and substance
satisfactory to such holder, demonstrating that upon the consummation of such Acquisition,
the Company will be in pro-forma compliance with each of the financial covenants set forth
in paragraph 6A, calculated as if such Acquisition had been made on the last date of the
most recent fiscal quarter for which financial statements of the Company have been provided
under paragraph 5A;

(E) neither the Company nor any Subsidiary shall, as a result of or in connection with
any such Acquisition, assume or incur any direct or contingent Indebtedness of the Person
being acquired (except for Indebtedness permitted under the terms of paragraph 6C(v));

(F) such Acquisition is not hostile and is otherwise approved by the Equity Interest
holders or the board of directors or other equivalent governing body of the target of the
Acquisition;

(G) if the Acquisition is proposed to be made during the Adjusted Covenant Period, no
cash consideration is paid in connection with the Acquisition (i.e., the consideration is
payable solely in Equity Interests of the Company);

(H) if the Acquisition is an Acquisition of the Equity Interests of a Person, the
Acquisition is structured so that the acquired Person will become a Subsidiary of the
Company and will comply with the provisions of paragraph 5M(ii) and (B) if the Acquisition
is an Acquisition of assets, the Acquisition is structured so that the Company or a
Guarantor will acquire such assets;

(I) the Company’s pro forma, post-Acquisition Available Liquidity will be greater than
or equal to $30,000,000; and

(J) the Company’s pro forma, post-Acquisition Leverage Ratio will be less than or equal
to the applicable amount set forth in the table below:

	 	 	 
	.

Closing Date of Acquisition

	 	Maximum Permitted Pro Forma

Post-Acquisition Leverage Ratio
	 

	 	 
	Before June 30, 2010

	 	3.75 to 1.00
	 

	 	 
	On or after June 30, 2010, but before

December 31, 2010

	 	3.50 to 1.00

	 

	 	 
	On or after December 31, 2010, but

before March 31, 2011

	 	3.25 to 1.00

	 

	 	 
	On or after March 31, 2011

	 	2.75 to 1.00
	 

	 	 

Notwithstanding the foregoing, no Subsidiary shall acquire any Equity Interests of the Company,
except as a result of participant directed investments in such Subsidiary’s nonqualified capital
accumulation plans.

6E. Sale of Stock and Indebtedness of Subsidiaries. The Company will not and will not permit
any Subsidiary to sell or otherwise dispose of, or part with control of, any shares of stock or
Indebtedness of any Subsidiary, except (i) to the Company or a Wholly Owned Subsidiary or
(ii) that all shares of stock and Indebtedness of any Subsidiary at the time owned by or owed to
the Company and all Subsidiaries may be sold as an entirety for a cash consideration which
represents the fair value (as determined in good faith by the Board of Directors of the Company) at
the time of sale of the shares of stock and Indebtedness so sold; provided that (A) such
sale or other disposition is treated as a Transfer of assets of such Subsidiary and is permitted by
paragraph 6G and (B) at the time of such sale, such Subsidiary shall not own, directly or
indirectly, any shares of stock or Indebtedness of any other Subsidiary (unless all of the shares
of stock and Indebtedness of such other Subsidiary owned, directly or indirectly, by the Company
and all Subsidiaries are simultaneously being sold as permitted by this paragraph 6E).

6F. Merger and Consolidation. The Company will not and will not permit any Subsidiary to
merge or consolidate with or into any other Person, except that:

(i) any Subsidiary may merge or consolidate with or into the Company provided
that the Company is the continuing or surviving corporation;

(ii) any Subsidiary may merge or consolidate with or into a Wholly Owned Subsidiary
provided that such Wholly Owned Subsidiary is the continuing or surviving
corporation;

(iii) the Company may consolidate or merge with any other corporation if (i) the
Company is the continuing or surviving corporation and is a solvent corporation duly
organized and existing under the laws of any state of the United States of America, or the
District of Columbia, with substantially all of its assets located and substantially all of
its operations conducted within the United States of America, and such continuing or
surviving corporation expressly assumes, by a written agreement satisfactory in form and
substance to the Required Holders (which agreement may require, in connection with such
assumption, the delivery of such opinions of counsel as the Required Holders may require),
the obligations of the Company under this Agreement and the other Note Documents, including
all covenants herein and therein contained, and such successor or acquiring entity shall
succeed to and be substituted for the Company with the same effect as if it had been named
herein as a party hereto, provided, however, that no such sale shall release
the Company from any of its obligations and liabilities under this Agreement or the other
Note Documents unless such sale is followed by the complete liquidation of the Company and
substantially all the assets of the Company immediately following such sale are distributed
to the successor or acquiring entity in such liquidation, (ii) no Default or Event of
Default exists before or after such merger or consolidation, (iii) the Tangible Net Worth of
the surviving corporation is at least as great as the Tangible Net Worth of the Company
immediately prior to such merger or consolidation and (iv) the core managers of the Company
or the merging Subsidiary prior to the merger shall be the core managers of the continuing
or surviving entity;

(iv) any Subsidiary may merge or consolidate with any other corporation,
provided that, immediately after giving effect to such merger or consolidation (a) a
Wholly Owned Subsidiary shall be the continuing or surviving corporation, (b) no Default or
Event of Default exists before or after such merger or consolidation and (c) the Tangible
Net Worth of the Company following the merger or consolidation is at least as great as the
Tangible Net Worth of the Company immediately prior to such merger or consolidation; and

(v) the Company or any Subsidiary may enter into a merger or consolidation in
connection with an Acquisition permitted by paragraph 6D(viii).

Notwithstanding anything to the contrary in this paragraph 6F, any surviving or newly
acquired or created Subsidiary or Wholly Owned Subsidiary shall continue to be or shall
become a Guarantor hereunder at the time of consummation of the merger or consolidation or
acquisition of such Subsidiary.

6G. Transfer of Properties. The Company will not and will not permit any Subsidiary to
Transfer, or agree or otherwise commit to Transfer, any of its Properties except that

(i) any Subsidiary may Transfer assets to the Company or a Wholly Owned Subsidiary;

(ii) the Company or any Subsidiary may collect its accounts and sell inventory in the
ordinary course of business; and

(iii) the Company or any Subsidiary may otherwise Transfer Properties, provided
that after giving effect thereto (i) the aggregate value of any Properties Transferred
during the 12 consecutive months immediately preceding such Transfer does not exceed 5% of
Consolidated Tangible Assets as of the end of the fiscal quarter immediately preceding such
Transfer, provided, however, that the aggregate purchase price paid within
90 days after any such Transfer for similar assets within the United States that are not
subject to Liens (other than Excepted Liens) for borrowed money other than pursuant to this
Agreement (before or after acquisition) will be deducted in determining this 5% limit, and
(ii) the aggregate value of Properties Transferred subsequent to January 28, 2008 shall not
exceed 25% of the Consolidated Tangible Assets determined at any time by aggregating the
dollar value of all Transfers as of such time as a percentage of Consolidated Tangible
Assets as of the end of the fiscal quarter ended immediately prior to such time,
provided, however, that the aggregate purchase price paid within 90 days
after any such Transfer for similar assets within the United States that are not subject to
Liens (other than Excepted Liens) for borrowed money other than pursuant to this Agreement
(before or after acquisition) will be deducted in determining this 25% limit.

Notwithstanding the foregoing, in no event may the Company or any Subsidiary Transfer any Mortgaged
Property without the consent of the Required Holders, and in no event may the Company or any
Existing Subsidiary Transfer its Equity Interests in an Existing Subsidiary without the consent of
all holders of the Notes. If requested by the Company in order to facilitate any Transfer which is
permitted to be made under the terms of this paragraph 6G or which has otherwise been consented to
by the requisite holders of the Notes, the Collateral Agent shall be authorized to release its Lien
on the Property or Properties to be Transferred.

6H. Sale and Lease-Back. The Company will not and will not permit any Subsidiary to enter
into any arrangement with any lender or investor or to which such lender or investor is a party
providing for the leasing by the Company or any Subsidiary of real or personal Property which has
been or is to be Transferred by the Company or any Subsidiary to such lender or investor or to any
Person to whom funds have been or are to be advanced by such lender or investor on the security of
such Property or rental obligations of the Company or any Subsidiary, except for the sale
and concurrent lease (pursuant to an Operating Lease) of any Property acquired by the Company or
its Subsidiaries after the date hereof, which sale and lease transaction is consummated within
ninety (90) days of such acquisition.

6I. Sale or Discount of Receivables. The Company will not and will not permit any Subsidiary
to sell with recourse, or discount or otherwise sell for less than the face value thereof, any of
its notes or accounts receivable.

6J. Related Party Transactions. The Company will not and will not permit any Subsidiary to
directly or indirectly, purchase, acquire or lease any Property from, or sell, transfer or lease
any property to any Related Party except upon terms that are no less favorable to the Company or
such Subsidiary, as the case may be, than those that could be obtained in an arm’s-length
transaction with an unrelated third party; provided that the foregoing shall not apply to
(A) any transaction between the Company and any Wholly Owned Subsidiary or between Wholly Owned
Subsidiaries and (B) any sales to, or purchases from, any such Related Party of shares of common
stock for cash consideration equal to the fair market value thereof (except pursuant to employee
stock option, stock appreciation and similar stock-based incentive plans applicable to employees of
the Company that have been approved by a majority of the Company’s outside directors).

6K. Issuance of Stock by Subsidiaries. The Company will not permit any Subsidiary (either
directly, or indirectly by the issuance of rights or options for, or securities convertible into,
such shares) to issue, sell or dispose of any of its Equity Interests except (i) for directors’
qualifying shares or other shares issued to comply with local ownership legal requirements (but not
in excess of the minimum number of shares necessary to satisfy such requirement), and (ii) to the
Company or a Wholly Owned Subsidiary.

6L. Subsidiary Restrictions. The Company will not and will not permit any Subsidiary to enter
into, or be otherwise subject to, any contract, agreement or other binding obligation that directly
or indirectly limits the amount of, or otherwise restricts (i) the payment to the Company of
dividends or other redemptions or distributions with respect to its capital stock by any
Subsidiary, (ii) the repayment to the Company by any Subsidiary of intercompany loans or advances
or (iii) other intercompany transfers to the Company of property or other assets by Subsidiaries.

6M. Change of Business.

(i) The Company will not change, and will not permit any Subsidiary to change, in any material
respect the nature of its business or operations from the business conducted by the Company and its
Subsidiaries on the date hereof and will not engage, and will not permit any Subsidiary to engage
directly or indirectly in any material business activity, or purchase or otherwise acquire any
material Property, in either case not directly related to the conduct of its business or operations
as presently carried on.

(ii) The Company will not permit either of STI or SCS to acquire or own any Property not held
by it on the Effective Date

6N. Restricted Payments. The Company will not, and will not permit any of its Subsidiaries
to:

(i) declare, make, pay, or become obligated to make or pay, any dividend or other distribution
(whether in cash, securities or other Property) on any Equity Interest in the Company or any of its
Subsidiaries, except that (i) the Company may declare and pay dividends on its Equity Interests
payable solely in additional shares of its common stock, (ii) Subsidiaries may declare and pay
dividends or make distributions ratably on their Equity Interests, and (iii) the Company may make
payments pursuant to and in accordance with stock option plans or other compensation, incentive or
bonus plans for directors, management or employees of the Company and its Subsidiaries; or

(ii) make any payment (whether in cash, securities or other Property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any Equity Interests in the Company or any Subsidiary, except that:
(i) after the expiration of the Adjusted Covenant Period, the Company may purchase, redeem, retire,
acquire, cancel or terminate any of its Equity Interests up to the aggregate amount of $50,000,000,
provided that (A) the Company’s pro forma Leverage Ratio following any such transaction shall be
less than or equal to 2.75 to 1.00 and (B) the Company’s pro forma Available Liquidity following
any such transaction shall be greater than or equal to $30,000,000; and (ii) the Company may make
purchases of Equity Interests in the Company pursuant to and in accordance with stock option plans
or other compensation, incentive or bonus plans for directors, management or employees of the
Company and its Subsidiaries; or

(iii) make any payments (other than scheduled payments) of principal of, premium, if any, or
interest on or fees with respect to, any Indebtedness for borrowed money or letter of credit
reimbursement obligations, or commitments to extend Indebtedness for borrowed money or issue
letters of credit, if any Default or Event of Default exists at the time of any such payment or
would result immediately following the making of any such payment.

6O. Most Favored Lender Status. (a) The Company will not enter into or permit any amendment
to the Credit Agreement or any other Credit Document to include one or more Additional Covenants or
Additional Defaults, unless prior written consent to such amendment shall have been obtained from
the Required Holders; provided, however, in the event that the Company or any
Subsidiary shall enter into, assume or otherwise become bound by or obligated under any such
amendment without the prior written consent of the Required Holders, the terms of this Agreement
shall, without any further action on the part of the Company or any of the holders of the Notes, be
deemed to be amended automatically to include each Additional Covenant and each Additional Default
contained in such amendment. The Company further covenants to promptly execute and deliver at its
expense (including the reasonable fees and expenses of counsel for the holders of the Notes) an
amendment to this Agreement in form and substance satisfactory to the Required Holders evidencing
the amendment of this Agreement to include such Additional Covenants and Additional Defaults to
which the Required Holders granted their consent; provided that the execution and delivery
of such amendment shall not be a precondition to the effectiveness of such amendment as provided
for in this paragraph 6O, but shall merely be for the convenience of the parties hereto.

(b) The Company will not enter into or amend any agreement governing or evidencing
Indebtedness for borrowed money (other than the Credit Agreement and other than capital leases) in
a principal amount committed or outstanding of $10,000,000 or more under one agreement, or a series
of related agreements, that includes one or more Additional Covenants or Additional Defaults (other
than covenants pertaining to the conversion of such Indebtedness to equity), unless prior to
entering into such agreement or amendment, (i) the Company offered such Additional Covenant or
Additional Default to the holders of the Notes and (ii) if the Requested Holders have accepted such
Additional Covenant or Additional Default, the Company has executed and delivered at its expense
(including the reasonable fees and expenses of counsel for the holders of the Notes) an amendment
to this Agreement to include such Additional Covenants and Additional Defaults in this Agreement,
provided that in no event shall the Company enter into or amend any agreement to restrict
payments on the Notes or other Obligations or restrict the ability of the Company to enter into
amendments and modifications of this Agreement or any other Note Documents without the prior
written consent of the Required Holders; provided, further, however, in the
event that the Company or any Subsidiary shall enter into, assume or otherwise become bound by or
obligated under any such agreement that includes Additional Covenants or Additional Defaults,
without executing and delivering such amendment to the holders of the Notes, the terms of this
Agreement shall, without any further action on the part of the Company or any of the holders of the
Notes, be deemed to be amended automatically to include each Additional Covenant and each
Additional Default contained in such agreement.

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

6Q. Credit Agreement. The Company will not and will not permit any Subsidiary to, to the
extent that the aggregate amount of loans and letters of credit outstanding under the Credit
Agreement as of the last day of any quarter exceeds the Available Borrowing Base as determined for
such date, fail to prepay revolving credit advances under the Credit Agreement in an aggregate
amount equal to such excess within ten Business Days after delivery of the applicable Borrowing
Base Report.

7. EVENTS OF DEFAULT.

7A. Acceleration. If any of the following events shall occur and be continuing for any reason
whatsoever (and whether such occurrence shall be voluntary or involuntary or come about or be
effected by operation of law or otherwise):

(i) the Company fails to pay any principal of, or Yield-Maintenance Amount payable with
respect to, any Note (including without limitation any mandatory prepayment of principal
required under paragraph 4A) as and when the same shall become due and payable, either by
the terms thereof or otherwise as herein provided; or

(ii) the Company fails to pay any interest on any Note or any other amount payable
hereunder or under any other Note Document and such failure shall continue for more than
three days after the date due thereof; or

(iii) the Company or any Subsidiary defaults (whether as primary obligor or as
guarantor or other surety) in any payment of principal of or interest on any other
obligation for money borrowed (or any Capitalized Lease Obligation, any obligation under a
conditional sale or other title retention agreement, any obligation issued or assumed as
full or partial payment for property whether or not secured by a purchase money mortgage or
any obligation under notes payable or drafts accepted representing extensions of credit)
beyond any period of grace provided with respect thereto, or the Company or any Subsidiary
fails to perform or observe any other agreement, term or condition contained in any
agreement under which any such obligation is created (or if any other event thereunder or
under any such agreement shall occur and be continuing) and the effect of such failure or
other event is to cause, or to permit the holder or holders of such obligation (or a trustee
on behalf of such holder or holders) to cause, such obligation to become due (or to be
repurchased by the Company or any Subsidiary) prior to any stated maturity; provided
that the aggregate amount of all obligations as to which such a payment default shall occur
and be continuing or such a failure or other event causing or permitting acceleration (or
resale to the Company or any Subsidiary) shall occur and be continuing exceeds $5,000,000 or
the equivalent amount in other currencies; or

(iv) any representation or warranty made by the Company herein or by the Company or any
of its officers in any writing furnished in connection with or pursuant to this Agreement
shall be false in any material respect on the date as of which made; or

(v) the Company fails to perform or observe any term, covenant or agreement contained
in paragraphs 5 or 6 (provided, however, to the extent the Company’s
compliance with any term, covenant or agreement contained in paragraphs 5 or 6 is based upon
the Company’s response to any request for information made by the holder of any Note or upon
any determination to be made at the discretion of the holder of any Note, the Company shall
have a reasonable period, not to exceed ten days, in which to comply with such request or
determination); or

(vi) the Company fails to perform or observe any other term, covenant, agreement or
condition contained herein or in any Collateral Document or other Note Document (other than
a Default of the type describe in Paragraph 7A(v)) and such failure shall not be remedied
within 30 days after the Company obtains actual knowledge thereof; or

(vii) the Company or any Subsidiary makes an assignment for the benefit of creditors or
is generally not paying its debts as such debts become due; or

(viii) any decree or order for relief in respect of the Company or any Subsidiary is
entered under any Debtor Relief Laws of any jurisdiction; or

(ix) the Company or any Subsidiary petitions or applies to any tribunal for, or
consents to, the appointment of, or taking possession by, a trustee, receiver, custodian,
liquidator or similar official of the Company or any Subsidiary, or of any substantial part
of the assets of the Company or any Subsidiary, or commences a voluntary case under the any
Debtor Relief Law or any proceedings (other than proceedings for the voluntary liquidation
and dissolution of a Subsidiary) relating to the Company or any Subsidiary under any Debtor
Relief Laws; or

(x) any such petition or application is filed, or any such proceedings are commenced,
against the Company or any Subsidiary and the Company or such Subsidiary by any act
indicates its approval thereof, consent thereto or acquiescence therein, or an order,
judgment or decree is entered appointing any such trustee, receiver, custodian, liquidator
or similar official, or approving the petition in any such proceedings, and such order,
judgment or decree remains unstayed and in effect for more than 30 days; or

(xi) any order, judgment or decree is entered in any proceedings against the Company
decreeing the dissolution of the Company and such order, judgment or decree remains unstayed
and in effect for more than 60 days; or

(xii) any order, judgment or decree is entered in any proceedings against the Company
or any Subsidiary decreeing a split-up of the Company or such Subsidiary which requires the
divestiture of assets representing a substantial part, or the divestiture of the stock of a
Subsidiary whose assets represent a substantial part, of the consolidated assets of the
Company and its Subsidiaries (determined in accordance with GAAP) or which requires the
divestiture of Properties, or stock of a Subsidiary, which shall have contributed a
substantial part of the consolidated net income of the Company and its Subsidiaries
(determined in accordance with GAAP) for any of the three fiscal years then most recently
ended, and such order, judgment or decree remains unstayed and in effect for more than 60
days; or

(xiii) one or more judgments or orders for the payment of money in an aggregate amount
in excess of $5,000,000 shall be rendered against the Company or any Subsidiary and either
(i) enforcement proceedings to attach or levy against any assets of Company or such
Subsidiary shall have been commenced by any creditor upon any such judgment or order, which
proceedings are not promptly stayed; or (ii) such judgment or order remains in effect
unsatisfied and unstayed for more than sixty (60) days after entry thereof; or

(xiv) (A) any Plan shall fail to satisfy the minimum funding standards of ERISA or the
Code for any plan year or part thereof or a waiver of such standards or extension of any
amortization period is sought or granted under Section 412 of the Code, (B) a notice of
intent to terminate any Plan shall have been or is reasonably expected to be filed with the
PBGC or the PBGC shall have instituted proceedings under ERISA Section 4042 to terminate or
appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any
Commonly Controlled Entity a Plan may become a subject of such proceedings, (C) the
aggregate “amount of unfunded benefit liabilities” (within the meaning of Section
4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA,
shall exceed $1,000,000, (D) the Company or any Commonly Controlled Entity shall have
incurred or is reasonably expected to incur any material liability pursuant to Title I or IV
of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit
plans, (E) the Company or any Commonly Controlled Entity withdraws from any Multiemployer
Plan which creates an obligation of the Company in excess of $1,000,000, or (F) the Company
or any Subsidiary establishes or amends any employee welfare benefit plan that provides
post-employment welfare benefits in a manner that would materially increase the liability of
the Company or any Subsidiary thereunder; or

(xv) any Collateral Document, at any time after its execution and delivery and for any
reason other than as expressly permitted hereunder or thereunder or satisfaction in full of
all of the Obligations, ceases to be in full force and effect and the Company or any
Subsidiary party thereto shall fail to cure the same within ten (10) days of written demand
by the Collateral Agent, or the Company or any Subsidiary purports to revoke, terminate or
rescind any Collateral Document; or

(xvi) any provision of the Guaranty Agreement after delivery thereof shall for any
reason cease to be valid and binding on a Guarantor and such Guarantor shall fail to cure
the same within ten (10) days of written demand by the holder of any Note, or a Guarantor
shall so state in writing; or

(xvii) (i)  the Company shall fail to pay any amounts due under the Credit Agreement
when due; (ii) the Company shall default in the performance of any term, provision or
conditions contained in the Credit Agreement, or any other event shall occur or condition
exist, the effect of which is to cause or permit the holders of the Bank Obligations to
demand immediate payment of Bank Obligations; or (iii) any Bank Obligations shall be
declared to be due and payable or required to be prepaid (other than by a regularly
scheduled payment) prior to the stated maturity thereof; or

(xviii) the Company or any Subsidiary shall fail to pay any Rate Management Obligation
when due or the Company or any Subsidiary shall breach any term, provision or condition
contained in any Rate Management Transaction or any transaction of the type described in the
definition of “Rate Management Transactions,” whether or not the holder of any Note or
Affiliate of the holder of any Note is a party thereto;

then (a) if such event is an Event of Default specified in clause (i) or (ii) of this paragraph 7A,
any holder of any Note may at its option, by notice in writing to the Company, declare all of the
Notes held by such holder to be, and all of the Notes held by such holder shall thereupon be and
become, immediately due and payable at par together with interest accrued thereon, without
presentment, demand, protest or notice of any other kind (including, without limitation, notice of
intent to accelerate), all of which are hereby waived by the Company, (b) if such event is an Event
of Default specified in clause (viii), (ix) or (x) of this paragraph 7A with respect to the
Company, all of the Notes at the time outstanding shall automatically become immediately due and
payable at par together with interest accrued thereon and together with the Yield-Maintenance
Amount, if any, with respect to each Note, without presentment, demand, protest or notice of any
kind (including, without limitation, notice of intent to accelerate and notice of acceleration of
maturity), all of which are hereby waived by the Company and (c) if such event is any Event of
Default other than as specified in preceding clause (b), the Required Holders may at its or their
option by notice in writing to the Company, declare all of the Notes to be, and all of the Notes
shall thereupon be and become, immediately due and payable together with interest accrued thereon
and together with the Yield-Maintenance Amount, if any, with respect to each Note, without
presentment, demand, protest or notice of any other kind (including, without limitation, notice of
intent to accelerate), all of which are hereby waived by the Company.

