Document:

<PAGE>   1

                                                                   EXHIBIT 10.1

                        FIRST AMENDMENT TO LOAN AGREEMENT

                                 USA TRUCK, INC.

                               FIRST AMENDMENT TO
                                 LOAN AGREEMENT

                                      AMONG

                             BANK OF AMERICA, N.A.,
                            AS "ADMINISTRATIVE AGENT"

                                       AND

                             BANK OF AMERICA, N.A.,
                               FIRSTAR BANK, N.A.
                                  SUNTRUST BANK
                                  AS "LENDERS"

                                       AND

                                 USA TRUCK, INC.
                                  AS "BORROWER"

                           DATED AS OF MARCH 30, 2001

                                     Page 1
<PAGE>   2

                               FIRST AMENDMENT TO

                                 LOAN AGREEMENT

         This First Amendment to Loan Agreement ("Amendment") is executed as of
March 30, 2001, by and among USA TRUCK, INC., a Delaware corporation
("Borrower"), BANK OF AMERICA, N.A. ("BofA"), as "Administrative Agent" and
"Issuer", and BofA and the other lenders listed on EXHIBIT 3 to this and their
respective successors and assigns, as "Lenders".

                                    RECITALS

         WHEREAS, Borrower, Administrative Agent, Issuer and Lenders are parties
to a Loan Agreement dated April 28, 2000, pursuant to which Lenders have
extended a revolving credit facility in the principal amount of $60,000,000.00
to Borrower; and

         WHEREAS, Borrower has requested certain modifications to the Loan
Agreement and Lenders have agreed to make the requested modifications on the
terms and conditions set forth in this Amendment.

         NOW, THEREFORE, incorporating the Recitals of Fact set forth above and
in consideration of the mutual agreements and covenants contained herein, the
receipt and sufficiency of which are hereby acknowledged, Borrower and Bank
agree as follows:

         1.  DEFINITIONS. As used in this First Amendment and as amendments and
additions to the definitions set forth in the Glossary of Definitions in Section
2.1 and Exhibit 2.1 of the Loan Agreement, the capitalized terms used in this
Amendment and the Loan Agreement shall have the respective meanings indicated in
Amended Exhibit 2.1.

         2.  All references herein to the term "Section" shall refer to the
applicable Section of the Loan Agreement

         3.  Section 3.1.5 of the Loan Agreement is hereby amended by the
deletion of current Section 3.1.5 and the insertion of a new Section 3.1.5 in
lieu thereof as follows:

                          "3.1.5 Eligible Unencumbered Equipment. "Eligible
             Unencumbered Equipment" includes all Unencumbered Revenue Equipment
             of Borrower, except Unencumbered Revenue Equipment (i) that is
             obsolete, not in good condition, or not either currently usable or
             currently saleable in the ordinary course of Borrower's business;
             (ii) that it is not subject to a valid and enforceable, first
             priority, perfected Security Interest in favor of Administrative
             Agent for the benefit of Lenders; (iii) that is subject to a lien
             in favor of any person other than the Administrative Agent for the
             benefit of Lenders; (iv) that is not satisfactory to Administrative
             Agent because of its age, condition, type, or quantity; (v) with
             respect to which any of the representations, warranties, covenants
             and agreements contained in any of the Loan Documents are not or
             have ceased to be complete and correct or have been breached; and
             (vi) that has sustained damage precluding use in the ordinary
             course of Borrower's business as Unencumbered Revenue Equipment and
             such damage is not repaired within thirty (30) days after
             sustaining such damage."

                                     Page 2
<PAGE>   3

             4. Section 4.6 (Commitment Fees; Base Rate Increments and Libor
             Increments) of the Loan Agreement is hereby amended by the
             modification of the current Level V of the Base Rate and Libor
             Increment grid of Section 4.6 and the addition of a new Level VI as
             follows:

             4.6. Commitment Fee; Base Rate Increments and LIBOR Increments.

<TABLE>
<CAPTION>
Level       If the ratio of Total Funded
            Debt to EBITDAR (for the
            four Fiscal Quarter period         Commitment Fee      The applicable LIBOR       The applicable Base
            of Borrower then ended) is:                            Increment                  Rate Increment
-------     ----------------------------   ------------------      ---------------------      --------------------
<S>         <C>                            <C>                     <C>                        <C>
   I        Less than or equal to 1.75x            20 bps                  87.5 bps                   0 bps
-------     ----------------------------   ------------------      ---------------------      --------------------
  II        Greater than 1.75x but less            20 bps                   100 bps                   0 pbs
            than or equal to 2.00x
-------     ----------------------------   ------------------      ---------------------      --------------------
  III       Greater than 2.00x but less            25 bps                  112.5 bps                  0 bps
            than or equal to 2.25x
-------     ----------------------------   ------------------      ---------------------      --------------------
  IV        Greater than 2.25x but less            30 bps                    125 bps                  0 bps
            than or equal to 2.50x
-------     ----------------------------   ------------------      ---------------------      --------------------
   V        Greater than 2.50x but less           37.5 bps                 162.5 bps                 12.5 bps
            than or equal to 2.75x
-------     ----------------------------   ------------------      ---------------------      --------------------
  VI        Greater than 2.75x                    37.5 bps                  200 bps                   50 bps
-------     ----------------------------   ------------------      ---------------------      --------------------
</TABLE>

         5. Sections 8.1 (Security Agreement) and 8.2 (Perfection of Security
Interest in Unencumbered Revenue Equipment) of the Loan Agreement are hereby
amended as follows:

         (a) By the deletion of current Section 8.1 and the insertion of a new
Section 8.1 in lieu thereof as follows:

                          "8.1. Security Agreements. Security agreements from
             Borrower granting to Administrative Agent for the benefit of
             Lenders a Security Interest in all of the Accounts, Inventory,
             General Intangibles, Instruments, Documents, Chattel Paper,
             Equipment, including, but not limited to, all Unencumbered Revenue
             Equipment of Borrower and all other Goods of Borrower, whether now
             owned or hereafter acquired, and all proceeds thereof (the
             "Personal Property Collateral"), subject only to Permitted Security
             Interests (each such security agreement that Borrower executes and
             delivers to Administrative Agent for the benefit of Lenders, either
             on or after the Execution Date, a "Security Agreement")."

