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                                                                    EXHIBIT 10.2

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS, OR AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT
REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS
OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT. ANY TRANSFEREE OF THIS
DEBENTURE SHOULD CAREFULLY REVIEW THE TERMS OF THIS DEBENTURE, INCLUDING SECTION
2(E)(VI) HEREOF. THE PRINCIPAL AMOUNT AND THE INTEREST THEREON REPRESENTED BY
THIS DEBENTURE MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF
PURSUANT TO SECTION 2(E)(VI) OF THIS DEBENTURE.

                       SUBORDINATED CONVERTIBLE DEBENTURE

New York, New York
______________, 2000                                                  $6,000,000

                  FOR VALUE RECEIVED, US TRUCKING, INC., a Colorado corporation
(the "Company"), hereby promises to pay to the order of Augusta/L.O.F., LLC, a
Cayman Islands limited liability company, or registered assigns in accordance
with Section 20 hereof ("Holder") the principal amount of Six Million Dollars
($6,000,000), on May 17, 2003, (the "Maturity Date"), and to pay interest on the
unpaid principal balance hereof until payment in full thereof at the rate of
11.5% per annum from the date hereof (the "Issuance Date") until the same
becomes due and payable, whether at maturity or upon acceleration or by
conversion or redemption in accordance with the terms hereof or otherwise.
Interest on this Debenture shall commence accruing on the Issuance Date and
shall be computed on the basis of a 365-day year and actual days elapsed and
shall be payable in cash, at the Company's option, on each Due Date or at the
time of optional or mandatory redemption or conversion of principal in
accordance with Section 1 hereof; as applicable; provided, that until the
Registration Statement contemplated by the Securities Purchase Agreement dated
as of the date hereof between the Company and Holder (the "Securities Purchase
Agreement") and Registration Rights Agreement (as defined in the Securities
Purchase Agreement) is declared effective by the Securities and Exchange
Commission, such interest shall be payable in accordance with the last sentence
of Section 1 hereof. Any amount of this Debenture which is not paid when due
shall bear interest at the rate of 2.5% per month (prorated for partial months)
(rather than at the rate set forth above) until the same is paid in full
("Default Interest").

1.       PAYMENTS OF PRINCIPAL AND INTEREST.

         All payments of principal and interest on this Debenture (to the extent
such principal and/or interest is not converted into Common Stock in accordance
with the terms hereof) shall be made in lawful money of the United States of
America by wire transfer of immediately available funds as follows: American
National Bank and Trust, 120 South LaSalle Street, Chicago, IL 60603, ABA
071000770, FBO Augusta/L.O.F., LLC, A/C 5330255686, or to such

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other account as Holder may from time to time designate by written notice in
accordance with the provisions of this Debenture. Whenever any amount expressed
to be due by the terms of this Debenture is due on any day which is not a
Business Day (as defined below), the same shall instead be due on the next
succeeding day which is a Business Day and, in the case of any interest payment
date which is not the date on which this Debenture is paid in full, the
extension of the due date thereof shall not be taken into account for purposes
of determining the amount of interest due on such date. For purposes of this
Debenture, "Business Day" shall mean any day other than a Saturday, Sunday or a
day on which commercial banks in the City of New York, New York are authorized
or required by law or executive order to remain closed. Each capitalized term
used herein, and not otherwise defined, shall have the meaning ascribed thereto
in the Securities Purchase Agreement. Notwithstanding anything to the contrary
set forth herein, interest shall be payable on a monthly basis in cash by wire
transfer of immediately available funds to the account designated above in this
Section 1 until such time as the Registration Statement contemplated by the
Securities Purchase Agreement and Registration Rights Agreement is declared
effective by the Securities and Exchange Commission.

2.       CONVERSION OF DEBENTURE.

         This Debenture shall be convertible into shares of the Company's common
stock, no par value per share (the "Common Stock"), on the terms and conditions
set forth in this Section 2.

               (a)  Certain Defined Terms. For purposes of this Debenture, the
following terms shall have the following meanings

                    (i) "Conversion Amount" means the sum of (A) the principal
               amount of this Debenture to be converted, redeemed or otherwise
               with respect to which this determination is being made, and (B)
               all accrued and unpaid interest (other than Default Interest),
               calculated as the outstanding principal amount of the Debenture
               times .115 times (N/365) and (C) Default Interest, if any.

                    (ii) "Conversion Price" means, as of any Conversion Date (as
               defined below) or other date of determination and subject to
               adjustment as provided herein, a price equal to the lesser of (A)
               the Fixed Conversion Price (as defined below) and (B) the
               Variable Conversion Price (as defined below).

                    (iii) "Due Date" means the Issuance Date and each monthly
               anniversary after the Issuance Date.

                    (iv) "Fixed Conversion Price" means a price equal to $ 4.00,
               subject to adjustment as provided herein.

                    (v) "Interest Date" means the day on which the outstanding
               interest on the Debenture is effected either through cash
               payment, redemption or conversion (Conversion Date) as
               appropriate.

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                    (vi) "Issuance Date" means the date of issuance of this
               Debenture.

                    (vii) "N" means the number of days from, but excluding, the
               most recent Interest Date through and including the Conversion
               Date for any portion of this Debenture for which conversion is
               being elected.

                    (viii) "Person" means a natural person, a partnership, a
               corporation, a limited liability company, an association, a joint
               stock company, a trust, a joint venture, an unincorporated
               organization or a governmental or any department, agency or
               political subdivision thereof.

                    (ix) "Principal Market" means OTC Bulletin Board.

                    (x) "Variable Conversion Price" means a price equal to 100%
               of the average of the three lowest daily trading prices of the
               Common Stock (as reported by Bloomberg) for the twenty (20)
               consecutive trading days ending on the trading day immediately
               preceding the date of submission of a Conversion Notice by
               Holder.

               (b)  Holder's Monthly Conversion Right; Conversion Upon Special
Event. Holder shall have the right, at Holder's option, to convert the
outstanding and unpaid principal amount of this Debenture into shares of the
Company's Common Stock, on the following terms and conditions:

                    (i) Monthly Payment Amount. Subject to the provisions of
               Section 2(d) and Section 3 below, on the Issuance Date and each
               Due Date thereafter, Holder shall be entitled to convert $250,000
               of the outstanding and unpaid principal amount of this Debenture
               (together with all accrued and unpaid interest of the Debenture)
               into fully paid and nonassessable shares of Common Stock in
               accordance with Section 2(e), at the Conversion Rate (as defined
               below) (the "Monthly Payment Amount"). Delivery of such shares in
               accordance with Section 2(e)(ii) shall be considered payment in
               full of that portion of the Debenture.

                    (ii) Conversions Upon Special Event. Notwithstanding
               Holder's option to convert the Monthly Payment Amount described
               in item (i) above and in addition to all other rights of Holder
               contained herein, upon the occurrence of any Special Event (as
               described below), 100% of the remaining principal balance
               hereunder, plus accrued and unpaid interest thereon, shall become
               subject to conversion, at the option of Holder, upon delivery of
               a Conversion Notice (as defined below) without any restriction or
               limitation. A "Special Event" shall be deemed to have occurred at
               such time as any of the following events:

                         (A) the consolidation, merger or other business
               combination of the Company with or into another Person (other
               than solely pursuant to a migratory merger effected solely for
               the purpose of changing the jurisdiction of incorporation of the
               Company and except for a merger in which the Company is the
               surviving entity);

                         (B) the sale or transfer of 50% or more of the
               Company's assets;

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                         (C) a purchase, tender or exchange offer made to
               holders of more than 30% of the outstanding shares of Common
               Stock; or

                         (D) any event constituting an Event of Default pursuant
               to Section 9(a) hereof.

                    (iii) Fractional Shares. The Company shall not issue any
               fraction of a share of Common Stock upon any conversion. All
               shares of Common Stock (including fractions thereof) issuable
               upon conversion of this Debenture by a holder thereof shall be
               aggregated for purposes of determining whether the conversion
               would result in the issuance of a fraction of a share of Common
               Stock. If, after the aforementioned aggregation, the issuance
               would result in the issuance of a fraction of a share of Common
               Stock, the Company shall round such fraction of a share of Common
               Stock up or down to the nearest whole share.

