Document:

<PAGE>

                                                                     EXHIBIT 4.3

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND SHALL NOT BE: (1) SOLD,
PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED FOR CONSIDERATION, BY THE
HOLDER, EXCEPT UPON THE ISSUANCE TO THE COMPANY OF AN OPINION OF ITS COUNSEL
AND/OR THE SUBMISSION TO THE COMPANY OF SUCH OTHER EVIDENCE AS MAY BE
SATISFACTORY TO COUNSEL FOR THE COMPANY, IN EITHER CASE TO THE EFFECT THAT ANY
SUCH TRANSFER FOR CONSIDERATION SHALL NOT REQUIRE REGISTRATION UNDER THE ACT OR
RULE 144 PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION UNDER THE ACT AND
APPLICABLE STATE SECURITIES LAW; OR (2) TRANSFERRED WITHOUT CONSIDERATION BY THE
HOLDER EXCEPT UPON THE ISSUANCE TO THE COMPANY OF AN OPINION OF ITS COUNSEL OR
THE SUBMISSION TO THE COMPANY OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO
COUNSEL TO THE COMPANY, IN EITHER CASE TO THE EFFECT THAT ANY SUCH TRANSFER
SHALL NOT REQUIRE REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES
LAW.

                                    WARRANT

Date of Issuance: April 19, 2001              Certificate No. _________________

     FOR VALUE RECEIVED, Transit Group, Inc., a Florida corporation (the
"Company"), hereby grants to ___________________________, or its registered
assigns (the "Registered Holder") the right to purchase from the Company
_______________________ shares of the Company's Common Stock at a per share
purchase price of $3.00 (the "Exercise Price"). Certain capitalized terms used
herein are defined in Section 5 hereof. The amount and kind of securities
purchasable pursuant to the rights granted hereunder and the purchase price for
such securities are subject to adjustment pursuant to the provisions contained
in this Warrant.

     This Warrant is subject to the following provisions:

     Section 1.  Exercise of Warrant.
                 --------------------

     1A.  Exercise Period. The Registered Holder may exercise, in whole or in
          ---------------
part (but not as to a fractional share of Common Stock), the purchase rights
represented by this Warrant at any time and from time to time, provided,
however, that this Warrant shall expire to the extent then unexercised as of
5:00 p.m., prevailing eastern time, on April 19, 2021 (the "Exercise Period").
The Company shall give the Registered Holder written notice of the termination
of the Exercise Period at least 30 days but not more than 90 days prior to the
end of the Exercise Period.
<PAGE>

     1B.  Exercise Procedure.
          ------------------

          (i)    The right to acquire Common Stock represented by this Warrant
will be deemed to have been exercised when the Company has received all of the
following items (the "Exercise Time"):

                 (a)  a completed Exercise Agreement, as described in paragraph
          1C below and set forth hereto as Exhibit I, executed by the Person
          exercising all or part of the purchase rights represented by this
          Warrant (the "Purchaser") below;

                 (b)  this Warrant;

                 (c)  if this Warrant is not registered in the name of the
          Purchaser, an Assignment or Assignments in the form set forth in
          Exhibit II hereto evidencing the assignment of this Warrant to the
          Purchaser, in which case the Registered Holder will have complied with
          the provisions set forth in Section 7 hereof;

                 (d)  a check payable to the Company, or a wire transfer of
          immediately available funds to an account specified by the Company, in
          an amount equal to the product of the Exercise Price multiplied by the
          number of shares of Common Stock purchased upon such exercise (the
          "Aggregate Exercise Price").

          (ii)   Certificates representing Common Stock purchased upon exercise
of any portion of this Warrant will be delivered by the Company to the Purchaser
within five (5) business days of the Exercise Time. Unless this Warrant has
expired or all of the purchase rights represented hereby have been exercised,
the Company will prepare a new Warrant, substantially identical hereto,
representing the rights formerly represented by this Warrant which have not
expired or been exercised and will deliver such new Warrant at the Exercise Time
to the Person designated for delivery in the Exercise Agreement.

          (iii)  Common Stock issuable upon the exercise of this Warrant will be
deemed to have been issued to the Purchaser at the Exercise Time, and the
Purchaser will be deemed for all purposes to have become the record holder of
such Common Stock at the Exercise Time.

          (iv)   The issuance of certificate(s) representing Common Stock upon
exercise of this Warrant will be made without charge to the Purchaser for any
issuance tax in respect thereof or other cost incurred by the Company in
connection with such exercise and the related issuance of Common Stock.

          (v)    The Company will not close its books against the transfer of
this Warrant or any Common Stock issued or issuable upon the exercise of this
Warrant in any manner which interferes with the timely exercise of this Warrant.
The Company will from time to time take all such action as may be necessary to
assure that the par value per share of the unissued Common Stock acquirable upon
exercise of this Warrant is at all times equal to or less than the Exercise
Price then in effect.
<PAGE>

          (vi)   The Company shall assist and cooperate with any Purchaser
required to make any governmental filings or obtain any governmental approvals
prior to or in connection with any exercise of this Warrant (including, without
limitation, making any filings required to be made by the Company).