The Company acknowledges, and the parties hereto agree, that each holder of a Note has the
right to maintain its investment in the Notes free from repayment by the Company (except as herein
specifically provided for) and that the provision for payment of the Yield-Maintenance Amount by
the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of
Default, is intended to provide compensation for the deprivation of such right under such
circumstances.

7B. Rescission of Acceleration. At any time after any or all of the Notes shall have been
declared immediately due and payable pursuant to paragraph 7A, the Required Holders may, by notice
in writing to the Company, rescind and annul such declaration and its consequences if (i) the
Company shall have paid all overdue interest on the Notes, the principal of and Yield-Maintenance
Amount, if any, payable with respect to any Notes which have become due otherwise than by reason of
such declaration, and interest on such overdue interest and overdue principal and Yield-Maintenance
Amount at the rate specified in the Notes, (ii) the Company shall not have paid any amounts which
have become due solely by reason of such declaration, (iii) all Events of Default and Defaults,
other than non-payment of amounts which have become due solely by reason of such declaration, shall
have been cured or waived pursuant to paragraph 11C and (iv) no judgment or decree shall have been
entered for the payment of any amounts due pursuant to the Notes or this Agreement. No such
rescission or annulment shall extend to or affect any subsequent Default or Event of Default or
impair any right arising therefrom.

7C. Notice of Acceleration or Rescission. Whenever any Note shall be declared immediately due
and payable pursuant to paragraph 7A or any such declaration shall be rescinded and annulled
pursuant to paragraph 7B, the Company shall forthwith give written notice thereof to the holder of
each Note at the time outstanding.

7D. Other Remedies. If any Default or Event of Default occurs and is continuing, in addition
to those remedies set forth above, the Required Holders may exercise and enforce, on behalf of all
holders of the Notes, all rights and remedies available to the holders of the Notes in respect
thereof under applicable law, either by suit in equity or by action at law, or both, whether for
specific performance of any covenant or other agreement contained in the Note Documents or in aid
of the exercise of any power granted in the Note Documents, and may direct the Collateral Agent in
accordance with the Intercreditor Agreement to exercise on behalf of the holders of the Notes all
rights and remedies available to the holders of the Notes under the Collateral Documents. No
remedy conferred in this Agreement upon the holder of any Note is intended to be exclusive of any
other remedy, and each and every such remedy shall be cumulative and shall be in addition to every
other remedy conferred herein or now or hereafter existing at law or in equity or by statute or
otherwise.

7E. Application of Proceeds. After the exercise of remedies provided for in this paragraph 7
(or after the Notes have automatically become immediately due and payable), subject to the
provisions of the Intercreditor Agreement, any amounts received by the holders of the Notes shall
be applied ratably to the Obligations.

8. REPRESENTATIONS AND WARRANTIES. The Company represents, covenants and warrants as follows
(all references to “Subsidiary” and “Subsidiaries” in this paragraph 8 shall be deemed omitted if
the Company has no Subsidiaries at the time the representations herein are made or repeated):

8A. Organization. The Company is a corporation duly organized and validly existing in good
standing under the laws of the State of Delaware; each Subsidiary is duly organized and validly
existing in good standing under the laws of the jurisdiction in which it is organized; and the
Company has and each Subsidiary has the power to own its respective Property and to carry on its
respective business as now being conducted. The execution, delivery and performance by the Company
of this Agreement and the other Note Documents to which it is a party are within the Company’s
corporate powers and have been duly authorized by all necessary corporate action. As of the date
hereof, the only Subsidiaries of the Company are the Existing Subsidiaries.

8B. Financial Statements. The Company has furnished to each holder of the Notes the following
financial statements, certified by a principal financial officer of the Company: (i) a consolidated
balance sheet of the Company and its Subsidiaries as of December 31, 2007 and December 31, 2008,
and consolidated statements of income, cash flows and a consolidated statement of shareholders’
equity of the Company and its Subsidiaries for each such year, all reported on by KPMG LLP or
another nationally recognized public accounting firm; and (ii) a consolidated balance sheet of the
Company and its Subsidiaries as of the end of the March 31, 2009 quarterly period and the
comparable quarterly period in the preceding fiscal year and consolidated statements of income,
cash flows and a consolidated statement of shareholders’ equity for the periods from January 1,
2009 to the end of such March 31, 2009 quarterly period, prepared by the Company. All of the
financial statements delivered to each holder of the Notes pursuant to this paragraph 8B (including
any related schedules and/or notes) are true and correct in all material respects (subject, as to
interim statements, to changes resulting from audits and year-end adjustments), have been prepared
in accordance with GAAP consistently followed throughout the periods involved and show all
liabilities, direct and contingent, of the Company and its Subsidiaries required to be shown in
accordance with such principles. The balance sheets fairly present the condition of the Company and
its Subsidiaries as of the dates thereof, and the statements of income, cash flows and
stockholders’ equity fairly present the results of the operations of the Company and its
Subsidiaries and their cash flows for the periods indicated. There has been no material adverse
change in the business, property or assets, condition (financial or otherwise) operations or
prospects of the Company and its Subsidiaries taken as a whole since the end of the most recent
fiscal quarter for which financial statements have been furnished.

8C. Actions Pending. There is no action, suit, investigation or proceeding pending or, to the
knowledge of the Company, threatened against the Company or any of its Subsidiaries, or any
properties or rights of the Company or any of its Subsidiaries, by or before any court, arbitrator
or administrative or governmental body which, taking into account and giving effect to any
applicable insurance coverage, could reasonably be expected to result in any material adverse
change in the business, property or assets, condition (financial or otherwise) or operations of the
Company and its Subsidiaries taken as a whole. There is no action, suit, investigation or
proceeding pending or, to the knowledge of the Company, threatened against the Company, or any of
its Subsidiaries which purports to affect the validity or enforceability of this Agreement or any
other Note Document.

8D. Outstanding Indebtedness. Neither the Company nor any of its Subsidiaries has outstanding
any Indebtedness except as permitted by paragraph 6C. There exists no default under the provisions
of any instrument evidencing such Indebtedness or of any agreement relating thereto

8E. Title to Properties. SMF has good and marketable title to each of the Mortgaged
Properties, and the Company and its Subsidiaries have good and marketable title to or valid
leasehold interests in each of their other respective real Properties. The Company and each of its
Subsidiaries have good title to all of their other respective Properties, including the Personal
Property Collateral reflected in the most recent audited balance sheet referred to in paragraph 8B
(other than Properties disposed of in the ordinary course of business). None of the foregoing
Properties is subject to (a) any Lien of any kind other than Excepted Liens and Liens permitted by
paragraph 6B or (b) any interests which could materially adversely affect the intended use of such
Properties. All leases necessary in any material respect for the conduct of the respective
businesses of the Company and its Subsidiaries are valid and subsisting and are in full force and
effect. STI does not own any Properties other than the outstanding Equity Interests of SMF, and
SCS does not own any Properties other than any common law rights in its corporate name.

8F. Taxes. The Company has and each of its Subsidiaries (i) has filed all federal income tax
returns which are required to be filed, (ii) to the best knowledge of the Authorized Officers of
the Company and its Subsidiaries, has filed all state and other income tax returns which are
required to be filed, and (iii) has paid all taxes as shown on such returns and on all assessments
received by it to the extent that such taxes have become due, except such taxes as are being
contested in good faith by appropriate proceedings for which adequate reserves have been
established in accordance with GAAP.

8G. Conflicting Agreements and Other Matters. Neither the Company nor any of its Subsidiaries
is a party to any contract or agreement or subject to any charter or other corporate restriction
which materially and adversely affects its business, property or assets, condition (financial or
otherwise) or operations. Neither the execution nor delivery of this Agreement or any other Note
Documents, nor the offering, issuance and sale of any of the Notes, nor fulfillment of nor
compliance with the terms and provisions hereof and thereof, will conflict with, or result in a
breach of the terms, conditions or provisions of, or constitute a default under, or result in any
violation of, or result in the creation of any Lien upon any of the properties or assets of the
Company or any of its Subsidiaries pursuant to, the charter or by-laws of the Company or any of its
Subsidiaries, any award of any arbitrator or any agreement (including any agreement with
stockholders), instrument, order, judgment, decree, statute, law, rule or regulation to which the
Company or any of its Subsidiaries is subject. Except as set forth in the Credit Agreement,
neither the Company nor any of its Subsidiaries is a party to, or otherwise subject to any
provision contained in, any instrument evidencing Indebtedness of the Company or such Subsidiary,
any agreement relating thereto or any other contract or agreement (including its charter) which
limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the
Company of the type to be evidenced by the Notes.

8H. Offering of Notes. Neither the Company nor any agent acting on its behalf has, directly
or indirectly, offered the Notes or any similar security of the Company for sale to, or solicited
any offers to buy the Notes or any similar security of the Company from, or otherwise approached or
negotiated with respect thereto with, any Person other than institutional investors, and neither
the Company nor any agent acting on its behalf has taken or will take any action which would
subject the issuance or sale of the Notes to the provisions of Section 5 of the Securities Act or
to the provisions of any securities or Blue Sky law of any applicable jurisdiction.

8I. Use of Proceeds. None of the proceeds of the sale of any Notes will be used, directly or
indirectly, for the purpose, whether immediate, incidental or ultimate, of purchasing or carrying
any “margin stock” as defined in Regulation U (12 CFR Part 221) of the Board of Governors of the
Federal Reserve System or for the purpose of maintaining, reducing or retiring any Indebtedness
which was originally incurred to purchase or carry any stock that is then currently a margin stock.
Neither the Company nor any agent acting on its behalf has taken or will take any action which
might cause this Agreement or the Notes to violate Regulation U or any other regulation of the
Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934,
in each case as in effect now or as the same may hereafter be in effect. None of the proceeds of
the sale of any Notes will be used to finance any offer to purchase, or any purchase of, Equity
Interests in any other Person, or securities convertible into or representing the beneficial
ownership of, or rights to acquire, any such Equity Interests, if such Equity Interests, securities
or rights are of a class which is publicly traded on any securities exchange or in any
over-the-counter market, other than purchases of such Equity Interests, securities or rights
(other than margin stock) representing less than 5% of the Equity Interests or beneficial ownership
of such Person for portfolio investment purposes, if such offer or purchase has not been duly
approved by the Equity Interest holders or the board of directors or equivalent governing body of
such other Person prior to the date on which the Company requests that any Notes be purchased.

8J. ERISA. The Company and each Commonly Controlled Entity have satisfied the minimum funding
standard (as defined in section 302 of ERISA and section 412 of the Code), with respect to each
Plan (other than a Multiemployer Plan), and no waiver of such minimum funding standard has been
sought or granted. No liability to the PBGC has been or is expected by the Company or any Commonly
Controlled Entity to be incurred with respect to any Plan (other than a Multiemployer Plan) by the
Company or any Commonly Controlled Entity which is or would be materially adverse to the business,
property or assets, condition (financial or otherwise) or operations of the Company and its
Subsidiaries taken as a whole. The funding target attainment percentage (as defined in section
303(d) of ERISA and section 430(d) of the Code) for each Plan (other than a Multiemployer Plan) is
not less than 80 percent. Neither the Company nor any Commonly Controlled Entity has incurred or
currently expects to incur any withdrawal liability under Title IV of ERISA with respect to any
Multiemployer Plan which is or would be materially adverse to the business, property or assets,
condition (financial or otherwise) or operations of the Company and its Subsidiaries taken as a
whole. The execution and delivery of this Agreement and the issuance and sale of the Notes will be
exempt from or will not involve any transaction which is subject to the prohibitions of section 406
of ERISA and will not involve any transaction in connection with which a penalty could be imposed
under section 502(i) of ERISA or a tax could be imposed pursuant to section 4975 of the Code. The
representation by the Company in the next preceding sentence is made in reliance upon and subject
to the accuracy of the representation of each Purchaser in paragraph 9B as to the source of funds
to be used by it to purchase any Notes.

8K. Governmental Consent. Neither the nature of the Company or of any Subsidiary, nor any of
their respective businesses or properties, nor any relationship between the Company or any
Subsidiary and any other Person, nor any circumstance in connection with the execution and delivery
of this Agreement or any other Note Documents, or the offering, issuance, sale or delivery of the
Notes is such as to require any authorization, consent, approval, exemption or any action by or
notice to or filing with any court or administrative or governmental or regulatory body (other than
routine filings after the closing day for any Notes with the SEC and/or state Blue Sky authorities)
in connection with the execution and delivery of this Agreement or other Note Documents, the
offering, issuance, sale or delivery of the Notes or fulfillment of or compliance with the terms
and provisions hereof or thereof, except for filings with governmental bodies required in order to
perfect the Collateral Agent’s Liens on the Collateral.

8L. Environmental Compliance. The Company and its Subsidiaries and all of their respective
Properties and facilities have complied at all times and in all respects with all federal, state,
local and regional statutes, laws, ordinances and judicial or administrative orders, judgments,
rulings and regulations relating to protection of the environment except, in any such case, where
failure to comply could not be reasonably expected to result in a material adverse effect on the
business, condition (financial or otherwise) or operations of the Company and its Subsidiaries
taken as a whole.

8M. Investment Company Status. Neither the Company nor any Subsidiary is an “investment
company” or a company “controlled” by an “investment company” within the meaning of the Investment
Company Act of 1940, as amended, or an “investment adviser” within the meaning of the Investment
Advisers Act of 1940, as amended.

8O. Rule 144A. The Notes are not of the same class as securities of the Company, if any,
listed on a national securities exchange, registered under Section 6 of the Exchange Act or quoted
in a U.S. automated inter-dealer quotation system.

8P. Disclosure. Neither this Agreement nor any other document, certificate or statement
furnished to the Purchasers, any other holders of the Notes by or on behalf of the Company in
connection herewith contains any untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements contained herein and therein not misleading. There
is no fact peculiar to the Company or any of its Subsidiaries which materially adversely affects or
in the future may (so far as the Company can now reasonably foresee) materially adversely affect
the business, property or assets, condition (financial or otherwise) or operations of the Company
or any of its Subsidiaries taken as a whole and which has not been set forth in this Agreement

8Q. Delivery of Credit Agreement. The Company has delivered to each Purchaser prior to the
date hereof a true, correct and complete copy of the Credit Agreement, including all amendments and
waivers of any provision thereof.

8R. Hostile Tender Offers. None of the proceeds of the sale of any Notes will be used to
finance a Hostile Tender Offer.

8S. Interstate Commerce Act. Neither the Company nor any Subsidiary is a “rail carrier” or a
person controlled by or affiliated with a “rail carrier” within the meaning of Title 49, U.S.C.,
and the Company is not a “carrier” to which 49 U.S.C. Section 11301(b)(1) is applicable.

8T. Solvency. Each of the Company and SMF (assuming with respect to SMF, that the fraudulent
transfer savings language contained in the Guaranty Agreement applicable to SMF will be given full
effect, and assuming with respect to the Company that the Guaranty Agreement and the Credit
Agreement Guaranty are disregarded as obligations of SMF) is, and after the issuance and sale of
each Note hereunder will be, Solvent.

8U. Security Interests.

(i) The Security Agreement is effective to create in favor of the Collateral Agent, for the
ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the
Collateral (as defined in such Security Agreement) and, when financing statements in appropriate
form are filed in the applicable UCC filing offices, the Security Agreement will constitute a fully
perfected Lien on, and security interest in, all right, title and interest of the grantors
thereunder in such portion of the Personal Property Collateral in which a security interest may be
perfected by the filing of a financing statement under the UCC, in each case prior and superior in
right to any other Person, other than Excepted Liens.

(ii) Each Mortgage with respect to a related Mortgaged Property is or will be effective to
create in favor of the Collateral Agent for the ratable benefit of the Secured Parties a legal,
valid and enforceable Lien on such Mortgaged Property and, when appropriate filings or
registrations are made with the county clerk or recorder of the county in which such Mortgaged
Property is located, such Mortgage will constitute a fully perfected Lien on all right, title and
interest of the Company in such Mortgaged Property, prior and superior in right to any other
Person, other than Excepted Liens.

8V. Foreign Assets Control Regulations, Etc.

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

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

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

8W. Insurance. The properties of the Company and its Subsidiaries are insured with
financially sound and reputable insurance companies not Affiliates of the Company or any
Subsidiary, in such amounts, after giving effect to any self-insurance compatible with the
following standards, with such deductibles and covering such risks as are customarily carried by
companies engaged in similar businesses and owning similar properties in localities where the
Company or any Subsidiary operates. The insurance coverage of the Borrower and its Subsidiaries as
in effect on the Effective Date is outlined as to carrier, policy number, expiration date, type,
amount and deductibles on Schedule 8W.

9. REPRESENTATIONS OF THE PURCHASERS.

Each Purchaser represents as follows:

9A. Nature of Purchase. Such Purchaser is not acquiring the Notes purchased by it hereunder
with a view to or for sale in connection with any distribution thereof within the meaning of the
Securities Act, provided that the disposition of such Purchaser’s property shall at all
times be and remain within its control.

9B. Source of Funds. At least one of the following statements is an accurate representation
as to each source of funds (the “Source”) to be used by such Purchaser to pay the purchase price of
the Notes to be purchased by such Purchaser hereunder:

(i) the Source is an “insurance company general account” (as the term is defined in the
United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in
respect of which the reserves and liabilities (as defined by the annual statement for life
insurance companies approved by the National Association of Insurance Commissioners (the
“NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any
employee benefit plan together with the amount of the reserves and liabilities for the
general account contract(s) held by or on behalf of any other employee benefit plans
maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the
same employee organization in the general account do not exceed 10% of the total reserves
and liabilities of the general account (exclusive of separate account liabilities) plus
surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of
domicile; or

(ii) the Source is a separate account that is maintained solely in connection with such
Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to
any employee benefit plan (or its related trust) that has any interest in such separate
account (or to any participant or beneficiary of such plan (including any annuitant)) are
not affected in any manner by the investment performance of the separate account; or

(iii) the Source is either (a) an insurance company pooled separate account, within the
meaning of PTE 90-1 or (b) a bank collective investment fund, within the meaning of the PTE
91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this
clause (iii), no employee benefit plan or group of plans maintained by the same employer or
employee organization beneficially owns more than 10% of all assets allocated to such pooled
separate account or collective investment fund; or

(iv) the Source constitutes assets of an “investment fund” (within the meaning of Part
V of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager”
or “QPAM” (within the meaning of Part V of the QPAM Exemption), no employee benefit plan’s
assets that are included in such investment fund, when combined with the assets of all other
employee benefit plans established or maintained by the same employer or by an affiliate
(within the meaning of Section V(c)(1) of the QPAM Exemption) of such employer or by the
same employee organization and managed by such QPAM, exceed 20% of the total client assets
managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are
satisfied, neither the QPAM nor a person controlling or controlled by the QPAM (applying the
definition of “control” in Section V(e) of the QPAM Exemption) owns a 5% or more interest in
the Company and (a) the identity of such QPAM and (b) the names of all employee benefit
plans whose assets are included in such investment fund have been disclosed to the Company
in writing pursuant to this clause (iv); or

(v) the Source constitutes assets of a “plan(s)” (within the meaning of Section IV of
PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within
the meaning of Part IV of the INHAM exemption), the conditions of Part I(a), (g) and (h) of
the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled
by the INHAM (applying the definition of “control” in Section IV(h) of the INHAM Exemption)
owns a 5% or more interest in the Company and (a) the identity of such INHAM and (b) the
name(s) of the employee benefit plan(s) whose assets constitute the Source have been
disclosed to the Company in writing pursuant to this clause (v); or

(vi) the Source is a governmental plan; or

(vii) the Source is one or more employee benefit plans, or a separate account or trust
fund comprised of one or more employee benefit plans, each of which has been identified to
the Company in writing pursuant to this clause (vii); or

(viii) the Source does not include assets of any employee benefit plan, other than a
plan exempt from the coverage of ERISA.

As used in this paragraph 9B, the terms “employee benefit plan,” “governmental plan,” and “separate
account” shall have the respective meanings assigned to such terms in Section 3 of ERISA.

