SIMON TRANSPORTATION SERVICES INC.
                             (a Nevada corporation)

                             SUBSCRIPTION AGREEMENT

         THIS SUBSCRIPTION AGREEMENT (this "Agreement") is made effective as of
June 30, 2001, by and between the Moyes Children's Limited Partnership (the
"Subscriber"), and Simon Transportation Services Inc., a Nevada corporation (the
"Company" and together with the Subscriber the "Parties").

                                    RECITALS

         WHEREAS, the Company has received certain advances from the Subscriber
to (i) allow the Company's operating subsidiary to assure compliance with the
tangible net worth covenant and advance rate on its line of credit and (ii)
maintain the financial position and viability of the Company and its operating
subsidiary;

         WHEREAS, the Parties desire to convert the outstanding amount of such
advances to equity;

         WHEREAS, the Company has duly authorized the issuance and sale of an
aggregate of 600,000 shares of the Company's Series I Preferred Shares, $.01 par
value (the "Preferred Shares"), with such rights, preferences, and limitations
as are set forth in the Company's Certificate of Designation, attached hereto as
Exhibit A (the "Certificate"), and as otherwise afforded holders of preferred
shares under the Nevada General Corporation Law; and

         WHEREAS, the Parties wish to reduce to written form the commitments and
undertakings contained herein.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
representations, warranties, covenants, and undertakings set forth in this
Agreement, and subject to the terms and conditions set forth in this Agreement,
the Parties hereby agree as follows:

                                      TERMS

         1.       Subscriptions.

                  1.1 Subscriber hereby subscribes for 190,705 shares of
         Preferred Shares, representing advances by the Subscriber of
         $6,674,682.25 divided by a price of $35.00 per share (the
         "Subscription").

                  1.2 Subscriber has tendered to the Company the entire purchase
         price of the shares subscribed for herein through prior advances. The
         subscription documents shall consist of an executed counterpart of the
         signature page of this Agreement.

                  1.3 The Parties acknowledge and agree that the Subscription
         shall be effective as of June 30, 2001, irrespective of the filing date
         of the Certificate.

         2.       Subscriber's  Representations  and Warranties.  Subscriber
represents,  warrants,  acknowledges, and agrees that:

                  2.1 Subscriber is a limited partnership formed under the laws
         of the State of Arizona, and has its principal office in such state.
<PAGE>
                  2.2 Subscriber is authorized and qualified to become a
         stockholder of the Company and the person signing this Agreement on
         behalf of such entity has been duly authorized by such entity to do so.

                  2.3 Subscriber qualifies as an "accredited investor" (as
         defined under the Securities Act of 1933, as amended, and the rules and
         regulations promulgated thereunder (the "Act")).

                  2.4 Subscriber has such knowledge and experience in financial
         and business matters as to be capable of evaluating the merits and
         risks of an investment in the Company and has obtained sufficient
         information from the Company to evaluate the merits and risks of an
         investment in the Company.

                  2.5 Subscriber: (i) is acquiring the shares of the Preferred
         Shares subscribed for herein for Subscriber's own account for
         investment only and not with a view to the distribution, resale, or
         transfer thereof, and as the sole record and beneficial holder thereof;
         (ii) is acquiring such Preferred Shares without any intention of
         reselling or distributing such Preferred Shares except in accordance
         with the provisions of the Act and applicable state securities laws and
         regulations; and (iii) agrees that such Preferred Shares shall not be
         sold, pledged, hypothecated, donated, or otherwise transferred, whether
         or not for consideration, by Subscriber except subject to the terms of
         this Agreement and upon the issuance to the Company of a favorable
         opinion of its counsel acceptable to the Company and the submission to
         the Company of such other evidence as may be satisfactory to the
         Company and its counsel, to the effect that any such transfer shall not
         be in violation of the Act, applicable state securities laws, or any
         rules or regulations promulgated thereunder.

3.       Company's  Representations and Warranties.  The Company  represents,
warrants,  acknowledges,  and agrees that:

                  3.1 The Company is a corporation duly organized, validly
         existing, and in good standing under the laws of the jurisdiction of
         its incorporation.

                  3.2 The Company has full power and authority (including full
         corporate power and authority) to execute and deliver this Agreement
         and to perform its obligations hereunder. This Agreement constitutes
         the valid and legally binding obligation of the Company, enforceable in
         accordance with its terms and conditions.

                  3.3 The Company has filed all forms, reports, schedules,
         statements, and documents required to be filed by it with the
         Securities and Exchange Commission (collectively, the "Company Public
         Reports"). Each of the Company Public Reports was filed on a timely
         basis (considering filed extensions) and complied with the Act and the
         Securities Exchange Act of 1934, as amended, in all material respects.
         None of the Company Public Reports, as of their respective dates, (or
         if amended or superseded, at the time of such subsequent filing),
         contained any untrue statement of a material fact or omitted to state a
         material fact necessary in order to make the statements made therein,
         in light of the circumstances under which they were made, not
         misleading.

                  3.4 All of the outstanding shares of the Preferred Shares have
         been duly authorized, validly issued, fully paid and nonassessable, are
         not subject to, and were not issued in violation of, any preemptive (or
         similar) rights, and are owned, of record and beneficially, by the
         Company, free and clear of all Liens whatsoever.
<PAGE>
                  3.5 The Company will promptly seek any consent, approval,
         qualification, or authorization necessary in connection with the
         Company's valid performance of this Agreement.