         (b) By the deletion of the current first paragraph of Section 8.2 and
the insertion of a new first paragraph of Section 8.2 as follows:

                                     Page 3
<PAGE>   4

                          "8.2. Perfection of Security Interest in Unencumbered
             Revenue Equipment and Collateral Agent. Borrower and Administrative
             Agent shall take the actions necessary to perfect the
             Administrative Agent's Security Interest, the portion of the
             Unencumbered Revenue Equipment that consists of tractors purchased
             after the Effective Date, and all of the Personal Property
             Collateral, other than Unencumbered Revenue Equipment, not
             consisting of tractors, purchased on or after the Effective Date.
             The Administrative Agent may delegate to the Collateral Agent, in
             accordance with the terms of the Collateral Agency Agreement, the
             authority to act on behalf of the Administrative Agent to
             accomplish the perfection of Administrative Agent's Security
             Interest in the Unencumbered Revenue Equipment. Within ten (10)
             days of the Effective Date the Borrower and Administrative Agent
             shall select a mutually-agreeable collateral agent (the "Collateral
             Agent"); provided, however, if Borrower and Administrative Agent
             are unable to agree upon the selection of the Collateral Agent,
             Administrative Agent shall act as the Collateral Agent. Within
             thirty (30) days of the Effective Date, the Administrative Agent,
             the Borrower and the Collateral Agent shall execute an agreement
             satisfactory to the Administrative Agent (the "Collateral Agency
             Agreement") specifying the rights and duties of the Collateral
             Agent; the administrative procedures to be utilized to administer
             the Perfection Documents, in addition to these set forth herein,
             and to release the Administrative Agent's Security Interest on the
             Unencumbered Revenue Equipment; the fees to be paid to the
             Collateral Agent; terms of indemnification and such other
             appropriate terms and conditions. Upon the occurrence of a
             Perfection Triggering Event, Borrower shall, upon the request of
             Administrative Agent, deliver to the Collateral Agent the
             Perfection Documents. The Collateral Agent shall hold the
             Perfection Documents for the benefit of the Administrative Agent.
             Upon the request of Administrative Agent, after a Perfection
             Triggering Event, the Collateral Agent shall commence the
             Perfection Procedures in accordance with this Agreement and the
             Collateral Agency Agreement. Borrowers hereby authorize the
             Collateral Agent and the Administrative Agent and irrevocably
             appoint the Administrative Agent (acting by any of its officers) as
             Borrowers' agent and attorney-in-fact, which appointment is coupled
             with an interest and is therefore irrevocable to do any of the
             following at any time as to Unencumbered Revenue Equipment
             purchased on or after the Effective Date and after the occurrence
             of a Perfection Triggering Event as to the Unencumbered Revenue
             Equipment owned by Borrower before the Effective Date until all of
             the Loan Obligations are fully paid and satisfied, the Commitments
             are terminated and the LCs have expired: (i) execute the Perfection
             Documents in the name of the Borrower; (ii) file or record the
             Perfection Documents with each such Governmental Authority where
             such filing or recordation is necessary to perfect the
             Administrative Agent's security interest in the Unencumbered
             Revenue Equipment; (iii) take all other acts required to enable
             Administrative Agent to obtain a perfected Security Interest in the
             Unencumbered Revenue Equipment; and (iv) at Borrowers' expense, pay
             or make a Revolving Advance to pay each Governmental Authority any
             amounts necessary to cause the recordation or filing of the
             Perfection Documents and all other expenses incurred by the
             Collateral Agent or Administrative Agent in perfecting the
             Administrative Agent's security interest in the Unencumbered
             Revenue Equipment (collectively the "Perfection Procedures"). All
             payments made pursuant to this section and all out-of-pocket costs
             and expenses of Administrative Agent or Collateral Agent that
             Lenders pay or incur in connection with the perfection of the
             Security Interest of Administrative Agent in the Unencumbered
             Revenue Equipment shall be a part of the Loan Obligations, the
             repayment of which shall be secured by the Collateral.

                                     Page 4

<PAGE>   5

         6. Non-Waiver of Triggering Event Perfections Requirements. Borrower
agrees that in the event a Perfection Triggering Event has occurred prior to the
Amendment Date, that the failure of the Administrative Agent to require the
perfection of Administrative Agent's Security Interest in all of the
Unencumbered Revenue Equipment shall not constitute a waiver of the
Administrative Agent's rights under the Loan Documents to require the perfection
of Administrative Agent's Security Interest in all of the Unencumbered Revenue
Equipment on account of the occurrence of a Perfection Triggering Event that
occurs either before or after the Amendment Date.