10. DEFINITIONS; ACCOUNTING MATTERS. For the purpose of this Agreement, the terms defined in
paragraphs 10A and 10B (or within the text of any other paragraph) shall have the respective
meanings specified therein and all accounting matters shall be subject to determination as provided
in paragraph 10C.

10A. Yield-Maintenance Terms.

“Called Principal” shall mean, with respect to any Note, the principal of such Note that is to
be prepaid pursuant to paragraph 4B or is declared to be immediately due and payable pursuant to
paragraph 7A, as the context requires.

“Designated Spread” shall mean 1.00% in the case of each Series A Note and 0% in the case of
each Note of any other Series.

“Discounted Value” shall mean, with respect to the Called Principal of any Note, the amount
obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from
their respective scheduled due dates to the Settlement Date with respect to such Called Principal,
in accordance with accepted financial practice and at a discount factor (as converted to reflect
the periodic basis on which interest on such Note is payable, if payable other than on a
semi-annual basis) equal to the Reinvestment Yield with respect to such Called Principal.

“Reinvestment Yield” shall mean, with respect to the Called Principal of any Note, the
Designated Spread over the yield to maturity implied by (i) the yields reported as of 10:00 a.m.
(New York City local time) on the Business Day next preceding the Settlement Date with respect to
such Called Principal for actively traded U.S. Treasury securities having a maturity equal to the
Remaining Average Life of such Called Principal as of such Settlement Date on the Treasury Yield
Monitor page of Standard & Poor’s MMS – Treasury Market Insight (or, if S & P shall cease to report
such yields in MMS – Treasury Market Insight or shall cease to be Prudential Capital Group’s
customary source of information for calculating yield-maintenance amounts on privately placed
notes, then such source as is then Prudential Capital Group’s customary source of such
information), or if such yields shall not be reported as of such time or the yields reported as of
such time shall not be ascertainable, (ii) the Treasury Constant Maturity Series yields reported,
for the latest day for which such yields shall have been so reported as of the Business Day next
preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical
Release H.15(519) (or any comparable successor publication) for actively traded U.S. Treasury
securities having a constant maturity equal to the Remaining Average Life of such Called Principal
as of such Settlement Date. Such implied yield shall be determined, if necessary, by (a)
converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted
financial practice and (b) interpolating linearly between yields reported for various maturities.
The Reinvestment Yield shall be rounded to that number of decimal places as appears in the coupon
of the applicable Note.

“Remaining Average Life” shall mean, with respect to the Called Principal of any Note, the
number of years (calculated to the nearest one-twelfth year) obtained by dividing (i) such Called
Principal into (ii) the sum of the products obtained by multiplying (a) each Remaining Scheduled
Payment of such Called Principal (but not of interest thereon) by (b) the number of years
(calculated to the nearest one-twelfth year) which will elapse between the Settlement Date with
respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.

“Remaining Scheduled Payments” shall mean, with respect to the Called Principal of any Note,
all payments of such Called Principal and interest thereon that would be due on or after the
Settlement Date with respect to such Called Principal if no payment of such Called Principal were
made prior to its scheduled due date.

“Settlement Date” shall mean, with respect to the Called Principal of any Note, the date on
which such Called Principal is to be prepaid pursuant to paragraph 4B or is declared to be
immediately due and payable pursuant to paragraph 7A, as the context requires.

“Yield-Maintenance Amount” shall mean, with respect to any Note, an amount equal to the
excess, if any, of the Discounted Value of the Called Principal of such Note over the sum of (i)
such Called Principal plus (ii) interest accrued thereon as of (including interest due on)
the Settlement Date with respect to such Called Principal. The Yield-Maintenance Amount shall in
no event be less than zero.

10B. Other Terms.

“Acceptable Security Interest” in any Property of the Company or any of its Subsidiaries shall
mean a Lien which (a) exists in favor of the Collateral Agent for the benefit of the Secured
Parties; (b) is valid; (c) has been duly perfected and is enforceable against the Company and the
Property covered thereby in preference to any rights of any Person therein, other than Excepted
Liens; (d) is superior to all other Liens except Excepted Liens; (e) secures the Obligations and
the Bank Obligations on a pari passu basis; and (f) in the case of Mortgaged Properties, as to
which the requirements set forth in paragraph 5N have been satisfied.

“Acquisition” shall mean any transaction, or any series of related transactions, consummated
on or after the Effective Date, by which the Company or one or more of its Subsidiaries (i)
acquires all or substantially all of any going business or all or substantially all of the assets
of any firm, corporation, partnership or limited liability company, or division thereof, whether
through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires (in one
transaction or as the most recent transaction in a series of transactions) at least a majority (in
number of votes) of the Equity Interests of a corporation which have ordinary voting power for the
election of directors (other than Equity Interests having such power only by reason of the
happening of a contingency) or a majority (by percentage or voting power) of the outstanding Equity
Interests of a partnership or limited liability company.

“Additional Covenant” shall mean any affirmative or negative covenant or similar restriction
applicable to the Company or any Subsidiary (regardless of whether such provision is labeled or
otherwise characterized as a covenant) the subject matter of which either (i) is similar to that of
any covenant in paragraph 5 or 6 of this Agreement, or related definitions in paragraph 10 of this
Agreement, but contains one or more percentages, amounts or formulas that is more restrictive than
those set forth herein or more beneficial to the lenders under the Credit Agreement or any other
agreement governing or evidencing Indebtedness in an aggregate principal amount committed or
outstanding of $10,000,000 or more (and such covenant or similar restriction shall be deemed an
Additional Covenant only to the extent that it is more restrictive or more beneficial) or (ii) is
different from the subject matter of any covenants in paragraph 5 or 6 of this Agreement, or
related definitions in paragraph 10 of this Agreement.

“Additional Default” shall mean any default or similar provision applicable to the Company or
any Subsidiary the result of which is to accelerate, or permit the acceleration, (with the passage
of time or giving of notice or both) of the maturity of the Indebtedness subject to such default or
provision, or otherwise requires any Company or any Subsidiary to repay, redeem or purchase the
Indebtedness subject to such default or provision prior to the stated maturity thereof and which
either (i) is similar to any Default or Event of Default contained in paragraph 7 of this
Agreement, or related definitions in paragraph 10 of this Agreement, but contains one or more
percentages, amounts or formulas that is more restrictive or has a shorter grace period than those
set forth herein or is more beneficial to the lenders under the Credit Agreement or any other
agreement governing or evidencing Indebtedness in an aggregate principal amount committed or
outstanding of $10,000,000 or more (and such provision shall be deemed an Additional Default only
to the extent that it is more restrictive, has a shorter grace period or is more beneficial) or
(ii) is different from the subject matter of any Default or Event of Default contained in paragraph
7 of this Agreement, or related definitions in paragraph 10 of this Agreement.

“Adjusted Covenant Period” shall mean the period commencing on the Effective Date and ending
on December 31, 2010 (or such later date as the Company and the Required Holders may mutually
establish).

“Adjusted EBITDAR” shall mean EBITDAR as it may be adjusted by the Required Holders in the
reasonable exercise of their sole discretion to include (i) pro forma additions related to
Permitted Acquisitions and (ii) certain non-recurring charges and/or extraordinary items proposed
by the Company to be included in EBITDAR (and specifically including the adjustment agreed to by
the Required Holders for the one-time, non-cash charge of approximately $35,500,000 taken by the
Company in the fourth quarter of 2008 relating to the write-off of the goodwill balance).
Following the closing of any Permitted Acquisition, the calculation of EBITDAR may be adjusted to
take into account the financial impact of such Permitted Acquisition as if such Permitted
Acquisition had occurred prior to, and the Subsidiary or Property acquired pursuant to such
Permitted Acquisition had been owned by the Company or one of its consolidated Subsidiaries
throughout, the entire calculation period prior to the date as of which such calculation is being
made, but any such adjustment shall be calculated by the Required Holders in the reasonable
exercise of their sole discretion.

“Adjusted Leverage Ratio” shall mean the ratio of (i) Adjusted Total Indebtedness as of such
date, minus, during the Adjusted Covenant Period only, Excess Cash on Hand as of such date, to
(ii) Adjusted EBITDAR for the period of four (4) consecutive fiscal quarters ending on such date.

“Adjusted Total Indebtedness” shall mean Total Indebtedness plus the aggregate face amount of
all letters of credit issued and outstanding under the Credit Agreement.

“Affiliate” shall mean any Person directly or indirectly controlling, controlled by, or under
the direct or indirect common control with, the Company. A Person shall be deemed to control
another Person if such Person possesses, directly or indirectly, the power to direct or cause the
direction of the management and policies of such other Person, whether through the ownership of
voting Equity Interests, by contract or otherwise.

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

“Asset Coverage Ratio” shall mean, as of any calculation date, the ratio of (i) the sum of (a)
total accounts of the Company and its Subsidiaries plus (b) net book value of the Company’s
Consolidated fixed assets, in each case for this clause (i) measured as of the last day of the
fiscal quarter of the Company for which the Company has delivered financial statements, to (ii) the
amount equal to (a) total principal balance of all Indebtedness (including the Notes and all
outstanding Bank Obligations), plus (b) without duplication, the aggregate face amount of all
letters of credit issued and outstanding under the Credit Agreement, minus (b) Excess Cash on Hand,
in each case for this clause (ii) measured as of such calculation date.

“Authorized Officer” shall mean in the case of the Company, its chief executive officer, its
chief financial officer or any other officer of the Company involved principally in the financial
operations of the Company and designated as an “Authorized Officer” of the Company for the purpose
of this Agreement in an Officer’s Certificate executed by the Company ‘s chief executive officer or
chief financial officer and delivered to each holder of any Notes. Any action taken under this
Agreement on behalf of the Company by any individual who on or after the Effective Date shall have
been an Authorized Officer of the Company and whom the holders of the Notes in good faith believe
to be an Authorized Officer of the Company at the time of such action shall be binding on the
Company even though such individual shall have ceased to be an Authorized Officer of the Company.
Any document, agreement, instrument, certificate or notice signed by an Authorized Officer shall be
deemed signed by the Authorized Officer in his or her capacity as an officer of the Company and not
in his or her individual capacity; provided, however, that any certificate signed
by an Authorized Officer on behalf of the Company shall be given by such Authorized Officer to the
best of his or her actual personal knowledge.

"Available Borrowing Base” means, as of any calculation date, the amount by which (i) the
Borrowing Base as determined for such date exceeds (ii) (A) the total outstanding principal balance
of the Notes on such date minus (B) during the Adjusted Covenant Period only, Excess Cash
on Hand on such date.

“Available Liquidity” shall mean, as of any calculation date, the unused portion of revolving
credit commitments available under the Credit Agreement (subject to any limitations imposed by the
Borrowing Base) plus net cash on hand of the Company and its Subsidiaries.

“Bank Guaranty Agreement” shall mean (i) the Second Restated Guaranty Agreement of SMF to be
executed and delivered by SMF as of the Effective Date pursuant to the Credit Agreement, and (ii)
any other guaranty agreement or other instrument at any time executed and delivered by a Guarantor
to guarantee payment and performance of the Bank Obligations.

“Bank Obligations” shall mean all Indebtedness, including interest accrued thereon, and all
other liabilities, obligations and indebtedness of the Company and any of its Subsidiaries under
the Credit Agreement and all other Credit Documents.

“Borrowing Base” shall have the meaning specified in the Credit Agreement as in effect on the
date hereof.

“Borrowing Base Report” shall have the meaning specified in the Credit Agreement as in effect
on the date hereof.

“Business Day” shall mean any day other than (i) a Saturday or a Sunday, and (ii) a day on
which commercial banks in New York City are required or authorized to be closed.

“Capital Expenditures” shall mean, for any applicable period of determination, the aggregate
amount of all expenditures of the Company and its Subsidiaries for fixed or capital assets made
during such period which, in accordance with GAAP, would be classified as capital expenditures.

“Capital Lease” shall mean all leases which have been or should be capitalized on the books of
the lessee in accordance with GAAP.

“Capitalized Lease Obligation” shall mean any rental obligation which, under GAAP, is or will
be required to be capitalized on the books of the Company or any Subsidiary, taken at the amount
thereof accounted for as indebtedness (net of interest expense) in accordance with GAAP.

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the
regulations and published interpretations thereof.

“Collateral” shall mean, collectively, (i) the Personal Property Collateral, (ii) the
Mortgaged Properties, and (iii) any other Property in which the Collateral Agent is at any time
granted a Lien as security for the Obligations.

“Collateral Agent” shall mean Bank of Oklahoma, N.A., in its capacity as collateral agent for
the Banks, the holders of the Notes and the other Secured Parties pursuant to this Agreement and
the Intercreditor Agreement, or any successor collateral agent appointed pursuant to Section 4.9 of
the Intercreditor Agreement.

“Collateral Documents” shall mean the Security Agreement, the Mortgages and each other
document, instrument or agreement executed in connection therewith or otherwise executed in order
to secure all or a portion of the Obligations.

“Commonly Controlled Entity” shall mean an entity, whether or not incorporated, which is under
common control with the Company within the meaning of Section 414(b) or 414(c) of the Code.

“Consolidated” and “consolidated” shall mean the consolidation of the accounts of the Company
and its Subsidiaries in accordance with GAAP, including principles of consolidation, consistent
with those applied in the preparation of the audited financial statements referred to in paragraph
8B.

“Contingency Reserve” shall mean accruals (other than de minimis accruals) for matters of a
contingent nature that are generally infrequent or unusual and not in the ordinary course of the
Company’s or its Subsidiaries’ businesses, excluding reserves for the Company’s and its
Subsidiaries’ workers’ compensation and bodily injury and property damage programs.

“Credit Agreement” shall mean the Third Amended and Restated Credit Agreement, dated as of the
date hereof, among the Company, the lender parties thereto and the Bank of Oklahoma, as agent for
such lenders, as amended or otherwise modified from time to time, and any credit facility replacing
or refinancing such Revolving Credit Agreement.

“Credit Documents” shall mean, collectively, the Credit Agreement, the Credit Agreement
Guaranty, the promissory notes and letters of credit (and the application and/or reimbursement
agreement executed by the Company in connection with the issuance of same) issued pursuant to the
Credit Agreement, and any and all other instruments executed or delivered by the Company and its
Subsidiaries in connection with the foregoing, together with all amendments, substitutions,
renewals and extensions thereof.

“Credit Agreement Guaranty” shall mean any guaranty agreement or other instrument at any time
executed and delivered by a Guarantor to guarantee payment and performance of any of the Bank
Obligations.

“Credit Parties” shall mean the Company and each Guarantor.

“Debtor Relief Laws” shall mean (i) the United States Bankruptcy Code, (ii) all other laws
relating to liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors,
moratorium, rearrangement, receivership, insolvency or reorganization, and (iii) all other similar
debtor relief laws of the United States or other applicable jurisdictions from time to time in
effect and affecting the rights of creditors generally.

“Default Rate” shall mean, for any Series of Notes at any time upon the occurrence of an Event
of Default and until such Event of Default has been cured or waived in writing, a rate of interest
per annum from time to time equal to the lesser of (i) the maximum rate permitted by applicable law
and (ii) the greater of (a) 2% over the coupon rate for such Series of Note over the rate of
interest in effect as of the Effective Date and (b) 2.0% over the rate of interest publicly
announced by JPMorgan Chase Bank, N.A. in New York, New York from time to time as its “base” or
“prime” rate.

“Discontinued Operations” shall mean, upon authorized plan of the Board of Directors of the
Company, the assets, liabilities, income or loss resulting from the sale of 100% of the common
stock of Jevic, determined in accordance with GAAP.

“EBITDAR” shall mean, for any period, the sum of Net Income, plus, to the extent
deducted in the determination of Net Income, (i) all provisions for federal, state and other income
tax of the Company and its Subsidiaries (ii) Interest Expense, (iii) provisions for depreciation
and amortization and (iv) Rental Expense, excluding (a) any gains or losses resulting from
the sale, conversion or other disposition of capital assets (i.e., assets other than current
assets), (b) any gains resulting from the write-up of assets, (c) any earnings of any Person
acquired by the Company or any Subsidiary through purchase, merger or consolidation or otherwise
for any period prior to the date of Acquisition, (d) any deferred credit representing the excess of
equity in any such Subsidiary at the date of Acquisition over the cost of the investment in such
Subsidiary, (e) any gains or losses from the acquisition of securities or the retirement or
extinguishment of Indebtedness, (f) any gains on collections from the proceeds of insurance
policies or settlements, (g) any restoration to income of any Contingency Reserve, except to the
extent that provision for such reserve was made out of income accrued during such period, (h) any
income, gain or loss during such period from any discontinued operations or the disposition
thereof, from any extraordinary items or from any prior period adjustments, and (i) any interest of
the Company or any Subsidiary in the undistributed earnings (but not losses) of any Person which is
not a Subsidiary of the Company, which in the aggregate will be deducted only to the extent they
are positive, adjusted for minority interests in Subsidiaries.

“Effective Date” shall mean June 26, 2009.

“Environmental and Safety Laws” shall mean all laws relating to pollution, the release or
other discharge, handling, disposition or treatment of Hazardous Materials and other substances or
the protection of the environment or of employee health and safety, including without limitation,
CERCLA, the Hazardous Materials Transportation Act (49 U.S.C. Section 1801 et. seq.), the Resource
Conservation and Recovery Act (42 U.S.C. Section 7401 et. seq.), the Clean Air Act (42 U.S.C.
Section 401 et. seq.), the Toxic Substances Control Act (15 U.S.C. Section 2601 et. seq.), the
Occupational Safety and Health Act (29 U.S.C. Section 651 et. seq.) and the Emergency Planning and
Community Right-To-Know Act (42 U.S.C. Section 11001 et. seq.), each as the same may be amended and
supplemented.

“Equity Interests” shall mean, with respect to any Person, all of the shares of capital stock
of (or other ownership or profit interests in) such Person, all of the warrants, options or other
rights for the purchase or acquisition from such Person of shares of capital stock of (or other
ownership or profit interests in) such Person, all of the securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person
or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not
such shares, warrants, options, rights or other interests are outstanding on any date of
determination.

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time
to time, and the regulations and published interpretations thereof.

“Event of Default” shall mean any of the events or circumstances specified in paragraph 7A,
provided that there has been satisfied any requirement in connection with such event for the giving
of notice, or the lapse of time, or the happening of any further condition, event or act, and
“Default” shall mean any of such events, whether or not any such requirement has been satisfied.

“Excepted Liens” shall mean the following Liens against Properties of the Company or any of
its Subsidiaries: (i) deposits to secure payment of worker’s compensation, unemployment insurance
and other similar benefits; (ii) Liens for property taxes not yet due or the validity or amount of
which are being contested in good faith by appropriate proceedings and against which the Company
has established reserves in conformity with GAAP; (iii) statutory Liens which (A) are being
contested in good faith by appropriate legal proceedings and against which the Company has
established reserves in conformity with GAAP or (B) arise in the ordinary course of business and
secure obligations which are not yet due and not in default; (iv) Liens to secure (or to obtain
letters of credit that secure) the performance of tenders, statutory obligations, surety and appeal
bonds, bids, leases, performance bonds, purchase, construction, government or sales contracts and
other similar obligations or otherwise to satisfy statutory or legal obligations, provided that in
each such case such Liens (A) were not incurred or made in connection with the incurrence or
maintenance of Indebtedness, the borrowing of money, the obtaining of advances or credit, and (B)
do not in the aggregate materially detract from the value of the Property so encumbered or
materially impair the use thereof in the operation of its business; (v) title defects, title
irregularities, easements, zoning restrictions, rights-of-way, encroachments, encumbrances on real
property imposed by law or arising in the ordinary course of business and other title matters of a
minor nature that in each case do not secure any monetary obligations and do not materially detract
from the value of the affected Property or materially impair or interfere with the use thereof in
the ordinary course of business; and (vi) attachment, judgment and other similar Liens arising in
connection with court proceedings, provided, however, that such Liens are in existence for less
than 30 days after the entry thereof or the execution or other enforcement thereof is effectively
stayed, but only if the claims secured thereby are being contested in good faith by appropriate
legal proceedings and the Company has established reserves in conformity with GAAP for such claims.

“Excess Cash on Hand” means, as of any date, the positive excess (if any) of (i) total
unencumbered cash and cash equivalents (except for cash and cash equivalents encumbered by Liens in
favor of the Collateral Agent) of the Company and its Subsidiaries on hand on such date in excess
of $5,000,000, minus (ii) the total principal amount of all outstanding loans under the Credit
Agreement on such date.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Existing Subsidiaries” shall mean STI, SCS and SMF.

“Fixed Charge Coverage Ratio” shall mean, for any period of determination, the ratio of
(i) Net Cash Flow for such period to (ii) Total Debt Service for the same period.

“GAAP” shall have the meaning set forth in paragraph 10C.

“Guarantors” shall mean (i) SMF, (ii) any other Subsidiary hereafter formed or acquired by the
Company, and (iii) any other Person that becomes a guarantor of all or a portion of the
Obligations.

“Guaranty Agreement” shall mean (i) the Second Restated Guaranty Agreement of SMF, in
substantially the form of Exhibit C hereto, to be executed and delivered by SMF as of the
Effective Date, and (ii) any other guaranty agreement or other instrument at any time executed and
delivered by a Guarantor to guarantee payment and performance of the Obligations.

“Hazardous Materials” shall mean (i) any material or substance defined as or included in the
definition of “hazardous substances,” “hazardous wastes,” “hazardous material,” “toxic substances”
or any other formulations intended to define, list or classify substances by reason of their
deleterious properties, (ii) any oil, petroleum or petroleum derived substances, (iii) any
flammable substances or explosives, (iv) any radioactive materials, (v) asbestos in any form, (vi)
electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated
biphenyls in excess of 50 parts per million, (vii) pesticides or (viii) any other chemical,
material or substance, exposure to which is prohibited, limited or regulated by any governmental
agency or authority or which may or could pose a hazard to the health and safety of persons in the
vicinity thereof.

