Document:

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                                                                    EXHIBIT 10.1

                 CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT

         THIS CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT ("Amendment"),
dated as of March 31, 2003 (the "Amendment Date"), is among EGL, Inc., each of
its Subsidiaries party hereto, Bank of America, National Association, in its
capacity as collateral and administrative agent for the Lenders, and each of the
lending institutions party hereto.

                                    RECITALS:

         A. The Loan Parties, the Lenders, and the Agent are parties to the
certain Credit Agreement dated as of December 20, 2001, as amended by the First
Amendment to Credit Agreement dated as of March 7, 2002 and the Consent and
Second Amendment to Credit Agreement dated as of October 14, 2002 (the "Credit
Agreement") pursuant to which the Lenders have provided certain credit
facilities to the Borrowers.

         B. The Loan Parties have requested that the Lenders consent to the
acquisition by EGL Eagle Global Logistics L.P. (the "Purchaser") of
substantially all of the business operations and assets of Sig M. Glukstad,
Inc., a Florida corporation d/b/a Miami International Forwarders and MIF
("MIF"), Chamsey Transfer, Inc., a Florida corporation ("Chamsey"), and Surf
Carriers, Inc., a Florida corporation ("Surf Carriers").

         C. The Loan Parties have proposed that the Credit Agreement be amended
in connection with such acquisition.

         D. The undersigned Lenders are willing to consent to such acquisition
and to amend the Credit Agreement as, and subject to the terms and conditions,
provided hereinbelow.

         NOW, THEREFORE, BE IT RESOLVED, THAT, in consideration of the premises
herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

                                    ARTICLE 1

                                   Definitions

         Section 1.1 Definitions. Capitalized terms used in this Amendment, to
the extent not otherwise defined herein, shall have the same meanings herein as
in the Credit Agreement, as amended hereby.

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT - Page 1
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                                    ARTICLE 2

    Consent to the MIF Acquisition and the Guaranty of Debt of Ashton Leasing

   Section 2.1 Conditional Consent to the MIF Acquisition and Related Matters.

         (a) Subject to the succeeding proviso, and notwithstanding anything to
the contrary contained in Section 7.10 of the Credit Agreement or clause (c) of
the definition of the term "Permitted Acquisition", the Majority Lenders hereby
consent to the acquisition by the Purchaser of substantially all of the business
operations and assets of each of MIF, Chamsey and Surf Carriers (the "MIF
Acquisition") in accordance with the terms and provisions of that certain Asset
Purchase Agreement dated as of March 31, 2003, among the Purchaser, MIF,
Chamsey, Surf Carriers and certain stockholders of MIF, Chamsey and Surf
Carriers (the "Asset Purchase Agreement") in the form attached hereto as Third
Amendment Exhibit A, and the Majority Lenders hereby waive any Default or Event
of Default occurring under Section 7.10 of the Credit Agreement which would, but
for the consent contained herein, consist of consummation of the MIF Acquisition
(it being agreed and understood by the parties hereto that, except as expressly
provided herein, such waiver shall not relate to any consequences of the MIF
Acquisition, but relates only to the act of consummation of the MIF Acquisition
itself) or result directly from compliance with the terms of the Asset Purchase
Agreement as they relate to the MIF Acquisition; provided, however, that such
consent is conditioned upon:

                  (i) the MIF Acquisition being consummated in accordance with
         the Asset Purchase Agreement;

                  (ii) the satisfaction of each of the requirements set forth in
         clauses (a), (e), (f), (g) and (h) of the definition of the term
         "Permitted Acquisition";

                  (iii) the obligation to pay the $10,000,000 deferred portion
         of the purchase price payable by the Purchaser in accordance with
         Section 2.3 of the Asset Purchase Agreement (the "Deferred Payment
         Obligation") not being secured by any Lien and being subject to a
         subordination agreement in form and substance satisfactory to the Agent
         executed by the Purchaser, any guarantor of the obligations of the
         Purchaser under the Asset Purchase Agreement, the "Sellers" (as such
         term is defined in the Asset Purchase Agreement) and the Agent;

                  (iv) the obligation of the Purchaser to pay the Year 1 Earnout
         and the Year 2 Earnout (each as defined in the Asset Purchase
         Agreement) (the "Earnout Payment Obligation"), in accordance with
         Section 2.4 of the Asset Purchase Agreement, not being secured by any
         Lien and being subject to a subordination agreement in form and
         substance satisfactory to the Agent executed by the Purchaser, any
         guarantor of the obligations of the Purchaser under the Asset Purchase
         Agreement, the "Sellers" (as such term is defined in the Asset Purchase
         Agreement) and the Agent; and

                  (v) the Parent's execution and delivery to the Agent,
         substantially concurrently with the consummation of the MIF
         Acquisition, of a certification in form

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT - Page 2
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         and substance satisfactory to the Agent certifying that each of the
         conditions referred to in clauses (i), (ii), (iii) and (iv) above has
         been satisfied.