         7. Section 14.12.1 of the Loan Agreement is hereby amended by the
deletion of the current Section 14.12.1 and the insertion of a new Section
14.12.1 in lieu thereof as follows:

                          "14.12.1. Preservation and Perfection of Security
             Interests in Personal Property Collateral. Borrower shall promptly,
             upon the reasonable request of Administrative Agent as to all
             Collateral other than Unencumbered Revenue Equipment consisting of
             trailers and those tractors owned prior to the Effective Date, and
             upon the occurrence of a Perfection Triggering Event as to all
             Collateral and at Borrower's expense, execute, acknowledge and
             deliver, or cause the execution, acknowledgment and delivery of,
             and thereafter file or record in the appropriate governmental
             office, any document or instrument supplementing or confirming the
             Security Documents or otherwise deemed necessary by Administrative
             Agent to create, preserve or perfect any Security Interest in
             Personal Property Collateral purported to be created by the
             Security Documents or to fully consummate the transactions
             contemplated by the Loan Documents. The foregoing actions by
             Borrower shall include (i) filing financing or continuation
             statements, and amendments thereof, in form and substance
             satisfactory to Administrative Agent; (ii) delivering to
             Administrative Agent all other Collateral of which Administrative
             Agent determines it should have physical possession in order to
             perfect and protect Administrative Agent's Security Interest for
             the benefit of Lenders therein, duly endorsed or assigned to
             Administrative Agent without restriction; (iii) delivering to
             Administrative Agent all letters of credit on which Borrower is
             named beneficiary; (iv) placing a durable notice of the existence
             of Administrative Agent's Security Interest for the benefit of
             Lenders, satisfactory to Administrative Agent, upon such items of
             the Collateral as are designated by Administrative Agent;(v)
             placing a notice of the existence of Administrative Agent's
             Security Interest for the benefit of Lenders, satisfactory to
             Administrative Agent, upon those writings evidencing the Collateral
             and the books and records of Borrower pertaining to the Collateral,
             as designated by Administrative Agent; and (vi) filing or recording
             in the appropriate governmental office the Perfection Documents."

         8. Section 16.3 of the Loan Agreement is hereby amended by the deletion
of the current Section 16.3 and the insertion of a new Section 16.3 in lieu
thereof as follows:

                          "16.3. Minimum Fixed Charge Coverage Ratio. Commencing
             with the Fiscal Quarter ending March 31, 2001, Borrower's Fixed
             Charge Coverage Ratio, measured at the end of each Fiscal Quarter
             shall not be less than the respective ratio hereafter set forth as
             being applicable to each such Fiscal Quarter:

                                     Page 5
<PAGE>   6

<TABLE>
<CAPTION>
                                    Fiscal Quarter                    Fixed Charge
                                    Ending Date                       Coverage Ratio
                                    --------------                    --------------
<S>                                                                   <C>
                                    March 31, 2001                            1.00:1
                                    June 30, 2001                             1.00:1
                                    September 30, 2001                        1.00:1
                                    December 31, 2001                         1.10:1
                                    March 31, 2001                            1.10:1
                                    June 30, 2001                             1.15:1
                                    September 30, 2002                        1.15:1
                                    December 31, 2002 and thereafter          1.20:1"
</TABLE>

         9. The Disclosure Schedule to the Loan Agreement is amended by the
modification of the Section 12.32 disclosures set forth thereon to insert the
disclosure of two wholly-owned subsidiaries as follows: International Freight
Services, Inc., a Texas corporation and a company organized under the laws of
Mexico.

         10. CONDITIONS PRECEDENT. Lenders' Administrative Agent's and Issuer's
obligation to enter into this Amendment and to otherwise be bound by the
Amendment shall be subject to the following conditions precedent:

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

                          (1) OFFICER'S CERTIFICATE. A certificate,
             substantially in the form of EXHIBIT "10.2" hereto, signed by an
             officer of Borrower, stating that (to his or her best knowledge and
             belief after reasonable and due investigation and review of matters
             pertinent to the subject matter of such certificate): (i) all of
             the representations and warranties contained in the Loan Agreement
             are true and correct as of the Amendment Date; and (ii) no event
             has occurred and is continuing, or would result from an Advance
             which constitutes an Extant Default or cause an Extant Default to
             occur.

                          (2) INCUMBENCY CERTIFICATE. A signed certificate,
             substantially in the form of EXHIBIT "10.3" hereto, of the
             Secretary or Assistant Secretary of Borrower which shall certify
             the names of the officers of Borrower authorized to sign each of
             the Loan Documents and the other documents or certificates to be
             delivered by Borrower pursuant to the First Amendment and other
             Loan Documents, together with the true signatures of each of such
             officers. Administrative Agent and Lenders may conclusively rely on
             such certificates until Administrative Agent and Lenders shall
             receive a further certificate of the Secretary or Assistant
             Secretary of Borrower canceling or amending the prior certificate
             and submitting the signatures of the officers named in such further
             certificate.

                          (3) RESOLUTIONS OF BORROWER. Resolutions,
             substantially in the form of EXHIBIT "10.4" hereto, of the Board of
             Directors of Borrower approving the execution, delivery and
             performance of the Amendment, the Amended Security Agreement and
             the other Loan Documents executed by Borrower and authorizing the
             consummation of the transactions contemplated herein and therein,
             duly adopted by the Board of Directors and accompanied by a
             certificate of the Secretary or Assistant Secretary of Borrower
             stating that such resolutions are true and correct, have not been
             altered or repealed and are in full force and effect on the
             Amendment Date.

                                     Page 6
<PAGE>   7

                          (4) AMENDED SECURITY AGREEMENT. The duly executed
             Amended Security Agreement of Borrower, in substantially the form
             of EXHIBIT "10.5" hereto.

                          (5) LIEN SEARCHES. Uniform Commercial Code or other
             Lien searches from such recording or abstract offices as
             Administrative Agent shall specify, evidencing the priority of
             Administrative Agent's Security Interest under the Security
             Agreement and Amended Security Agreement over any other
             Encumbrances, except for Permitted Security Interest. The searches
             must be dated no earlier than five (5) days prior to the Amendment
             Date.