                    (c) Conversion Rate. The number of shares of Common Stock
issuable upon conversion of a Conversion Amount of this Debenture pursuant to
Section 2(b) shall be determined according to the following formula (the
"Conversion Rate"):

                           Conversion Rate  =  Conversion Amount
                                               -----------------
                                               Conversion Price

                    (d) Limitation on Beneficial Ownership. The Company shall
not effect any conversion of this Debenture and Holder shall not have the right
to convert any portion of this Debenture pursuant to Section 2(b)(i) to the
extent that after giving effect to such conversion such Person (together with
such Person's affiliates) would beneficially own in excess of 4.99% of the
outstanding shares of the Common Stock following such conversion. For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially
owned by a Person and its affiliates or acquired by a Person and its affiliates,
as the case may be, shall include the number of shares of Common Stock issuable
upon conversion of this Debenture with respect to which the determination of
such sentence is being made, but shall exclude the number of shares of Common
Stock which would be issuable upon (i) conversion of the remaining, nonconverted
portion of this Debenture beneficially owned by such Person and its affiliates
and (ii) exercise or conversion of the unexercised or unconverted portion of any
other securities of the Company (including, without limitation, any warrants)
subject to a limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by such Person and its affiliates. Except as
set forth in the preceding sentence, for purposes of this Section 2(d),
beneficial ownership shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended. Notwithstanding anything to the
contrary contained herein, each Conversion Notice (as defined below) shall
constitute a representation by Holder that, after giving effect to such
Conversion Notice, Holder will not beneficially own (as determined in accordance
with this Section 2(d)) a number of shares of Common Stock in excess of 4.99% of
the outstanding shares of Common Stock (1) as reflected in the Company's most
recent shareholder list, which list shall be provided to Holder by the Company
on a quarterly basis and certified by the Company as true, complete and accurate
as of the date thereof, or (2) at such time as the Company is a Reporting
Company under the Securities Exchange Act of 1934, as reflected in the Company's
most recent Form 10-Q or Form 10-K, as the case may be, or more

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recent public press release by the Company or other notice by the Company to
Holder setting forth the number of shares of Common Stock outstanding, but after
giving effect to conversions of this Debenture (including the conversion with
respect this determination is being made) by Holder since the date as of which
such number of outstanding shares of Common Stock was disclosed.

                    (e) Mechanics of Conversion. The conversion of this
Debenture shall be conducted in the following manner:

                         (i) Holder's Delivery Requirements. To convert this
                    Debenture into shares of Common Stock on any date (the
                    "Conversion Date"), Holder hereof shall (A) transmit by
                    facsimile (or otherwise deliver), for receipt on or prior to
                    11:59 p.m., Eastern Time on such date, a copy of a fully
                    executed notice of conversion in the form attached hereto as
                    Exhibit A (the "Conversion Notice") to the Company and (B),
                    subject to Section 2(e)(vi), surrender to a common carrier
                    for delivery to the Transfer Agent as soon as practicable
                    following such date the original Debenture being converted
                    (or an indemnification undertaking with respect to such
                    Debenture in the case of its loss, theft or destruction).

                         (ii) Company's Response. Upon receipt by the Company of
                    a copy of a Conversion Notice, the Company shall as soon as
                    practicable, but in no event later than one (1) Business
                    Days after receipt of such Conversion Notice, send, via
                    facsimile, a confirmation of receipt of such Conversion
                    Notice to Holder and the Transfer Agent, which confirmation
                    shall constitute an instruction to the Transfer Agent to
                    process such Conversion Notice in accordance with the terms
                    herein. Upon receipt by the Transfer Agent of a copy of the
                    executed Conversion Notice, the Transfer Agent shall, no
                    later than the 2nd trading day following the date of receipt
                    by it of the Conversion Notice, (A) issue and surrender to a
                    common carrier for overnight delivery to Holder's brokerage
                    account #70215 (the "Augusta Brokerage Account") with Credit
                    Suisse First Boston (the "Broker"), a certificate,
                    registered in the name of Holder or its designee, for the
                    number of shares of Common Stock to which Holder shall be
                    entitled, or (B) in the event the Transfer Agent is
                    participating in The Depository Trust Company ("DTC") Fast
                    Automated Securities Transfer Program, upon the request of
                    Holder, credit such aggregate number of shares of Common
                    Stock to which Holder shall be entitled to the Broker's
                    balance account with DTC through its Deposit Withdrawal
                    Agent Commission system to be further credited to the
                    Augusta Brokerage Account by the Broker. Subject to Section
                    2(e)(vi), if less than the principal amount of this
                    Debenture is submitted for conversion, then the Company
                    shall, as soon as practicable and in no event later than
                    three Business Days after receipt of this Debenture and at
                    its own expense, issue and deliver to Holder or its designee
                    a new Debenture for the outstanding principal amount not
                    converted.

                         (iii) Dispute Resolution. In the case of a dispute as
                    to the determination of the Conversion Price or the
                    arithmetic calculation of the Conversion Rate, the Company
                    shall instruct the Transfer Agent to issue to Holder the
                    number of shares of Common Stock that is not disputed and
                    shall submit the disputed determinations or arithmetic
                    calculations to Holder via facsimile within one (1) Business
                    Day of receipt of Holder's Conversion Notice. If Holder and
                    the Company are unable to agree upon the

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                    determination of the Conversion Price or arithmetic
                    calculation of the Conversion Rate within one (1) Business
                    Days of such disputed determination or arithmetic
                    calculation being submitted to Holder, then the Company
                    shall within one (1) Business Days submit via facsimile (A)
                    the disputed determination of the Conversion Price to an
                    independent, reputable investment bank selected by the
                    Company and approved by Holder or (B) the disputed
                    arithmetic calculation of the Conversion Rate to the
                    Company's independent, outside accountant. The Company shall
                    cause the investment bank or the accountant, as the case may
                    be, to perform the determinations or calculations and notify
                    the Company and Holder of the results no later than the
                    third (3rd) day after the date it receives the disputed
                    determinations or calculations. Such investment bank's or
                    accountant's determination or calculation, as the case may
                    be, shall be binding upon all parties absent manifest error.

                         (iv) Record Holder. The person or persons entitled to
                    receive the shares of Common Stock issuable upon a
                    conversion of this Debenture shall be treated for all
                    purposes as the record holder or holders of such shares of
                    Common Stock on the Conversion Date.

                         (v) Company's Failure to Timely Convert.

                             (A) Cash Damages. If within five (5) Business Days
                    after Holder's delivery of the Conversion Notice (subject to
                    extension in accordance with Section 2(e)(iii) for a good
                    faith dispute made in accordance with the terms of Section
                    2(e)(iii)) (the "Share Delivery Period") the Transfer Agent
                    shall fail to issue a certificate to Holder or credit
                    Holder's balance account with The Depository Trust Company
                    for the number of shares of Common Stock to which Holder is
                    entitled upon Holder's conversion of this Debenture (a
                    "Conversion Failure"), in addition to all other available
                    remedies which Holder may pursue hereunder and under the
                    Securities Purchase Agreement (including indemnification
                    pursuant to Article 8 thereof), the Company shall pay
                    additional damages to Holder on each day after such fifth
                    (5th) Business Day such conversion is not timely effected
                    and/or such Debenture is not delivered in an amount equal to
                    2.0% of such principal amount of this Debenture submitted
                    for conversion by Holder.

                             (B) Void Conversion Notice; Adjustment to
                    Conversion Price. If for any reason Holder has not received
                    all of the shares of Common Stock prior to the tenth (10th)
                    Business Day after the expiration of the Share Delivery
                    Period with respect to a conversion of this Debenture, then
                    Holder, upon written notice to the Company, with a copy to
                    the Transfer Agent, may void its Conversion Notice with
                    respect to, and retain or have returned, as the case may be,
                    any principal amount of this Debenture that has not been
                    converted pursuant to Holder's Conversion Notice; provided,
                    that the voiding of Holder's Conversion Notice shall not
                    affect the Company's obligations to make any payments which
                    have accrued prior to the date of such notice pursuant to
                    Section 2(e)(v)(A) or otherwise. Thereafter, the Fixed
                    Conversion Price of the principal amount of this Debenture
                    returned or retained by Holder for failure to timely convert
                    shall be adjusted to the lesser of (I) the Conversion Price
                    as in effect on the date on which Holder submitted the
                    Conversion Notice and (II) the lowest trade price for the
                    Common Stock during the period beginning on the Conversion
                    Date and ending on the date Holder voided the Conversion
                    Notice.