          (vii)  The Company shall at all times reserve and keep available out
of its authorized but unissued shares of Common Stock solely for the purpose of
issuance upon the exercise of the Warrants, such number of shares of Common
Stock issuable upon the exercise of all outstanding Warrants. All Common Stock
which is so issuable shall, when issued, be duly and validly issued and, upon
payment of the Exercise Price therefor, shall be fully paid and nonassessable
and free from all taxes, liens and charges. The Company shall take all such
actions as may be necessary to assure that all such Common Stock may be so
issued without violation of any applicable law or governmental regulation or any
requirements of any domestic securities exchange upon which Common Stock is
listed (except for official notice of issuance which shall be immediately
delivered by the Company upon each such issuance).

          1C.    Exercise Agreement. Upon any exercise of this Warrant, the
                 ------------------
Exercise Agreement will be substantially in the form set forth in Exhibit I
                                                                  ---------
hereto, except that if the Common Stock is not to be issued in the name of the
Person in whose name this Warrant is registered, the Exercise Agreement will
also state the name of the Person to whom the certificates for the Common Stock
are to be issued, and if the number of shares of Common Stock to be issued does
not include all of the Common Stock purchasable hereunder, it will also state
the name of the Person to whom a new Warrant for the unexercised portion of the
rights hereunder is to be delivered. Such Exercise Agreement will be dated the
actual date of execution thereof.

          1D.    Fractional Shares. If a fractional share of Common Stock would,
                 -----------------
but for the provisions of paragraph 1A, be issuable upon exercise of the rights
represented by this Warrant, the Company will, within five business days after
the date of the Exercise Time, deliver to the Purchaser a check payable to the
Purchaser in lieu of such fractional share in an amount equal to the Market
Price of such fractional share as of the date of the Exercise Time.

          Section 2.  Adjustment of Number of Shares. In order to prevent
                      ------------------------------
dilution of the rights granted under this Warrant, the number of shares of
Common Stock obtainable upon exercise of this Warrant shall be subject to
adjustment from time to time as provided in this Section 2.

          2A.  Subdivision or Combination of Common Stock. If the Company at any
               ------------------------------------------
time subdivides (by any stock split, stock dividend, recapitalization or
otherwise) one or more classes of its outstanding shares of Common Stock into a
greater number of shares, the Exercise Price in effect immediately prior to such
subdivision shall be proportionately decreased and the number of shares of
Common Stock issuable upon exercise of this Warrant will be proportionately
increased. If the Company at any time combines (by reverse stock split or
otherwise) one or more classes of its outstanding shares of Common Stock into a
smaller number of shares, the Exercise Price in effect immediately prior to such
combination shall be
<PAGE>

proportionately increased and the number of shares of Common Stock obtainable
upon exercise of this Warrant will be proportionately decreased.

          2B.  Dividends and Repurchases of Common Stock. If the Company shall
               -----------------------------------------
declare, pay or distribute dividends upon Common Stock (excluding any dividend
declared on the Company's Series A Convertible Preferred Stock and Series B
Convertible Preferred Stock) in any calendar year which, in the aggregate,
exceed the Company's cumulative undistributed funds from operations, as
determined by the Company's board of directors, on the date of declaration,
then, the Exercise Price shall be decreased by multiplying the Exercise Price
immediately prior to such decrease by a fraction, (a) the denominator of which
equals the product of (1) the Exercise Price immediately prior to such decrease
multiplied by (2) the number of shares of Common Stock outstanding at such time
and (b) the numerator of which equals the denominator as determined pursuant to
clause (a) above minus the amount by which all such dividends for such calendar
---------
year exceed the Company's cumulative undistributed funds from operations on such
date of declaration. Any such decrease shall take effect on the record date for
the dividend. If the Company shall repurchase Common Stock for a per share
consideration which exceeds the Exercise Price in effect immediately prior to
the first such repurchase, then the Exercise Price shall be adjusted in
accordance with the foregoing provisions, as if, in lieu of such repurchase, the
Company had (i) paid a dividend having a fair market value equal to the fair
market value of all property and cash expended in the repurchases and (ii)
effected a reverse split of the Common Stock in the proportion necessary to
reduce the number of shares of Common Stock outstanding from (A) the number of
shares of Common Stock outstanding immediately prior to the first such
repurchase to (B) the number of shares of Common Stock outstanding immediately
following all such repurchases. Notwithstanding the foregoing, no adjustments
shall be made hereunder as a result of the repurchase by the Company of shares
of Common Stock pursuant to that certain Stock Purchase Agreement, dated April
19, 2001, between the Company, T. Wayne Davis and certain members of the Fulmer
Family.

