Exhibit 10


                              KENAN TRANSPORT COMPANY
                        Amendment to the 1994 Stock Bonus Plan



      Paragraph 11 of the 1994 Stock Bonus Plan is hereby amended and
restated as follows:



11.   DEFINITIONS

a.    After-Tax Earnings:     As it pertains to the determination of the
      Stock Bonus earned by the Executive Group in any one year, after-tax
      earnings shall mean net income as reported in the Corporation's
      Annual Report to Shareholders; provided, however, that the Board of
      Directors shall have the discretion in any such year to exclude from
      the computation of net income any amount determined by the
      independent certified public accountants who audit the financial
      statements of the Corporation to be an "Extraordinary Item" under
      generally accepted accounting principles. The Board of Directors may
      make such a determination at any time prior to the Date of Issue for
      any Stock Bonus earned by the Executive Group.