         (b) In addition, and not withstanding anything to the contrary
contained in Section 7.10, 7.12 or 7.13 of the Credit Agreement, immediately
upon the effectiveness of the consent of the Majority Lenders to the
consummation of the MIF Acquisition as provided in clause (a) of this Section
2.1, the Majority Lenders hereby:

                  (i) consent to the incurrence of the Debt consisting of the
         Purchaser's Deferred Payment Obligation and waive any Default or Event
         of Default occurring under Section 7.13 of the Credit Agreement which
         would, but for the consent contained herein, consist of the incurrence
         of such Deferred Payment Obligation;

                  (ii) consent to the incurrence of the Debt consisting of the
         Purchaser's Earnout Payment Obligation and waive any Default or Event
         of Default occurring under Section 7.13 of the Credit Agreement which
         would, but for the consent contained herein, consist of the incurrence
         of such Earnout Payment Obligation;

                  (iii) consent to the Guaranty by EGL, Inc. of all the
         Purchaser's obligations arising under the Asset Purchase Agreement,
         including, without limitation, its Guaranty of the Deferred Payment
         Obligation and the Earnout Payment Obligation, and waive any Default or
         Event of Default occurring under Section 7.12 or Section 7.13 of the
         Credit Agreement which would, but for the consent contained herein,
         consist of the Guaranty of such obligations; and

                  (iv) consent to the obligation of the Purchaser to pay
         interest under certain specified circumstances in accordance with
         Section 9.13 of the Asset Purchase Agreement (the "Interest Payment
         Obligation") and any incurrence of Debt consisting of such Interest
         Payment Obligation, and waive any Default or Event of Default occurring
         under Section 7.10 or 7.13 of the Credit Agreement which would, but for
         the consent contained herein, consist of such Interest Payment
         Obligation.

         Section 2.2 Representations regarding the MIF Acquisition. Each of EGL,
Inc. and its Subsidiaries party hereto hereby represents and warrants or
covenants (as applicable) to or with the Agent and the Lenders that (a) the MIF
Acquisition is being, or will be, consummated in accordance with the Asset
Purchase Agreement and (b) each of the requirements set forth in clauses (a),
(e), (f), (g) and (h) of the definition of the term "Permitted Acquisition" is
being, or will be, satisfied in connection with the MIF Acquisition. Without
limiting the generality of the foregoing, the Purchaser hereby certifies to the
Agent and the Lenders that (i) after giving effect to the completion of the MIF
Acquisition, the Availability Without Regard to Line Constraint is not less than
$40,000,000 on a pro forma basis which includes all consideration given in
connection with the MIF Acquisition as having been paid in cash at the time of
making the MIF Acquisition and (ii) attached hereto as Third Amendment Schedule
1 is a pro forma calculation which evidences the veracity of the statement made
in the immediately preceding clause (i).

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT - Page 3
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         Section 2.3 Conditional Consent to the Guaranty of Debt of Ashton
Leasing. Subject to the succeeding proviso, and notwithstanding anything to the
contrary contained in Section 7.12 or Section 7.13 of the Credit Agreement, the
Majority Lenders hereby consent to the Guaranty by EGL, Inc. of the Ownership
Percentage (as hereinafter defined) of the indebtedness of Ashton Leasing, Ltd.
("Ashton") owed to Ford Motor Credit Company under that certain Master Lease and
Services Agreement (Net) dated as of August 30, 2001 between Ford Motor Credit
Company and Ashton and waive any Default or Event of Default occurring under
Section 7.12 or Section 7.13 of the Credit Agreement which would, but for the
consent contained herein, consist of such Guaranty by EGL, Inc.; provided,
however, that such consent is conditioned upon (a) the percentage of the total
amount of such indebtedness being guaranteed by EGL, Inc. not exceeding, at any
time, the percentage of the equity ownership of EGL Delaware Limited Liability
Company in Ashton (the "Ownership Percentage") at such time and (b) the
aggregate amount of such indebtedness of Ashton guaranteed by EGL, Inc. at any
time not exceeding $2,000,000 in aggregate amount. Each of EGL, Inc. and its
Subsidiaries party hereto hereby represents and warrants or covenants (as
applicable) to or with the Agent and the Lenders that each of the conditions set
forth in clauses (a) and (b) preceding is being satisfied as of the date of this
Agreement and will continue to be satisfied at all times hereafter.