         4.       Miscellaneous.

                  4.1 Successors and Assigns. Except as otherwise provided
         herein, the terms and conditions of this Agreement shall inure to the
         benefit of and be binding upon the respective successors and assigns of
         the Parties (including transferees). Nothing in this Agreement, express
         or implied, is intended to confer upon any party other than the Parties
         hereto, or their respective successors and assigns, any rights,
         remedies, obligations, or liabilities under or by reason of this
         Agreement, except as expressly provided in this Agreement.

                  4.2 Counterparts. This Agreement may be executed in two (2) or
         more counterparts, each of which when executed and delivered shall be
         deemed to be an original, and all of which counterparts taken together
         shall constitute but one and the same instrument. This Agreement shall
         become binding when one or more counterparts taken together shall have
         been executed and delivered by the Parties. It shall not be necessary
         in making proof of this Agreement or any counterpart hereof to produce
         or account for any other counterparts.

                  4.3 Severability. In case any one or more of the provisions or
         parts of a provision contained in this Agreement shall for any reason
         be held to be invalid, illegal, or unenforceable in any respect in any
         jurisdiction, such invalidity, illegality, or unenforceability shall
         not affect any other provision or part of a provision of this Agreement
         or any other jurisdiction, but this Agreement shall be reformed and
         construed in any such jurisdiction as if such invalid, illegal, or
         unenforceable provision or part of a provision had never been contained
         herein and such provision or part shall be reformed so that it would be
         valid, legal, and enforceable to the maximum extent permitted in such
         jurisdiction.

                  4.4 Entire Agreement and Amendment. This Agreement, the
         Warrant to Purchase Series I Preferred Shares, and the letter
         agreement, all dated June 30, 2001, by and between the Parties,
         constitute the entire agreement by and between the Parties with respect
         to the subject matter hereof. Any provision of this Agreement may be
         amended and the observance thereof may be modified, waived, or
         terminated in whole or in part (either generally or in a particular
         instance and either retroactively or prospectively), only by the
         written consent of (i) as against the Company, only by the Company, and
         (ii) as against the Subscriber, only by the Subscriber. Any amendment
         or waiver effected in accordance with clauses (i) and (ii) of this
         paragraph shall be binding upon the Company and the Subscriber and its
         or his successors and assigns.

                  4.5      Further  Action.  Each  of the  Parties  hereto
         agrees  to  execute  all  such  further instruments  and  documents and
         to take all such further  action  necessary to  effectuate  the terms
         and purposes of this Agreement.

                  4.6      Governing Law. This Agreement and all documents
         contemplated  hereby,  and all remedies in  connection  therewith,  and
         all  questions or  transactions  relating  thereto,  shall be construed
         in accordance with and governed by the laws of the State of Nevada.

                  4.7      Notice. Whenever notice is required to be given by
         any party hereunder, such notice shall be deemed sufficient when
         delivered personally against receipt or by prepaid, first-class
         certified mail to the Company or the Subscriber at their addresses set
         forth on the signature page hereto or to such other address as the
         Company or the Subscriber shall have furnished to the party sending
         notice.
<PAGE>
                  4.8      Survival.  All  representations,  warranties,  and
         covenants  herein shall  survive the consummation of the transaction
         contemplated hereby and the delivery of the shares hereunder.

                  4.9      Legend. Certificates representing the shares
         subscribed for hereunder are subject to stop transfer instructions
         issued by the Company to the transfer agent prohibiting transfers
         thereof without registration under the Act or unless an exemption from
         the registration requirements of the Act is available in the opinion,
         addressed to the Company, of counsel acceptable to the Company.
         Certificates evidencing ownership of shares subscribed for hereunder
         shall bear the following legend:

                  THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED,
                  OR PURSUANT TO ANY STATE SECURITIES LAWS. THESE SHARES MAY NOT
                  BE SOLD OR OTHERWISE TRANSFERRED UNLESS SUCH ARE FIRST
                  REGISTERED PURSUANT TO THE APPLICABLE FEDERAL AND STATE
                  SECURITIES LAWS OR UNLESS THE COPORATION RECEIVES A WRITTEN
                  OPINION OF COUNSEL WHICH OPINION AND COUNSEL ARE SATISFACTORY
                  TO THE CORPORATION, THAT SUCH REGISTRATION IS NOT REQUIRED.

         IN WITNESS WHEREOF, each of the undersigned has signed this Agreement
on the date first above written.



THE SUBSCRIBER
THE MOYES CHILDREN'S LIMITED PARTNERSHIP



By:  /s/ Ronald Moyes
     --------------------------------
     Ronald Moyes, General Partner

Address:      411 S. 13th Street
              Lincoln, Nebraska  68508



THE COMPANY
SIMON TRANSPORTATION SERVICES INC.



By:  /s/ Alban B. Lang
     ---------------------------------
     Alban B. Lang, Chief Financial Officer, Secretary, and Treasurer

Address:      5175 West 2100 South
              West Valley City, Utah  84120



<PAGE>



                                    EXHIBIT A

                      COMPANY'S CERTIFICATE OF DESIGNATION