“Hostile Tender Offer” shall mean, with respect to the use of proceeds of any Note, any offer
to purchase, or any purchase of, shares of capital stock of any corporation or equity interests in
any other entity, or securities convertible into or representing the beneficial ownership of, or
rights to acquire, any such shares or equity interests, if such shares, equity interests,
securities or rights are of a class which is publicly traded on any securities exchange or in any
over-the-counter market, other than purchases of such shares, equity interests, securities or
rights representing less than 5% of the equity interests or beneficial ownership of such
corporation or other entity for portfolio investment purposes, and such offer or purchase has not
been duly approved by the board of directors of such corporation or the equivalent governing body
of such other entity.

“including” shall mean, unless the context clearly requires otherwise, “including without
limitation.”

“Indebtedness” shall mean with respect to any Person without duplication, (1) indebtedness or
liability for borrowed money; (2) obligations evidenced by bonds, debentures, notes, or other
similar instruments; (3) obligations for the deferred purchase price of property acquired by such
Person (excluding accounts payable arising in the ordinary course of business but including all
liabilities created or arising under any conditional sale or other title retention agreement with
respect to any such property); (4) redemption obligations in respect of mandatorily redeemable
Preferred Stock; (5) obligations as lessee under Capital Leases; (6) the amount of unfunded benefit
liabilities (as defined in section 4001(a)(18) of ERISA); (7) obligations under acceptance
facilities; (8) the outstanding balance of the purchase price of uncollected accounts receivable of
such Person subject at such time to a sale of receivables or other similar transaction, regardless
of whether such transaction is effected without recourse to such Person or in a manner which would
not be reflected on the balance sheet of such Person in accordance with GAAP; (9) obligations
secured by any Liens (other than Excepted Liens), whether or not the obligations have been assumed;
and (10) all guaranties, endorsements (other than for collection or deposit in the ordinary course
of business), and other contingent obligations to purchase, to provide funds for payment, to supply
funds to invest in any Person or entity, or otherwise to assure a creditor against loss with
respect to liabilities of a type described in any of the clauses above.

“INHAM Exemption” shall have the meaning set forth in paragraph 9B.

“Intercreditor Agreement” shall mean the Intercreditor and Collateral Agency Agreement, dated
as of the date hereof, by and among the Purchasers, the lenders from time to time parties to the
Credit Agreement, Bank of Oklahoma, N.A., in its capacity as administrative agent for such lenders,
and the Collateral Agent, as amended or modified from time to time.

“Interest Expense” shall mean, with respect to any period, the sum (without duplication) of
(i) all interest and prepayment charges in respect of any Indebtedness (including imputed interest
in respect of Capitalized Lease Obligations and net costs of Rate Management Transactions) deducted
in determining Net Income for such period, together with all interest capitalized or deferred
during such period and not deducted in determining Net Income for such period, plus (ii)
all debt discount and expenses amortized or required to be amortized in the determination of Net
Income for such period.

“Jevic” shall mean Jevic Transportation, Inc., a New Jersey corporation.

“Leverage Ratio” shall mean, as of the last day of any completed fiscal quarter of the
Company, the ratio of (i) Total Indebtedness as of such date, minus, during the Adjusted Covenant
Period only, Excess Cash on Hand as of such date, to (ii) Adjusted EBITDAR for the period of four
(4) consecutive fiscal quarters ending on such date.

“Lien” shall mean any mortgage, deed of trust, pledge, security interest,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), of
preference, priority, or other security agreement or preferential arrangement, charge, or
encumbrance of any kind or nature whatsoever (including, without limitation, any conditional sale
or other title retention agreement, any financing lease having substantially the same economic
effect as any of the foregoing, and the filing of any financing statement under the UCC or
comparable law of any jurisdiction to evidence any of the foregoing).

“Maintenance Capital Expenditures” shall mean Capital Expenditures by the Company and its
Subsidiaries during a particular period of determination (i) for purchases of tractors, trailers,
and other revenue equipment deemed by the Company to be replacement purchases and (ii) to maintain
long term assets (e.g., property, plant and equipment) in good working order.

“Moody’s” shall mean Moody’s Investors Service, Inc. and its successors.

“Mortgage” shall mean, as to each Mortgaged Property, a real estate mortgage, deed of trust or
other instrument to be executed by the Company or a Subsidiary in favor of the Collateral Agent in
order to grant the Collateral Agent a Lien thereon to secure the Obligations and the Bank
Obligations.

“Mortgaged Properties” shall mean (i) the terminal facilities located on the tract or tracts
of land more particularly described on Schedule 5N attached hereto, (ii) any additional real
Properties in which the Collateral Agent may be granted a Lien pursuant to the substitution
provision set forth in paragraph 5N, and (iii) any other real Properties (in addition to those
described in the foregoing clauses (i) and (ii)) in which a Lien may at any time be granted to the
Collateral Agent to secure the Obligations. As to each of such Properties, the term “Mortgaged
Property” includes all land, buildings, structures, improvements, fixtures, and other property
rights relating thereto which are considered real property under the laws of the state or
jurisdiction in which such Property is located.

“Multiemployer Plan” shall mean any Plan which is a “multiemployer plan” (as such term is
defined in section 4001(a)(3) of ERISA).

“NAIC Annual Statement” shall have the meaning set forth in paragraph 9B.

“Net Cash Flow” shall mean Adjusted EBITDAR less the sum of Rental Expense, cash taxes,
Maintenance Capital Expenditures, distributions (to the extent payment of such distributions was
consented to by the Required Holders) and treasury stock purchases to the extent permitted by
paragraph 6N).

“Net Income” shall mean, for any period of determination, with respect to the Company on a
Consolidated basis with its Subsidiaries (other than any Subsidiary which is restricted from
declaring or paying dividends or otherwise advancing funds to its parent whether by contract or
otherwise), cumulative net income earned during such period as determined in accordance with GAAP.

“Net Income from Continuing Operations” means Net Income resulting from operations of the
Company that continue to exist subsequent to the closing of the sale of 100% of the common stock of
Jevic.

“Net Orderly Liquidation Value” shall mean, with respect to the Rolling Stock of the Company
and its Subsidiaries, the net amount, as estimated by an independent appraiser, that could be
realized from an orderly liquidation sale, given a reasonable period of time to find a purchaser
(or purchasers) with the Company being compelled to sell on an as-is, where-is basis.

“Net Proceeds” shall mean the net cash proceeds from the sale or issuance of any Equity
Interests, net of all underwriters’ discounts and commissions, other marketing and selling
expenses.

“Net Worth” shall mean, as at any time of determination thereof, the Consolidated
stockholders’ equity of the Company and its Subsidiaries.

“Note Documents” shall mean this Agreement, the Notes, the Guaranty Agreement, the Collateral
Documents, the Intercreditor Agreement, and all other instruments, certificates, documents and
other writings now or hereafter executed and delivered by the Company, any Subsidiary of the
Company or any other Person pursuant to or in connection with any of the foregoing or any of the
transactions contemplated thereby, and any and all amendments, restatements supplements and other
modifications to any of the foregoing.

“Notes” shall have the meaning specified in paragraph 1.

“Obligations” shall mean all liabilities, obligations and indebtedness, of every kind and
description and howsoever created, arising or evidenced, whether direct or indirect, absolute or
contingent, now existing or hereafter arising, and whether joint, several, or joint and several, of
the Company or any Subsidiary to the holders of the Notes arising under or evidenced by this
Agreement, the Notes and the other Note Documents, including principal, interest (including
interest accruing on the Notes after the commencement of any proceeding under any Debtor Relief
Laws, notwithstanding any provision or rule of law which might restrict the rights of the holders
of the Notes, as against the Company or any other Person, to collect such interest),
Yield-Maintenance Amount, indemnification and all administrative fees, legal fees and other fees
and expenses payable to the holders as set forth in this Agreement and the other Note Documents.

“Officer’s Certificate” shall mean a certificate signed in the name of the Company by an
Authorized Officer of the Company.

“Operating Lease” shall mean any lease of any property (whether real, personal or mixed) which
is not a Capital Lease.

“PBGC” shall mean the Pension Benefit Guaranty Corporation or any entity succeeding to any or
all of its functions under ERISA.

“Permitted Acquisition” shall mean an Acquisition permitted under paragraph 6D(viii).

“Person” shall mean an individual, partnership, corporation, business trust, joint stock
company, trust, unincorporated association, joint venture, governmental authority, or other entity
of whatever nature.

“Personal Property Collateral” shall mean all of the following items and types of personal
property of the Company and its Subsidiaries, of every kind and character, whether now owned and
existing or hereafter acquired or arising, wherever located, together with all accessions thereto,
substitutions and replacements therefor, and all proceeds (including insurance proceeds) and
products thereof: (i) all accounts, accounts receivable, contracts, contract rights, electronic
chattel paper, tax refunds, indemnification rights, warranty claims, commercial tort claims, and
general intangibles, (ii) all Rolling Stock, furniture, fixtures, machinery, equipment, tools,
tooling, inventory and other goods, (iii) all patents, patent applications, trademarks, trademark
applications, trade names, copyrights, copyright applications, software license rights, and other
intellectual property rights, (iv) all securities, financial assets and other investment property,
(v) all promissory notes, instruments, chattel paper and documents, (vi) all letter-of-credit
rights, (vii) all as-extracted collateral, (viii) all deposit accounts and certificates of deposit,
(ix) all cash, cash equivalents and money, and (x) all Equity Interests held by the Company in its
Subsidiaries.

“Plan” shall mean any employee pension benefit plan (as such term is defined in section 3 of
ERISA) which is or has been established or maintained, or to which contributions are or have been
made, by the Company or any Commonly Controlled Entity.

“Preferred Stock” shall mean any class of capital stock of a corporation that is preferred
over any other class of capital stock of such corporation as to the payment of dividends or the
payment of any amount upon liquidation or dissolution of such corporation.

“Property” shall mean any asset or property, whether real, personal or mixed, tangible or
intangible, which is now or at any time hereafter owned, operated or leased by the Company or any
Subsidiary.

“Prudential” shall mean The Prudential Insurance Company of America.

“Prudential Affiliate” shall mean (a) any corporation or other entity controlling, controlled
by, or under common control with, Prudential, or (b) any managed account or investment fund which
is managed by Prudential or a Prudential Affiliate described in clause (a) of this definition.
For purposes of this definition, the terms “control”, “controlling” and “controlled” shall mean the
ownership, directly or through subsidiaries, of a majority of a corporation’s or other entity’s
voting stock or equivalent voting securities or interests.

“Purchasers” shall have the meaning assigned to such term in the initial paragraph of this
Agreement.

“QPAM Exemption” shall have the meaning set forth in paragraph 9B.

“Rate Management Obligations” of a Person shall mean any and all obligations of such Person,
whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired
(including all renewals, extensions and modifications thereof and substitutions therefor), under
(i) any and all Rate Management Transactions, and (ii) any and all cancellations, buy backs,
reversals, terminations or assignments of any Rate Management Transactions. For the purposes of
this Agreement, the amount of the obligation under any Rate Management Transaction shall be the
amount determined in respect thereof as of the end of the then most recently ended fiscal quarter
of such Person, based on the assumption that such Rate Management Transaction had terminated at the
end of such fiscal quarter, and in making such determination, if any agreement relating to such
Rate Management Transaction provides for the netting of amounts payable by and to such Person
thereunder or if any such agreement provides for the simultaneous payment of amounts by and to such
Person, then in each such case, the amount of such obligation shall be the net amount so
determined.

“Rate Management Transaction” shall mean any transaction (including an agreement with respect
thereto) now existing or hereafter entered by the Company which is a rate swap, basis swap, forward
rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity
index option, bond option, interest rate option, foreign exchange transaction, cap transaction,
floor transaction, collar transaction, forward transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions) or any combination thereof, whether linked to
one or more interest rates, foreign currencies, commodity prices, equity prices or other financial
measures.

“Related Party” shall mean (i) any Shareholder, (ii) any executive officer or director of the
Company, (iii) all individuals to whom such Persons are related by blood, adoption or marriage and
(iv) all Affiliates of the foregoing Persons.

“Rental Expense” shall mean with reference to any period, the aggregate amount of all payments
for rent or additional rent (including all payments for taxes and insurance made directly to the
lessor, but excluding payments for maintenance, repairs, alterations, construction, demolition and
the like) for which the Company or Subsidiaries are directly or indirectly liable (as lessee or as
guarantor or other surety) under all Operating Leases in effect at any time during such period.

“Rental Obligations” shall mean with reference to any period, the aggregate amount of all
future payments for rent or additional rent (including all payments for taxes and insurance made
directly to the lessor, but excluding payments for maintenance, repairs, alterations, construction,
demolition and the like) for which the Company or Subsidiaries are directly or indirectly liable
(as lessee or as guarantor or other surety) under all Operating Leases in effect at such period end
that are not cancelable.

“Reportable Event” shall mean any of the events set forth in section 4043(b) of ERISA or the
regulation thereunder, a withdrawal from a plan described in Section 4063 of ERISA, or a cessation
of operations described in section 4062(e) of ERISA.

“Required Holders” shall mean the holder or holders of at least 51% of the aggregate principal
amount of the Notes outstanding at such time.

“Rolling Stock” means new and used trucks, tractors, trailers, lifts and forklifts, together
with all attachments and accessions to any of the foregoing, owned by the Company and its
Subsidiaries and used or useable in the operation of their respective businesses.

“S & P” shall mean Standard & Poor’s Ratings Group, a division of the McGraw-Hill Companies,
Inc., and its successors.

"SCS” means SCS Transportation, Inc., a Delaware corporation.

“SEC” shall mean the Securities and Exchange Commission (or any governmental body or agency
succeeding to the function of the Securities and Exchange Commission).

“Secured Parties” shall mean (i) all holders of the Notes, (ii) all other Persons from time to
time holding any of the Obligations or a participation therein, (iii) the administrative agent
under the Credit Agreement, (iv) all Persons from time to time holding any of the Bank Obligations
or a participation therein, including any counterparty to a Rate Management Transaction and (v) the
beneficiaries of each indemnification obligation undertaken by the Company under any Note Document
or any Credit Document.

“Securities Act” shall mean the Securities Act of 1933, as amended.

“Security Agreement” shall mean the Security Agreement, in substantially the form of
Exhibit D hereto to be entered into by the Company, STI and SMF in favor of the Collateral
Agent for the benefit of the Secured Parties.

“Series” shall have the meaning specified in paragraph 1.

“Series A Note(s)” shall have the meaning specified in paragraph 2A.

“Series B Note(s)” shall have the meaning specified in paragraph 2B.

“Series C Note(s)” shall have the meaning specified in paragraph 2C.

“Shareholder” shall mean any Person who owns, beneficially or of record, directly or
indirectly, at any time during any year with respect to which a computation is being made, either
individually or together with all persons to whom such Person is related by blood, adoption or
marriage, 5% or more of the outstanding Equity Interests of the Company which by the terms thereof
have ordinary voting power under ordinary circumstances to elect a majority of the board of
directors of the Company.

“Significant Holder” shall mean (i) Prudential, so long as Prudential or any Prudential
Affiliate shall hold (or be committed under this Agreement to purchase) any Note or (ii) any other
holder of at least 5% of the aggregate principal amount of the Notes from time to time outstanding.

“SMF” shall mean Saia Motor Freight Line, LLC, a Louisiana limited liability company (formerly
Saia Motor Freight Line, Inc.).

“Solvent” shall mean, with respect to any Person as of a particular date, that on such date
(a) such Person is able to pay its debts and other liabilities, contingent obligations and other
commitments as they mature in the ordinary course of business, (b) such Person does not intend to,
and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay
as such debts and liabilities mature in their ordinary course, (c) such Person is not engaged in a
business or a transaction, and is not about to engage in a business or a transaction, for which
such Person’s property would constitute unreasonably small capital after giving due consideration
to the prevailing practice in the industry in which such Person is engaged or is to engage, (d) the
fair value of the property of such Person is greater than the total amount of liabilities,
including, without limitation, contingent liabilities, of such Person and (e) the present fair
salable value of the assets of such Person is not less than the amount that will be required to pay
the probable liability of such Person on its debts as they become absolute and matured. In
computing the amount of contingent liabilities at any time, it is intended that such liabilities
will be computed at the amount which, in light of all the facts and circumstances existing at such
time, represents the amount that can reasonably be expected to become an actual or matured
liability.

“STI” means Saia Transportation, Inc., a Delaware corporation.

“Subsidiary” of a Person shall mean any corporation, association, partnership or other
business entity of which more than 50% of the outstanding Equity Interests having by the terms
thereof ordinary voting power under ordinary circumstances to elect a majority of the board of
directors or Persons performing similar functions (or, if there are no such directors or Persons,
having general voting power) of such entity (irrespective of whether at the time Equity Interests
of any other class or classes of such entity shall or might have voting power upon the occurrence
of any contingency) is at the time directly or indirectly owned or controlled by such Person, by
such Person and one or more Subsidiaries of such Person or by one or more Subsidiaries of such
Person. Unless otherwise indicated herein, each reference to the term “Subsidiary” shall mean a
Subsidiary of the Company.

“Tangible Assets” shall mean the consolidated assets of the Company and its Subsidiaries
less, without duplication, (i) all intangible assets, including goodwill, licenses,
organizational expense, unamortized debt discount and expense carried as an asset, and any write-up
in the book value of assets, and (ii) all reserves for depreciation and other asset valuation
reserves (but excluding reserves for federal, state, and other income taxes), net of accumulated
amortization.

“Tangible Net Worth” shall mean, without duplication, as of any calculation date, Net Worth
less (i) all intangible items, including goodwill, licenses, organizational expense,
unamortized debt discount and expense carried as an asset and any write-up in the book value of
assets and (ii) all reserves for depreciation and other asset valuation reserves (but excluding
reserves for federal, state, and other income taxes), net of accumulated amortization.

“Total Debt Service” shall mean the sum of Interest Expense, scheduled principal payments on
long-term debt and Capital Lease payments.

“Total Indebtedness” shall mean, as of any calculation date, the Consolidated Indebtedness of
the Company and its Subsidiaries as of such date plus six (6) times Rental Expense for the period
of four (4) consecutive fiscal quarters most recently ended on or prior to such date.

“Transfer” shall mean, with respect to any item of Property, the sale, exchange, conveyance,
lease, transfer or other disposition of such item.

“Transferee” shall mean any direct or indirect transferee of all or any part of any Note
purchased by any Purchaser under this Agreement.

“UCC” shall mean the Uniform Commercial Code as adopted and in effect in the State of Oklahoma
or any other relevant jurisdiction.

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

“Vehicle Title Service Company” means VINtek, Inc. or any other Person designated by the
Collateral Agent from time to time to hold certificates of title on Rolling Stock.

“Wholly Owned Subsidiary” shall mean, with respect to the Company, any Subsidiary (i) all of
the Equity Interests of which are, at the time as of which any determination is being made, owned
by the Company either directly or through one or more other Wholly Owned Subsidiaries, and (ii)
which has outstanding no options, warrants, rights or other securities entitling the holder thereof
(other than the Company or a Wholly Owned Subsidiary) to acquire any Equity Interests in such
Subsidiary.

10C. Accounting Principles, Terms and Determinations. References in this Agreement to “GAAP”
shall be deemed to refer to generally accepted accounting principles in effect in the United
States. Unless otherwise specified herein, all accounting terms used herein shall be interpreted,
all determinations with respect to accounting matters hereunder shall be made, and all financial
data, statements and certificates and reports as to financial matters required to be furnished
hereunder (including financial ratios and other financial calculations) shall be prepared, in
accordance with GAAP applied on a basis consistent with the most recent audited financial
statements referred to in clause (i) of paragraph 8B. If at any time any Accounting Change (as
defined below) would affect the computation of any financial ratio or other financial calculation
set forth in this Agreement, (i) such ratio or calculation shall continue to be made in accordance
with GAAP as in effect on January 1, 2008 and (ii) the Company shall provide to the holders of the
Notes a reconciliation between such ratio or calculation made before and after giving effect to
such Accounting Change. For purposes of this paragraph 10C, an “Accounting Change” means
(A) any change in accounting principles required by GAAP and implemented by the Company, (B) any
change in accounting principles recommended by the Company’s independent accountants; and (C) any
change in carrying value of the Company’s or any of its Subsidiaries’ assets, liabilities or equity
accounts resulting from any adjustments that, in each case, were applicable to, but not included
in, the audited financial statements referred to in paragraph 8B. For purposes of determining
compliance with the financial covenants contained in this Agreement, including without limitation
those set forth in paragraph 6A, any election by the Company to measure an item of Indebtedness
using fair value (as permitted by Statement of Financial Accounting Standards No. 159 or any
similar accounting standard) shall be disregarded and such determination shall be made as if such
election had not been made.

10D. Terms Defined in UCC. Except as otherwise defined herein, terms used herein that are
defined in Article 9 of the UCC are used herein with the same meanings.

10E. Construction. The following rules of interpretation and construction shall apply, unless
the context otherwise requires: (a) all terms defined herein in the singular shall include the
plural, as the context requires, and vice versa; (b) the descriptive headings of the sections of
this Agreement are for convenience only and shall not be used in the construction of the content of
this Agreement; (c) references to sections when used in this Agreement refer to specific sections
of this Agreement; (d) the words “hereof,” “herein” and “hereunder” and words of similar import
when used in this Agreement refer to this Agreement as a whole and not to any particular provision
of this Agreement; (e) the term “or” is not exclusive; and (f) the term “including” (or any form
thereof) is not intended to be limiting or exclusive.

11. MISCELLANEOUS.

11A. Note Payments. The Company agrees that, so long as any Purchaser shall hold any Note, it
will make payments of principal of, interest on, and any Yield-Maintenance Amount payable with
respect to, such Note, which comply with the terms of this Agreement, by wire transfer of
immediately available funds for credit (not later than 12:00 noon, New York City local time, on the
date due) to (i) the account or accounts of such Purchaser, if any, as are specified in the
Purchaser Schedule attached hereto, or (ii) such account or accounts in the United States as such
Purchaser may from time to time designate in writing, notwithstanding any contrary provision herein
or in any Note with respect to the place of payment. Each Purchaser agrees that, before disposing
of any Note, it will make a notation thereon (or on a schedule attached thereto) of all principal
payments previously made thereon and of the date to which interest thereon has been paid. The
Company agrees to afford the benefits of this paragraph 11A to any Transferee which shall have made
the same agreement as the Purchasers have made in this paragraph 11A. No holder shall be required
to present or surrender any Note or make any notation thereon, except that

upon written request of the Company made concurrently with or reasonably promptly after payment or
prepayment in full of any Note, the applicable holder shall surrender such Note for cancellation,
reasonably promptly after any such request, to the Company at its principal executive office.