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                         (vi) Book-Entry. Notwithstanding anything to the
                    contrary set forth herein, upon conversion of any portion of
                    this Debenture in accordance with the terms hereof, Holder
                    shall not be required to physically surrender this Debenture
                    to the Company unless the full Conversion Amount represented
                    by this Debenture is being converted. Holder and the Company
                    shall maintain records showing the Conversion Amount so
                    converted and the dates of such conversions or shall use
                    such other method, reasonably satisfactory to Holder and the
                    Company, so as not to require physical surrender of this
                    Debenture upon each such conversion. In the event of any
                    dispute or discrepancy, such records of the Company shall be
                    controlling and determinative in the absence of manifest
                    error. Notwithstanding the foregoing, if this Debenture is
                    converted as aforesaid, Holder may not transfer this
                    Debenture unless Holder first physically surrenders this
                    Debenture to the Company, whereupon the Company will
                    forthwith issue and deliver upon the order of Holder a new
                    Debenture of like tenor, registered as Holder may request,
                    representing in the aggregate the remaining Conversion
                    Amount represented by this Debenture. Holder and any
                    assignee, by acceptance of this Debenture or such new
                    Debenture, acknowledge and agree that, by reason of the
                    provisions of this paragraph, following conversion of any
                    portion of this Debenture, the Conversion Amount (including
                    the principal of this Debenture) represented by this
                    Debenture may be less than the principal amount and the
                    accrued interest set forth on the face hereof.

                    (f) Taxes. The Company shall pay any and all transfer taxes
(but not income taxes) that may be payable with respect to the issuance and
delivery of Common Stock upon the conversion of this Debenture.

3. ANTI-DILUTION.

                    (a) Certain Defined Terms. For purposes of this Section, the
following terms shall have the following meanings:

                         (i) "Common Stock" shall mean the Common Stock, no par
                    value, of the Company as constituted on the date of this
                    Debenture and any stock into which such Common Stock shall
                    have been changed or any stock resulting from any
                    reclassification of such Common Stock.

                         (ii) "Convertible Securities" shall mean evidences of
                    indebtedness, shares (including, without limitation,
                    Preferred Shares) of stock or other securities which are
                    convertible into or exchangeable for, with or without
                    payment of additional consideration, shares of Common Stock,
                    either immediately or upon the arrival of a specified date
                    or the happening of a specified event.

                         (iii) "Preferred Shares," as applied to any Person,
                    shall mean shares of such Person which shall be entitled to
                    preference or priority over any other shares of such Person
                    in respect of either the payment of dividends or the
                    distribution of assets upon liquidation.

                         (iv) "Stock Purchase Rights" shall mean any warrants,
                    options or other rights to subscribe for, purchase or
                    otherwise acquire any shares of Common Stock or

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                    any Convertible Securities, either immediately or upon the
                    arrival of a specified date or the happening of a specified
                    event.

                         (b) Except as otherwise provided in Section 3(b)(vii))
below, the Fixed Conversion Price shall be subject to adjustment from time to
time as set forth in this Section 3.

                             (i) Issuance of Additional Common Stock. If and
                    whenever the Company shall issue or sell any shares of its
                    Common Stock for a consideration per share less than the
                    Fixed Conversion Price in effect immediately prior to the
                    time of such issuance or sale, then, upon such issuance or
                    sale, the Fixed Conversion Price shall be adjusted to that
                    price equal to the fraction (i) the numerator of which shall
                    be equal to (A) (x) the Fixed Conversion Price in effect
                    immediately prior to such event multiplied by (y) the total
                    number of outstanding shares of Common Stock immediately
                    prior to such event plus (B) the consideration received by
                    the Company upon such issuance, and (ii) the denominator of
                    which shall be the total number of outstanding shares of
                    Common Stock immediately after such event, treating as
                    outstanding all shares of Common Stock issuable upon
                    conversions or exchanges of Convertible Securities
                    (including any Debentures held by Holder) and exercises of
                    Stock Purchase Rights (including any Warrants held by
                    Holder) provided that, no adjustment shall be made with
                    respect to the issuance of shares of Common Stock issued
                    upon conversion of debentures or Preferred Shares or
                    exercise of warrants or options outstanding on the date
                    hereof and disclosed to Holder in a Schedule attached to the
                    Securities Purchase Agreement delivered in connection with
                    this Debenture, or in connection with the exercise of
                    options which may be granted after the date hereof under the
                    Company's 1998 Stock Option Plan, or as consideration in
                    connection with arms-length transactions involving the
                    acquisition of other companies or lines of business in the
                    transportation industry, including non-competition
                    covenants.

                         (ii) Stock Dividends, Subdivisions and Combinations. If
                    and whenever the Company subsequent to the date hereof:

                              (A) declares a dividend upon, or makes any
                    distribution in respect of, any of its capital stock,
                    payable in shares of Common Stock, Convertible Securities or
                    Stock Purchase Rights,

                              (B) subdivides its outstanding shares of Common
                    Stock into a larger number of shares of Common Stock, or

                              (C) combines its outstanding shares of Common
                    Stock into a smaller number of shares of Common Stock,

then the Fixed Conversion Price shall be adjusted to that price determined by
multiplying the Fixed Conversion Price in effect immediately prior to such event
by a fraction (A) the numerator of which shall be the total number of
outstanding shares of Common Stock immediately prior to such event, and (B) the
denominator of which shall be the total number of outstanding shares of Common
Stock immediately after such event, treating as outstanding all shares of Common
Stock issuable upon conversions or exchanges of Convertible Securities
(including any

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Debentures held by Holder) and exercises of Stock Purchase Rights (including any
Warrants held by Holder).

                         (iii) Issuance of Convertible Securities or Stock
                    Purchase Rights. If and whenever the Company shall issue or
                    sell any Convertible Securities or Stock Purchase Rights
                    (other than the granting of Stock Purchase Rights to
                    officers, employees, directors and consultants of the
                    Company pursuant to any qualified or non-qualified stock
                    option plan or employee stock ownership plan (ESOP)) under
                    which a consideration per share for which shares of Common
                    Stock may at any time thereafter be issuable upon exercise
                    thereof (or, in the case of Stock Purchase Rights
                    exercisable for the purchase of Convertible Securities, upon
                    the subsequent conversion or exchange of such Convertible
                    Securities) shall be less than the Conversion Price in
                    effect immediately prior to the time of such issuance or
                    sale, then upon such issuance or sale the Conversion Price
                    shall be adjusted as provided in Section 4(a) on the basis
                    that the maximum number of shares of Common Stock ever
                    issuable upon exercise of such Convertible Securities or
                    Stock Purchase Rights (or upon conversion or exchange of
                    such Convertible Securities following such exercise) shall
                    be deemed to have been issued as of the date of the
                    determination of the Fixed Conversion Price, provided that ,
                    no adjustment shall be made with respect to the issuance of
                    shares of Common Stock issued upon conversion of debentures
                    or Preferred Shares or exercise of warrants or options
                    outstanding on the date hereof and disclosed to Holder in a
                    Schedule attached to the Securities Purchase Agreement
                    delivered in connection with this Debenture, or in
                    connection with the exercise of options which may be granted
                    after the date hereof under the Company's 1998 Stock Option
                    Plan, or as consideration in connection with arms-length
                    transactions involving the acquisition of other companies or
                    lines of business in the transportation industry, including
                    non-competition covenants.