          2C.  Reorganization, Reclassification, Consolidation, Merger or Sale.
               ---------------------------------------------------------------
Any recapitalization, reorganization, reclassification, consolidation, merger,
sale of all or substantially all of the Company's assets or other transaction
which is effected in such a way that holders of Common Stock are entitled to
receive (either directly or upon subsequent liquidation) stock, securities, cash
or other assets with respect to or in exchange for Common Stock is referred to
herein as an "Organic Change." Prior to the consummation of any Organic Change,
the Company will make appropriate provision (in form and substance satisfactory
to the Registered Holders of the Warrants representing a majority of the Common
Stock obtainable upon exercise of all Warrants then outstanding) to insure that
each of the Registered Holders of the Warrants shall thereafter have the right
to acquire and receive, in lieu of or addition to (as the case may be), the
number of shares of Common Stock immediately theretofore acquirable and
receivable upon the exercise of such holder's Warrant, such shares of stock,
securities, cash or other assets as may be issued or payable with respect to or
in exchange for the number of shares of Common Stock immediately theretofore
acquirable and receivable upon exercise of such holder's Warrant had such
Organic Change not taken place. In any such case, the Company will make
appropriate provision (in form and substance satisfactory to the Registered
Holders of the Warrants representing a majority of the Common Stock then
issuable upon exercise of all Warrants then outstanding) with respect to such
holders' rights and interests to insure that the provisions of this Section 2
and Sections 3 and 4 hereof will thereafter be applicable to the Warrants. The
<PAGE>

Company will not effect any such consolidation, merger or sale, unless prior to
the consummation thereof, the successor entity (if other than the Company)
resulting from consolidation or merger or the corporation purchasing such assets
assumes by written instrument (in form and substance satisfactory to the
Registered Holders of Warrants representing a majority of the Common Stock
obtainable upon exercise of all of the Warrants then outstanding), the
obligation to deliver to each such holder such shares of stock, securities, cash
or other assets as, in accordance with the foregoing provisions, such holder may
be entitled to acquire.

          2D.  Certain Events. If any event occurs of the type contemplated by
               --------------
the provisions of this Section 2 but not expressly provided for by such
provisions (including, without limitation, the granting of stock appreciation
rights, phantom stock rights or other rights with equity features), then the
Company's board of directors shall in good faith make such adjustments in the
Exercise Price and the number of shares of Common Stock issuable upon exercise
of this Warrant so as to protect the rights of the holders of the Warrants;
provided that no such adjustment will increase the Exercise Price or decrease
the number of shares of Common Stock obtainable as otherwise determined pursuant
to this Section 2.

          2E.  Notices.
               -------

     Immediately upon any adjustment of the terms of this Warrant under this
Section 2, the Company shall give written notice thereof to the Registered
Holder, setting forth the details of such event and the number of shares of
Common Stock or other securities or property thereafter purchasable upon
exercise of this Warrant.

     The Company shall give written notice to the Registered Holder at least 20
days prior to the date on which the Company closes its books or takes a record
(a) with respect to any dividend or distribution upon the Common Stock, (b) with
respect to any pro rata subscription offer to holders of Common Stock or (c) for
determining rights to vote with respect to any Organic Change, dissolution or
liquidation.

     The Company will also give written notice to the Registered Holders at
least 20 days prior to the date on which any Organic Change, dissolution or
liquidation shall take place.

          Section 3.  Liquidating Dividends. If this Warrant is then exercisable
                      ---------------------
but has not yet been exercised and the Company declares or pays a dividend upon
the Common Stock payable otherwise than in cash out of earnings or earned
surplus (determined in accordance with generally accepted accounting principles,
consistently applied) in connection with a liquidation of the Company except for
a stock dividend payable in shares of Common Stock (a "Liquidating Dividend"),
then the Company will pay to the Registered Holder of this Warrant at the time
of payment thereof the Liquidating Dividend which would have been paid to such
Registered Holder on the Common Stock had this Warrant been fully exercised
immediately prior to the date on which a record is taken for such Liquidating
Dividend, or, if no record is taken, the date as of which the record holders of
Common Stock entitled to such dividends are to be determined.

          Section 4.  Purchase Rights. If at any time the Company grants, issues
                      ---------------
or sells any options, Convertible Securities or rights to purchase stock,
warrants, securities or other
<PAGE>

property pro rata to the record holders of any class of Common Stock (the
"Purchase Rights"), then the Registered Holder of this Warrant will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which such holder could have acquired if such holder had held
the number of shares of Common Stock acquirable upon complete exercise of this
Warrant immediately prior to the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of Common Stock are to be determined for the
grant, issue or sale of such Purchase Rights.

          Section 5.  Definitions.  The following terms have meanings set forth
                      -----------
below:

          "Common Stock" means the common stock, par value $0.01 per share, of
           ------------
the Company and, except for purposes of the Common Stock obtainable upon
exercise of this Warrant, any capital stock of any class of the Company
hereafter authorized which is not limited to a fixed sum or percentage of par or
stated value in respect to the rights of the holders thereof to participate in
dividends or in the distribution of assets upon any liquidation, dissolution or
winding up of the Company, but shall not include Series A Convertible Preferred
Stock or Series B Convertible Preferred Stock of the Company outstanding as of
the date hereof.