11B. Expenses. The Company agrees, whether or not the transactions contemplated hereby shall
be consummated, to pay, and save Prudential, each Purchaser and any Transferee harmless against
liability for the payment of, all out-of-pocket expenses arising in connection with such
transactions, including:

(i) (A) all stamp and documentary taxes and similar charges, (B) costs of obtaining a
private placement number from S&P for the Notes and (C) fees and expenses of brokers,
agents, dealers, investment banks or other intermediaries or placement agents, in each case
as a result of the execution and delivery of this Agreement or the issuance of the Notes;

(ii) document production and duplication charges and the reasonable fees and expenses
of any special counsel engaged by Prudential or such Purchaser or such Transferee (other
than any fees or expenses of such Purchaser or Transferee in connection with the transfer of
any Note) in connection with (A) this Agreement and the transactions contemplated hereby and
(B) any subsequent proposed waiver, amendment or modification of, or proposed consent under,
this Agreement, whether or not such the proposed action shall be effected or granted;

(iii) the costs and expenses, including financial advisory fees and reasonable
attorneys’ fees, incurred by Prudential or such Purchaser or such Transferee in enforcing
(or determining whether or how to enforce) any rights under this Agreement or the Notes or
in responding to any subpoena or other legal process or informal investigative demand issued
in connection with this Agreement or the transactions contemplated hereby or by reason of
Prudential or such Purchaser’s or such Transferee’s having acquired any Note, including
without limitation costs and expenses incurred in any workout, restructuring or
renegotiation proceeding or bankruptcy case;

(iv) the costs and expenses, including the fees and charges of the Vehicle Title
Service Company, all search, filing, recording, title insurance, appraisal, and
environmental assessment fees and charges (and all taxes related thereto) and other
out-of-pocket expenses, incurred by Prudential or such Purchaser or such Transferee in
connection with administering the Collateral; and

(iv) any judgment, liability, claim, order, decree, cost, fee, expense, action or
obligation resulting from the consummation of the transactions contemplated hereby,
including the use of the proceeds of the Notes by the Company.

The Company will promptly pay or reimburse each Purchaser or holder of a Note (upon demand, in
accordance with each such Purchaser’s or holder’s written instructions) for all fees and costs paid
or payable by such Purchaser or holder to the SVO in connection with the initial filing of this
Agreement and all related documents and financial information, and all subsequent annual and
interim filings of documents and financial information related to this Agreement, with the SVO or
any successor organization acceding to the authority thereof.

The Company shall indemnify each holder of the Notes and each of its Related Parties (each
such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from,
any and all losses, claims, damages, penalties, liabilities and related expenses, including the
fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against
any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery
of this Agreement, the Notes, the other Note Documents, or any agreement or instrument contemplated
hereby or thereby, the performance by the parties hereto of their respective obligations hereunder
or under the Notes, the other Note Documents, or the consummation of the transactions contemplated
hereby or thereby, (ii) any Notes or the use of the proceeds thereof, (iii) any actual or alleged
presence or release of Hazardous Materials on or from any property owned or operated by the Company
or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any
of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by the Company or any of the Company’s directors, shareholders
or creditors, and regardless of whether any Indemnitee is a party thereto; provided that
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, penalties, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such Indemnitee.

The obligations of the Company under this paragraph 11B shall survive the transfer of any Note
or portion thereof or interest therein by any Purchaser or Transferee and the payment of any Note.
The Company’s obligations under clause (ii)(A) of this paragraph 11B shall be deemed to have been
fully satisfied upon payment of the Structuring Fee.

11C. Consent to Amendments. This Agreement may be amended, and the Company may take any
action herein prohibited, or omit to perform any act herein required to be performed by it, if the
Company shall obtain the written consent to such amendment, action or omission to act, of the
Required Holders except that, (i) with the written consent of the holders of all
Notes of a particular Series, and if an Event of Default shall have occurred and be continuing, of
the holders of all Notes of all Series, at the time outstanding (and not without such written
consents), the Notes of such Series may be amended or the provisions thereof waived to change the
maturity thereof, to change or affect the principal thereof, or to change or affect the time of
payment of, or increase the rate of, interest on or any Yield-Maintenance Amount payable with
respect to the Notes of such Series, and (ii) without the written consent of the holder or
holders of all Notes at the time outstanding, (A) no amendment to or waiver of the provisions of
this Agreement shall change or affect the provisions of paragraph 7A or this paragraph 11C insofar
as such provisions relate to proportions of the principal amount of the Notes of any Series, or the
rights of any individual holder of Notes, required with respect to any declaration of Notes to be
due and payable or with respect to any consent, amendment, waiver or declaration, and (B) all or
substantially all of the Collateral securing the Obligations may not be released or subordinated.
Each holder of any Note at the time or thereafter outstanding shall be bound by any consent
authorized by this paragraph 11C, whether or not such Note shall have been marked to indicate such
consent, but any Notes issued thereafter may bear a notation referring to any such consent. No
course of dealing between the Company and the holder of any Note nor any delay in exercising any
rights hereunder or under any Note shall operate as a waiver of any rights of any holder of such
Note. As used herein and in the Notes, the term “this Agreement” and references thereto shall mean
this Agreement as it may from time to time be amended or supplemented.

11D. Form, Registration, Transfer and Exchange of Notes; Lost Notes. The Notes are issuable
as registered notes without coupons in denominations of at least $100,000, except as may be
necessary to reflect any principal amount not evenly divisible by $100,000. The Company shall keep
at its principal office a register in which the Company shall provide for the registration of Notes
and of transfers of Notes. Upon surrender for registration of transfer of any Note at the
principal office of the Company, the Company shall, at its expense, and within five Business Days
of receipt of such Notes, execute and deliver one or more new Notes of like tenor and of a like
aggregate principal amount, registered in the name of such transferee or transferees. At the
option of the holder of any Note, such Note may be exchanged for other Notes of like tenor and of
any authorized denominations, of a like aggregate principal amount, upon surrender of the Note to
be exchanged at the principal office of the Company. Whenever any Notes are so surrendered for
exchange, the Company shall, at its expense, and within five Business Days of receipt of such
Notes, execute and deliver the Notes which the holder making the exchange is entitled to receive.
Each installment of principal payable on each installment date upon each new Note issued upon any
such transfer or exchange shall be in the same proportion to the unpaid principal amount of such
new Note as the installment of principal payable on such date on the Note surrendered for
registration of transfer or exchange bore to the unpaid principal amount of such Note. No
reference need be made in any such new Note to any installment or installments of principal
previously due and paid upon the Note surrendered for registration of transfer or exchange. Every
Note surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied
by a written instrument of transfer duly executed, by the holder of such Note or such holder’s
attorney duly authorized in writing. Any Note or Notes issued in exchange for any Note or upon
transfer thereof shall carry the rights to unpaid interest and interest to accrue which were
carried by the Note so exchanged or transferred, so that neither gain nor loss of interest shall
result from any such transfer or exchange. Upon receipt of written notice from the holder of any
Note of the loss, theft, destruction or mutilation of such Note and, in the case of any such loss,
theft or destruction, upon receipt of such holder’s unsecured indemnity agreement, or in the case
of any such mutilation upon surrender and cancellation of such Note, the Company will make and
deliver a new Note, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Note.

11E. Persons Deemed Owners; Participations. Prior to due presentment for registration of
transfer, the Company may treat the Person in whose name any Note is registered as the owner and
holder of such Note for the purpose of receiving payment of principal of and interest on, and any
Yield-Maintenance Amount payable with respect to, such Note and for all other purposes whatsoever,
whether or not such Note shall be overdue, and the Company shall not be affected by notice to the
contrary. Subject to the preceding sentence, the holder of any Note may from time to time grant
participations in all or any part of such Note to any Person on such terms and conditions as may be
determined by such holder in its sole and absolute discretion.

11F. Survival of Representations and Warranties; Entire Agreement. All representations and
warranties contained herein or made in writing by or on behalf of the Company in connection
herewith shall survive the execution and delivery of this Agreement and the Notes, the transfer by
any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and
may be relied upon by any Transferee, regardless of any investigation made at any time by or on
behalf of any Purchaser or any Transferee. Subject to the preceding sentence, this Agreement, the
other Note Documents and each confirmation of acceptance issued with each Series of Notes, embody
the entire agreement and understanding between the parties hereto with respect to the subject
matter hereof and supersede all prior agreements and understandings relating to such subject
matter.

11G. Successors and Assigns. All covenants and other agreements in this Agreement contained
by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective
successors and assigns of the parties hereto (including, without limitation, any Transferee)
whether so expressed or not. Each Purchaser and each Transferee hereby agree that upon becoming a
holder of any Note it shall become, without any further action on the part of such Person or the
parties to the Intercreditor Agreement, a party to the Intercreditor Agreement and the terms of the
Intercreditor Agreement shall bind and inure to the benefit of such Person.

11H. Independence of Covenants. All covenants hereunder shall be given independent effect so
that if a particular action or condition is prohibited by any one of such covenants, the fact that
it would be permitted by an exception to, or otherwise be in compliance within the limitations of,
another covenant shall not avoid the occurrence of a Default or Event of Default if such action is
taken or such condition exists.

11I. Notices. All written communications provided for hereunder (other than communications
provided for under paragraph 2) shall be sent by first class mail or nationwide overnight delivery
service (with charges prepaid) and (i) if to Prudential or any Purchaser, addressed as specified
for such communications in the Purchaser Schedule attached hereto or at such other address
as Prudential or any such Purchaser shall have specified to the Company in writing, (ii) if to any
other holder of any Note, addressed to it at such address as it shall have specified in writing to
the Company, or, if any such holder shall not have so specified an address, then addressed to such
holder in care of the last holder of such Note which shall have so specified an address to the
Company and (iii) if to the Company, addressed to it at 11465 Johns Creek Parkway, Johns Creek, GA
30097; provided, however, that any such communication to the Company may also, at
the option of the Person sending such communication, be delivered by any other means either to the
Company at its address specified above or to any Authorized Officer of the Company. Any
communication pursuant to paragraph 2 shall be made by the method specified for such communication
in paragraph 2, and shall be effective to create any rights or obligations under this Agreement
only if, in the case of a telephone communication, an Authorized Officer of the party conveying the
information and of the party receiving the information are parties to the telephone call, and in
the case of a telecopier communication, the communication is signed by an Authorized Officer of the
party conveying the information, addressed to the attention of an Authorized Officer of the party
receiving the information, and in fact received at the telecopier terminal the number of which is
listed for the party receiving the communication in the Purchaser Schedule or at such other
telecopier terminal as the party receiving the information shall have specified in writing to the
party sending such information.

11J. Payments due on Non-Business Days. Anything in this Agreement or the Notes to the
contrary notwithstanding, any payment of principal of or interest on, or Yield-Maintenance Amount
payable with respect to, any Note that is due on a date other than a Business Day shall be made on
the next succeeding Business Day without including the additional days elapsed in the computation
of the interest payable on such next succeeding Business Day; provided that if the maturity
date of any Note is a date other than a Business Day, then and in such event payment shall be made
on the next succeeding Business Day, but shall include the additional days elapsed in the
computation of interest payable on such next succeeding Business Day.

11K. Severability. Any provision of this Agreement which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating 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.

11L. Descriptive Headings. The descriptive headings of the several paragraphs of this
Agreement are inserted for convenience only and do not constitute a part of this Agreement.

11M. Satisfaction Requirement. If any agreement, certificate or other writing, or any action
taken or to be taken, is by the terms of this Agreement required to be satisfactory to Prudential,
any Purchaser, to any holder of Notes or to the Required Holders, the determination of such
satisfaction shall be made by Prudential, such Purchaser, such holder or the Required Holders, as
the case may be, in the sole and exclusive judgment (exercised in good faith) of the Person or
Persons making such determination.

11N. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND
THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.

11O. Severalty of Obligations. The sales of Notes to the Purchasers are to be several sales,
and the obligations of Prudential and the Purchasers under this Agreement are several obligations.
No failure by Prudential or any Purchaser to perform its obligations under this Agreement shall
relieve any other Purchaser or the Company of any of its obligations hereunder, and neither
Prudential nor any Purchaser shall be responsible for the obligations of, or any action taken or
omitted by, any other such Person hereunder.

11P. Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be an original, but all of which together shall constitute one instrument.

11Q. Binding Agreement. When this Agreement is executed and delivered by the Company and the
Purchasers, it shall become a binding agreement between the Company, the Purchasers, and their
successors and assigns.

11R. Waiver of Jury Trial; Consent to Jurisdiction.

(i) THE COMPANY, PRUDENTIAL AND EACH HOLDER OF NOTES HEREBY KNOWINGLY, VOLUNTARILY, AND
INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION OF ANY CLAIM WHICH
IS BASED HEREON, OR ARISES OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT, THE NOTES OR THE
OTHER NOTE DOCUMENTS, OR ANY TRANSACTIONS RELATING HERETO OR THERETO, OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS OF THE COMPANY, PRUDENTIAL OR
THE HOLDERS OF THE NOTES. THE COMPANY ACKNOWLEDGES THAT THIS PROVISION IS A MATERIAL INDUCEMENT
FOR PRUDENTIAL AND EACH PURCHASER TO BECOME A PARTY TO THIS AGREEMENT AND TO PURCHASE NOTES
HEREUNDER.

(ii) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT, THE NOTES, THE OTHER NOTE
DOCUMENTS OR ANY TRANSACTIONS RELATING HERETO OR THERETO, OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS OF THE COMPANY, PRUDENTIAL OR THE HOLDERS
OF NOTES MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR THE UNITED STATES OF AMERICA FOR
THE SOUTHERN DISTRICT OF NEW YORK, AND THE COMPANY HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.
THE COMPANY, PRUDENTIAL AND EACH HOLDER OF NOTES HEREBY IRREVOCABLY WAIVES ANY OBJECTIONS,
INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF
FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR
PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.

(iii) The Company hereby agrees that process may be served on it by certified mail, return
receipt requested, to the addresses pertaining to it as specified in paragraph 11I or on
Corporation Service Company, located at 80 State Street, Albany, NY 12207, and hereby appoints
Corporation Service Company as its agent to receive such service of process. Any and all service
of process and any other notice in any such action, suit or proceeding shall be effective against
the Company if given by registered or certified mail, return receipt requested, or by any other
means or mail which requires a signed receipt, postage prepaid, mailed as provided above. In the
event Corporation Service Company shall not be able to accept service of process as aforesaid and
if the Company shall not maintain an office in New York City, the Company shall promptly appoint
and maintain an agent qualified to act as an agent for service of process with respect to the
courts specified in paragraph 11R(ii), and acceptable to the Required Holders, as the Company’s
authorized agent to accept and acknowledge on the Company’s behalf service of any and all process
which may be served in any such action, suit or proceeding.

11S. Confidential Information. For the purposes of this paragraph 11S, “Confidential
Information” means information delivered to Prudential or any Purchaser by or on behalf of the
Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant
to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise
adequately identified when received by Prudential or such Purchaser as being confidential
information of the Company or such Subsidiary, provided that such term does not include
information that (a) was publicly known or otherwise known to Prudential or such Purchaser prior to
the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by
Prudential or such Purchaser or any person acting on behalf of Prudential or such Purchaser,
(c) otherwise becomes known to Prudential or such Purchaser other than through disclosure by the
Company or any Subsidiary or (d) constitutes financial statements delivered to Prudential or such
Purchaser under paragraph 5A that are otherwise publicly available. Prudential and each Purchaser
will maintain the confidentiality of such Confidential Information in accordance with procedures
adopted by Prudential or such Purchaser in good faith to protect confidential information of third
parties delivered to Prudential or such Purchaser, provided that Prudential or such
Purchaser may deliver or disclose Confidential Information to (i) its directors, officers,
employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates to
the administration of the investment represented by its Notes), (ii) its financial advisors and
other professional advisors who agree to hold confidential the Confidential Information
substantially in accordance with the terms of this paragraph 11S, (iii) any other holder of any
Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part
thereof or any participation therein (if such Person has agreed in writing prior to its receipt of
such Confidential Information to be bound by the provisions of this paragraph 11S), (v) any Person
from which Prudential or such Purchaser offers to purchase any security of the Company (if such
Person has agreed in writing prior to its receipt of such Confidential Information to be bound by
the provisions of this paragraph 11S), (vi) any federal or state regulatory authority having
jurisdiction over Prudential or such Purchaser, (vii) the National Association of Insurance
Commissioners or any similar organization, or any nationally recognized rating agency that requires
access to information about the investment portfolio of Prudential or such Purchaser or (viii) any
other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect
compliance with any law, rule, regulation or order applicable to Prudential or such Purchaser,
(x) in response to any subpoena or other legal process, (y) in connection with any litigation to
which Prudential or such Purchaser is a party or (z) if an Event of Default has occurred and is
continuing, to the extent Prudential or such Purchaser may reasonably determine such delivery and
disclosure to be necessary or appropriate in the enforcement or for the protection of the rights
and remedies under its Notes or this Agreement. Each holder of a Note, by its acceptance of a
Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this
paragraph 11S as though it were a party to this Agreement. On reasonable request by the Company in
connection with the delivery to any holder of a Note of information required to be delivered to
such holder under this Agreement or requested by such holder (other than a holder that is a party
to this Agreement or its nominee), such holder will enter into an agreement with the Company
embodying the provisions of this paragraph 11S.

11T. Transaction References. The Company agrees that Prudential may (i) refer to its role in
connection with the purchase of the Notes from the Company, as well as the identity of the Company
and the aggregate principal amount and issue date of the Notes, on its internet site or in
marketing materials, press releases, published “tombstone” announcements or any other print or
electronic medium and (ii) display the Company’s corporate logo in conjunction with any such
reference.

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed
counterpart of this letter and return the same to the Company, whereupon this letter shall become a
binding agreement between the Company and you.

Very truly yours,

SAIA, INC.

By:       

Title:

The foregoing Agreement is hereby accepted

as of the date first above written.

Prudential Investment Management, Inc.

By:       

Vice President

The Prudential Insurance Company of America

By:      

Vice President

Pruco Life Insurance Company

By:      

Vice President

Reliastar Life Insurance Company

	 	 	 
	By:
	 	Prudential Private Placement Investors,

L.P. (as Investment Advisor)

	By:
	 	Prudential Private Placement Investors, Inc.

(as its General Partner)

By:      

Vice President

Security Life Of Denver Insurance Company (formerly Southland Life Insurance Company)

	 	 	 
	By:
	 	Prudential Private Placement Investors,

L.P. (as Investment Advisor)

	By:
	 	Prudential Private Placement Investors, Inc.

(as its General Partner)

By:      

Vice President

Pruco Life Insurance Company Of New Jersey

By:      

Vice President

Prudential Retirement Insurance And Annuity Company

	 	 	 
	By:
	 	Prudential Investment Management, Inc.,

as investment manager

By:      

Vice President

United Of Omaha Life Insurance Company

	 	 	 	 	 
	By:	 	Prudential Private Placement Investors, L.P. (as Investment Advisor)
	By:

	 	Prudential Private Placement
	 	Investors, Inc. (as its General Partner)

By:      

Vice President

Universal Prudential Arizona Reinsurance Company

By: Prudential Investment Management, Inc., as investment manager

By:      

Vice President

Zurich American Insurance Company

	 	 	 	 	 
	By:	 	Prudential Private Placement Investors, L.P. (as Investment Advisor)
	By:

	 	Prudential Private Placement
	 	Investors, Inc. (as its General Partner)

By:      

Vice President

PURCHASER SCHEDULE

SAIA, INC.

PURCHASER SCHEDULES

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	7.38% Series A	 	6.14% Series B	 	6.17% Series C
	 	 	 	 	 	 	Notes due	 	Notes due	 	Notes due
	 	 	 	 	 	 	12/31/2013	 	12/31/2017	 	12/31/2017
	 	 	 	 	THE PRUDENTIAL INSURANCE COMPANY OF

AMERICA

	 	$71,598,000.00

	 	$5,325,000,.00

	 	$6,200,000.00

	 	 	 	 	
 
	 	 	 	$	3,625,000.00	 	 	$	7,900,000.00	 
	 	(1	)	 	All payments on account of Notes held by such

purchaser shall be made by wire transfer of

immediately available funds for credit to:

	 	

	 	

	 	

	 	 	 	 	Account Name: Prudential Managed Portfolio

Account No.: P86188 (please do not include spaces)

For payments on account of the following Notes:

	 	

	 	

	 	

	 	 	 	 	Series A — $71,598,000.00

Series C – $6,200,000.00

	 	

	 	

	 	

	 	 	 	 	Account Name: The Prudential — Privest Portfolio

Account No.: P86189 (please do not include spaces)

For payments on account of the following Notes:

	 	

	 	

	 	

	 	 	 	 	Series B — $5,325,000.00

Series C — $7,900,000.00

	 	

	 	

	 	

	 	 	 	 	Account Name: Privest Plus

Account No.: P86288 (please do not include spaces)

For payments on account of the following Note:

	 	

	 	

	 	

	 	 	 	 	Series B — $3,625,000.00

	 	

	 	

	 	

	 	 	 	 	JPMorgan Chase Bank

New York, NY

ABA No.: 021-000-021

	 	

	 	

	 	

	 	 	 	 	Each such wire transfer shall set forth the name

of the Company, a reference to “[description of

Notes], PPN Number” and the due date and

application (as among principal, interest and

Yield-Maintenance Amount) of the payment being

made.