                                    ARTICLE 3

                                   Amendments

         Section 3.1 Amendment to Definition of the Term "Adjusted Tangible
Assets". Effective as of the Amendment Date, the definition of the term
"Adjusted Tangible Assets" is amended and restated to read in its entirety as
follows:

                  " 'Adjusted Tangible Assets' means, as applied to any Person,
         all of such Person's assets except: (a) patents, copyrights,
         trademarks, trade names, franchises, goodwill, and other similar
         intangibles; (b) Restricted Investments; (c) unamortized debt discount
         and expense; (d) assets constituting Intercompany Accounts; and (e)
         fixed assets to the extent of any write-up in the book value thereof
         resulting from a revaluation effective after the Closing Date;
         provided, however, that, on and after the date of the consummation of
         the MIF Acquisition, the amount of intangible assets of EGL Eagle
         Global Logistics L.P. attributable to the assets acquired pursuant to
         the MIF Acquisition for purposes of this definition shall be the
         greater of (a) the remainder of (i) the actual amount of such
         intangible assets recorded in accordance with GAAP as a result of the
         MIF Acquisition minus (ii) $13,000,000 or (b) $10,000,000."

         Section 3.2 Amendments to Annex A of the Credit Agreement. Effective as
of the Amendment Date, the following amendments are hereby made to Annex A of
the Credit Agreement:

                  (a) The term "MIF Acquisition" and the following definition
         thereof are hereby added to Annex A of the Credit Agreement (which term
         shall appear in alphabetical order in such Annex A) to read in their
         entirety as follows:

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT - Page 4
<PAGE>

                           " 'MIF Acquisition' means the acquisition by EGL
                  Eagle Global Logistics L.P. of substantially all of the
                  business operations and assets of Sig M. Glukstad, Inc.,
                  Chamsey Transfer, Inc. and Surf Carriers, Inc. as consented to
                  by the Majority Lenders."

                  (b) Clause (c) of the definition of the term "Permitted
         Acquisition" is hereby amended and restated to read in its entirety as
         follows:

                           "(b) subject to the succeeding proviso, the cash
                  purchase consideration paid in connection with such
                  acquisition does not exceed $10,000,000, and the cash purchase
                  consideration paid in connection with all acquisitions during
                  the term of this Agreement does not exceed $25,000,000;
                  provided, however, that the aggregate amount of cash purchase
                  consideration paid in connection with all acquisitions, other
                  than the MIF Acquisition, consummated on or after March 31,
                  2003 shall not exceed $5,000,000;".

                                    ARTICLE 4

                                   Conditions

         Section 4.1 Conditions Precedent. The effectiveness of this Amendment
is subject to the satisfaction of each of the following conditions precedent:

                  (a) The Agent shall have received all of the following, each
         dated the date of this Amendment (unless otherwise indicated), in form
         and substance satisfactory to the Agent:

                           (i) Amendment Documents. This Amendment and any other
                  instrument, document, or certificate reasonably required by
                  the Agent to be executed or delivered by the Loan Parties in
                  connection with this Amendment, in each case duly executed
                  (the "Amendment Documents");

                           (ii) Additional Information. The Agent shall have
                  received such additional documents, instruments, and
                  information as the Agent may reasonably request to effect the
                  transactions contemplated hereby;

                           (iii) Amendment Fee. The Borrowers shall have paid to
                  the Agent, for the benefit of the Lenders executing and
                  delivering to the Agent a copy of this Amendment, a fee with
                  respect to the consents, waivers and amendments included
                  herein in the amount of $100,000; and

                           (iv) Expenses. The Borrowers shall have paid to the
                  Agent all fees, costs, and expenses owed to and/or incurred by
                  the Agent in connection with the Credit Agreement or this
                  Amendment.

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT - Page 5
<PAGE>

                  (b) The representations and warranties contained herein, in
         the Credit Agreement, and in all other Loan Documents, as amended
         hereby, shall be true and correct in all material respects as of the
         date hereof as if made on the date hereof except for such
         representations and warranties limited by their terms to a specific
         date.

                  (c) All corporate proceedings taken in connection with the
         transactions contemplated by this Amendment and all other agreements,
         documents, and instruments executed and/or delivered pursuant hereto,
         and all legal matters incident thereto, shall be satisfactory to the
         Agent; and

                  (d) No Default or Event of Default shall be in existence after
         giving effect to this Amendment.

                                    ARTICLE 5

                                  Miscellaneous

         Section 5.1 Ratifications. The terms and provisions set forth in this
Amendment shall modify and supersede all inconsistent terms and provisions set
forth in the Credit Agreement and, except as expressly modified and superseded
by this Amendment, the terms and provisions of the Credit Agreement and the
other Loan Documents are ratified and confirmed and shall continue in full force
and effect. Each of the Loan Parties, the Agent, and the Lenders agrees that the
Credit Agreement as amended hereby and the other Loan Documents shall continue
to be legal, valid, binding, and enforceable in accordance with their respective
terms.