                         (iv) Readjustment of Conversion Price. Upon (i) each
                    change in the purchase price payable for any Stock Purchase
                    Rights or Convertible Securities referred to in Section
                    3(b)(iii) each change in the consideration, if any, payable
                    upon exercise of such Stock Purchase Rights or upon the
                    conversion or exchange of such Convertible Securities, (iii)
                    each change in the number of shares of Common Stock issuable
                    upon the exercise of such Stock Purchase Rights or the rate
                    at which such Convertible Securities are convertible into or
                    exchangeable for shares of Common Stock or (iv) the
                    expiration of any Stock Purchase Rights not exercised or of
                    any right to convert or exchange under any Convertible
                    Securities not exercised, the Fixed Conversion Price in
                    effect at the time of such event shall forthwith be
                    readjusted to the Fixed Conversion Price which would have
                    been in effect at such time had such Stock Purchase Rights
                    or Convertible Securities provided for such change or
                    expiration, as applicable.

                         (v) Reorganization, Reclassification or
                    Recapitalization of the Company. In the event that the
                    Company effects (i) any reorganization or reclassification
                    or recapitalization of the capital stock of the Company
                    (other than in the cases referred to in Section 4(b)), (ii)
                    any consolidation or merger of the Company with or into
                    another Person, (iii) the sale, transfer or other
                    disposition of the property, assets or business of the
                    Company as an entirety or substantially as an entirety or
                    (iv) any other transaction or event as a result of which
                    holders of Common Stock become entitled to receive any

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                    shares of stock or other securities and/or property
                    (including, without limitation, cash, but excluding any cash
                    dividend that is paid out of the earnings or surplus of the
                    Company legally available therefor) with respect to or in
                    exchange for the Common Stock of the Company, there shall
                    thereafter be deliverable upon the conversion of this
                    Debenture or any portion thereof (in lieu of or in addition
                    to the Common Stock theretofore deliverable, as appropriate)
                    the highest number of shares of stock or other securities
                    and/or the greatest amount of property (including, without
                    limitation, cash) to which the holder of the number of
                    shares of Common Stock which would otherwise have been
                    deliverable upon the conversion of this Debenture or any
                    portion thereof at the time would have been entitled upon
                    such transaction or event.

                         (vi) Other Dilutive Events. If the Company takes any
                    other action, or if any other event occurs to which the
                    other provisions of this Section 3 are not strictly
                    applicable, but which could result in an adjustment the
                    Conversion Price or to any of the other terms of this
                    Debenture that would not fairly protect the conversion
                    rights and other rights represented by this Debenture in
                    accordance with the essential intent and principles hereof,
                    an appropriate adjustment in such purchase rights comparable
                    to the adjustments described in (a) and (b) above shall be
                    made by the Company.

                         (vii) Maximum Conversion Price. At no time shall the
                    Fixed Conversion Price exceed the initial Conversion Price
                    set forth in Section 2(a) hereof except as a result of an
                    adjustment thereto pursuant to Section 3(b).

                         (viii) Application. All subdivisions of this Section 3
                    are intended to operate independently of one another. If a
                    transaction or an event occurs that requires the application
                    of more than one subsection, all applicable subdivisions
                    shall be given independent effect.

                         (ix) Waiver. In the event that Holder consents in
                    writing to limit, or waive in its entirety, any
                    anti-dilution adjustment to which it would otherwise be
                    entitled hereunder, the Company shall not be required to
                    make any adjustment whatsoever with respect to this
                    Debenture in excess of such limit or at all, as the terms of
                    such consent may dictate.

                         (x) Notice of Adjustments to Fixed Conversion Price. As
                    promptly as practicable after the occurrence of any event
                    requiring any adjustment under this Section 3 to the
                    Conversion Price (or to the number or kind of securities or
                    other property deliverable upon the conversion of this
                    Debenture), the Company shall, at its expense, mail to
                    Holder a certificate of an officer of the Company setting
                    forth in reasonable detail the events requiring the
                    adjustment and the method by which such adjustment was
                    calculated and specifying the adjusted Fixed Conversion
                    Price and the number of shares of Common Stock issuable upon
                    conversion of this Debenture after giving effect to such
                    adjustment.

                         (xi) Anti-Dilution Provisions in Other Securities. If
                    the Company issues any Stock Purchase Rights or Convertible
                    Securities or other securities containing provisions
                    protecting the holder or holders thereof against dilution in
                    any manner more favorable to such holder or holders thereof
                    than those set forth in this Debenture, such provisions

                                       10
<PAGE>   11

          (or any more favorable portion thereof) shall be deemed to be
          incorporated herein as if fully set forth in this Debenture and, to
          the extent inconsistent with any provision of this Debenture, shall be
          deemed to be substituted therefor.

4. REDEMPTION.

          This Debenture shall be subject to mandatory redemption upon the
occurrence of certain events and optional redemption at the option of the
Company, each as discussed below.

               (a) Mandatory Monthly Redemption. Upon the occurrence of a
Mandatory Redemption Event, and on each month anniversary thereafter until such
Mandatory Redemption Event shall have been cured, if any, the Company will be
required to redeem the Monthly Payment Amount for such month, on the Due Date,
at a price equal to 120% of such Monthly Payment Amount, including all accrued
and unpaid interest on the Debenture (the "Mandatory Redemption Price"). For
purposes of this Debenture, "Mandatory Redemption Event" means any of the
following events:

                   (i) the failure of the Company to satisfy any listing
          criteria of its Principal Market necessary to maintain the continued
          listing of the Common Stock, without regard to any grace period or
          other timing issues,

                   (ii) the suspension of the Common Stock from trading for
          three (3) consecutive trading days or for a total of ten (10) trading
          days out of the preceding 365 days;

                   (iii) if for any reason pursuant to the registration
          statement (the "Registration Statement") covering the resale of shares
          of Common Stock issuable upon conversion of this Debenture and the
          exercise of the Warrants required to be filed by the Company pursuant
          to the Registration Rights Agreement between the Company and Holder
          (the "Registration Rights Agreement") sales cannot be made following
          the date such Registration Statement has been declared effective by
          the SEC (whether because of a failure to keep the Registration
          Statement effective, to disclose such information as is necessary for
          sales to be made pursuant to the Registration Statement, to register
          sufficient shares of Common Stock, or otherwise) for three (3)
          consecutive trading days or for a total of ten (10) trading days out
          of the preceding 365 days unless due to the failure for a Registration
          Statement to become effective, or the suspension of an effective
          Registration Statement (provided such suspension is required by
          applicable law) if the Company is required under the Securities
          Exchange of 1934 to file financial statements of the acquired business
          and proforma financial statements and such financial statements are
          not readily available at the time the Company would have otherwise
          been obligated to file the Registration Statement, but only for up to
          thirty days with respect to any one acquisition and an aggregate of
          forty-five days in a twelve month period. The Company shall use all
          commercially reasonable efforts to file such financial statements at
          the earliest practicable date.

               (b) Optional Monthly Redemption.

                                       11
<PAGE>   12

                   (i) At any time during the five (5) trading days prior to
          each Due Date (other than the Issuance Date), if the Closing Bid Price
          of the Common Stock on each such trading day is less than the Fixed
          Conversion Price on such day then the Company shall have the option to
          redeem (the "Optional Monthly Redemption Right") the Monthly Payment
          Amount for such month at a price equal to 100% of the Monthly Payment
          Amount, including all accrued and unpaid interest.

                   (ii) In each month that the Company elects to exercise its
          Optional Redemption rights, Buyer shall vest 7,500 Redemption
          Warrants.

              (c) Mechanics of Company Redemption. Within one (1) day after the
occurrence of a Mandatory Redemption Event, or upon a determination by the
Company to exercise its Optional Monthly Redemption Right, the Company shall
deliver a written notice thereof via facsimile and overnight courier ("Notice of
Redemption") to Holder, which notice shall specify the type of redemption (and
the nature of event with respect to any Mandatory Redemption). The Company shall
pay the Redemption Price to Holder in cash upon the next Due Date by wire
transfer delivered to Holder as follows: American National Bank and Trust, 120
South LaSalle Street, Chicago, IL 60603, ABA 071000770, FBO Augusta/L.O.F., LLC,
A/C 5330255686, or to such other account or accounts as Holder may designate in
writing to the Company from time to time.