                          (6) UNIFORM COMMERCIAL CODE FINANCING STATEMENTS. Duly
             executed Uniform Commercial Code Financing Statements in a form
             satisfactory to Administrative Agent to the extent required to
             perfect Administrative Agent's Security Interest in the Collateral
             that may be perfected by the filing of Financing Statements.

                          (7) PAYMENT OF ATTORNEYS FEES AND COSTS. Payment by
             Borrower of the legal fees and costs incurred by Administrative
             Agent or Lenders in connection with the First Amendment no later
             than thirty (30) days after the Amendment Date.

                          (8) AMENDMENT FEE. Borrower shall have paid to the
             Administrative Agent for the benefit of Lenders an Amendment Fee of
             $75,000.00 and all other fees and costs owing to Administrative
             Agent.

                          (9) ADDITIONAL INFORMATION AND DOCUMENTS. Such other
             information and documents as may reasonably be requested by
             Lenders, Issuer, Administrative Agent or their counsel;

         (b) The representations and warranties contained herein and in all the
other Loan Documents shall be true and correct as of the Amendment Date as if
made on the Amendment Date;

         (c) No Extant Default shall exist; and

         (d) All proceedings taken in connection with the transactions
contemplated by this Amendment and all documents, instruments, and other legal
matters incident thereto shall be satisfactory to Lenders, Administrative Agent,
Issuer and their counsel.

         11. REAFFIRMATION. Except to the extent the provisions of the Loan
Documents are specifically amended, modified or superseded by this Amendment,
the representations, warranties and affirmative and negative terms, conditions,
agreements, obligations and covenants of Borrower contained in the Loan
Documents shall remain in full force and effect without any modification
whatsoever and shall continue to apply to the Loan and other obligations of
Borrower under the Loan Agreement, the Notes and other Loan Documents. Borrower
hereby restates and reaffirms each and every term and provision of the Loan
Documents, including but not limited to all representations, warranties and
affirmative and negative covenants.

         12. ATTORNEYS FEES. Borrower agrees to pay all attorneys fees and other
costs incurred by Administrative Agent or Lenders in connection with the
preparation of the Amendment and all other matters related to or subject to the
provisions of the Amendment.

                                     Page 7
<PAGE>   8

         13. FURTHER ACTS. In addition to the acts and deeds stated herein and
contemplated to be performed, executed and delivered by the respective parties
herein, each of the parties hereto agrees to perform, execute and deliver, or
cause to be performed, executed and delivered, any and all such further acts,
deeds and assurances as may be reasonably necessary to consummate the
transactions contemplated herein.

         14. MISCELLANEOUS.

             (a) Successors and Assigns. This Amendment shall be binding upon
and inure to the benefit of the parties hereto and all future holders of the
Notes and their respective successors and assigns, except that Borrower may not
assign, delegate or transfer any of its rights or obligations under this
Amendment without the prior written consent of Administrative Agent and Required
Lenders. With respect to Borrower's successors and assigns, such successors and
assigns shall include any receiver, trustee or debtor-in-possession of or for
Borrower. Each Lender may, in a manner satisfactory to Administrative Agent and
Borrower, assign its rights and delegate its obligations under the Loan
Documents. For this purpose, such Lender may disclose to a potential or actual
assignee any information supplied to such Lender by or on behalf of Borrower.

             (b) Severability. Any provision of this Amendment which is
prohibited, unenforceable or not authorized in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition,
unenforceability or lack of authorization without invalidating the remaining
provisions hereof or affecting the validity, enforceability or legality of such
provision in any other jurisdiction unless the ineffectiveness of such provision
would result in such a material change as to cause completion of the
transactions contemplated hereby to be unreasonable.

             (c) Counterparts. This Amendment may be executed by the parties
hereto on any number of separate counterparts, and all such counterparts taken
together shall constitute one and the same instrument. It shall not be necessary
in making proof of this Amendment to produce or account for more than one
counterpart signed by the party to be charged.

             (d) Governing Law; No Third Party Rights. This Amendment and the
rights and obligations of the parties hereunder and thereunder shall be governed
by and construed and interpreted in accordance with the internal laws of the
State of Missouri applicable to contracts made and to be performed wholly within
such state. This Amendment is solely for the benefit of the parties hereto and
their respective successors and assigns, and no other Person shall have any
right, benefit, priority or interest under, or because of the existence of, this
Amendment.

             (e) Captions. Section captions are for convenience only and shall
not affect the interpretation or construction of this Amendment or the other
Loan Documents.

             (f) Counterpart Facsimile Execution. For purposes of this
Amendment, a document (or signature page thereto) signed and transmitted by
facsimile machine or telecopier is to be treated as an original document. The
signature of any Person thereon, for purposes hereof, is to be considered as an
original signature, and the document transmitted is to be considered to have the
same binding effect as an original signature on an original document. At the
request of any party hereto, any facsimile or telecopy document is to be
re-executed in original form by the Persons who executed the facsimile or
telecopy document. No party hereto

                                     Page 8
<PAGE>   9

may raise the use of a facsimile machine or telecopier or the fact that any
signature was transmitted through the use of a facsimile or telecopier machine
as a defense to the enforcement of this Amendment or any amendment or other
document executed in compliance with this Section.