         Section 5.2 Representations and Warranties. Each Loan Party hereby
represents and warrants to the Agent and the Lenders that, as of the date of and
after giving effect to this Amendment, (a) the execution, delivery, and
performance of this Amendment and any and all other Amendment Documents executed
and/or delivered in connection herewith have been authorized by all requisite
action on the part of such Loan Party and will not violate such Loan Party's
organizational or governing document, (b) the representations and warranties
contained in the Credit Agreement and in the other Loan Documents are true and
correct on and as of the date hereof, in all material respects, as if made again
on and as of the date hereof except for such representations and warranties
limited by their terms to a specific date, and (c) after giving effect to this
Amendment, no Default or Event of Default exists.

         Section 5.3 Survival of Representations and Warranties. All
representations and warranties made in this Amendment or any other Loan
Document, including any Loan Document furnished in connection with this
Amendment, shall survive the execution and delivery of this Amendment and the
other Loan Documents, and no investigation by the Agent or any Lender, or any
closing, shall affect the representations and warranties or the right of the
Agent and the Lenders to rely upon them.

         Section 5.4. Reference to Credit Agreement. Each of the Loan Documents,
including the Credit Agreement, the Amendment Documents, and any and all other
agreements,

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT - Page 6
<PAGE>

documents, or instruments now or hereafter executed and delivered pursuant to
the terms hereof or pursuant to the terms of the Credit Agreement as amended
hereby, are hereby amended so that any reference in such Loan Documents to the
Credit Agreement, whether direct or indirect, shall mean a reference to the
Credit Agreement as amended hereby.

         Section 5.5 Severability. Any provision of this Amendment held by a
court of competent jurisdiction to be invalid or unenforceable shall not impair
or invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision so held to be invalid or unenforceable.

         Section 5.6 Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND THE APPLICABLE
LAWS OF THE UNITED STATES.

         Section 5.7 Successors and Assigns. This Amendment is binding upon and
shall inure to the benefit of the Loan Parties, the Agent, and the Lenders and
their respective successors and assigns, except no Loan Party may assign or
transfer any of its respective rights or obligations hereunder without the prior
written consent of the Lenders.

         Section 5.8 Counterparts. This Amendment may be executed in one or more
counterparts and on telecopy counterparts, each of which when so executed shall
be deemed to be an original, but all of which when taken together shall
constitute one and the same agreement.

         Section 5.9 Headings. The headings, captions, and arrangements used in
this Amendment are for convenience only and shall not affect the interpretation
of this Amendment.

         Section 5.10 Entire Agreement. THIS AMENDMENT AND ALL OTHER
INSTRUMENTS, DOCUMENTS, AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH
THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT
AMONG THE PARTIES HERETO RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND
SUPERSEDE ANY AND ALL OTHER PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND
UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND MAY NOT
BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL
AGREEMENTS AMONG THE PARTIES HERETO.

         Section 5.11 Intangible Assets relating to the MIF Acquisition. The
Borrowers will, as soon as available and in any event on or before 60 days after
the consummation of the MIF Acquisition, deliver to the Agent a report, in
reasonable detail, which specifies and explains the amount of intangible assets
recorded on the balance sheets of EGL Eagle Global Logistics L.P. and the
Consolidated Members in connection with the MIF Acquisition.

                  [Remainder of page intentionally left blank.]

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT - Page 7
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their duly authorized officers in several counterparts effective as
of the Amendment Date specified in the introductory paragraph hereof.

                                               LOAN PARTIES:
                                               -------------

                                               EGL, INC.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               By:  /s/ MARTA JOHNSON
                                               ---------------------------------
                                               Name: Marta Johnson
                                               Title: Secretary

                                               ALROD INTERNATIONAL, INC.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President
                                               CIRCLE AIRFREIGHT JAPAN, LTD.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               CIRCLE OVERSEAS CORP.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               CIRCLE INTERNATIONAL GROUP, INC.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT - Page 8
<PAGE>

                                               CIRCLE INTERNATIONAL HOLDINGS,
                                               INC.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               CIRCLE INTERNATIONAL, INC.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               DARRELL J. SEKIN & CO.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               By:  /s/ MARTA JOHNSON
                                               ---------------------------------
                                               Name: Marta Johnson
                                               Title: Secretary

                                               EAGLE MARITIME SERVICES, INC.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               By:  /s/MARTA JOHNSON
                                               ---------------------------------
                                               Name: Marta Johnson
                                               Title: Secretary

                                               EAGLE PARTNERS, L.P.

                                               By:   EUSA HOLDINGS, INC.,
                                                     its General Partner

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               EAGLE USA IMPORT BROKERS, INC.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT - Page 9
<PAGE>

                                             EGL (CANADA) HOLDING COMPANY, INC.