	 	

	 	

	 	

	 	(2	)	 	Address for all notices relating to payments:

	 	

	 	

	 	

	 	 	 	 	The Prudential Insurance Company of America

c/o Investment Operations Group

Gateway Center Two, 10th Floor

100 Mulberry Street

Newark, NJ 07102-4077

	 	

	 	

	 	

	 	 	 	 	Attention: Manager, Billings and Collections

	 	

	 	

	 	

1

	 	 	 	 	 
	 	(3	)	 	Address for all other communications and notices:

	 	 	 	 	The Prudential Insurance Company of America

c/o Prudential Capital Group

1170 Peachtree Street, Suite 500

Atlanta, GA 30309

	 	 	 	 	Attention: Managing Director

	 	(4	)	 	Recipient of telephonic prepayment notices:

	 	 	 	 	Manager, Trade Management Group

	 	 	 	 	Telephone: (973) 367-3141

	 	 	 	 	Facsimile: (888) 889-3832

	 	(5	)	 	Address for Delivery of Notes:

	 	 	 	 	Send physical security by nationwide overnight delivery service to:

	 	 	 	 	Prudential Capital Group

1170 Peachtree Street, Suite 500

Atlanta, GA 30309

Attention: Michael R. Fierro, Esq.

Telephone: (404) 870-3753

	 	(6	)	 	Tax Identification No.: 22-1211670

Signature Block:

THE PRUDENTIAL INSURANCE

COMPANY OF AMERICA

By:      

Vice President

2

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	7.38% Series A	 	6.14% Series B	 	6.17% Series C
	 	 	 	 	 	 	Notes due	 	Notes due	 	Notes due
	 	 	 	 	 	 	12/31/2013	 	12/31/2017	 	12/31/2017
	 	 	 	 	PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

	 	-0-
	 	$	1,150,000.00	 	 	$	1,050,000.00	 
	 	(1	)	 	All payments on account of Notes held by such

purchaser shall be made by wire transfer of

immediately available funds for credit to:

	 	

	 	

	 	

	 	 	 	 	JPMorgan Chase Bank

New York, NY

ABA No.: 021-000-021

	 	

	 	

	 	

	 	 	 	 	Account No.: P86202 (please do not include

spaces)

Account Name: Pruco Life of New Jersey Private

Placement

	 	

	 	

	 	

	 	 	 	 	Each such wire transfer shall set forth the name

of the Company, a reference to “[description of

Notes, PPN Number”, and the due date and

application (as among principal, interest and

Yield-Maintenance Amount) of the payment being

made.

	 	

	 	

	 	

	 	(2	)	 	Address for all notices relating to payments:

	 	

	 	

	 	

	 	 	 	 	Pruco Life Insurance Company of New Jersey

c/o The Prudential Insurance Company of America

c/o Investment Operations Group

Gateway Center Two, 10th Floor

100 Mulberry Street

Newark, NJ 07102-4077

	 	

	 	

	 	

	 	 	 	 	Attention: Manager, Billings and Collections

	 	

	 	

	 	

	 	(3	)	 	Address for all other communications and notices:

	 	

	 	

	 	

	 	 	 	 	Pruco Life Insurance Company of New Jersey

c/o Prudential Capital Group

1170 Peachtree Street, Suite 500

Atlanta, GA 30309

	 	

	 	

	 	

	 	 	 	 	Attention: Managing Director

	 	

	 	

	 	

	 	(4	)	 	Recipient of telephonic prepayment notices:

	 	

	 	

	 	

	 	 	 	 	Manager, Trade Management Group

	 	

	 	

	 	

	 	 	 	 	Telephone: (973) 367-3141

	 	

	 	

	 	

	 	 	 	 	Facsimile: (888) 889-3832

	 	

	 	

	 	

3

	 	 	 	 	 
	 	(5	)	 	Address for Delivery of Notes:

	 	 	 	 	Send physical security by nationwide overnight delivery service to:

	 	 	 	 	Prudential Capital Group

1170 Peachtree Street

Atlanta, GA 30309

Attention: Michael R. Fierro, Esq.

Telephone: (404) 870-3753

	 	(6	)	 	Tax Identification No.: 22-2426091

Signature Block:

PRUCO LIFE INSURANCE COMPANY

OF NEW JERSEY

By:      

Assistant Vice President

4

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	7.38% Series A	 	6.14% Series B	 	6.17% Series C
	 	 	 	 	 	 	Notes due	 	Notes due	 	Notes due
	 	 	 	 	 	 	12/31/2013	 	12/31/2017	 	12/31/2017
	 	 	 	 	PRUCO LIFE INSURANCE COMPANY

	 	$	3,402,000.00	 	 	-0-
	 	-0-
	 	(1	)	 	All payments on account of Notes held by such

purchaser shall be made by wire transfer of

immediately available funds for credit to:

	 	

	 	

	 	

	 	 	 	 	JPMorgan Chase Bank

New York, NY

ABA No.: 021-000-021

	 	

	 	

	 	

	 	 	 	 	Account No.: P86192 (please do not include

spaces)

Account Name: Pruco Life Private Placement

	 	

	 	

	 	

	 	 	 	 	Each such wire transfer shall set forth the name

of the Company, a reference to “[description of

Notes, PPN Number”, and the due date and

application (as among principal, interest and

Yield-Maintenance Amount) of the payment being

made.

	 	

	 	

	 	

	 	(2	)	 	Address for all notices relating to payments:

	 	

	 	

	 	

	 	 	 	 	Pruco Life Insurance Company

c/o The Prudential Insurance Company of America

c/o Investment Operations Group

Gateway Center Two, 10th Floor

100 Mulberry Street

Newark, NJ 07102-4077

	 	

	 	

	 	

	 	 	 	 	Attention: Manager, Billings and Collections

	 	

	 	

	 	

	 	(3	)	 	Address for all other communications and notices:

	 	

	 	

	 	

	 	 	 	 	Pruco Life Insurance Company

c/o Prudential Capital Group

1170 Peachtree Street, Suite 500

Atlanta, GA 30309

	 	

	 	

	 	

	 	 	 	 	Attention: Managing Director

	 	

	 	

	 	

	 	(4	)	 	Recipient of telephonic prepayment notices:

	 	

	 	

	 	

	 	 	 	 	Manager, Trade Management Group

	 	

	 	

	 	

	 	 	 	 	Telephone: (973) 367-3141

	 	

	 	

	 	

	 	 	 	 	Facsimile: (888) 889-3832

	 	

	 	

	 	

5

	 	 	 	 	 
	 	(5	)	 	Address for Delivery of Notes:

	 	 	 	 	Send physical security by nationwide overnight delivery service to:

	 	 	 	 	Prudential Capital Group

1170 Peachtree Street

Atlanta, GA 30309

Attention: Michael R. Fierro, Esq.

Telephone: (404) 870-3753

	 	(6	)	 	Tax Identification No.: 22-1944557

Signature Block:

PRUCO LIFE INSURANCE COMPANY

By:      

Assistant Vice President

6

7

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	7.38% Series A	 	6.14% Series B	 	6.17% Series C
	 	 	 	 	 	 	Notes due	 	Notes due	 	Notes due
	 	 	 	 	 	 	12/31/2013	 	12/31/2017	 	12/31/2017
	 	 	 	 	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY

	 	-0-
	 	$	11,350,000.00	 	 	-0-
	 	(1	)	 	All payments on account of Notes held by such

purchaser shall be made by wire transfer of

immediately available funds for credit to:

	 	

	 	

	 	

	 	 	 	 	JP Morgan Chase Bank

New York, NY

ABA No. 021000021

	 	

	 	

	 	

	 	 	 	 	Account Name: PRIAC

Account No. P86329 (please do not include spaces)

	 	

	 	

	 	

	 	 	 	 	Each such wire transfer shall set forth the name

of the Company, a reference to “[description of

Notes, PPN Number” and the due date and

application (as among principal, interest and

Yield-Maintenance Amount) of the payment being

made.

	 	

	 	

	 	

	 	(2	)	 	Address for all notices relating to payments:

	 	

	 	

	 	

	 	 	 	 	Prudential Retirement Insurance and Annuity Company

c/o Prudential Investment Management, Inc.

Private Placement Trade Management

PRIAC Administration

Gateway Center Four, 7th Floor

100 Mulberry Street

Newark, NJ 07102

Telephone: (973) 802-8107

Facsimile: (888) 889-3832

	 	

	 	

	 	

	 	(3	)	 	Address for all other communications and notices:

	 	

	 	

	 	

	 	 	 	 	Prudential Retirement Insurance and Annuity Company

c/o Prudential Capital Group

1170 Peachtree Street, Suite 500

Atlanta, GA 30309

	 	

	 	

	 	

	 	 	 	 	Attention: Managing Director

	 	

	 	

	 	

8

	 	 	 	 	 
	 	(4	)	 	Address for Delivery of Notes:

	 	 	 	 	Send physical security by nationwide overnight delivery service to:

	 	 	 	 	Prudential Capital Group

1170 Peachtree Street, Suite 500

Atlanta, GA 30309

Attention: Michael R. Fierro, Esq.

Telephone: (404) 870-3753

	 	(5	)	 	Tax Identification No.: 06-1050034

Signature Block:

PRUDENTIAL RETIREMENT INSURANCE

AND ANNUITY COMPANY

	 	 	 
	By:
	 	Prudential Investment Management, Inc.,

As investment manager

	 	 	By:      

Vice President

9

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	7.38% Series A	 	6.14% Series B	 	6.17% Series C
	 	 	 	 	 	 	Notes due	 	Notes due	 	Notes due
	 	 	 	 	 	 	12/31/2013	 	12/31/2017	 	12/31/2017
	 	 	 	 	UNITED OF OMAHA LIFE INSURANCE COMPANY

	 	-0-
	 	$	3,550,000.00	 	 	-0-
	 	(1	)	 	All principal, interest and Yield-Maintenance

Amount payments on account of Notes held by such

purchaser shall be made by wire transfer of

immediately available funds for credit to:

	 	

	 	

	 	

	 	 	 	 	JPMorgan Chase Bank

ABA No. 021-000-021

Private Income Processing

For Credit to account: 900-9000200

For further credit to Account Name: United of

Omaha Life Insurance Company

For further credit to Account Number: G09588

	 	

	 	

	 	

	 	 	 	 	Each such wire transfer shall set forth the name

of the Company, a reference to “[description of

Notes, PPN Number” and the due date and

application (as among principal, interest and

Yield-Maintenance Amount) of the payment being

made.

	 	

	 	

	 	

	 	(2	)	 	All payments, other than principal, interest or

Yield-Maintenance Amount, on account of Notes

held by such purchaser shall be made by wire

transfer of immediately available funds for

credit to:

	 	

	 	

	 	

	 	 	 	 	JPMorgan Chase Bank

ABA No. 021-000-021

Account No. G09588

Account Name: United of Omaha Life Insurance Co.

	 	

	 	

	 	

	 	 	 	 	Each such wire transfer shall set forth the name

of the Company, a reference to “[description of

Notes, PPN Number” and the due date and

application (e.g., type of fee) of the payment

being made.

	 	

	 	

	 	

	 	(3	)	 	Address for all notices relating to payments:

	 	

	 	

	 	

	 	 	 	 	JPMorgan Chase Bank

14201 Dallas Parkway — 13th Floor

Dallas, TX 75254-2917

Attn: Income Processing — G. Ruiz

a/c: G09588

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(4	)	 	Address for all other communications and notices:

	 	

	 	

	 	

	 	 	 	 	Prudential Private Placement Investors, L.P.

c/o Prudential Capital Group

1170 Peachtree Street, Suite 500

Atlanta, GA 30309

Attention: Managing Director

	 	

	 	

	 	

	 	(5	)	 	Address for Delivery of Notes:

	 	

	 	

	 	

	 	 	 	 	(a) Send physical security by nationwide overnight

delivery service to:

	 	

	 	

	 	

	 	 	 	 	JPMorgan Chase Bank

4 New York Plaza

Ground Floor Receive Window

New York, NY 10004

Please include in the cover letter accompanying

the Notes a reference to the Purchaser’s account

number (United of Omaha Life Insurance Company;

Account Number: G09588).

(b) Send copy by nationwide overnight delivery

service to:

	 	

	 	

	 	

	 	 	 	 	Prudential Capital Group

Gateway Center 4

100 Mulberry, 7th Floor

Newark, NJ 07102

Attention: Trade Management, Manager

Telephone: (973) 367-3141

	 	

	 	

	 	

	 	(6	)	 	Tax Identification No.: 47-0322111

Signature Block:

	 	

	 	

	 	

	 	 	 	 	UNITED OF OMAHA LIFE INSURANCE

COMPANY

By: Prudential Private Placement Investors, L.P.

(as Investment Advisor)

By: Prudential Private Placement Investors, Inc.

(as its General Partner)

By:     

Vice President

	 	

	 	

	 	

	 	 	 	 	
 
	 	7.38% Series A

Notes due

12/31/2013
	 	6.14% Series B

Notes due

12/31/2017
	 	6.17% Series C

Notes due

12/31/2017

	 	 	 	 	
 
	 	 
	 	 
	 	 	 	 
	 	 	 	 	UNIVERSAL PRUDENTIAL ARIZONA REINSURANCE COMPANY

	 	-0-
	 	-0-
	 	$	5,250,000.00	 
	 	(1	)	 	All payments on account of Notes held by such

purchaser shall be made by wire transfer of

immediately available funds for credit to:

	 	

	 	

	 	

	 	 	 	 	JPMorgan Chase Bank

New York, NY

ABA No.: 021-000-021

	 	

	 	

	 	

	 	 	 	 	Account No.: P86393 (please do not include spaces)

Account Name: UPARC PLAZ Trust 2 — Privates

	 	

	 	

	 	

	 	 	 	 	Each such wire transfer shall set forth the name

of the Company, a reference to “[description of

Notes, PPN Number”, and the due date and

application (as among principal, interest and

Yield-Maintenance Amount) of the payment being

made.

	 	

	 	

	 	

	 	(2	)	 	Address for all notices relating to payments:

	 	

	 	

	 	

	 	 	 	 	Universal Prudential Arizona Reinsurance Company

c/o The Prudential Insurance Company of America

c/o Investment Operations Group

Gateway Center Two, 10th Floor

100 Mulberry Street

Newark, NJ 07102-4077

	 	

	 	

	 	

	 	 	 	 	Attention: Manager, Billings and Collections

	 	

	 	

	 	

	 	(3	)	 	Address for all other communications and notices:

	 	

	 	

	 	

	 	 	 	 	Universal Prudential Arizona Reinsurance Company

c/o Prudential Capital Group

1170 Peachtree Street, Suite 500

Atlanta, GA 30309

	 	

	 	

	 	

	 	 	 	 	Attention: Managing Director

	 	

	 	

	 	

	 	(4	)	 	Recipient of telephonic prepayment notices:

	 	

	 	

	 	

	 	 	 	 	Manager, Trade Management Group

	 	

	 	

	 	

	 	 	 	 	Telephone: (973) 367-3141

	 	

	 	

	 	

	 	 	 	 	Facsimile: (888) 889-3832

	 	

	 	

	 	

	 	 	 	 	 
	 	(5	)	 	Address for Delivery of Notes:

	 	 	 	 	Send physical security by nationwide overnight delivery service to:

	 	 	 	 	Prudential Capital Group

1170 Peachtree Street, Suite 500

Atlanta, GA 30309

Attention: Michael R. Fierro, Esq.

Telephone: (404) 870-3753

	 	(6	)	 	Tax Identification No.: 41-2214052

Signature Block:

UNIVERSAL PRUDENTIAL ARIZONA

REINSURANCE COMPANY

By: Prudential Investment Management, Inc.,

As investment manager

By:      

Vice President

10

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	7.38% Series A	 	6.14% Series B	 	6.17% Series C
	 	 	 	 	 	 	Notes due	 	Notes due	 	Notes due
	 	 	 	 	 	 	12/31/2013	 	12/31/2017	 	12/31/2017
	 	 	 	 	ZURICH AMERICAN INSURANCE COMPANY

	 	-0-
	 	-0-
	 	$	4,600,000.00	 
	 	 	 	 	Notes/Certificates to be registered in the name of:

	 	

	 	

	 	

	 	 	 	 	Hare & Co.

	 	

	 	

	 	

	 	(1	)	 	All payments on account of Notes held by such

purchaser shall be made by wire transfer of

immediately available funds for credit to:

	 	

	 	

	 	

	 	 	 	 	Hare & Co.

c/o The Bank of New York

ABA No.: 021-000-018

BNF: IOC566

Attn: William Cashman

Ref: ZAIC Private Placements #399141

	 	

	 	

	 	

	 	 	 	 	Each such wire transfer shall set forth the name

of the Company, a reference to “[description of

Notes], PPN Number” and the due date and

application (as among principal, interest and

Yield-Maintenance Amount) of the payment being

made.

	 	

	 	

	 	

	 	(2	)	 	All notices of payments and written confirmations

of such wire transfers:

	 	

	 	

	 	

	 	 	 	 	Zurich North America

Attn: Treasury T1-19

1400 American Lane

Schaumburg, IL 60196-1056

Contact: Mary Fran Callahan, Vice

President-Treasurer

Telephone: (847) 605-6447

Facsimile: (847) 605-7895

E-mail:

	 	

	 	

	 	

	 	(3	)	 	Address for all other communications and notices:

	 	

	 	

	 	

	 	 	 	 	Prudential Private Placement Investors, L.P.

c/o Prudential Capital Group

1170 Peachtree Street, Suite 500

Atlanta, GA 30309

Attention: Managing Director

	 	

	 	

	 	

11

	 	 	 	 	 
	 	(4	)	 	Address for Delivery of Notes:

	 	 	 	 	(a) Send physical security by nationwide overnight delivery service to:

	 	 	 	 	Bank of New York

Window A

One Wall Street, 3rd Floor

New York, NY 10286

Please include in the cover letter accompanying the Notes a reference to

the Purchaser’s account number (Zurich American Insurance Co.-Private

Placements; Account Number: 399141).

(b) Send copy by nationwide overnight delivery service to:

	 	 	 	 	Prudential Capital Group

Gateway Center 4

100 Mulberry, 7th Floor

Newark, NJ 07102

Attention: Trade Management, Manager

Telephone: (973) 367-3141

	 	 	 	 	 
	 	(5	)	 	Tax Identification No.: 13-6062916

Signature Block:

	 	 	 	 	ZURICH AMERICAN INSURANCE COMPANY

By: Prudential Private Placement Investors, L.P.

(as Investment Advisor)

By: Prudential Private Placement Investors, Inc.

(as its General Partner)

By:     

Vice President

12

13

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	7.38% Series A	 	6.14% Series B	 	6.17% Series C
	 	 	 	 	 	 	Notes due	 	Notes due	 	Notes due
	 	 	 	 	 	 	12/31/2013	 	12/31/2017	 	12/31/2017
	 	 	 	 	RELIASTAR LIFE INSURANCE COMPANY

	 	$	15,000,000.00	 	 	-0-
	 	-0-
	 	(1	)	 	All principal, interest and Yield-Maintenance

Amount payments on account of Notes held by such

purchaser shall be made by wire transfer of

immediately available funds for credit to:

	 	

	 	

	 	

	 	 	 	 	The Bank of New York

ABA No.: 021-000-018

BNF: IOC566/INST’L CUSTODY

	 	

	 	

	 	

	 	 	 	 	Reference: ReliaStar Life Insurance Company;

Account No. 187035

	 	

	 	

	 	

	 	 	 	 	Each such wire transfer shall set forth the name

of the Company, a reference to “[description of

Notes, PPN Number” and the due date and

application (as among principal, interest and

Yield-Maintenance Amount) of the payment being

made.

	 	

	 	

	 	

	 	(2	)	 	All payments, other than principal, interest or

Yield-Maintenance Amount, on account of Notes

held by such purchaser shall be made by wire

transfer of immediately available funds for

credit to:

	 	

	 	

	 	

	 	 	 	 	The Bank of New York

ABA No.: 021-000-018

BNF: IOC565/INST’L CUSTODY

	 	

	 	

	 	

	 	 	 	 	Reference: ReliaStar Life Insurance Company;

Account No. 187035

	 	

	 	

	 	

	 	 	 	 	Each such wire transfer shall set forth the name

of the Company, a reference to “description of

Notes, PPN Number” and the due date and

application (e.g., type of fee) of the payment

being made.

	 	

	 	

	 	

	 	(3	)	 	Address for all notices relating to payments:

	 	

	 	

	 	

	 	 	 	 	ING Investment Management LLC

5780 Powers Ferry Road, NW, Suite 300

Atlanta, GA 30327-4349

Attention: Securities Accounting

Facsimile: (770) 690-4886

	 	

	 	

	 	

14

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(4	)	 	Address for all other communications and notices:

	 	

	 	

	 	 	 	 	Prudential Private Placement Investors, L.P.

c/o Prudential Capital Group

1170 Peachtree Street, Suite 500

Atlanta, GA 30309

Attention: Managing Director

	 	

	 	

	 	(5	)	 	Recipient of telephonic prepayment notices:

	 	

	 	

	 	 	 	 	Manager, Trade Management Group

Telephone: (973) 802-8107

Facsimile: (888) 889-3832

	 	

	 	

	 	(6	)	 	Address for Delivery of Notes:

	 	

	 	

	 	 	 	 	(a) Send physical security by nationwide

overnight delivery service to:

	 	

	 	

	 	 	 	 	Bank of New York

1 Wall Street

3rd Floor, Free Received Dept.

New York, NY 10286

Attention: Jerrick Smallwood

Telephone: (212) 635-7922

Facsimile: (212) 635-8844

Please include in the cover letter accompanying

the Notes a reference to the Purchaser’s account

number Account Number:

	 	

	 	

	 	 	 	 	Reliastar Life Insurance Company; Account

Number: 187035

(b) Send copy by nationwide overnight delivery

service to:

	 	

	 	

	 	 	 	 	Prudential Capital Group

Gateway Center 4

100 Mulberry, 7th Floor

Newark, NJ 07102

Attention: Trade Management, Manager

Telephone: (973) 367-3141

	 	

	 	

	 	(7	)	 	Tax Identification No.: 41-0451140

	 	

	 	

Signature Block:

RELIASTAR LIFE INSURANCE COMPANY

	 	 	 
	By:
	 	Prudential Private Placement Investors,

L.P. (as Investment Advisor)

	By:
	 	Prudential Private Placement Investors, Inc.