          "Market Price" means as to any security the average of the closing
           ------------
prices of such security's sales on all domestic securities exchanges on which
such security may at the time be listed, or, if there have been no sales on any
such exchange on any day, the average of the highest bid and lowest asked prices
on all such exchanges at the end of such day, or, if on any day such security is
not so listed, the average of the representative bid and asked prices quoted in
the NASDAQ System as of 4:00 P.M., prevailing eastern time, on such day, or, if
on any day such security is not quoted in the NASDAQ System, the average of the
highest bid and lowest asked prices on such day in the domestic over-the-counter
market as reported by the National Quotation Bureau, Incorporated, or any
similar successor organization, in each such case averaged over a period of 21
days consisting of the day as of which "Market Price" is being determined and
the 20 consecutive business days prior to such day; provided that if such
security is listed on any domestic securities exchange the term "business days"
as used in this sentence means business days on which such exchange is open for
trading. If at any time such security is not listed on any domestic securities
exchange or quoted in the NASDAQ System or the domestic over-the-counter market,
the "Market Price" will be the fair value thereof determined jointly by the
Company and the Registered Holders of Warrants representing a majority of the
Common Stock purchasable upon exercise of all the Warrants then outstanding;
provided that if such parties are unable to reach agreement within a reasonable
period of time, such fair value will be determined by an appraiser jointly
selected by the Company and the Registered Holders of Warrants representing a
majority of the Common Stock purchasable upon exercise of all the Warrants then
outstanding. The determination of such appraiser will be final and binding on
the Company and the Registered Holders of the Warrants, and the fees and
expenses of such appraiser will be paid by the Company.

          "Person" means an individual, a partnership, a joint venture, a
           ------
corporation, a limited liability company, a trust, an unincorporated
organization and a government or any department or agency thereof.
<PAGE>

          Section 6.  No Voting Rights; Limitations of Liability.  This Warrant
                      ------------------------------------------
will not entitle the holder hereof to any voting rights or other rights as a
stockholder of the Company.  No provision hereof, in the absence of affirmative
action by the Registered Holder to purchase Common Stock, and no enumeration
herein of the rights or privileges of the Registered Holder shall give rise to
any liability of such holder for the Exercise Price of Common Stock acquirable
by exercise hereof or as a stockholder of the Company.

          Section 7.  Warrant Transferability.  Subject to the transfer
                      -----------------------
conditions referred to in the legend endorsed hereon, this Warrant and all
rights hereunder are transferable, in whole or in part, without charge to the
Registered Holder, upon surrender of this Warrant with a properly executed
Assignment (in the form of Exhibit II hereto) at the principal office of the
                           ----------
Company.

          Section 8.  Warrant Exchangeable for Different Denominations.  This
                      ------------------------------------------------
Warrant is exchangeable, upon the surrender hereof by the Registered Holder at
the principal office of the Company, for new Warrants of like tenor representing
in the aggregate the purchase rights hereunder, and each of such new Warrants
will represent such portion of such rights as is designated by the Registered
Holder at the time of such surrender. The date the Company initially issues this
Warrant will be deemed to be the "Date of Issuance" hereof regardless of the
number of times new certificates representing the unexpired and unexercised
rights formerly represented by this Warrant shall be issued.  All Warrants
representing portions of the rights hereunder are referred to herein as the
"Warrants."

          Section 9.  Replacement.  Upon receipt of evidence reasonably
                      -----------
satisfactory to the Company (an affidavit of the Registered Holder will be
satisfactory) of the ownership and the loss, theft, destruction or mutilation of
any certificate evidencing this Warrant, and in the case of any such loss, theft
or destruction, upon receipt of indemnity reasonably satisfactory to the Company
(provided that if the holder is a financial institution or other institutional
investor its own agreement will be satisfactory), or, in the case of any such
mutilation upon surrender of such certificate, the Company will (at its expense)
execute and deliver in lieu of such certificate a new certificate of like kind
representing the same rights represented by such lost, stolen, destroyed or
mutilated certificate and dated the date of such lost, stolen, destroyed or
mutilated certificate.

          Section 10. Notices.  Except as otherwise expressly provided herein,
                      -------
all notices referred to in this Warrant will be in writing and will be delivered
personally, sent by reputable express courier service (charges prepaid) or sent
by registered or certified mail, return receipt requested, postage prepaid and
will be deemed to have been given when so delivered, sent or deposited in the
U.S. Mail (i) to the Company, at its principal executive offices and (ii) to the
Registered Holder of this Warrant, at such holder's address as it appears in the
records of the Company (unless otherwise indicated by any such holder).

          Section 11. Amendment and Waiver.  Except as otherwise provided
                      --------------------
herein, the provisions of this Warrant may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the written consent of the
Registered Holder.
<PAGE>

          Section 12.  Descriptive Headings; Governing Law.  The descriptive
                       -----------------------------------
headings of the several Sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant.  The
construction, validity and interpretation of this Warrant will be governed by
the internal law, and not the conflicts law, of the State of Illinois.