             (g) Construction. Unless the context of this Amendment clearly
requires otherwise: (i) references to the plural include the singular and vice
versa; (ii) references to any Person include such Person's successors and
assigns but, if applicable, only if such successors and assigns are permitted by
this Amendment; (iii) references to one gender include all genders; (iv)
"including" is not limiting; (v) "or" has the inclusive meaning represented by
the phrase "and/or"; (vi) the words "hereof", "herein", "hereby", "hereunder"
and similar terms in this Amendment refer to this Amendment as a whole,
including its Exhibits and Appendices, and not to any particular provision of
this Amendment; (vii) the word Section or section and Page or page refer to a
section or page, respectively, and the word "Exhibit" refers to an Exhibit to
this Amendment unless it expressly refers to something else; (viii) reference to
any agreement (including this Amendment), document or instrument, including one
defined herein, means such agreement, document or instrument as amended or
modified and in effect from time to time in accordance with the terms thereof
and, if applicable, the terms hereof; and (ix) general and specific references
to any Law means such Law as amended, modified, codified or reenacted, in whole
or in part, and in effect from time to time.

             (h) Negotiated Transaction. Borrower, Administrative Agent and each
Lender represent each to the others that in the negotiation and drafting of this
Amendment and the other Loan Documents they have been represented by and have
relied upon the advice of counsel of their choice. Borrower and Administrative
Agent affirm that their counsel have both had substantial roles in the drafting
and negotiation of this Amendment and each Lender affirms that its counsel has
participated in the drafting and negotiation of this Amendment; therefore, this
Amendment will be deemed drafted by all of Borrower, Administrative Agent and
Lenders, and the rule of construction to the effect that any ambiguities are to
be resolved against the drafter will not be employed in the interpretation of
this Amendment.

             (i) MANDATORY ARBITRATION ANY CONTROVERSY OR CLAIM BETWEEN OR AMONG
THE PARTIES HERETO INCLUDING BUT NOT LIMITED TO THOSE ARISING OUT OF OR RELATING
TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT, INCLUDING ANY CLAIM BASED ON OR
ARISING FROM AN ALLEGED TORT, SHALL BE DETERMINED BY BINDING ARBITRATION IN
ACCORDANCE WITH THE FEDERAL ARBITRATION ACT (OR IF NOT APPLICABLE, THE
APPLICABLE STATE LAW), THE RULES OF PRACTICE AND PROCEDURE FOR THE AMERICAN
ARBITRATION ASSOCIATION AND THE "SPECIAL RULES" SET FORTH BELOW. IN THE EVENT OF
ANY INCONSISTENCY, THE SPECIAL RULES SHALL CONTROL. JUDGMENT UPON ANY
ARBITRATION AWARD MAY BE ENTERED IN ANY COURT HAVING JURISDICTION. ANY PARTY TO
THIS AMENDMENT MAY BRING AN ACTION, INCLUDING A SUMMARY OR EXPEDITED PROCEEDING,
TO COMPEL ARBITRATION OF ANY CONTROVERSY OR CLAIM TO WHICH THIS AMENDMENT
APPLIES IN ANY COURT HAVING JURISDICTION OVER SUCH ACTION.

             (j) SPECIAL RULES. THE ARBITRATION SHALL BE CONDUCTED IN ST. LOUIS,
MISSOURI AND ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION WHO WILL
APPOINT THREE ARBITRATORS HAVING THE

                                     Page 9
<PAGE>   10

FOLLOWING QUALIFICATIONS: (i) ONE OF THE ARBITRATORS SHALL BE AN ATTORNEY
LICENSED TO PRACTICE IN THE STATE OF MISSOURI WITH EXTENSIVE EXPERIENCE IN
REPRESENTING BANKS IN LENDING TRANSACTIONS; (ii) THE OTHER TWO (2) ARBITRATORS
SHALL HAVE EXTENSIVE EXPERIENCE AS A BANK LENDING OFFICER WHICH INCLUDES
EXPERIENCE IN SYNDICATED LOAN TRANSACTIONS IN EXCESS OF $30,000,000 AND HAVE
HELD AN OFFICER'S TITLE OF NOT LESS THAN SENIOR VICE PRESIDENT and (iii) EACH OF
THE ARBITRATORS SHALL BE INDEPENDENT AND WITHOUT CONFLICT OF INTEREST,
INCLUDING, BUT NOT LIMITED TO, HAVING NO FINANCIAL, CONSULTING OR OTHER
CONTRACTUAL AGREEMENTS OR FINANCIAL INTEREST WITH OR IN ANY PARTY OR AN
AFFILIATE OF ANY PARTY. ALL ARBITRATION HEARINGS WILL BE COMMENCED WITHIN NINETY
(90) CALENDAR DAYS OF THE DEMAND FOR ARBITRATION; FURTHER, THE ARBITRATORS SHALL
ONLY, UPON A SHOWING OF CAUSE, BE PERMITTED TO EXTEND THE COMMENCEMENT OF SUCH
HEARING FOR UP TO AN ADDITIONAL SIXTY (60) CALENDAR DAYS.

