X0202 4 2006-06-21 0 0000865941 CELADON GROUP INC CLDN 0001204518 WILL PAUL ONE CELADON DRIVE 9503 EAST 33RD STREET INDIANAPOLIS IN 46235-4207 0 1 0 0 Exec VP, CFO, Asst Sec & Treas Common Stock 2006-06-21 4 M 0 45000 2.72 A 137137 D Employee Stock Option (Right to Buy) 2.72 2006-06-21 4 M 0 45000 D 2009-12-07 Common Stock 45000 0 D Adjusted to give effect to the 02/01/2006 and 06/01/2006 three-for-two stock splits. Options became exercisable in three equal increments on 12/07/2000, 12/07/2001, and 12/07/2002. Incentive stock options expire on 12/07/2009, and are subject to earlier termination in the event of termination of the reporting person?s employment with the issuer. Termination provisions are set forth in the stock option agreement between the reporting person and the issuer. Upon exercise, the derivative security converts on a one-to-one basis into common stock. The exercise price of the derivative security is set forth in Column 2 of Table II of this report. /s/ Paul Will, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC 2006-06-23