                                             By:  /s/ELIJIO V. SERRANO
                                             -----------------------------------
                                             Name:  Elijio V. Serrano
                                             Title:  Senior Vice President

                                             EGL DELAWARE LIMITED LIABILITY
                                             COMPANY

                                             By:  /s/ELIJIO V. SERRANO
                                             -----------------------------------
                                             Name:  Elijio V. Serrano
                                             Title:  Senior Vice President

                                             By:  /s/ MARTA JOHNSON
                                             -----------------------------------
                                             Name: Marta Johnson
                                             Title: Secretary

                                             EGL EAGLE GLOBAL LOGISTICS, LP

                                             By:  EGL MANAGEMENT, LLC,
                                                  its Sole General Partner

                                             By:  /s/ELIJIO V. SERRANO
                                             -----------------------------------
                                             Name:  Elijio V. Serrano
                                             Title:  Senior Vice President

                                             By:  /s/ MARTA JOHNSON
                                             -----------------------------------
                                             Name: Marta Johnson
                                             Title: Secretary

                                             EGL MANAGEMENT, LLC

                                             By:  /s/ELIJIO V. SERRANO
                                             -----------------------------------
                                             Name:  Elijio V. Serrano
                                             Title:  Senior Vice President

                                             By:  /s/ MARTA JOHNSON
                                             -----------------------------------
                                             Name: Marta Johnson
                                             Title: Secretary

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT - Page 10
<PAGE>

                                               EUSA HOLDINGS, INC.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               EUSA PARTNERS, INC.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               HARPER ROBINSON & CO., INC.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               J. R. MICHELS, INCORPORATED

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               MAX GRUENHUT INTERNATIONAL, INC.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

                                               EGL EAGLE GLOBAL LOGISTICS
                                               (CANADA) CORP.

                                               By:  /s/ELIJIO V. SERRANO
                                               ---------------------------------
                                               Name:  Elijio V. Serrano
                                               Title:  Senior Vice President

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT - Page 11
<PAGE>

                                               AGENT:
                                               -----

                                               BANK OF AMERICA, NATIONAL
                                               ASSOCIATION

                                               By: /s/ STEVEN W. SHARP
                                               ---------------------------------
                                               Name: Steven W. Sharp
                                               Title: Vice President

                                               LENDERS:
                                               -------

                                               BANK OF AMERICA, NATIONAL
                                               ASSOCIATION

                                               By: /s/ STEVEN W. SHARP
                                               ---------------------------------
                                               Name: Steven W. Sharp
                                               Title: Vice President

                                               PNC BANK, NATIONAL ASSOCIATION

                                               By: /s/ LAWRENCE WEINSTEIN
                                               ---------------------------------
                                               Name: Lawrence Weinstein
                                               Title: Vice President

                                               TRANSAMERICA BUSINESS CAPITAL
                                               CORPORATION

                                               By: /s/ DENNIS C. SNYDER
                                               ---------------------------------
                                               Name: Dennis C. Snyder
                                               Title: Senior Vice President

CONSENT AND THIRD AMENDMENT TO CREDIT AGREEMENT - Page 12<PAGE>

                                                                    EXHIBIT 10.2

                                    EGL, INC.
                      2003 NONEMPLOYEE DIRECTOR STOCK PLAN

         1. OBJECTIVES. This EGL, Inc. 2003 Nonemployee Director Stock Plan
(formerly the Eagle USA Air Freight, Inc. 1995 Nonemployee Director Stock Option
Plan) (this "Plan") is intended as an incentive to retain and attract persons of
training, experience and ability to serve as independent directors on the Board
of Directors of EGL, Inc. (the "Company"), to encourage the sense of
proprietorship of such persons and to stimulate the active interest of such
persons in the development and financial success of the Company.

         2. DEFINITIONS. As used herein, the terms set forth below shall have
the following respective meanings:

                  "AWARD" means any Option or Restricted Share Award, whether
granted singly, in combination or in tandem, granted to a Nonemployee Director
pursuant to any applicable terms, conditions and limitations as the Board may
establish in order to fulfill the objectives of this Plan.

                  "BOARD" means the Board of Directors of the Company.

                  "CODE" means the United States Internal Revenue Code of 1986,
as amended from time to time.

                  "COMMON SHARES" means the Common Shares, par value $.001 per
share, of the Company.

                  "DIRECTOR" means any individual serving as a member of the
Board.

                  "EFFECTIVE DATE" means the date of the Prospectus first used
to confirm sales in the IPO.

                  "EXCHANGE ACT" means the United States Securities Exchange Act
of 1934, as amended from time to time.