              (d) Void Redemption. In the event that the Company does not pay
the Mandatory Full Redemption Price to Holder on a timely basis as described in
this Section 3, in addition to any remedy otherwise available to Holder
hereunder or under the Securities Purchase Agreement, such unpaid amount shall
bear interest at the Default Rate until paid in full. In the event that the
Company does not pay the Applicable Optional Redemption Price within the time
period set forth in Section 3(c), at any time thereafter and until the Company
pays such unpaid Applicable Optional Redemption Price in full, Holder shall have
the option (the "Void Optional Redemption Option") to, in lieu of redemption,
require the Company to rescind the Notice of Redemption for that portion of the
Debenture for which the Applicable Optional Redemption Price (together with any
interest thereon) has not been paid, by sending written notice thereof to the
Company via facsimile (the "Void Optional Redemption Notice"). Upon the
Company's receipt of such Void Optional Redemption Notice, (i) the Notice of
Redemption pursuant to the Company's optional redemption rights as described in
Section 3(c), shall be null and void with respect to that portion of the
Debenture subject to the Void Optional Redemption Notice, (ii) the Company shall
immediately rescind such Redemption Notice, and (iii) the Conversion Price of
that portion of the Debenture returned shall be adjusted to the lesser of (A)
the Conversion Price as in effect on the date on which the Void Optional
Redemption Notice is delivered to the Company and (B) the lowest trade price for
the Common Stock (as reported by Bloomberg) during the period beginning on the
date on which the Notice of Redemption is delivered to Holder and ending on the
date on which the Void Optional Redemption Notice is delivered to the Company.

              (e) Disputes; Miscellaneous. In the event of a dispute as to the
determination of the lowest trade price or the arithmetic calculation of the
Redemption Price, such dispute shall be resolved pursuant to Section 2(e)(iii)
above with the term "lowest trade price" being substituted for the term
"Conversion Price" and the term "Redemption Price" being substituted for the
term "Conversion Rate." Holder's delivery of a Void Optional Redemption Notice
and

                                       12

<PAGE>   13

exercise of its rights following such notice shall not affect the Company's
obligations to make any payments which have accrued prior to the date of such
notice. In the event of a redemption pursuant to this Section 3 of less than all
of the principal amount and interest of this Debenture and subject to Section
2(e)(vi), the Company shall promptly cause to be issued and delivered to Holder
a new Debenture representing the remaining unpaid principal amount which has not
been redeemed.

5.   PREPAYMENT.

          (a) At any time during the term of this Debenture, the Company may
prepay the Debenture at a price equal to (A)(x) the outstanding principal
balance on the Debenture plus (y) accrued interest multiplied by (B) the 110%.

          (b) Should the Company exercise its right to prepay the Debenture, the
Investor shall immediately vest into all Warrants not theretofore vested by the
Investor, provided, however, that the Penalty Warrants shall not become vested
if the Company has timely complied with its obligation under Section 4.14 of the
Securities Purchase Agreement.

6.   OTHER RIGHTS OF HOLDER.

          (a) Reorganization, Reclassification, Consolidation, Merger or Sale.
Any recapitalization, reorganization, reclassification, consolidation, merger,
sale of all or substantially all of the Company's assets to another Person 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 or assets with respect to or in exchange for Common Stock is referred
to herein as "Organic Change." Prior to the consummation of any (i) sale of all
or substantially all of the Company's assets to an acquiring Person or (ii)
other Organic Change following which the Company is not a surviving entity, the
Company will secure from the Person purchasing such assets or the successor
resulting from such Organic Change (in each case, the "Acquiring Entity") a
written agreement (in form and substance satisfactory to Holder) to deliver to
Holder in exchange for this Debenture, a security of the Acquiring Entity
evidenced by a written instrument substantially similar in form and substance to
this Debenture, and satisfactory to Holder. Prior to the consummation of any
other Organic Change, the Company shall make appropriate provision (in form and
substance satisfactory to Holder) to insure that Holder will thereafter have the
right to acquire and receive in lieu of or in addition to (as the case may be)
the shares of Common Stock immediately theretofore acquirable and receivable
upon the conversion of Holder's Debenture such shares of stock, securities or
assets that would have been issued or payable in such Organic Change with
respect to or in exchange for the number of shares of Common Stock which would
have been acquirable and receivable upon the conversion of Holder's Debenture as
of the date of such Organic Change (without taking into account any limitations
or restrictions on the convertibility of the Debenture).

          (b) 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 property pro rata to the record holders of any class of
Common Stock (the "Purchase Rights"), then Holder

                                       13
<PAGE>   14

will be entitled to acquire, upon the terms applicable to such Purchase Rights,
the aggregate Purchase Rights which Holder could have acquired if Holder had
held the number of shares of Common Stock acquirable upon complete conversion of
the Debenture (without taking into account any limitations or restrictions on
the convertibility of the Debenture) immediately before 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.

7.   RESERVATION OF SHARES.

          The Company shall, so long as any principal amount of the Debenture is
outstanding, reserve and keep available out of its authorized and unissued
Common Stock, solely for the purpose of effecting the conversion of the
Debenture, such number of shares of Common Stock as shall from time to time be
sufficient to effect the conversion of all of the principal amount of the
Debenture then outstanding; provided that the number of shares of Common Stock
so reserved shall at no time be less than 140% of the number of shares of Common
Stock for which the principal amount of the Debenture are at any time
convertible.

8.   VOTING RIGHTS.

          Holder shall have no voting rights, except as required by law,
including but not limited to the Business Corporations Act of the State of
Colorado-, and as expressly provided in this Debenture.

9.   RESTRICTION ON REDEMPTION AND CASH DIVIDENDS.

         Until all of the outstanding principal amount of this Debenture has
been converted, redeemed or otherwise satisfied as provided herein, the Company
shall not, directly or indirectly, redeem, or declare or pay any cash dividend
or distribution on, the Common Stock without the prior express written consent
of Holder.

10.  REISSUANCE OF DEBENTURE.

         Subject to Section 2(e)(vi) in the event of a conversion or redemption
pursuant to this Debenture of less than all of the Conversion Amount represented
by this Debenture, the Company shall promptly cause to be issued and delivered
to Holder, upon tender by Holder of the Debenture converted or redeemed, a new
debenture of like tenor representing the remaining principal amount of this
Debenture which has not been so converted or redeemed.

11.  DEFAULTS AND REMEDIES.

               (a) Events of Default. An "Event of Default" is: (i) failure of
the Company's Registration Statement to be declared effective within 210 days
following the Issuance Date, (ii) default in payment of principal, interest or
Default Interest on this Debenture when and as due; (iii) failure by the Company
(A) for thirty (30) days after notice to it to comply with any other material
provision of this Debenture except for delivery of a replacement Debenture
within four (4) Business Days as described in Section 2(e)(ii); or (B) for six
(6) Business Days after notice to it to comply with the replacement Debenture
delivery requirement set forth in Section 2(e)(ii); (iv)

                                       14

<PAGE>   15

any default under or acceleration prior to maturity of any mortgage, indenture
or instrument under which there may be issued or by which there may be secured
or evidenced any indebtedness for money borrowed by the Company or for money
borrowed the repayment of which is guaranteed by the Company, whether such
indebtedness or guarantee now exists or shall be created hereafter in principal
amount greater than $10,000; (v) a closing price of the common stock which is
less than $0.10;, (vi) if the Company pursuant to or within the meaning of any
Bankruptcy Law: (A) commences a voluntary case; (B) consents to the entry of an
order for relief against it in an involuntary case; (C) consents to the
appointment of a Custodian of it or for all or substantially all of its
property; (D) makes a general assignment for the benefit of its creditors; or
(E) admits in writing that it is generally unable to pay its debts as the same
become due; or (vii) a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that: (1) is for relief against the Company in an
involuntary case; (2) appoints a Custodian of the Company or for all or
substantially all of its property; or (3) orders the liquidation of the Company
or any subsidiary, and the order or decree remains unstayed and in effect for
ninety (90) days. The term "Bankruptcy Law" means Title 11, U.S. Code, or any
similar Federal or State Law for the relief of debtors. The term "Custodian"
means any receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law.