          Section 13.  Forum Selection and Consent to Jurisdiction.  ANY
                       -------------------------------------------
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS
WARRANT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE
OF ILLINOIS OR IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF
ILLINOIS.  EACH OF THE PARTIES HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE
JURISDICTION OF THE COURTS OF THE STATE OF ILLINOIS AND OF THE UNITED STATES
DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS FOR THE PURPOSE OF ANY SUCH
LITIGATION AS SET FORTH ABOVE.  EACH OF THE PARTIES HEREBY EXPRESSLY AND
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION
BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH
LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
<PAGE>

          IN WITNESS WHEREOF, the Company has caused this Warrant to be signed
and attested by its duly authorized officers under its corporate seal and to be
dated the Date of Issuance hereof.

                                        TRANSIT GROUP, INC.

                                        By__________________________
                                        Its_________________________
[Corporate Seal]

Attest:

__________________________

Title:____________________
<PAGE>

                                   EXHIBIT I

                              EXERCISE AGREEMENT

To: TRANSIT GROUP, INC.                                Dated:__________________

          The undersigned, pursuant to the provisions set forth in the attached
Warrant (Certificate No. W-01-1), hereby agrees to subscribe for the purchase of
______ shares of the Common Stock covered by such Warrant and makes payment
herewith in full therefor at the price per share provided by such Warrant.

                                    Signature

                                    ___________________________

                                    Address

                                    ___________________________

<PAGE>

                                  EXHIBIT II

                                  ASSIGNMENT

          FOR VALUE RECEIVED, __________________________ hereby sells, assigns
and transfers all of the rights of the undersigned under the attached Warrant
(Certificate No. W- 01-1) with respect to the number of shares of the Common
Stock covered thereby set forth below, unto:

Names of Assignee        Address             No. of Shares
-----------------        -------             -------------

                         Signature _______________________________

                         Witness   _______________________________<PAGE>

                                  Exhibit 10.8

                              EMPLOYMENT AGREEMENT
                              --------------------

          EMPLOYMENT AGREEMENT ("Agreement") dated as of the 30th day of
October, 2000, by and between Transit Group, Inc., a Florida corporation
(hereinafter called the "Company"), and James Overley, a Georgia resident
(hereinafter called the "Employee").

                             W I T N E S S E T H :
                             -------------------

          WHEREAS, the Company and Employee desire to continue his employment
with the Company according to the specific provisions set forth hereinbelow in
return for the covenants made herein.

          NOW, THEREFORE, in consideration of the employment of the Employee by
the Company, the above premises, and the mutual agreements hereinafter set
forth, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

          1.  Definitions.  As used in this Employment Agreement, the following
              -----------
words (and any derivative form thereof) shall have the meaning set forth below:

              (a)  Agreement.  "Agreement" means this Employment Agreement.
                   ---------
              (b)  Constructive Termination.  "Constructive Termination" shall
                   ------------------------
be deemed to have occurred upon Employee's voluntary termination of his
employment with the Company within ninety (90) days following: (i) a material
modification of the role of Employee which results in the substantial diminution
of the duties, functions and responsibilities of the Employee without his
written consent; (ii) the relocation of the office of the Employee outside the
Atlanta, Georgia metropolitan area or the State of Indiana without the
Employee's prior written consent; (iii) a Change of Control in the Company; or
(iv) a material breach by the Company of the provisions of Section 4 of this
Agreement which is not cured by the Company within twenty (20) days following
written notice thereof.

              (c)  Change in Control of the Company.  A "Change in Control in
                   --------------------------------
the Company" shall be deemed to have occurred as of the date of consummation of:
(A) a plan of complete liquidation of the Company; or (B) an agreement for the
sale or disposition of all or substantially all of the Company's assets; or (C)
a merger, consolidation, or reorganization of the Company with or involving any
other corporation other than a merger, consolidation, or reorganization that
would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity), at least fifty
percent (50%) of the combined voting power of the voting securities of the
Company (or such surviving entity) outstanding immediately after such merger,
consolidation, or reorganization. Notwithstanding the foregoing, in no event
shall a "Change in Control of the Company" be deemed to have occurred if the
Employee is part of a purchasing group which consummates the Change-in-
Control transaction. Employee shall be deemed "part of a purchasing group" for
purposes of the preceding sentence if
<PAGE>

the Employee is an equity participant in the purchasing company or group (except
for: (i) passive ownership of less than three percent (3%) of the stock of the
purchasing company; or (ii) ownership of equity participation in the purchasing
company or group which is otherwise not significant, as determined prior to the
Change in Control by a majority of the nonemployed continuing Directors).

              (d)  Customers.  "Customers" means those persons, corporations,
                   ---------
firms, partnerships and other entities who have purchased within the past twelve
months or who purchase during the term hereof the services offered by the
Company.