                  "FAIR MARKET VALUE" means, as of a particular date, (a) if the
Common Shares are listed on a national securities exchange, the final closing
sales price per Common Share on the consolidated transaction reporting system
for the principal such national securities exchange on that date, or, if there
shall have been no such sale so reported on that date, on the last preceding
date on which such a sale was so reported, (b) if the Common Shares are not so
listed but are quoted on the Nasdaq National Market, the final closing sales
price per Common Share on the Nasdaq National Market on that date, or, if there
shall have been no such sale so reported on that date, on the last preceding
date on which such a sale was so reported, (c) if the Common Shares are not so
listed or quoted, the mean between the closing bid and asked price on that date,
or, if there are no quotations available for such date, on the last preceding
date on which such quotations shall be available, as reported by Nasdaq, or, if
not reported by Nasdaq, by the National Quotation Bureau, Inc. or (d) if none of
the above is applicable, such amount as may be determined by the Board, in good
faith, to be the fair market value per Common Share.

                                       1
<PAGE>
                  "HOLDER" means a Nonemployee Director to whom a Restricted
Share Award has been granted under this Plan.

                  "IPO" means the initial public offering of Common Shares by
the Company.

                  "NONEMPLOYEE DIRECTOR" means any Director who is not an
employee of the Company or any Subsidiary and has not been an employee since the
date of the most recent annual general meeting of shareholders of the Company.

                  "OPTION" means a right to purchase a particular number of
Common Shares at a particular purchase price, subject to certain terms and
conditions as provided in this Plan and Option Agreement. An Option shall be in
the form of a nonqualified stock option within the meaning of Code Section 83.

                  "OPTION AGREEMENT" means a written agreement between the
Company and an Optionee that sets forth the terms, conditions and limitations
applicable to an Option.

                  "OPTIONEE" means a Nonemployee Director to whom an Option has
been granted under this Plan.

                  "RESTRICTED SHARE AWARD" means an award payable in Restricted
Shares.

                  "RESTRICTED SHARE AWARD AGREEMENT" means a written agreement
between the Company and a Holder that sets forth the terms, conditions and
limitations applicable to a Restricted Share Award.

                  "RESTRICTED SHARES" means Common Shares that are restricted or
subject to forfeiture provisions.

                  "RULE 16b-3" means Rule 16b-3 promulgated under the Exchange
Act, or any successor rule.

                  "SUBSIDIARY" means any corporation, limited liability company
or similar entity of which the Company directly or indirectly owns shares
representing more than 50% of the voting power of all classes or series of
equity securities of such entity which have the right to vote generally on
matters submitted to a vote of the shareholders of equity interests in such
entity.

         3. COMMON SHARES RESERVED FOR THE PLAN. Subject to adjustment as
provided in Paragraph 11 hereof, a total of 400,000 Common Shares shall be
reserved for issuance upon the exercise of Options or payment of Restricted
Share Awards granted pursuant to this Plan. The Board and the appropriate
officers of the Company shall from time to time take whatever actions are
necessary to execute, acknowledge, file and deliver any documents required to be
filed with or delivered to any governmental authority or any stock exchange or
transaction reporting system on which Common Shares are listed or quoted in
order to make Common Shares available for issuance pursuant to this Plan. Common
Shares subject to Awards that are forfeited or terminated or expire

                                       2
<PAGE>
unexercised in such a manner that all or some of the shares subject thereto are
not issued to an Optionee or a Holder shall immediately become available for the
granting of Awards.

         4. DESIGNATION OF OPTIONEES; AUTOMATIC GRANT OF OPTIONS. Each
Nonemployee Director shall be granted Options as described hereunder. Each
individual who becomes a Nonemployee Director shall automatically be granted
Options to purchase 10,000 Common Shares on the date such person first becomes a
Nonemployee Director. Furthermore, each person serving as a Nonemployee Director
on the day after the date of the annual general meeting of shareholders of the
Company shall automatically be granted Options to purchase an additional 2,500
Common Shares on such date. Notwithstanding the foregoing, this Plan shall
terminate and no further Options shall be granted if the number of shares
subject to future grant under this Plan is not sufficient to make all automatic
grants required to be made pursuant to this Plan on such date of grant.

         5. OPTION AGREEMENT. Each Option granted hereunder shall be described
in an Option Agreement, which shall be subject to the terms and conditions set
forth above and shall be signed by the Optionee and by the Chief Executive
Officer, the Chief Operating Officer, or any Vice President of the Company for
and on behalf of the Company. Such an Option Agreement shall be in the form
attached as Exhibit A hereto.

         6. OPTION PRICE. The purchase price of each Common Share that is
subject to an Option granted pursuant to this Plan shall be 100% of the Fair
Market Value of such Common Share on the date the Option is granted; provided,
however, that the purchase price for each Common Share subject to the Option
granted as of the Effective Date shall be the price to the public of Common
Shares offered by the Company in the IPO.