               (b) Remedies. If an Event of Default occurs and is continuing,
Holder notify the Company that it is declaring all of this Debenture, including
any interest and Default Interest and other amounts due, to be due and payable
immediately, except that in the case of an Event of Default arising from events
described in clauses (iv), (vi) and (vii) of Section 11(a), this Debenture shall
become due and payable without further action or notice by Holder. The Holder
may not enforce the agreements contained in this Debenture except as provided
herein. In addition to any remedy Holder may have under this Debenture and the
Securities Purchase Agreement, such unpaid amount shall bear interest at the
Default Rate until paid in full.

12.  VOTE TO CHANGE THE TERMS OF THIS DEBENTURE.

         This Debenture and any provision hereof may only be amended by an
instrument in writing signed by the Company and Holder. The term "Debenture" and
all reference thereto, as used throughout this instrument, shall mean this
instrument as originally executed, or if later amended or supplemented, then as
so amended or supplemented.

13.  LOST OR STOLEN DEBENTURE.

         Upon receipt by the Company of evidence satisfactory to the Company of
the loss, theft, destruction or mutilation of any Debenture, and, in the case of
loss, theft or destruction, of an indemnification undertaking by the holder to
the Company in a form reasonably acceptable to the Company and, in the case of
mutilation, upon surrender and cancellation of the Debenture, the Company shall
execute and deliver a new debenture of like tenor and date; provided, however,
the Company shall not be obligated to re-issue the Debenture if Holder
contemporaneously requests the Company to convert such remaining principal
amount into Common Stock.

                                       15
<PAGE>   16

14.  PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS.

         If: (i) this Debenture is placed in the hands of an attorney for
collection or enforcement or is collected or enforced through any legal
proceeding; or (ii) an attorney is retained to represent Holder of this
Debenture in any bankruptcy, reorganization, receivership or other proceedings
affecting creditors' rights and involving a claim under this Debenture; or (iii)
an attorney is retained to represent Holder of this Debenture in any other
proceedings whatsoever in connection with this Debenture, then the Company shall
pay to Holder all reasonable attorneys' fees, costs and expenses incurred in
connection therewith, in addition to all other amounts due hereunder.

15.  CANCELLATION.

         After all principal and accrued interest at any time owed on this
Debenture has been paid in full, this Debenture shall automatically be deemed
canceled, shall be surrendered to the Company for cancellation and shall not be
reissued.

16.  DEBENTURE EXCHANGEABLE FOR DIFFERENT DENOMINATIONS.

         This Debenture is exchangeable, upon the surrender hereof by Holder at
the principal office of the Company, for a new Debenture or Debenture (in
principal amounts of at least $1,000) containing the same terms and conditions
and representing in the aggregate the principal amount of this Debenture, and
each such new Debenture will represent such portion of such principal amount as
is designated by Holder at the time of such surrender. The date the Company
initially issues this Debenture will be deemed to be the "Issuance Date" hereof
regardless of the number of times a new Debenture shall be issued.

17.  WAIVER OF NOTICE.

         To the extent permitted by law, the Company hereby waives demand,
notice, protest and all other demands and notices in connection with the
delivery, acceptance, performance, default or enforcement of this Debenture and
the Securities Purchase Agreement.

18.  GOVERNING LAW.

         This Debenture shall be construed and enforced in accordance with, and
all questions concerning the construction, validity, interpretation and
performance of this Debenture shall be governed by, the laws of the State of
Illinois, without giving effect to provisions thereof regarding conflict of
laws.

19.  REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE
     RELIEF.

         The remedies provided in this Debenture shall be cumulative and in
addition to all other remedies available under this Debenture, at law or in
equity (including a decree of specific performance and/or other injunctive
relief), no remedy contained herein shall be deemed a waiver of compliance with
the provisions giving rise to such remedy and nothing herein shall limit
Holder's right to pursue actual damages for any failure by the Company to comply
with the terms of this Debenture. The Company covenants to Holder that there
shall be no characterization concerning this instrument other than as expressly
provided herein. Amounts set forth or provided for herein with respect to
payments, conversion and the like (and the

                                       16

<PAGE>   17

computation thereof) shall be the amounts to be received by the holder thereof
and shall not, except as expressly provided herein, be subject to any other
obligation of the Company (or the performance thereof). The Company acknowledges
that a breach by it of its obligations hereunder will cause irreparable harm to
Holder and that the remedy at law for any such breach may be inadequate. The
Company therefore agrees that, in the event of any such breach or threatened
breach, Holder shall be entitled, in addition to all other available remedies,
to an injunction restraining any breach, without the necessity of showing
economic loss and without any bond or other security being required.

20.  SPECIFIC SHALL NOT LIMIT GENERAL; CONSTRUCTION.

         No specific provision contained in this Debenture shall limit or modify
any more general provision contained herein. This Debenture shall be deemed to
be jointly drafted by the Company and Holder and shall not be construed against
any person as the drafter hereof.

21.  FAILURE OR INDULGENCE NOT WAIVER.

         No failure or delay on the part of this Debenture in the exercise of
any power, right or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or
privilege.

22.  TRANSFER.

         This Debenture and the rights granted to Holder are transferable
without the consent of the Company in whole or in part, upon notice and
surrender of this Debenture to the Company. The Company shall maintain at its
principal executive offices (or such other office or agency of the Company as it
may designate by notice to Holder), a register for this Debenture, in which the
Company shall record the name and address of the person in whose name this
Debenture has been issued, as well as the name and address of each transferee.
The Company may treat the person in whose name the Debenture is registered on
the register as the owner and Holder for all purposes, notwithstanding any
notice to the contrary, but in all events recognizing any transfers made in
accordance with the terms of this Debenture.

                                       17
<PAGE>   18

         IN WITNESS WHEREOF, the Company has caused this Debenture to be duly
executed and delivered as of the 17th day of _______________, 2000.

                                       US TRUCKING, INC.

                                       By:  ____________________________________
                                            [Name]
                                            [Title]

<PAGE>   19

                                                                       EXHIBIT A

                                     ISSUER
                                CONVERSION NOTICE

Reference is made to the Debenture issued by US TRUCKING, INC. (the
"Debenture"). In accordance with and pursuant to the Debenture, the undersigned
hereby elects to convert the principal amount of the Debenture, indicated below
into shares of common stock, no par value per share (the "Common Stock"), of the
Company, by tendering the Debenture amount specified below as of the date
specified below.

--------------------------------------------------------------------------------

DATE                                      ______________________________________
--------------------------------------------------------------------------------

CURRENTLY OUTSTANDING PRINCIPAL           ______________________________________
--------------------------------------------------------------------------------

CURRENT VALUE OF LETTER OF CREDIT         ______________________________________
--------------------------------------------------------------------------------

ACCRUED BUT UNPAID INTEREST               ______________________________________
--------------------------------------------------------------------------------

CONVERSION AMOUNT                         ______________________________________
--------------------------------------------------------------------------------

(divided by)
CONVERSION PRICE                          ______________________________________
--------------------------------------------------------------------------------

(equals)
CONVERSION SHARES                         ______________________________________
--------------------------------------------------------------------------------

ACCRUED INTEREST CONVERTED                ______________________________________
--------------------------------------------------------------------------------

PRINCIPAL CONVERTED                       ______________________________________
--------------------------------------------------------------------------------

(times) LETTER OF CREDIT RATIO            ______________________________________
--------------------------------------------------------------------------------

(equals) LETTER OF CREDIT REDUCTION       ______________________________________
--------------------------------------------------------------------------------

NEW OUTSTANDING PRINCIPAL                 ______________________________________
--------------------------------------------------------------------------------

NEW LETTER OF CREDIT AMOUNT               ______________________________________

--------------------------------------------------------------------------------

AGREED TO:

[-----------------]                       US TRUCKING, INC.

--------------------------------------    --------------------------------------
--------------------------------------------------------------------------------

<PAGE>   20
Addendum to Subordinated Convertible Debentures

         The Huff Grandchildrens Trust hereby acknowledges and agrees that it is
a co-borrower under the Subordinated Convertible Debenture between U.S.
Trucking, Inc. ("UST") and Augusta/L.O.F., L.L.C. dated as of May 17, 2000 (the
"Debenture") and that it is obligated jointly and severally with UST as the
"Company" under the preamble and Sections 1, 12, 14, and 17-22, inclusive, of
the Debenture.