              (e)  Proprietary Information.  "Proprietary Information" means all
                   -----------------------
information that gives the Company or its affiliates a competitive advantage,
including without limitation, confidential specifications, know-how, strategic
or technical data, processes, business or financial documents or information,
sales and marketing data, marketing research data, all customer lists, customer
account records, personnel records, pricing information, all financial
information of the Company, its affiliates and their customers, and trade
secrets, all of which are confidential and may be proprietary. Employee
acknowledges that the Proprietary Information is subject to reasonable efforts
by the Company and its affiliates to maintain its secrecy, and that Proprietary
Information includes any and all items enumerated in the preceding sentence and
coming within the scope of the Company's or its affiliates' businesses as to
which the Employee may have access, whether conceived, developed, or compiled by
others or by the Employee alone or with others during the period of his service
to the Company, whether or not conceived, developed or compiled during regular
working hours. Proprietary Information shall not include any records, data, or
information which are in the public domain during the period of service by the
Employee, provided the same are not in the public domain as a consequence of
disclosure directly or indirectly by the Employee in violation of this
Agreement.

              (f)  Term.  "Term" shall have the meaning set forth in Section 6
                   ----
hereof.

          2.  Employment.  The Company hereby employs the Employee as Senior
              ----------
Vice President, Chief Financial Officer and Treasurer, and the Employee hereby
accepts such employment under and subject to the terms and conditions
hereinafter set forth.

          3.  Duties.
              ------

              (a)  The Employee shall faithfully and diligently perform such
duties as may be assigned to him from time to time by the Chief Executive
Officer of the Company or his designee, and shall timely report to such officers
as may be requested of Employee. The Employee shall, during the Term, devote his
full time, skills and best efforts to the performance of his duties hereunder,
to the exclusion of all other business activities; provided that the Employee
may manage his own passive investments so long as such management does not
interfere materially with the performance of his services hereunder.

              (b)  All funds and property received by the Employee on behalf of
the Company shall be received and held by the Employee in trust, and the
Employee shall account for and promptly remit all such funds to the Company.

                                      -2-
<PAGE>

          4.  Compensation.
              ------------

              (a)  Base Salary.  In consideration of the services rendered by
                   -----------
the Employee under this Agreement, the Company shall pay the Employee as
compensation a base salary (the "Base Salary") of Two Hundred Thousand Dollars
($200,000) per annum for the first year of the Term, to be increased to Two
Hundred Ten Thousand Dollars ($210,000) per annum for the second year of the
Term, and Two Hundred Twenty Five Thousand Dollars ($225,000) per annum for the
third year of the Term. The Employee's Base Salary shall be paid as earned on a
bi-weekly basis, in arrears, subject to normal payroll, tax and other
withholdings.

              (b)  Bonus Compensation.  Employee shall also be eligible to
                   ------------------
receive an annual performance bonus in a target amount of twenty-five percent
(25%) to forty percent (40%) of Employee's Base Salary, as determined in the
discretion of the Compensation Committee of the Company's Board of Directors
based on the Company's financial performance. Employee shall also be eligible to
receive a one-time bonus in the event the Company's existing senior secured
credit facility with Bank One, N.A. (the "Credit Facility") is extended or
refinanced without the involvement of any court, administrator or trustee. In
the event the Credit Facility is refinanced or extended by written agreement for
a period not to exceed six (6) months, then the Company shall pay to Employee a
bonus equal to ten percent (10%) of Employee's Base Salary. In the event the
Credit Facility is refinanced or extended by written agreement for a period
greater than six (6) months but not exceeding twelve (12) months, then the
Company shall pay to Employee a bonus equal to fifteen percent (15%) of
Employee's Base Salary. In the event the Credit Facility is refinanced or
extended by written agreement for a period greater than twelve (12) months, then
the Company shall pay to Employee a bonus equal to twenty percent (20%) of
Employee's Base Salary. This one-time bonus shall be paid, in the Company's
discretion, either upon the closing of the applicable refinancing or extension
or together with the next regular payroll period. All bonuses paid pursuant to
this Section 4(b) shall be subject to any and all withholdings pursuant to
applicable law.

          5.  Other Benefits.  The Employee shall be entitled to all fringe
              --------------
benefits, if any, as may be approved by the Board of Directors from time to
time, including the following:

              (a)  Paid Vacation.  The Employee shall be entitled to three weeks
                   -------------
paid vacation to be taken in accordance with the Company's policies and
practices with respect to vacations as from time to time established by the
Board of Directors.

              (b)  Insurance Benefits.  During the term of this Agreement the
                   ------------------
Employee shall be entitled to participate in such accident and health, dental,
disability, and life insurance programs as the Company may from time to time
make available to its employees; provided, however, the face amount of the term
life insurance policy insuring the life of Employee shall not be less than
$500,000 so long as Employee is insurable at reasonable rates.

              (c)  Automobile Allowance.  During the Term of this Agreement, the
                   --------------------
Company shall pay to Employee a monthly automobile allowance of Nine Hundred
Fifty Dollars ($950.00) per month.