         7. OPTION PERIOD. Each Option granted pursuant to this Plan shall
terminate and be of no force and effect with respect to any Common Shares not
purchased by the Optionee upon the earliest to occur of the following: (a) the
expiration of ten years following the date upon which the Option is granted; or
(b) the expiration of one year following the date upon which the Optionee ceases
to be a Director.

         8.       EXERCISE OF OPTIONS.

                  (a) Each Option granted pursuant to this Plan shall be
exercisable in full on the day before each annual general meeting of
shareholders of the Company following the date of grant.

                  (b) An Option may be exercised solely by the Optionee during
his lifetime or after his death by the person or persons entitled thereto under
his will or the laws of descent and distribution.

                  (c) In the event that an Optionee ceases to be a Director, an
Option granted to such Optionee may be exercised only to the extent such Option
was exercisable at the time he ceased to serve in such capacity.

                  (d) The purchase price of the shares as to which an Option is
exercised shall be paid in full at the time of the exercise. Such purchase price
shall be payable (i) in cash or (ii) by means of tendering theretofore owned
Common Shares which have been held by the Optionee for

                                       3
<PAGE>

more than six months, valued at Fair Market Value on the date of exercise, or
(iii) any combination thereof. No Optionee shall be, or have any of the rights
or privileges of, a shareholder of the Company in respect of any shares subject
to any Option unless and until certificates evidencing such shares shall have
been issued by the Company to such Optionee.

         9. DESIGNATION OF HOLDERS. A Nonemployee Director may be granted a
Restricted Share Award in the sole discretion of the Board. All or part of any
Restricted Share Award may be subject to conditions established by the Board and
set forth in the Restricted Share Award Agreement, which conditions may include,
but are not limited to, continuous service as a Director. Such Restricted Share
Awards may be based on Fair Market Value or other specified valuations. The
certificates evidencing Restricted Shares issued in connection with a Restricted
Share Award shall contain appropriate legends and restrictions describing the
terms and conditions of the restrictions applicable thereto. The terms,
conditions and limitations applicable to any Restricted Share Award pursuant to
this Plan shall be determined by the Board.

         10. ASSIGNABILITY. No Option shall be assignable or otherwise
transferable except by will or the laws of descent and distribution or pursuant
to a qualified domestic relations order as defined by the Code or Title I of the
United States Employee Retirement Income Security Act of 1974, as amended, or
the rules thereunder. Any attempted assignment of an Option in violation of this
Paragraph 10 shall be null and void.

         11. ADJUSTMENTS; CHANGE IN CONTROL.

                  (a) The existence of outstanding Awards shall not affect in
any manner the right or power of the Company or its shareholders to make or
authorize any or all adjustments, recapitalizations, reorganizations or other
changes in the share capital of the Company or its business or any merger or
consolidation of the Company, or any issue of bonds, debentures, preferred or
prior preference shares (whether or not such issue is prior to, on a parity with
or junior to the Common Shares) or the dissolution or liquidation of the
Company, or any sale or transfer of all or any part of its assets or business,
or any other corporate act or proceeding of any kind, whether or not of a
character similar to that of the acts or proceedings enumerated above.

                  (b) In the event of any subdivision or consolidation of
outstanding Common Shares or declaration of a dividend payable in Common Shares
or other stock split, then (i) the number of Common Shares reserved under this
Plan, (ii) the number of Common Shares covered by outstanding Awards, (iii) the
exercise price of outstanding Options and (iv) the appropriate Fair Market Value
and other price determinations for outstanding Awards shall be proportionately
adjusted to reflect such transaction. In the event of any other recapitalization
or capital reorganization of the Company, consolidation or merger of the Company
with another corporation or entity or the adoption by the Company of a plan of
exchange affecting the Common Shares or any distribution to holders of Common
Shares of securities or property (other than normal cash dividends or dividends
payable in Common Shares), the Board shall make such adjustments or other
provisions as it may deem equitable, including adjustments to avoid fractional
shares, to give proper effect to such event; provided that such adjustments
shall only be such as are necessary to maintain the proportionate interest of
the Optionees and Holders and preserve, without exceeding, the value of the
Awards.

                                       4
<PAGE>
                  (c) An Option shall become fully exercisable upon a Change in
Control (as hereinafter defined) of the Company. For purposes of this Plan, a
"Change in Control" shall be conclusively deemed to have occurred if (and only
if) any of the following events shall have occurred: (i) there shall have
occurred an event required to be reported in response to Item 6(e) of Schedule
14A of Regulation 14A (or in response to any similar item on any similar
schedule or form) promulgated under the Exchange Act, whether or not the Company
is then subject to such reporting requirement; (ii) after the Effective Date any
"person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act),
other than a person that is a Director of the Company on the Effective Date or
any person controlled by such a Director, becomes the "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 51% or more of the combined voting power
of the Company's then-outstanding voting securities without prior approval of a
least two-thirds of the members of the Board in office immediately prior to such
person's attaining such percentage interest; (iii) the Company is a party to a
merger, consolidation, sale of assets or other reorganization, or a proxy
contest, as a consequence of which members of the Board in office immediately
prior to such transaction or event constitute less than a majority of the Board
thereafter; or (iv) during any period of two consecutive years, individuals who
at the beginning of such period constituted the Board (including for this
purpose any new member whose election or nomination for election by the
Company's shareholders was approved by a vote of at least two-thirds of the
members then still in office who were members at the beginning of such period)
cease for any reason to constitute at least a majority of the Board.