Dated: As of May 17, 2000

THE HUFF GRANDCHILDRENS TRUST

BY: /s/ Anthony Huff
    -------------------------
    Anthony Huff, a Trustee<PAGE>   1
                                                                    EXHIBIT 10.3

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE
SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IN FORM AND SUBSTANCE
REASONABLY ACCEPTABLE TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER SAID
ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144
UNDER SAID ACT. ANY SUCH OFFER, SALE, ASSIGNMENT OR TRANSFER MUST ALSO COMPLY
WITH THE APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT.

                                US TRUCKING, INC.

                        WARRANT TO PURCHASE COMMON STOCK

WARRANT NO.: J-1                                     NUMBER OF SHARES: 580,000
Date of Issuance: May 17, 2000

US TRUCKING, INC., a Colorado corporation (the "Company"), hereby certifies
that, for Ten United States Dollars ($10.00) and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
AUGUSTA/L.O.F., LLC, a Cayman Islands limited liability company, the registered
holder hereof or its permitted assigns, is entitled, subject to the terms set
forth below, to purchase from the Company upon surrender of this Warrant, at any
time or times on or after the date hereof, but not after 11:59 P.M. Eastern Time
on the appropriate Expiration Date (as defined herein), an aggregate of up to
580,000 fully paid nonassessable shares of Common Stock (as defined herein) of
the Company (the "Warrant Shares") at the purchase prices per share provided in
SECTION 1(b) below; provided, however, this Warrant shall be exercisable for
300,000 shares of Common Stock as of the date hereof, and thereafter, in
connection with each of the Company's elections to exercise its Monthly Optional
Redemption right (pursuant to the Debenture dated as of the date hereof), this
Warrant shall be exercisable for an additional 7,500 shares; and provided,
further, however that this Warrant shall be exercisable for an additional
100,000 shares of Common Stock on and after the one hundred and eightieth day
(180th) after the date hereof if the Company has not caused its Common Stock to
be listed on the Nasdaq Small-Cap Market, pursuant to Section 4.14 of the
Securities Purchase Agreement. Notwithstanding the foregoing, in no event shall
the holder be entitled to exercise this Warrant to the extent that after giving
effect to such exercise such holder (together with such person's affiliates)
would beneficially own in excess of 4.99% of the outstanding shares of the
Common Stock following such exercise. For purposes of the foregoing sentence,
the number of shares of Common Stock beneficially owned by a holder and its
affiliates or acquired by such holder and its affiliates, as the case may be,
shall include the number of shares of Common Stock issuable upon exercise of
this Warrant with respect to which such determination of beneficial ownership is
being made, but shall exclude the number of shares of Common Stock which would
be issuable upon (i) exercise of the remaining, nonexercised portion of this
Warrant beneficially owned by such holder and its affiliates and (ii) exercise
or conversion of the unexercised or unconverted portion of any other securities
of the

<PAGE>   2

Company (including, without limitation, any convertible notes) subject to a
limitation on conversion or exercise analogous to the limitation contained
herein beneficially owned by such holder and its affiliates. Except as set forth
in the preceding sentence, for purposes of this paragraph, beneficial ownership
shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended. Notwithstanding anything to the contrary contained
herein, each Exercise Notice (as defined below) shall constitute a
representation by the holder submitting such Exercise Notice that, after giving
effect to such Exercise Notice, (A) the holder will not beneficially own (as
determined in accordance with this paragraph) in excess of 4.99% of the
outstanding shares of Common Stock and (B) the holder will not have acquired,
through exercise of this Warrant or otherwise, a number of shares of Common
Stock which, when added to the number of shares of Common Stock beneficially
owned at the beginning of the 60-day period ending on and including the
applicable date of exercise of this Warrant, is in excess of 4.99% of the
outstanding shares of the Common Stock following such exercise during the 60-day
period ending on and including such date of exercise and the Company shall have
no liability for any exercise in reliance on any such Exercise Notice. For
purposes of this paragraph, in determining the number of the outstanding shares
of Common Stock the holder of this Warrant may rely on the number of outstanding
shares of Common Stock (1) as reflected in the Company's most recent shareholder
list, which list shall be provided to Holder by the Company on a quarterly basis
and certified by the Company as true, complete and accurate as of the date
thereof, or (2) at such time as the Company is a Reporting Company under the
Securities Exchange Act of 1934, as reflected in the Company's most recent Form
10-QSB or Form 10-KSB, as the case may be, or a more recent public announcement
by the Company or other notice by the Company or its transfer agent setting
forth the number of shares of Common Stock outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to
exercises of this Warrant (including the exercise with respect this
determination is being made) by the holder since the date as of which such
number of outstanding shares of Common Stock was disclosed or reported.

SECTION 1. DEFINITIONS.

      (a) Securities Purchase Agreement. This Warrant has been issued pursuant
to the terms of that certain Securities Purchase Agreement dated as of May 17,
2000, between the Company and the Buyer referred to therein (the "Securities
Purchase Agreement").

      (b) Definitions. The following words and terms as used in this Warrant
shall have the following meanings:

            (i) "Approved Stock Plan" shall mean any employee benefit plan which
      has been approved by the Board of Directors of the Company, pursuant to
      which the Company's securities may be issued to any employee, officer,
      director or consultant for services provided to the Company.

            (ii) "Closing Bid Price" means, for any security as of any date, the
      last closing bid price for such security on the Principal Market (as
      defined below) as reported by Bloomberg Financial Markets ("Bloomberg"),
      or, if the Principal Market is not the principal securities exchange or
      trading market for such security, the last closing bid price of such
      security on the principal securities exchange or trading market where such
      security is listed or traded as reported by Bloomberg, or if the foregoing
      do not apply,

                                       2
<PAGE>   3

      the last closing bid price of such security in the over-the-counter market
      on the electronic bulletin board for such security as reported by
      Bloomberg, or, if no last closing bid price is reported for such security
      by Bloomberg, the last closing trade price for such security as reported
      by Bloomberg, or, if no last closing trade price is reported for such
      security by Bloomberg, the average of the bid prices of any market makers
      for such security as reported in the "pink sheets" by the National
      Quotation Bureau, Inc. If the Closing Bid Price cannot be calculated for
      such security on such date on any of the foregoing bases, the Closing Bid
      Price of such security on such date shall be the fair market value as
      mutually determined by the Company and Holder. If the Company and Holder
      are unable to agree upon the fair market value of the Common Stock, then
      such dispute shall be resolved pursuant to SECTION 2(A) below with the
      term "Closing Bid Price" being substituted for the term "Market Price."
      All such determinations to be appropriately adjusted for any stock
      dividend, stock split or other similar transaction during such period.

            (iii) "Common Stock" means (i) the Company's common stock, no par
      value, and (ii) any capital stock into which such Common Stock shall have
      been changed or any capital stock resulting from a reclassification of
      such Common Stock.

            (iv) "Convertible Securities" means any stock or securities (other
      than Options) directly or indirectly convertible into or exchangeable for
      Common Stock, other than the Debenture.

            (v) "Debenture" means the Convertible Subordinated Debenture issued
      pursuant to the Securities Purchase Agreement.

            (vi) "Expiration Date" means the date which is five (5) years from
      the date of this Warrant; provided, if any such date falls on a Saturday,
      Sunday or other day on which banks are required or authorized to be closed
      in the City of Chicago or the State of Illinois or on which trading does
      not take place on the principal exchange or automated quotation system on
      which the Common Stock is traded (a "Holiday"), the next date that is not
      a Holiday.

            (vii) "Options" means any rights, warrants or options to subscribe
      for or purchase Common Stock or Convertible Securities.

            (viii) "Other Securities" means (i) those warrants of the Company
      issued prior to, and outstanding on, the date of issuance of this Warrant,
      (ii) the Debenture and (iii) the shares of Common Stock issued upon
      conversion of the Debenture.

            (ix) "Person" means a natural person, a partnership, a corporation,
      a limited liability company, an association or a joint stock company, a
      trust, a joint venture, an unincorporated organization or a governmental
      agency or any department, or agency or political subdivision thereof.