                                      -3-
<PAGE>

              (d)  401(k) Plan.  Effective January 1, 2001, Employee shall be
                   -----------
eligible to participate in the Company's 401(k) plan, and the Company shall make
a matching contribution equal to fifty percent (50%) of Employee's contributions
to such plan, but only to the extent Employee's contribution does not exceed the
maximum annual deferral amount allowed by the Internal Revenue Service.

              (e)  Stock Options.  Employee shall receive a stock option to
                   -------------
purchase sixty thousand (60,000) shares of Common Stock of the Company pursuant
to and subject to the terms of the Company's Stock Option Plan. The exercise
price for the shares of Common Stock which may be purchased thereunder shall be
equal to the closing sales price of the Company Common Stock as reported by
Nasdaq as of the date hereof. The option shall become exercisable over a two
year period following the date hereof, with the right to purchase 2,500 shares
vesting each month, subject to Employee's continued employment hereunder;
provided that the right to purchase all shares underlying such option shall
immediately vest in full upon the occurrence of a Change in Control of the
Company.

              (f)  Relocation Expenses in the Event of Move to Indiana. In the
                   ---------------------------------------------------
event Employee is required to relocate his principal residence to the State of
Indiana, the Company shall reimburse Employee for all reasonable and necessary
relocation expenses incurred or paid by Employee in connection therewith,
including (i) expenses related to the sale of Employee's home and the purchase
of a home at the Company's Indiana location (i.e. real estate broker's
commissions and related expenses), (ii) the transport of Employee's household
goods, and (iii) a lump sum payment equal to one month's Base Salary to cover
incidental relocation expenses. Reimbursement shall be subject to reasonable
substantiating and supporting documents of said expenses as may be requested and
specified by the Company from time to time.

          6.  Term.  The term of employment under this Agreement (the "Term")
              ----
shall begin on the date hereof and shall continue for a period of three (3)
years thereafter, unless sooner terminated as provided in Section 7.

          7.  Termination.
              -----------

              (a)  Permanent Disability.  In the event of the disability of the
                   --------------------
Employee for a period in excess of ninety (90) consecutive days, such that the
Employee is unable to perform his services hereunder, his employment by the
Company shall be deemed to terminate at the end of the calendar month which
includes the last day of such 90-day period, and all payments and benefits shall
then cease.

              (b)  By the Company -- Cause.  The employment of the Employee by
                   -----------------------
the Company may be terminated by the Company for cause, as follows:

                   (1)  If the Employee has been convicted of, or pleads guilty
          or nolo contendere to, a felony or any crime involving moral
          turpitude, the Company may terminate the Employee's employment
          immediately upon the occurrence of such conviction or plea.

                                      -4-
<PAGE>

                   (2)  If the Employee has engaged in willful misconduct,
          fraud, larceny or conversion with respect to the Company, its business
          or properties, the Company may terminate Employee's employment
          immediately.

                   (3)  If the Employee has (i) willfully neglected his material
          duties to the Company or (ii) willfully failed to substantially
          perform the duties to the Company reasonably requested of him in a
          satisfactory manner, as determined by the Board of Directors, and
          after written notice of the same, specifying in reasonable detail the
          alleged neglect or unsatisfactory performance, if the Employee fails
          to correct his performance within thirty (30) days after such notice,
          the Company may terminate the Employee's employment effective upon
          expiration of such thirty (30) day period. The parties agree that for
          purposes hereof, no act or failure to act shall be deemed "willful"
          unless done or omitted to be done in bad faith or without reasonable
          belief that the act or omission was in the best interest of the
          Company. Any act or failure to act by the Employee based upon
          authority given to Employee pursuant to a resolution duly adopted by
          the Company's Board of Directors or based upon the written advice of
          regular outside counsel to the Company shall be conclusively deemed to
          be done or omitted to be done by Employee in good faith and in the
          best interest of the Company.

          (c)  By the Company - Without Cause.  The employment of the Employee
               ------------------------------
by the Company may be terminated by the Company at any time and for any reason
upon at least thirty (30) days' prior written notice.

          (d)  Effect of Termination.  In the event of termination for cause
               ---------------------
under Section 7(b), all rights to payments and benefits under this Agreement
shall cease effective with termination of employment, and the Company shall have
no further obligation to the Employee or his personal representative with
respect to this Agreement, except for any Base Salary and any vacation or other
leave time which is paid if not taken in accordance with Company policy and
which has accrued through the effective date of termination and unpaid at such
date.

          In the event of termination under Section 7(c) or in the event of the
voluntary termination hereof by Employee as a result of a Constructive
Termination, the Employee shall be entitled to receive severance in the form of
continuation of his Base Salary for the greater of (i) the remainder of the Term
hereof or (ii) twelve (12) months.  In the event Employee voluntarily terminates
his employment for any reason other than Constructive Termination, Employee
shall not be entitled to any severance hereunder.  Employee agrees that any
payments, compensation, or benefits that become due or are deferred until after
termination of employment are expressly subject to and conditioned upon
Employee's faithful adherence to the terms of this Agreement.