         12. PURCHASE FOR INVESTMENT. Unless the Awards and Common Shares
covered by this Plan have been registered under the Securities Act of 1933, as
amended, each person receiving an Award under this Plan may be required by the
Company to give a representation in writing in form and substance satisfactory
to the Company to the effect that he is acquiring such shares for his own
account for investment and not with a view to, or for sale in connection with,
the distribution of such shares or any part thereof.

         13. TAXES. The Company may make such provisions as it may deem
appropriate for the withholding of any taxes that it determines is required in
connection with any Awards granted to any Optionee or Holder hereunder.

         14. AMENDMENTS OR TERMINATION. The Board may amend, alter or
discontinue this Plan, except that (a) no amendment or alteration that would
impair the rights of any Optionee or Holder under any Award that he has been
granted shall be made without his consent, (b) no amendment or alteration shall
be effective prior to approval by the Company's shareholders to the extent such
approval is then required pursuant to Rule 16b-3 in order to preserve the
applicability of any exemption provided by such rule to any Award then
outstanding (unless the holder of such Award consents) or to the extent
shareholder approval is otherwise required by applicable legal requirements, and
(c) this Plan shall not be amended more than once every six months to the extent
such limitation is required by Rule 16b-3(c)(2)(ii) (or any successor provision)
under the Exchange Act as then in effect.

                                       5
<PAGE>

         15. GOVERNMENT REGULATIONS. This Plan, and the granting and exercise of
Awards hereunder, and the obligation of the Company to sell and/or deliver
Common Shares under such Awards, shall be subject to all applicable foreign and
United States laws, rules and regulations, and to such approvals on the part of
any governmental agencies or national securities exchanges or transaction
reporting systems as may be required.

         16. PARACHUTE PAYMENT LIMITATION. Notwithstanding any contrary
provision of this Plan, the aggregate present value of all parachute payments
payable to or for the benefit of a Nonemployee Director, whether payable
pursuant to this Plan or otherwise, shall be limited to three times the
Nonemployee Director's base amount less one dollar and, to the extent necessary,
the exercisability of an unmatured Option or the vesting of an unmatured
Restricted Share Award shall be reduced in order that this limitation not be
exceeded. For purposes of this Section 16, the terms "parachute payment," "base
amount" and "present value" shall have the meanings assigned thereto under
Section 280G of the Code. It is the intention of this Section 16 to avoid excise
taxes on the Nonemployee Director under Section 4999 of the Code or the
disallowance of a deduction to the Company pursuant to Section 280G of the Code.

         16. GOVERNING LAW. This Plan and all determinations made and actions
taken pursuant hereto, to the extent not otherwise governed by mandatory
provisions of the Code or the securities laws of the United States, shall be
governed by and construed in accordance with the laws of Texas.

         17. EFFECTIVE DATE OF PLAN. This Plan was originally effective as of
the Effective Date and thereafter amended in February 2000. This amendment and
restatement of the Plan was adopted by the Board subject to approval by the
holders of a majority of Common Shares at the annual shareholders' meeting held
on May 12, 2003, and if so approved this amendment and restatement shall become
effective as of the date of that meeting. If the shareholders of the Company
should fail so to approve this amendment and restatement of the Plan, the Plan
shall continue in the form in effect immediately prior to the effective date of
this amendment and restatement of the Plan.

         18. MISCELLANEOUS. The granting of any Award shall not impose upon the
Company, the Board or any other directors of the Company any obligation to
nominate any Optionee or Holder for election as a director and the right of the
shareholders of the Company to remove any person as a director of the Company
shall not be diminished or affected by reason of the fact that an Award has been
granted to such person.

         19. ADMINISTRATION OF PLAN; DELEGATION OF BOARD AUTHORITY. This Plan
shall be administered by the Board. Notwithstanding the foregoing, the Board may
delegate to a committee of the Board its authority under this Plan, including,
without limitation, its authority to grant Awards and to determine the terms,
conditions and limitations applicable to any Award.

                                            EGL, INC.

                                            By /s/ JAMES R. CRANE
                                               ---------------------------------
                                               Name: James R. Crane
                                               Title: Chief Executive Officer

                                       6

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