(as its General Partner)

	 	 	By:      

Vice President

15

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	7.38% Series A	 	6.14% Series B	 	6.17% Series C
	 	 	 	 	 	 	Notes due	 	Notes due	 	Notes due
	 	 	 	 	 	 	12/31/2013	 	12/31/2017	 	12/31/2017
	 	 	 	 	SECURITY LIFE OF DENVER INSURANCE COMPANY

	 	$	10,000,000.00	 	 	-0-
	 	-0-
	 	(1	)	 	All principal, interest and Yield-Maintenance

Amount payments on account of Notes held by such

purchaser shall be made by wire transfer of

immediately available funds for credit to:

	 	

	 	

	 	

	 	 	 	 	The Bank of New York

ABA No.: 021-000-018

BNF: IOC566

Attention: P&I Department

	 	

	 	

	 	

	 	 	 	 	Reference: Security Life of Denver Insurance

Company; Account No. 178157

	 	

	 	

	 	

	 	 	 	 	Each such wire transfer shall set forth the name

of the Company, a reference to “[description of

Notes], PPN Number” and the due date and

application (as among principal, interest and

Yield-Maintenance Amount) of the payment being

made.

	 	

	 	

	 	

	 	(2	)	 	All payments, other than principal, interest or

Yield-Maintenance Amount, on account of Notes

held by such purchaser shall be made by wire

transfer of immediately available funds for

credit to:

	 	

	 	

	 	

	 	 	 	 	The Bank of New York

ABA No.: 021-000-018

BNF: IOC565/INST’L CUSTODY

	 	

	 	

	 	

	 	 	 	 	Reference: Security Life of Denver Insurance

Company; Account No. 178157

	 	

	 	

	 	

	 	 	 	 	Each such wire transfer shall set forth the name

of the Company, a reference to “[description of

Notes, PPN Number” and the due date and

application (e.g., type of fee) of the payment

being made.

	 	

	 	

	 	

	 	(3	)	 	Address for all notices relating to payments:

	 	

	 	

	 	

	 	 	 	 	ING Investment Management LLC

5780 Powers Ferry Road, NW, Suite 300

Atlanta, GA 30327-4349

Attention: Securities Accounting

Facsimile: (770) 690-4886

	 	

	 	

	 	

	 	(4	)	 	Address for all other communications and notices:

	 	

	 	

	 	

	 	 	 	 	Prudential Private Placement Investors, L.P.

c/o Prudential Capital Group

1170 Peachtree Street, Suite 500

Atlanta, GA 30309

Attention: Managing Director

	 	

	 	

	 	

	 	(5	)	 	Recipient of telephonic prepayment notices:

	 	

	 	

	 	

	 	 	 	 	Manager, Trade Management Group

Telephone: (973) 802-8107

Facsimile: (888) 889-3832

	 	

	 	

	 	

	 	(6	)	 	Address for Delivery of Notes:

	 	

	 	

	 	

	 	 	 	 	(a) Send physical security by nationwide

overnight delivery service to:

	 	

	 	

	 	

	 	 	 	 	Bank of New York

1 Wall Street

3rd Floor, Free Received Dept.

New York, NY 10286

Attention: Jerrick Smallwood

Telephone: (212) 635-7922

Facsimile: (212) 635-8844

Please include in the cover letter accompanying

the Notes a reference to the Purchasers account

number Account Number: Security Life of Denver

Insurance Company; Account Number: 178157

(b) Send copy by nationwide overnight delivery

service to:

	 	

	 	

	 	

	 	 	 	 	Prudential Capital Group

Gateway Center 4

100 Mulberry, 7th Floor

Newark, NJ 07102

Attention: Trade Management, Manager

Telephone: (973) 367-3141

	 	

	 	

	 	

	 	(7	)	 	Tax Identification No.: 84-0499703

	 	

	 	

	 	

Signature Block:

SECURITY LIFE OF DENVER INSURANCE

COMPANY

	 	 	 
	By:
	 	Prudential Private Placement Investors,

L.P. (as Investment Advisor)

	By:
	 	Prudential Private Placement Investors, Inc.

(as its General Partner)

	 	 	By:      

Vice President

SCHEDULE 5N

MORTGAGED PROPERTIES

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Owner
	 	Address
	 	City
	 	State
	 	Zip

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Saia Motor Freight Line, LLC
	 	2765 Anvil Block Rd.
	 	Ellenwood
	 	GA
	 		30294	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Saia Motor Freight Line, LLC
	 	1002 West Oakdale
	 	Grand Prairie
	 	TX
	 		75050	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Saia Motor Freight Line, LLC
	 	9051 Railwood Drive
	 	Houston
	 	TX
	 		77078	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Saia Motor Freight Line, LLC
	 	4356 Singleton Blvd
	 	Dallas
	 	TX
	 		75212	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Saia Motor Freight Line, LLC
	 	3400 Millbranch Rd.
	 	Memphis
	 	TN
	 		38116	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Saia Motor Freight Line, LLC
	 	1625 Corporate Place
	 	La Vergne
	 	TN
	 		37086	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Saia Motor Freight Line, LLC
	 	1101 West Craighead
	 	Charlotte
	 	NC
	 		28206	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Saia Motor Freight Line, LLC
	 	3301 Andover Street
	 	Jefferson
	 	LA
	 		70121	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Saia Motor Freight Line, LLC
	 	9860 Emporia Street
	 	Denver
	 	CO
	 		80640	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Saia Motor Freight Line, LLC
	 	14731 Santa Ana Ave
	 	Fontana
	 	CA
	 		92335	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Saia Motor Freight Line, LLC
	 	10501 Bush Drive North
	 	Jacksonville
	 	FL
	 		32218	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Saia Motor Freight Line, LLC
	 	11405 N. W. 36Th Ave
	 	Miami
	 	FL
	 		33167	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

SCHEDULE 6B

EXISTING LIENS

UCC-1 Financing Statement filed in Acadia Parish, Louisiana (File No. 01-070539) on April 3, 2007

against Saia Motor Freight Line, LLC (formerly Saia Motor Freight Line, Inc.) for precautionary

purposes in connection with an equipment leasing transaction for twenty copiers.SCHEDULE

6C

(Existing Debt)

6C(vi) – Six leases for copiers characterized as capital leases for approximately $100,000.00.

EXHIBIT A-1

[FORM OF SERIES A NOTE]

SAIA, INC., f/k/a SCS Transportation, Inc.

7.38% SENIOR NOTE, SERIES A, DUE DECEMBER 31, 2013

No. RA-  PPN:81111TA*3

ORIGINAL PRINCIPAL AMOUNT: $[      ]

ORIGINAL ISSUE DATE: September 30, 2002

INTEREST RATE: 7.38%

	 	 	INTEREST PAYMENT DATES: March 31, June 30, September 30 and December 31 of each year commencing
December 31, 2002

FINAL MATURITY DATE: December 31, 2013

PRINCIPAL INSTALLMENT DATES AND AMOUNTS: See Schedule I attached hereto.

FOR VALUE RECEIVED, the undersigned, SAIA, INC. f/k/a SCS Transportation, Inc. (the
“Company”), a corporation organized and existing under the laws of the State of Delaware, hereby
promises to pay to  , or registered assigns, the principal sum of 
 DOLLARS, payable in installments on the Principal
Installment Dates and in the amounts specified above, and on the Final Maturity Date specified
above in an amount equal to the unpaid balance of the principal hereof, with interest (computed on
the basis of a 360-day year—30-day month) (a) on the unpaid balance thereof from the date hereof
at the Interest Rate per annum specified above, payable on each Interest Payment Date specified
above and on the Final Maturity Date specified above, commencing with the Interest Payment Date
next succeeding the date hereof, until the principal hereof shall have become due and payable, and
(b) on the occurrence and during the continuance of an Event of Default, at the Default Rate with
respect to any outstanding principal hereof, any overdue payment of interest and any overdue
payment of any Yield-Maintenance Amount, payable quarterly as aforesaid (or, at the option of the
registered holder hereof, on demand). Additional interest hereon may also be required pursuant to
paragraph 2B of the Agreement (as defined below).

Payments of principal of, interest on and any Yield-Maintenance Amount payable with respect to
this Note are to be made at the main office of The Bank of New York in New York City or at such
other place as the holder hereof shall designate to the Company in writing, in lawful money of the
United States of America.

This Note is one of a series of Senior Notes (the “Notes”) issued pursuant to a Master Shelf
Agreement, dated as of September 20, 2002, as amended and restated by a Amended and Restated Master
Shelf Agreement, dated as of June 26, 2009 (as amended or modified from time to time, the
“Agreement”), among the Company, Prudential Investment Management, Inc. and the Purchasers party
thereto from time to time, and is entitled to the benefits thereof. As provided in the Agreement,
this Note is subject to prepayment, in whole or from time to time in part on the terms specified in
the Agreement. Capitalized terms used and not otherwise defined herein have the meanings specified
in the Agreement.

This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer
duly executed, by the registered holder hereof or such holder’s attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and registered in the name of,
the transferee. Prior to due presentment for registration of transfer, the Company may treat the
person in whose name this Note is registered as the owner hereof for the purpose of receiving
payment and for all other purposes, and the Company shall not be affected by any notice to the
contrary.

The Company agrees to make required prepayments of principal on the dates and in the amounts
specified in the Agreement. This Note is also subject to optional prepayment, in whole or from
time to time in part, on the terms specified in the Agreement.

In case an Event of Default, as defined in the Agreement, shall occur and be continuing, the
principal of this Note may be declared or otherwise become due and payable in the manner and with
the effect provided in the Agreement.

The Company and any and all endorsers, guarantors and sureties severally waive grace, demand,
presentment for payment, notice of dishonor or default, notice of intent to accelerate, notice of
acceleration (to the extent set forth in the Agreement), protest and diligence in collecting.

Should any indebtedness represented by this Note be collected at law or in equity, or in
bankruptcy or other proceedings, or should this Note be placed in the hands of attorneys for
collection, the Company agrees to pay, in addition to the principal, premium, if any, and interest
due and payable hereon, all costs of collecting or attempting to collect this Note, including
reasonable attorneys’ fees and expenses (including those incurred in connection with any appeal).

THIS NOTE IS INTENDED TO BE PERFORMED IN THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAW OF SUCH STATE.

SAIA, INC., f/k/a

SCS TRANSPORTATION, INC.

By:       

Title:

EXHIBIT A-2

[FORM OF SERIES B NOTE]

SAIA, INC., f/k/a SCS Transportation, Inc.

6.14 % SENIOR NOTE, SERIES B, DUE DECEMBER 31, 2017

No. RB-[      ] PPN: 78709Y A*6

ORIGINAL PRINCIPAL AMOUNT: [      ]

ORIGINAL ISSUE DATE: November 30, 2007

INTEREST RATE: 6.14%

INTEREST PAYMENT DATES: June 30 and December 31 of each year commencing

June 30, 2008

FINAL MATURITY DATE: December 31, 2017

	 	 	PRINCIPAL INSTALLMENT DATES AND AMOUNTS: $[      ] on June 30 and December 31 of each year
commencing June 30, 2011

FOR VALUE RECEIVED, the undersigned, SAIA, INC. f/k/a SCS Transportation, Inc. (the
“Company”), a corporation organized and existing under the laws of the State of Delaware, hereby
promises to pay to       , or registered assigns, the principal sum of
       DOLLARS ($     ), payable in installments on the Principal
Installment Dates and in the amounts specified above, with interest (computed on the basis of a
360-day year—30-day month) (a) on the unpaid balance thereof from the date hereof at the Interest
Rate per annum specified above, payable on each Interest Payment Date specified above and on the
Final Maturity Date specified above, commencing with the Interest Payment Date next succeeding the
date hereof, until the principal hereof shall have become due and payable, and (b) on the
occurrence and during the continuance of an Event of Default, at the Default Rate with respect to
any outstanding principal hereof, any overdue payment of interest and any overdue payment of any
Yield-Maintenance Amount, payable semiannually as aforesaid (or, at the option of the registered
holder hereof, on demand). Additional interest hereon may also be required pursuant to paragraph
2B of the Agreement (as defined below).

Payments of principal of, interest on and any Yield-Maintenance Amount payable with respect to
this Note are to be made at the main office of The Bank of New York in New York City or at such
other place as the holder hereof shall designate to the Company in writing, in lawful money of the
United States of America.

This Note is one of a series of Senior Notes (the “Notes”) issued pursuant to a Master Shelf
Agreement, dated as of September 20, 2002, as amended and restated by a Amended and Restated Master
Shelf Agreement, dated as of June 26, 2009 (as amended or modified from time to time, the
“Agreement”), among the Company, Prudential Investment Management, Inc. and the Purchasers party
thereto from time to time, and is entitled to the benefits thereof. As provided in the Agreement,
this Note is subject to prepayment, in whole or from time to time in part on the terms specified in
the Agreement. Capitalized terms used and not otherwise defined herein have the meanings specified
in the Agreement.

This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer
duly executed, by the registered holder hereof or such holder’s attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and registered in the name of,
the transferee. Prior to due presentment for registration of transfer, the Company may treat the
person in whose name this Note is registered as the owner hereof for the purpose of receiving
payment and for all other purposes, and the Company shall not be affected by any notice to the
contrary.

The Company agrees to make required prepayments of principal on the dates and in the amounts
specified in the Agreement. This Note is also subject to optional prepayment, in whole or from
time to time in part, on the terms specified in the Agreement.

In case an Event of Default, as defined in the Agreement, shall occur and be continuing, the
principal of this Note may be declared or otherwise become due and payable in the manner and with
the effect provided in the Agreement.

The Company and any and all endorsers, guarantors and sureties severally waive grace, demand,
presentment for payment, notice of dishonor or default, notice of intent to accelerate, notice of
acceleration (to the extent set forth in the Agreement), protest and diligence in collecting.

Should any indebtedness represented by this Note be collected at law or in equity, or in
bankruptcy or other proceedings, or should this Note be placed in the hands of attorneys for
collection, the Company agrees to pay, in addition to the principal, premium, if any, and interest
due and payable hereon, all costs of collecting or attempting to collect this Note, including
reasonable attorneys’ fees and expenses (including those incurred in connection with any appeal).

THIS NOTE IS INTENDED TO BE PERFORMED IN THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAW OF SUCH STATE.

SAIA, INC., f/k/a

SCS TRANSPORTATION, INC.

By:       

Title:

EXHIBIT A-3

[FORM OF SERIES C NOTE]

SAIA, INC., f/k/a SCS Transportation, Inc.

6.17% SENIOR NOTE, SERIES C, DUE DECEMBER 31, 2017

No. RC-[      ] PPN: 78709Y A@4

ORIGINAL PRINCIPAL AMOUNT: [      ]

ORIGINAL ISSUE DATE: January 31, 2008

INTEREST RATE: 6.17%

INTEREST PAYMENT DATES: June 30 and December 31 of each year commencing

June 30, 2008

FINAL MATURITY DATE: December 31, 2017

	 	 	PRINCIPAL INSTALLMENT DATES AND AMOUNTS: $[      ] due on June 30 and December 31 of each
year commencing June 30, 2011

FOR VALUE RECEIVED, the undersigned, SAIA, INC. f/k/a SCS Transportation, Inc. (the
“Company”), a corporation organized and existing under the laws of the State of Delaware, hereby
promises to pay to       , or registered assigns, the principal sum of
       DOLLARS ($     ), payable in installments on the Principal
Installment Dates and in the amounts specified above, with interest (computed on the basis of a
360-day year—30-day month) (a) on the unpaid balance thereof from the date hereof at the Interest
Rate per annum specified above, payable on each Interest Payment Date specified above and on the
Final Maturity Date specified above, commencing with the Interest Payment Date next succeeding the
date hereof, until the principal hereof shall have become due and payable, and (b) on the
occurrence and during the continuance of an Event of Default, at the Default Rate with respect to
any outstanding principal hereof, any overdue payment of interest and any overdue payment of any
Yield-Maintenance Amount, payable semiannually as aforesaid (or, at the option of the registered
holder hereof, on demand). Additional interest hereon may also be required pursuant to paragraph
2B of the Agreement (as defined below).

Payments of principal of, interest on and any Yield-Maintenance Amount payable with respect to
this Note are to be made at the main office of The Bank of New York in New York City or at such
other place as the holder hereof shall designate to the Company in writing, in lawful money of the
United States of America.

This Note is one of a series of Senior Notes (the “Notes”) issued pursuant to a Master Shelf
Agreement, dated as of September 20, 2002, as amended and restated by a Amended and Restated Master
Shelf Agreement, dated as of June 26, 2009 (as amended or modified from time to time, the
“Agreement”), among the Company, Prudential Investment Management, Inc. and the Purchasers party
thereto from time to time, and is entitled to the benefits thereof. As provided in the Agreement,
this Note is subject to prepayment, in whole or from time to time in part on the terms specified in
the Agreement. Capitalized terms used and not otherwise defined herein have the meanings specified
in the Agreement.

This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer
duly executed, by the registered holder hereof or such holder’s attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and registered in the name of,
the transferee. Prior to due presentment for registration of transfer, the Company may treat the
person in whose name this Note is registered as the owner hereof for the purpose of receiving
payment and for all other purposes, and the Company shall not be affected by any notice to the
contrary.

The Company agrees to make required prepayments of principal on the dates and in the amounts
specified in the Agreement. This Note is also subject to optional prepayment, in whole or from
time to time in part, on the terms specified in the Agreement.

In case an Event of Default, as defined in the Agreement, shall occur and be continuing, the
principal of this Note may be declared or otherwise become due and payable in the manner and with
the effect provided in the Agreement.

The Company and any and all endorsers, guarantors and sureties severally waive grace, demand,
presentment for payment, notice of dishonor or default, notice of intent to accelerate, notice of
acceleration (to the extent set forth in the Agreement), protest and diligence in collecting.

Should any indebtedness represented by this Note be collected at law or in equity, or in
bankruptcy or other proceedings, or should this Note be placed in the hands of attorneys for
collection, the Company agrees to pay, in addition to the principal, premium, if any, and interest
due and payable hereon, all costs of collecting or attempting to collect this Note, including
reasonable attorneys’ fees and expenses (including those incurred in connection with any appeal).

THIS NOTE IS INTENDED TO BE PERFORMED IN THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAW OF SUCH STATE.

SAIA, INC., f/k/a

SCS TRANSPORTATION, INC.

By:       

Title:EXHIBIT B

(Form of Officer’s Certificate)

OFFICER’S CERTIFICATE

This Officer’s Certificate is delivered pursuant to Paragraph 5A(iii) of the Amended and
Restated Master Shelf Agreement dated as of June   , 2009 (as amended, extended, restated, modified
or supplemented from time to time, the “Note Agreement”), among SAIA, INC., a Delaware corporation
(the “Company”), Prudential Investment Management, Inc. (“Prudential”), The Prudential Insurance
Company of America (“PICA”), Pruco Life Insurance Company (“Pruco”), Reliastar Life Insurance
Company (“Reliastar”), Security Life Of Denver Insurance Company (formerly Southland Life
Insurance Company) (“Security”), Pruco Life Insurance Company Of New Jersey (“Pruco Life”),
Prudential Retirement Insurance And Annuity Company (“PRIAC”), United Of Omaha Life Insurance
Company (“Omaha”), Universal Prudential Arizona Reinsurance Company (“Arizona”)
and Zurich American Insurance Company (“Zurich”, and together with Prudential, PICA,
Pruco, Reliastar, Security, Pruco Life, PRIAC, Omaha, Arizona and Zurich, the “Purchasers”).
Unless the context otherwise requires, capitalized terms used in this Certificate or in any of the
attachments hereto and not otherwise defined have the respective meanings assigned to them in the
Note Agreement.

As used in this Certificate (including the Schedules attached hereto), the term “Current
Quarterly Calculation Date” means the last day of the fiscal quarter ending       , 20      , and
the term “Calculation Period” means the four fiscal quarters of the Company ending on the Current
Quarterly Calculation Date.

The undersigned hereby certifies, represents and warrants as follows:

1. The undersigned is an Authorized Officer of the Company and as such he or she is authorized
to execute and deliver this Officer’s Certificate on behalf of the Company.

2. The undersigned has reviewed the activities of the Company with a view to determining
whether the Company has fulfilled its obligations under the Note Documents.

3. Except as set forth on Schedule I attached hereto, to the best knowledge of the
undersigned, after due inquiry:

(a) the Company has complied with and is in compliance with all of the terms and provisions of
the Note Documents;

(b) all representations and warranties made by the Company in the Note Agreement are true and
correct in all material respects as of the date hereof (other than representations and warranties
which refer solely to an earlier specified date); and

(c) no Default or Event of Default has occurred and is continuing under the Note Agreement.

4. As of the Current Quarterly Calculation Date, the Company was in compliance with the
financial covenants set forth in paragraphs 6A(1), 6A(2), 6A(3), 6A(4), 6A(5), 6B(v) and 6G of the
Note Agreement, as demonstrated by the computations set forth in Schedule II attached hereto.

16

IN WITNESS WHEREOF, I have executed this Officer’s Certificate this        day of       ,
200      , in my capacity as an Authorized Officer of the Company.