          8.  Fiduciary Obligations.  In the course of his service to the
              ---------------------
Company, the Employee may have access to Proprietary Information. Employee
acknowledges and agrees that Proprietary Information is of critical importance
to the Company and a violation of this Agreement would seriously and irreparably
impair and damage the Company's business. The Employee shall keep all
Proprietary Information in a fiduciary capacity for the sole and exclusive

                                      -5-
<PAGE>

benefit of the Company. The Employee shall not during the term of this Agreement
or thereafter for a period of five (5) years (or with respect to any trade
secrets, for such longer period of time as such trade secrets are protected by
law) use for his own benefit, or disclose, directly or indirectly, any
Proprietary Information to any person other than the Company or authorized
employees thereof at the time of such disclosure, or such other persons to whom
the Employee has been specifically instructed to make disclosure by the Company
and in all such cases only to the extent required in the course of the
Employee's service to the Company. At the termination of his employment, the
Employee shall deliver to the Company all notes, letters, documents and records
which may contain Proprietary Information which are then in his possession or
control and shall not retain or use any copies or summaries thereof.

          9.  Remedies.  It is specifically understood and agreed that any
              --------
breach of the provisions of Section 8 of this Agreement is likely to result in
irreparable injury to the Company and that the remedy at law alone will be an
inadequate remedy for such breach, and that in addition to any other remedy it
may have, the Company shall be entitled to enforce the specific performance of
this Agreement by the Employee and to see, both temporary and permanent
injunctive relief (to the extent permitted by law) without the necessity of
proving actual damages.

          10.  Enforceability.  The existence of any claim, demand, action, or
               --------------
cause of action by the Employee against the Company, whether predicated upon
this Agreement or otherwise, shall not constitute a defense to the enforcement
by the Company of any of its rights hereunder.

          11.  Notices.  All notices, requests, demands and other communications
               -------
required or permitted hereunder shall be in writing and, if mailed by prepaid
first class mail or certified mail, return receipt requested, at any time other
than during a general discontinuance of postal service due to strike, lockout or
otherwise, shall be deemed to have been received on the earlier of the date
shown on the receipt or three (3) business days after the postmarked date
thereof and, if telexed or telecopied, shall be followed forthwith by letter and
shall be deemed to have been received on the next business day following
dispatch and acknowledgment of receipt by the recipient's telex or telecopy
machine. In addition, notices hereunder may be delivered by hand, in which event
the notice shall be deemed effective when delivered, or by overnight courier, in
which event the notice shall be deemed to have been received on the next
business day following delivery to such courier. All notices and other
communications under this Agreement shall be given to the parties hereto at the
following addresses:

          (i)  If to the Company:

               Transit Group, Inc.
               Overlook III, Suite 1740
               2859 Paces Ferry Road
               Atlanta, Georgia 30339
               Attn:  Philip A. Belyew, President

                                      -6-
<PAGE>

          (ii)  If to Employee:

                James G. Overley
                4234 Carillon Trace
                Kennesaw, Georgia  30144

Any party hereto may change its address specified for notices herein by
designating a new address by notice in accordance with this Section 10.

          12. Miscellaneous.
              -------------

              (a)  Merger.  This Agreement constitutes the entire understanding
                   ------
and agreement between the parties hereto with regard to the subject matter
hereof, expressly superseding all prior promises, representations, inducements,
understandings and agreements between the Company and Employee, whether written
or oral, with respect to the subject matter hereof. This Agreement may not be
amended or revised except by a writing signed by the parties.

              (b)  Successors and Assigns.  This Agreement shall be binding upon
                   ----------------------
and inure to the benefit of both parties and their respective successors and
assigns, including any corporation with which or into which the Company or its
successor may be merged or which may succeed to its assets or business, although
the obligations of the Employee are personal and may be performed only by him.

              (c)  Captions.  Captions herein have been inserted solely for
                   --------
convenience of reference and in no way define, limit or describe the scope of
substance of any provision of this Agreement.

              (d)  Severability.  The provisions of this Agreement are
                   ------------
severable, and invalidity of any provision shall not affect the validity of any
other provision.

              (e)  Governing Law.  This Agreement shall be construed under and
                   -------------
governed by the laws of the State of Georgia.

              (f)  Waiver.  The waiver by either party of any breach of this
                   ------
Agreement by the other party shall not be effective unless in writing, and no
such waiver shall operate or be construed as the waiver of the same or another
breach on a subsequent occasion.

                                      -7-
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as a sealed instrument as of the day and year first above written.

                              THE COMPANY:

                              TRANSIT GROUP, INC.

                              BY:  /s/ Philip A. Belyew
                                 --------------------------------------------
                                   PHILIP A. BELYEW, Chief Executive Officer

                              EMPLOYEE:

                                  /s/ James G. Overley
                              --------------------------------------------
                                  JAMES G. OVERLEY

                                      -8-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}]]