             (k) RESERVATION OF RIGHTS. NOTHING IN THIS AMENDMENT OR ANY OTHER
LOAN DOCUMENT SHALL BE DEEMED TO (I) LIMIT THE APPLICABILITY OF ANY OTHERWISE
APPLICABLE STATUTES OF LIMITATION OR REPOSE AND ANY WAIVERS CONTAINED IN THIS
AMENDMENT OR ANY OTHER LOAN DOCUMENT; OR (II) BE A WAIVER BY ADMINISTRATIVE
AGENT OR ANY LENDER OF THE PROTECTION AFFORDED TO IT BY 12 U.S.C. SEC. 91 OR ANY
SUBSTANTIALLY EQUIVALENT STATE LAW; OR (III) LIMIT THE RIGHT OF ADMINISTRATIVE
AGENT OR ANY LENDER (A) TO EXERCISE SELF HELP REMEDIES SUCH AS (BUT NOT LIMITED
TO) SETOFF, OR (B) TO FORECLOSE AGAINST ANY COLLATERAL, OR (C) TO OBTAIN FROM A
COURT PROVISIONAL OR ANCILLARY REMEDIES SUCH AS (BUT NOT LIMITED TO) INJUNCTIVE
RELIEF OR THE APPOINTMENT OF A RECEIVER. ADMINISTRATIVE AGENT OR ANY LENDER MAY
EXERCISE SUCH SELF HELP RIGHTS, FORECLOSE UPON THE COLLATERAL, OR TAKE ANY OTHER
ACTION WITH RESPECT TO THE COLLATERAL, BORROWER, ANY OTHER COVERED PERSON, ANY
GUARANTOR OR ANY OTHER PERSON LIABLE FOR ALL OR ANY PORTION OF THE LOAN
OBLIGATIONS OR OBTAIN SUCH PROVISIONAL OR ANCILLARY REMEDIES BEFORE, DURING OR
AFTER THE PENDENCY OF ANY ARBITRATION PROCEEDING BROUGHT PURSUANT TO THIS
AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS. AT THE OPTION OF ADMINISTRATIVE
AGENT OR ANY LENDER, FORECLOSURE UNDER A DEED OF TRUST OR MORTGAGE MAY BE
ACCOMPLISHED BY ANY OF THE FOLLOWING: THE EXERCISE OF A POWER OF SALE UNDER THE
DEED OF TRUST OR MORTGAGE, OR BY JUDICIAL SALE UNDER THE DEED OF TRUST OR
MORTGAGE, OR BY JUDICIAL FORECLOSURE. NEITHER THE EXERCISE OF SELF HELP REMEDIES
NOR THE INSTITUTION OR MAINTENANCE OF AN ACTION FOR FORECLOSURE OR PROVISIONAL
OR ANCILLARY REMEDIES SHALL CONSTITUTE A WAIVER OF THE RIGHT OF ANY PARTY,
INCLUDING THE CLAIMANT IN ANY SUCH ACTION, TO ARBITRATE THE MERITS OF THE
CONTROVERSY OR CLAIM OCCASIONING RESORT TO SUCH REMEDIES. NO PROVISION IN THIS
AMENDMENT OR IN ANY OTHER LOAN DOCUMENT REGARDING SUBMISSION TO JURISDICTION,
CHOICE OF FORUM, WAIVER OF JURY TRIAL AND/OR VENUE IN ANY COURT IS INTENDED OR
SHALL BE CONSTRUED TO BE IN DEROGATION OF THE PROVISIONS IN THIS AMENDMENT OR
ANY OTHER LOAN DOCUMENT FOR ARBITRATION OF ANY CONTROVERSY OR CLAIM.

                                    Page 10
<PAGE>   11

             (l) CHOICE OF FORUM. IF THIS AMENDMENT IS FOUND NOT TO BE SUBJECT
TO ARBITRATION, THEN: SUBJECT ONLY TO THE EXCEPTION IN THE NEXT SENTENCE,
BORROWER, ADMINISTRATIVE AGENT, AND EACH LENDER HEREBY AGREES TO THE EXCLUSIVE
JURISDICTION OF THE FEDERAL COURT OF THE EASTERN DISTRICT OF MISSOURI AND THE
STATE COURTS OF MISSOURI LOCATED IN ST. LOUIS AND WAIVES ANY OBJECTION BASED ON
VENUE OR FORUM NON CONVENIENS WITH RESPECT TO ANY ACTION INSTITUTED THEREIN, AND
AGREES THAT ANY DISPUTE CONCERNING THE RELATIONSHIP BETWEEN ADMINISTRATIVE
AGENT, LENDERS, AND BORROWER OR THE CONDUCT OF ANY OF THEM IN CONNECTION WITH
THIS AMENDMENT OR OTHERWISE SHALL BE HEARD ONLY IN THE COURTS DESCRIBED ABOVE.
NOTWITHSTANDING THE FOREGOING: (1) ADMINISTRATIVE AGENT OR ANY LENDER SHALL HAVE
THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST BORROWER OR ITS PROPERTY IN
ANY COURTS OF ANY OTHER JURISDICTION ADMINISTRATIVE AGENT OR ANY LENDER DEEM
NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL, REAL ESTATE OR
OTHER SECURITY FOR THE LOAN OBLIGATIONS, AND (2) EACH OF THE PARTIES HERETO
ACKNOWLEDGES THAT ANY APPEALS FROM THE COURTS DESCRIBED IN THE IMMEDIATELY
PRECEDING SENTENCE MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE THOSE
JURISDICTIONS.

             (m) WAIVER OF JURY TRIAL. IF THIS AMENDMENT IS FOUND NOT TO BE
SUBJECT TO ARBITRATION, THEN: WITHOUT INTENDING TO ALTER OR LIMIT THE PROVISIONS
OF SECTION 21.12, BORROWER, ADMINISTRATIVE AGENT, AND EACH LENDER HEREBY WAIVES
ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (1)
ARISING UNDER THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT, OR (2) IN ANY WAY
CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR
ANY OF THEM IN RESPECT OF THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT, OR THE
TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE.
BORROWER, ADMINISTRATIVE AGENT, AND EACH LENDER AGREES AND CONSENTS THAT ANY
SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL
WITHOUT A JURY AND THAT ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS AMENDMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES
HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

             (n) Incorporation By Reference. All of the terms of the other Loan
Documents are incorporated in and made a part of this Amendment by this
reference.