     

Name:

Title:

SCHEDULE I

To Officer’s Certificate

(Disclosure of Defaults and Non-Compliance)

A. Nature of Default or Event of Default or terms of Note Documents that have not been complied
with in all material respects:

B. Steps being taken to correct such Default or Event of Default or noncompliance:

SCHEDULE II

To Officer’s Certificate

(Compliance with Financial Covenants)

I. Adjusted EBITDAR for Calculation Period

A. Calculation of EBITDAR for Calculation Period

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Net Income for Calculation Period
	 	$	 	 
	 	 	 	 	 
	 	 	 	 
	Plus	 	Federal, state and other income tax
	 	 	+	 
	 	 	 	 	 
	 	 	 	 
	Plus	 	Interest Expense
	 	 	+	 
	 	 	 	 	 
	 	 	 	 
	Plus	 	Depreciation and amortization
	 	 	+	 
	 	 	 	 	 
	 	 	 	 
	Plus	 	Rental Expense
	 	 	+	 
	 	 	 	 	 
	 	 	 	 
	Plus	 	Losses resulting from the sale, conversion or other disposition
	 	 	+	 
	 	 	 	 	of capital assets
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Plus	 	Losses from the acquisition of securities or the retirement or
	 	 	+	 
	 	 	 	 	extinguishment of Indebtedness
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Plus	 	Losses during Calculation Period from any discontinued operations
	 	 	+	 
	 	 	 	 	or the disposition thereof, from any extraordinary items or from
any prior period adjustments
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Minus	 	Gains resulting from the sale, conversion or other disposition of
	 	 	—	 
	 	 	 	 	capital assets
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Minus	 	Gains resulting from the write-up of assets
	 	 	—	 
	 	 	 	 	 
	 	 	 	 
	Minus	 	Earnings of any acquired Person for any period prior to the date
	 	 	—	 
	 	 	 	 	of Acquisition
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Minus	 	Deferred credit representing excess of equity in any acquired
	 	 	—	 
	 	 	 	 	Subsidiary at the date of Acquisition over the cost of the
investment in such Subsidiary
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Minus	 	Gains from the acquisition of securities or the retirement or
	 	 	—	 
	 	 	 	 	extinguishment of Indebtedness
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Minus	 	Gains on collections from the proceeds of insurance policies or
	 	 	—	 
	 	 	 	 	settlements
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Minus	 	Restoration to income of any Contingency Reserve (except to the
	 	 	—	 
	 	 	 	 	extent that provision for such reserve was made out of income
accrued during the Calculation Period)
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Minus	 	Gains during Calculation Period from any discontinued operations
	 	 	—	 
	 	 	 	 	or the disposition thereof, from any extraordinary items or from
any prior period adjustments
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Minus	 	Any interest in the undistributed earnings (but not losses) of
	 	 	—	 
	 	 	 	 	any Person which is not a Subsidiary of the Company, which in the
aggregate will be deducted only to the extent they are positive,
adjusted for minority interests in Subsidiaries
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	EBITDAR
	 	$	 	 
	 	 	 	 	 
	 	 	 	 

B. Adjustments to EBITDAR permitted by the Required Holders

	 	 	 	 	 
	i. Pro forma additions related to Permitted Acquisitions
	 	$	 	 
	 
	 	 	 	 
	ii. Non-recurring charges and/or extraordinary items proposed by Company
	 	 	+	 
	to be included in EBITDAR
	 	 	 	 
	 
	 	 	 	 
	Total Adjustments to EBITDAR (i. + ii.)
	 	$	 	 
	 
	 	 	 	 

	 	 	 
	C.

	 	Adjusted EBITDAR (A + B) $     
	II.

	 	Calculation of Excess Cash on Hand at Current Quarterly Calculation Date
	
 
	 	 

[Note: Complete this Part II during Adjusted Covenant Periods only.]

Total unencumbered cash and cash equivalents

at Current Quarterly Calculation Date $     

Minus: $5,000,000 —  5,000,000

	 	 	 
	Minus: Total principal balance of all outstanding loans

under the Credit Agreement

	 	

-      

Excess Cash on Hand $     

III. Fixed Charge Coverage Ratio (Paragraph 6A(1))

A. Calculation of Net Cash Flow for Calculation Period:

	 	 	 	 	 	 	 	 	 
	i. Adjusted EBITDAR for Calculation Period (see Part I above)
	 	 	$	 
	 
	 	 	 	 
	MINUS
	 	 	 	 
	 
	 	 	 	 
	ii. Sum of:
	 	 	 	 
	 
	 	 	 	 
	a. Rental Expense for Calculation Period

	 	 	$	 	 	

	 

	 	 	 	 	 	

	b. Cash taxes for Calculation Period

	 	 	+	 	 	

	 

	 	 	 	 	 	

	c. Maintenance Capital Expenditures for

Calculation Period

	 	+

	 	

	 

	 	 	 	 	 	

	d. Distributions for Calculation Period

(approval of Required Holders required)

	 	+

	 	

	 

	 	 	 	 	 	

	e. Treasury stock purchases (to the

extent permitted by Paragraph 6N) during

Calculation Period

	 	+

	 	

	 

	 	 	 	 	 	

	(a + b +c + d + e)

	 	 	 	 	 	—

	 

	 	 	 	 	 	 	 	 
	Net Cash Flow (i. minus ii.)

	 	

	 	

	 

	 	

	 	

B. Calculation of Total Debt Service for Calculation Period:

	 	 	 	 	 
	i. Interest Expense for Calculation Period
	 	$	 	 
	 
	 	 	 	 
	ii. Scheduled principal payments on long-term debt for Calculation Period
	 	 	+	 
	 
	 	 	 	 
	iii. Capital Lease payments during Calculation Period
	 	 	+	 
	 
	 	 	 	 
	Total Debt Service (i. + ii. + iii.)
	 	$	 	 
	 
	 	 	 	 

C. Fixed Charge Coverage Ratio (A divided by B)        to 1.00

D. Minimum required Fixed Charge Coverage Ratio

	 	 	 	 	 
	 	 	During Adjusted Covenant Period

After Adjusted Covenant Period

	 	1.05 to 1.00

1.10 to 1.00
	E.
	 	Compliance?Yes—No—

	 	

	IV.
	 	Leverage Ratio (Paragraph 6A(2))

	 	

	 	 	 

	 	

A. Calculation of Numerator:

	 	 	 	 	 	 	 	 	 
	i. Consolidated Indebtedness as of Current
	 	XXXXXXX	 	$	 	 
	Quarterly Calculation Date
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	ii. Rental Expense for Calculation Period
	 	$	 	 	 	XXXXXXX
	multiplied by six (6)
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Times 6 Equals	 	 	+	 
	 
	 	 	 	 	 	 	 	 
	Total Indebtedness (i. + ii.)
	 	XXXXXXX	 	$	 	 
	 
	 	 	 	 	 	 	 	 
	Minus: Excess Cash on Hand (Adjusted Covenant
	 	XXXXXXX	 	 	—	 
	Period only)
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Numerator
	 	XXXXXXX	 	$	 	 
	 
	 	 	 	 	 	 	 	 

B. Adjusted EBITDAR for Calculation Period (see Part I above) $     

C. Leverage Ratio (A divided by B)        to 1.00

D. Maximum Permitted Leverage Ratio

	 	 	 	 	 	 	 	 	 
	 	 	At each of June 30, 2009, September 30, 2009,
	 	 
	 	 	December 31, 2009, and March 31, 2010
	 	4.25 to 1.00
	 	 	At June 30, 2010, and September 30, 2010
	 	4.00 to 1.00
	 	 	At December 31, 2010
	 	 	 	3.75 to 1.00
	 	 	At March 31, 2011 and thereafter
	 	 	 	3.25 to 1.00
	E.
	 	Compliance?

	 	Yes—
	 	No—
	 	

V. Adjusted Leverage Ratio (Paragraph 6A(3))

A. Calculation of “Net Indebtedness” as of Current Quarterly Calculation Date

	 	 	 	 	 	 	 	 	 
	i. Consolidated Indebtedness as of Current
	 	XXXXXXX
	 	$		
	Quarterly Calculation Date
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	ii. Rental Expense for Calculation Period
	 	$			 	XXXXXXX

	multiplied by six (6)
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Times 6 Equals
	 		+	
	 
	 	 	 	 	 	 	 	 
	iii. Aggregate face amount of all letters of
	 	XXXXXXX
	 		+	
	credit issued and outstanding under the Credit
Agreement
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	iv. Excess Cash on Hand (Adjusted Covenant
	 	XXXXXXX
	 		—	
	Period only) (see Part II above)
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Numerator (i. + ii. + iii. — iv.)
	 	XXXXXXX
	 	$		
	 
	 	 	 	 	 	 	 	 

B. Adjusted EBITDAR for Calculation Period (see Part I above) $     

C. Adjusted Leverage Ratio (A divided by B)        to 1.00

D. Maximum Permitted Adjusted Leverage Ratio

	 	 	 	 	 
	 	 	At each of June 30, 2009, September 30, 2009,

December 31, 2009, and March 31, 2010

	 	

4.75 to 1.00
	 	 	At June 30, 2010, and September 30, 2010

	 	4.50 to 1.00
	 	 	At December 31, 2010

	 	4.25 to 1.00
	 	 	At March 31, 2011 and thereafter

	 	3.75 to 1.00
	E.
	 	Compliance?Yes—No—

	 	

	VI.
	 	Tangible Net Worth (Paragraph 6A(4))

	 	

	 	 	 

	 	

A. Tangible Net Worth at Current Quarterly Calculation Date $     

B. Calculation of Minimum Required Tangible Net Worth

	 	 	 	 	 	 	 
	 	 	$	145,000,000	 
	 	 	 	 	 
	Plus
	 	75% of positive Net Income from Continuing Operations in

each fiscal quarter commencing with the fiscal quarter

ended June 30, 2009

	 	+

	 
	 	 

	 	 	 	 
	Plus
	 	75% of the Net Proceeds from the issuance and sale by

the Company of any Equity Interests after the Effective

Date

	 	+

	 
	 	 

	 	 	 	 
	Minus
	 	Losses from Discontinued Operations commencing with the

fiscal quarter ending June 30, 2009

	 	—

	 
	 	 

	 	 	 	 
	 	 	Minimum Required Tangible Net Worth

	 	

	 	 	 

	 	

	 	 	 
	C.
	 	Compliance?Yes—No—

	VII.
	 	Asset Coverage Ratio (Paragraph 6A(5))

	 	 	 

[Note: This calculation is only required to be made as of September 30, 2009.

Leave this Part VI blank for Current Quarterly Calculation Dates subsequent to September 30, 2009.]

A. Total accounts of the Company and its Subsidiaries $     

Plus: Net book value of Consolidated fixed assets +      

Total: $     

B. Total principal balance of all Indebtedness

(including Loans outstanding under Credit Agreement

and the Notes) $     

Plus: Aggregate face amount of all letters of credit issued

and outstanding under the Credit Agreement +       

	 	 	 	 	 
	Minus:
	 	Excess Cash on Hand (Adjusted Covenant Period only)

(see Part II above)

	 	

     

Total: $     

C. Asset Coverage Ratio (A divided by B)        to 1.00

	 	 	 	 	 	 	 
	D.	 	Minimum required Asset Coverage Ratio
	 	2.00 to 1.00
	E.
	 	Compliance?Yes—

	 	No—
	 	

	VIII.
	 	Liens (Paragraph 6B(iv))

	 	

	 	

	 	 	 

	 	

	 	

A. Any attachment or judgment Lien permitted by Paragraph 6B(v) is (i) not in excess of $3,500,000
and (ii) securing a judgment which shall, within sixty (60) days after the entry thereof, have been
discharged or execution thereof stayed pending appeal

	 	 	 
	B.
	 	Compliance?Yes—No—

	IX.
	 	Transfer of Properties (Paragraph 6G)

	 	 	 

A. The Company is in compliance with Paragraph 6G of the Note Agreement?

Yes____ No________EXHIBIT C

(Form of Guaranty Agreement)

Please see attached.

EXHIBIT D

(Form of Security Agreement)

Please see attached.

17United States Securities & Exchange Commission EDGAR Filing

EXHIBIT 4(i)

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. 

			
	Principal Amount: $200,000

	                                                        

	Issue Date: June 23, 2009

CONVERTIBLE PROMISSORY NOTE

FOR VALUE RECEIVED, CORD BLOOD AMERICA, INC., a Florida corporation (hereinafter called “Borrower”), hereby promises to pay to Joseph Schottland, (the “Holder”) or its registered assigns or successors in interest or order, without demand, the sum of Two Hundred Thousand Dollars ($200,000) (“Principal Amount”), plus interest compounded monthly at the annual rate of ten percent (10%) on December 23, 2009 (the “Maturity Date”), if not sooner paid.

This Note has been entered into pursuant to the terms of a subscription agreement between the Borrower and the Holder dated of even date herewith (the “Subscription Agreement”), and shall be governed by the terms of such Subscription Agreement.  Unless otherwise separately defined herein, all capitalized terms used in this Note shall have the same meaning as is set forth in the Subscription Agreement.  This Note is convertible into shares of the Borrower’s Common Stock on the terms set forth herein. The following terms shall apply to this Note:

ARTICLE I

GENERAL PROVISIONS

1.1.

Default Interest Rate. Following the occurrence and during the continuance of an Event of Default, which, if susceptible to cure is not cured within the cure periods (if any) set forth in Article II, otherwise then from the first date of such occurrence, the annual interest rate on this Note shall (subject to Section 3.7) be twelve percent (12%), and be due on demand. 

ARTICLE II

EVENTS OF DEFAULT

The occurrence of any of the following events of default (“Event of Default”) shall, at the option of the Holder hereof, make all sums of principal and interest then remaining unpaid hereon and all other amounts payable hereunder immediately due and payable, upon demand, without presentment, or grace period, all of which hereby are expressly waived, except as set forth below:

2.1

Failure to Pay Principal or Interest.  The Borrower fails to pay any installment of Principal Amount, interest or other sum due under this Note or any Transaction Document when due.

2.2

Breach of Covenant.  The Borrower breaches any material covenant or other term or condition of the Subscription Agreement, this Note or Transaction Document in any material respect and such breach, if subject to cure, continues for a period of ten (10) business days after written notice to the Borrower from the Holder.

2.3

Breach of Representations and Warranties.  Any material representation or warranty of the Borrower made herein, in the Subscription Agreement, Transaction Document or in any agreement, statement or certificate given in writing pursuant hereto or in connection herewith or therewith shall be false or misleading in any material respect as of the date made and the Closing Date.

2.4

Receiver or Trustee.  The Borrower or any Subsidiary of Borrower shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or trustee for them or for a substantial part of their property or business; or such a receiver or trustee shall otherwise be appointed.

2.5

Judgments.  Any money judgment, writ or similar final process shall be entered or filed against Borrower or any subsidiary of Borrower or any of their property or other assets for more than $200,000, and shall remain unvacated, unbonded, unappealed, unsatisfied, or unstayed for a period of forty-five (45) days.

2.6

Intentionally omitted.

2.7

Bankruptcy.  Bankruptcy, insolvency, reorganization, or liquidation proceedings or other proceedings or relief under any bankruptcy law or any law, or the issuance of any notice in relation to such event, for the relief of debtors shall be instituted by or against the Borrower or any Subsidiary of Borrower and if instituted against them are not dismissed within forty-five (45) days of initiation.

2.8

Delisting.   Delisting of the Common Stock from any Principal Market for a period of ten consecutive trading days.

2.9

Stop Trade.  An SEC or judicial stop trade order or Principal Market trading suspension with respect to Borrower’s Common Stock that lasts for five or more consecutive trading days.

2.10

Cross Default.  A default by the Borrower of a material term, covenant, warranty or undertaking of any Transaction Document or other agreement to which the Borrower and Holder are parties, or the occurrence of a material event of default under any such other agreement which is not cured after any required notice and/or cure period.

2.11

Financial Statement Restatement.   The restatement of any financial statements filed by the Borrower with the Securities and Exchange Commission for any date or period from two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result of such restatement would, by comparison to the unrestated financial statements, have constituted a Material Adverse Effect.

ARTICLE III

CONVERSION RIGHTS

3.1

Conversion Option.  At any time during the term of this Note, the principal amount of this Note shall be convertible (in whole or in part), at the option of the Holder (the “Conversion Option”), into such number of fully paid and non-assessable shares of Common Stock (the "Conversion Rate") as is determined by dividing (x) that portion of the outstanding principal balance under this Note as of such date that the Holder elects to convert by (y) the Conversion Price (as defined below) then in effect on the date on which the Holder faxes a notice of conversion (the “Conversion Notice”), duly executed, to the Borrower (the “Voluntary Conversion Date”).  The Holder shall deliver this Note to the Borrower at such time that this Note is fully converted.  With respect to partial conversions of this Note, the Borrower shall keep written records of the amount of this Note converted as of each Conversion Date.  

3.2

Conversion Price. The term "Conversion Price" shall mean the lower of (i) the last sale price of the Common Stock on the OTC Bulletin Board on the Business Day immediately prior to the date of issuance of this Note or (ii) eighty five percent (85%) of the lowest intraday bid price of the Common Stock during the 30 trading days preceding the date the Conversion Notice is delivered to the Borrower.

3.3

Issue Taxes.  The Borrower shall pay any and all issue and other taxes, excluding federal, state or local income taxes, that may be payable in respect of any issue or delivery of shares of Common Stock on conversion of this Note pursuant hereto; provided, however, that the Borrower shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holder in connection with any such conversion.

3.4

Fractional Shares.  No fractional shares of Common Stock shall be issued upon conversion of this Note.  In lieu of any fractional shares to which the Holder would otherwise be entitled, the Borrower shall pay cash equal to the product of such fraction multiplied by the average of the bid and ask prices of the Common Stock for the five (5) consecutive trading days immediately preceding the Conversion Date.   

3.5

Reservation of Common Stock.  The Borrower shall at all times when this Note shall be outstanding, reserve and keep available out of its authorized but unissued Common Stock, such number of shares of Common Stock as shall from time to time be sufficient to effect the conversion of this Note.

3.6

Maximum Exercise.  The Holder shall not be entitled to convert this Note on a conversion date, in connection with that number of shares of Common Stock which would be in excess of the sum of (i) the number of shares of Common Stock beneficially owned by the Holder and its affiliates on a conversion date, and (ii) the number of shares of Common Stock issuable upon the conversion of this Note with respect to which the determination of this limitation is being made on a conversion date, which would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock on such date.  For the purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities 1934 Act , and Rule 13d-3 thereunder.  Subject to the foregoing, the Holder shall not be limited to aggregate conversions which would result in the issuance of more than 4.99%.  The restriction described in this paragraph may be waived, in whole or in part, upon sixty-one (61) days prior notice from the Holder to the Borrower to increase such percentage to up to 9.99%, but not in excess of 9.99%.  The Holder may decide whether to convert this Note or exercise its Warrant to achieve an actual 4.99% or up to 9.99% ownership position as described above, but not in excess of 9.99%.

ARTICLE IV

MISCELLANEOUS

4.1

Failure or Indulgence Not Waiver.  No failure or delay on the part of Holder hereof in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.  All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

4.2

Notices.  All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice.  Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.  The addresses for such communications shall be: (i) if to the Borrower to: Cord Blood America, Inc., 501 Santa Monica Blvd., Suite 700, Santa Monica, CA 90401, telecopier: 215-864-0936, and (ii) if to the Holder, to: 340 North Camden Drive, Suite 302, Beverly Hills, CA 90210 c/o Joseph Schottland, telecopier: 310-273-2662.

4.3

Amendment Provision.  The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented, then as so amended or supplemented.

4.4

Assignability.  This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to the benefit of the Holder and its successors and assigns.

4.5

Cost of Collection.  If default is made in the payment of this Note, Borrower shall pay the Holder hereof reasonable costs of collection, including reasonable attorneys’ fees.

4.6

Governing Law.  This Note shall be governed by and construed in accordance with the laws of the State of California, including, but not limited to, California statutes of limitations.  Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the civil or state courts of California or in the federal courts located in the State and county of California.  Both parties and the individual signing this Agreement on behalf of the Borrower agree to submit to the jurisdiction of such courts.  The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs.  In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or unenforceability of any other provision of this Note. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Borrower in any other jurisdiction to collect on the Borrower's obligations to Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other decision in favor of the Holder.  This Note shall be deemed an unconditional obligation of Borrower for the payment of money and, without limitation to any other remedies of Holder, may be enforced against Borrower 

by summary proceeding pursuant to California Civil Procedure Law and Rules Section 3213 or any similar rule or statute in the jurisdiction where enforcement is sought.  For purposes of such rule or statute, any other document or agreement to which Holder and Borrower are parties or which Borrower delivered to Holder, which may be convenient or necessary to determine Holder’s rights hereunder or Borrower’s obligations to Holder are deemed a part of this Note, whether or not such other document or agreement was delivered together herewith or was executed apart from this Note.

4.7

Maximum Payments.  Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by applicable law.  In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against amounts owed by the Borrower to the Holder and thus refunded to the Borrower.

4.8.

Construction.   Each party acknowledges that its legal counsel participated in the preparation of this Note and, therefore, stipulates that the rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in the interpretation of this Note to favor any party

against the other.

4.9

Redemption.  This Note may only be redeemed, called or prepaid in accordance with the terms of the Subscription Agreement.  This Note may not otherwise be redeemed, called or prepaid without the consent of the Holder.

4.10

Non-Business Days.   Whenever any payment or any action to be made shall be due on a Saturday, Sunday or a public holiday under the laws of the State of California, such payment may be due or action shall be required on the next succeeding business day and, for such payment, such next succeeding day shall be included in the calculation of the amount of accrued interest payable on such date.

IN WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by an authorized officer as of the 23rd day of June, 2009.

			
	                                                              

	CORD BLOOD AMERICA, INC.

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	By:

	/s/ Matthew Schissler

	 
	 
	Name: Matthew Schissler 

	 
	 
	Title: Chairman and CEO

WITNESS:

______________________________________

[Print Name]

Chief Financial Officer

FORM OF

NOTICE OF CONVERSION

(To be Executed by the Holder in order to Convert the Note)

The undersigned hereby irrevocably elects to convert $ ________________ of the principal amount of the above Note into shares of Common Stock of CORD BLOOD AMERICA, INC. (the “Maker”) according to the conditions hereof, as of the date written below.

Date of Conversion _________________________________________________________

Conversion Price __________________________________________________

Number of shares of Common Stock beneficially owned or deemed beneficially owned by the Holder on the Date of Conversion: _________________________

Signature_____________________________________

Name:___________________________________________

Address:_________________________________________

_________________________________________________

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