             (o) Statutory Notice - Oral Commitments. The following notice is
given pursuant to Section 432.045 of the Missouri Revised Statutes; nothing
contained in such notice shall be deemed to limit or modify the terms of the
Loan Documents:

ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM
ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT
ARE NOT ENFORCEABLE. TO PROTECT YOU (BORROWER) AND US (CREDITOR) FROM
MISUNDERSTANDING OR

                                    Page 11

<PAGE>   12

DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN
THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT
BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

             (p) No Other Agreements. Except for this Amendment and the other
Loan Documents, there are no other agreements between Administrative Agent,
Lenders, and Borrower, oral or written, concerning the subject matter of the
Loan Documents, and all prior agreements concerning the same subject matter,
including any commitment letter, are merged into the Loan Documents and thereby
extinguished.

IN WITNESS WHEREOF, we have executed this Amendment on the date and year above
written.

                              BORROWER:

                              USA TRUCK, INC., a Delaware corporation

                              By:  /s/ Robert M. Powell
                                 ----------------------------------------------
                                   Robert M. Powell
                                   President and Chief Executive Officer

                              LENDERS:

                              BANK OF AMERICA, N.A.

                              By:  /s/ Keith M. Schmelder
                                 ----------------------------------------------
                                   Keith M. Schmelder
                                   Vice President

                              FIRSTAR BANK, N.A.

                              By:  /s/ John Holland
                                 ----------------------------------------------
                                   John Holland
                                   Senior Vice President

                              SUNTRUST BANK

                              By:  /s/ James L. Mosby
                                 ----------------------------------------------
                                   James L. Mosby
                                   Vice President

                                    Page 12<PAGE>   1
                                                                    Exhibit 10.1

                     [PEOPLE'S BANCSHARES, INC. LETTERHEAD]

April 19, 2001

Vincent A. Smyth, Esq.
2001 Sailfish Point Boulevard (315)
Stuart, Florida  34996-1983

Mr. William G. Foster, Jr.
10537 James Wren Way
Fairfax, Virginia  22030

Mr. Thomas F. Gillen
F. J. Morrissey & Co., Inc.
1700 Market Street
Suite 1420
Philadelphia, Pennsylvania  19103-3913

RE:      PEOPLE'S BANCSHARES, INC.
         -------------------------

Dear Messrs. Smyth, Foster and Gillen:

This Letter Agreement is intended to set forth the terms of the agreement
reached between and among People's Bancshares, Inc. ("Bancshares") and each of
you, Vincent A. Smyth ("Smyth"), William G. Foster, Jr. ("Foster") and Thomas F.
Gillen ("Gillen") with respect to the termination of the proxy contest (the
"Proxy Contest") concerning the election of Directors at Bancshares' 2001 Annual
Meeting of Stockholders (the "Bancshares Stockholders Meeting") referred to in
Smyth's and the other reporting persons' named therein Amendment No. 2 to their
Schedule 13D filed with the Securities and Exchange Commission (the "SEC") and
dated April 16, 2001 (the "Amended Schedule 13D"). Smyth, Foster and Gillen are
sometimes collectively referred to herein as the "Smyth Group".

In order to avoid Bancshares' and the Smyth Group's respective expenditures of
time, effort and money in furtherance of the Proxy Contest and to induce the
Smyth Group to terminate the Proxy Contest and to resolve all disputes between
the parties hereto, the parties hereby agree as follows:

    1.   DIRECTORS

    a)   Subject to the receipt by Bancshares of letters of nonobjection from
         the Board of Governors of the Federal Reserve System (the "FRB") with
         respect to each of Smyth, Gillen and Foster, the Bancshares Board of
         Directors (the "Bancshares Board") will (at the meeting of the
         Bancshares Board of Directors immediately following the Bancshares
         Stockholders Meeting or any adjournment or postponement thereof)
         increase the size of the Bancshares Board to thirteen (13) members and
         elect Smyth to fill a vacancy as a Class I director, Foster to fill a
         vacancy as a Class II director and Gillen to fill a vacancy as a Class
         III director; and

<PAGE>   2

Vincent A. Smyth
William G. Foster, Jr.
Thomas F. Gillen
April 19, 2001
Page 2

    b)   Subject to the receipt by Bancshares' subsidiary, People's Savings Bank
         of Brockton (the "Bank") of letters of nonobjection from the Federal
         Deposit Insurance Corporation (the "FDIC") with respect to each of
         Smyth, Gillen and Foster, the Board of Directors of the Bank (the "Bank
         Board") will (at the meeting of the Bank Board of Directors immediately
         following the Bancshares Stockholders Meeting or any adjournment or
         postponement thereof) vote to increase the size of the Bank Board to
         thirteen (13) members and to elect Smyth, Gillen and Foster as
         directors to fill the resulting vacancies on the Bank Board.

    c)   In the event Bancshares does not receive a letter of nonobjection from
         the FRB with respect to one or more of Smyth, Gillen or Foster serving
         as a director of Bancshares, Bancshares shall allow the Smyth Group to
         propose a substitute nominee(s) for the position or positions on the
         Bancshares Board that would have been filled by Smyth, Gillen or
         Foster, as the case may be, and subject to receipt of letters of FRB
         nonobjection with respect to such substitute or substitutes and to such
         nominee(s) being reasonably acceptable to the Bancshares Board, take
         steps to elect him, her or them to the Bancshares Board in lieu of
         Smyth, Gillen or Foster, as the case may be. Similarly, in the event
         the Bank does not receive a letter of nonobjection from the FDIC with
         respect to one or more of Smyth, Gillen or Foster serving as a director
         of the Bank, the Bank shall allow the Smyth Group to propose a
         substitute nominee(s) for the position or positions on the Bank Board
         that would have been filled by Smyth, Gillen or Foster, as the case may
         be, and subject to receipt of letters of nonobjection with respect to
         such substitute or substitutes, and to such nominee(s) being reasonably
         acceptable to the Bank Board, take steps to elect him, her or them to
         the Bank Board in lieu of Smyth, Gillen or Foster, as the case may be.

    2.   ATTENDANCE AT BANCSHARES BOARD AND BANK BOARD MEETINGS PRIOR TO SERVICE
         AS DIRECTORS; CONFIDENTIALITY; EXPENSES

    a)   Subject to Smyth's, Foster's and Gillen's compliance with the terms of
         the Confidentiality Agreement, dated March 27, 2001, among the Smyth
         Group and Bancshares, after the date hereof and prior to the date of
         their appointment to the Bancshares Board and the Bank Board, the
         members of the Smyth Group will be invited to attend all or a portion
         of Bancshares' and the Bank's regular meetings as guests. The members
         of the Smyth Group will also be invited by Bancshares to attend certain
         additional meetings, if any, with management of Bancshares prior to
         such appointment.

<PAGE>   3

Vincent A. Smyth
William G. Foster, Jr.
Thomas F. Gillen
April 19, 2001
Page 3

    b)   Bancshares shall reimburse the members of the Smyth Group for their
         actual, documented, out-of-pocket costs reasonably incurred in
         connection with their attendance as invited guests at all or a portion
         of meetings of the Bancshares Board or the Bank Board referred to in
         (a) above or at meetings with Bancshares' management referred to in (a)
         above.

    c)   Bancshares shall also reimburse the members of the Smyth Group for
         actual documented expenses and filing fees (incurred through April 19,
         2001) directly related to the retention of legal counsel with respect
         to the preparation for or commencement of the Proxy Contest.

    3.   VOTING OF SMYTH GROUP'S SHARES.

             a)   During the period commencing on the date of this Letter
                  Agreement and ending on the date that is one day after the
                  latest of (a) the date of the Bancshares Stockholders Meeting
                  or (b) the date of the last of any adjournment or postponement
                  of such meeting, (the "Final Date of the Meeting") the Smyth
                  Group will cause all of the shares of common stock of
                  Bancshares beneficially owned by any member of the Smyth Group
                  as of the record date for any such meeting, to be present for
                  quorum purposes and to be voted:

         (i)   For all the Bancshares Board's nominees for Director at the
               Bancshares Stockholders Meeting, namely Messrs. Cavallo, Gomes
               and Siskind, provided that any proposed change to the slate of
               nominees or additions to the Bancshares Board after the date
               hereof and prior to the Bancshares Stockholders Meeting must be
               approved by the Smyth Group; and

         (ii)  In accordance with the recommendations made by the Bancshares
               Board on all other proposals, if any, presented for a vote of
               Bancshares stockholders at the Bancshares Stockholders Meeting or
               at any adjournments or postponements thereof.

    4.   PRESS RELEASES; ANNOUNCEMENT OF TERMINATION OF PROXY CONTEST

    For the period from the date of this Letter Agreement through the Final
    Date of the Meeting, Bancshares and the Smyth Group agree as follows:

         a)       Bancshares will, subject to the requirements of applicable
                  federal securities laws, provide Gillen with an opportunity to
                  review and comment on any press release, public filing, or
                  letter to Bancshares' stockholders containing statements about
                  the Smyth Group, prior to its public release.

<PAGE>   4

Vincent A. Smyth
William G. Foster, Jr.
Thomas F. Gillen
April 19, 2001
Page 4

         b)       The members of the Smyth Group will, jointly and individually,
                  subject to the requirements of applicable federal securities
                  laws, provide to Bancshares an opportunity to review and
                  comment on any press release, public filing, or letter to
                  Bancshares' stockholders containing statements about
                  Bancshares or the Bank, prior to its public release or filing.

         c)       Promptly after the entry of the parties into this Letter
                  Agreement, Bancshares and the Smyth Group will issue a joint
                  press release and Smyth and the Smyth Group will further amend
                  (or cause the further amendment of) the Amended Schedule 13D
                  (and file such further amendment with the SEC) to state that
                  the Smyth Group has agreed to terminate the Proxy Contest and
                  support the election of Messrs. Cavallo, Gomes and Siskind.

    5.  GENERAL RELEASE.

    Each of Smyth, Foster and Gillen, on the date of this Letter Agreement,
    will sign and deliver, to Richard S. Straczynski as the representative of
    Bancshares and the other released parties specified therein, a general
    release in the form set forth on EXHIBIT A attached hereto.

    6.  COUNTERPARTS.

    This Letter Agreement may be executed in one or more counterparts, each of
    which shall be deemed an original, but all of which together shall
    constitute one and the same instrument.

    If this Letter Agreement accurately describes the agreement between and
    among us, please confirm your agreement to the foregoing by signing your
    respective names in the spaces provided below and executing the general
    release attached as Exhibit A hereto and returning both documents to me in
    the self addressed envelope provided.

                                         Very truly yours,

                                         People's Bancshares, Inc.

                                         By:  /s/ Richard S. Straczynski
                                              ----------------------------------
                                         Richard S. Straczynski
                                         President and Chief Executive Officer

<PAGE>   5

Vincent A. Smyth
William G. Foster, Jr.
Thomas F. Gillen
April 19, 2001
Page 5

Agreed and Accepted:

/s/ Vincent A. Smyth
------------------------------------
Vincent A. Smyth

Agreed and Accepted:

/s/ William G. Foster, Jr.
------------------------------------
William G. Foster, Jr.

Agreed and Accepted:

/s/ Thomas F. Gillen
------------------------------------
Thomas F. Gillen

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