            (x) "Principal Market" means OTC Bulletin Board or other comparable
      national exchange or trading market.

                                       3
<PAGE>   4

            (xi) "Securities Act" means the Securities Act of 1933, as amended
      and the rules and regulations promulgated thereunder.

            (xii) "Warrant" means this Warrant, and all warrants issued in
      exchange, transfer or replacement of any thereof.

            (xiii) "Warrant Exercise Price" means $3.04, [120% of the average of
      the Closing Bid of the common stock for the 10 days prior to the date of
      closing], subject to adjustment as provided in SECTION 2(E) and SECTION 3.

      Capitalized terms used herein not otherwise defined herein shall have the
respective meanings set forth in the Securities Purchase Agreement.

SECTION 2. EXERCISE OF WARRANT.

      (a) Subject to the terms and conditions hereof, this Warrant may be
exercised by the holder hereof then registered on the books of the Company, in
whole or in part, at any time on any business day on or after the opening of
business on the date hereof and prior to 11:59 P.M. Eastern Time on the
Expiration Date by (i) delivery of a written notice, in the form of the
subscription notice attached as EXHIBIT A hereto (the "Exercise Notice"), of
such holder's election to exercise this Warrant, which notice shall specify the
number of Warrant Shares to be purchased (ii) payment to the Company of an
amount equal to the appropriate Warrant Exercise Price multiplied by the number
of Warrant Shares as to which this Warrant is being exercised (plus any
applicable issue or transfer taxes) (the "Aggregate Exercise Price") in cash or
by check or wire transfer and (iii) the surrender to a common carrier for
delivery to the Company as soon as practicable following such date, this Warrant
(or an indemnification undertaking with respect to this Warrant in the case of
its loss, theft or destruction); provided, that if such Warrant Shares are to be
issued in any name other than that of the registered holder of this Warrant,
such issuance shall be deemed a transfer and the provisions of SECTION 8 shall
be applicable. In the event of any exercise of the rights represented by this
Warrant in compliance with this SECTION 2(A), a certificate or certificates for
the Warrant Shares so purchased, in such denominations as may be requested by
the holder hereof and registered in the name of, or as directed by, the holder,
shall be delivered at the Company's expense to, or as directed by, such holder
as soon as practicable, and in no event later than two business days, after the
Company's receipt of the Exercise Notice, the Aggregate Exercise Price and this
Warrant (or an indemnification undertaking with respect to this Warrant in the
case of its loss, theft or destruction). Upon delivery of the Exercise Notice
and Aggregate Exercise Price referred to in clause (ii)(A) above or notification
to the Company of a Cashless Exercise referred to in SECTION 2(F), the holder of
this Warrant shall be deemed for all corporate purposes to have become the
holder of record of the Warrant Shares with respect to which this Warrant has
been exercised, irrespective of the date of delivery of this Warrant as required
by clause (iii) above or the certificates evidencing such Warrant Shares. In the
case of a dispute as to the determination of the Warrant Exercise Price, the
Closing Bid Price, the

                                       4
<PAGE>   5

last reported sale price (as reported by Bloomberg) or the arithmetic
calculation of the Warrant Shares, the Company shall promptly issue to the
holder the number of shares of Common Stock that is not disputed and shall
submit the disputed determinations or arithmetic calculations to the holder via
facsimile within one business day of receipt of the holder's subscription
notice. If the holder and the Company are unable to agree upon the determination
of the Warrant Exercise Price, the Closing Bid Price, the last reported sale
price (as reported by Bloomberg) or arithmetic calculation of the Warrant Shares
within three business days of such disputed determination or arithmetic
calculation being submitted to the holder, then the Company shall within two
business days submit via facsimile (i) the disputed determination of the Warrant
Exercise Price, the Closing Bid Price, or the last reported sale price (as
reported by Bloomberg) to an independent, reputable investment banking firm or
(ii) the disputed arithmetic calculation of the Warrant Shares to its
independent, outside accountant. The Company shall use all commercially
reasonable efforts to require the investment banking firm or the accountant, as
the case may be, to perform the determinations or calculations and notify the
Company and the holder of the results no later than forty-eight (48) hours from
the time it receives the disputed determinations or calculations. Such
investment banking firm's or accountant's determination or calculation, as the
case may be, shall be deemed conclusive absent manifest error.

      (b) Unless the rights represented by this Warrant shall have expired or
shall have been fully exercised, the Company shall, as soon as practicable and
in no event later than five (5) business days after any exercise and at its own
expense, issue a new Warrant identical in all respects to this Warrant except it
shall represent rights to purchase the number of Warrant Shares purchasable
immediately prior to such exercise under this Warrant, less the number of
Warrant Shares with respect to which such Warrant is exercised.

      (c) No fractional shares of Common Stock are to be issued upon the
exercise of this Warrant, but rather the number of shares of Common Stock issued
upon exercise of this Warrant shall be rounded up or down to the nearest whole
number.

      (d) If the Company shall fail for any reason or for no reason to issue
(subject to extension in accordance with SECTION 2(A) for a good faith dispute
made in accordance with SECTION 2(A) to the holder (i) within five (5) business
days after the Company's receipt of the Exercise Notice, the Aggregate Exercise
Price and this Warrant, a certificate for the number of shares of Common Stock
to which the holder is entitled upon the holder's exercise of this Warrant or
(ii) if this Warrant is being exercised for less than all of the number of
shares of Common Stock covered by this Warrant, within ten (10) business days
after the Company's receipt of the Exercise Notice, the Aggregate Exercise Price
and this Warrant, a new Warrant for the number of shares of Common Stock to
which such holder is entitled pursuant to SECTION 2(B) hereof, the Company
shall, in addition to any other remedies under this Warrant or the Securities
Purchase Agreement or otherwise available to such holder, including any
indemnification under Section 8 of the Securities Purchase Agreement, pay as
additional damages in cash to such holder on each day such fifth (5th) business
day such exercise is not timely effected and/or after the tenth (10th) business
day such new Warrant is not delivered, as the case may be, an amount equal to
0.5% of the product of (A) the sum of the number of shares of Common Stock not
issued to the holder on a timely basis and to which the holder is entitled
and/or, the number of shares represented by the portion of this Warrant which is
not being converted, as the case may be, and (B) the average of the Closing Bid
Prices of the Common Stock for the three consecutive trading days immediately
preceding the last possible date which the Company could have issued such Common
Stock or Warrant, as the case may be, to the holder without violating this
SECTION 2.

      (e) If the registration statement (the "Registration Statement") covering
the resale of the Warrant Shares issuable upon conversion of this Warrant
required to be filed by the

                                       5

<PAGE>   6

Company pursuant to the Registration Rights Agreement between the Company and
the original purchaser of this Warrant (the "Registration Rights Agreement") is
not (A) filed with the Securities and Exchange Commission (the "SEC") on or
before the Filing Deadline (as defined in the Registration Rights Agreement), or
(B) if after the Registration Statement has been declared effective by the SEC,
sales cannot be made pursuant to the Registration Statement whether because of a
failure to keep the Registration Statement effective, to disclose such
information as is necessary for sales to be made pursuant to the Registration
Statement, to register sufficient shares of Common Stock or otherwise, unless
due to the failure for a Registration Statement to become effective, or the
suspension of an effective Registration Statement (provided such suspension is
required by applicable law) if the Company is required under the Securities
Exchange of 1934 to file financial statements of the acquired business and
proforma financial statements and such financial statements are not readily
available at the time the Company would have otherwise been obligated to file
the Registration Statement, but only for up to thirty days with respect to any
one acquisition and an aggregate of forty-five days in a twelve month period.
The Company shall use all commercially reasonable efforts to file such financial
statements at the earliest practicable date. In that event, as partial relief
for the damages to the holder of this Warrant by reason of any such delay in or
reduction of its ability to sell the underlying shares of Common Stock (which
remedy shall not be exclusive of any other remedies available at law or in
equity), the Warrant Exercise Prices shall be adjusted as follows: each Warrant
Exercise Price in effect at such time shall be reduced by an amount equal to the
product of (A) the Warrant Exercise Price in effect as of the original issuance
date of this Warrant and (B) the sum of (I) with respect to the first 30
Registration Default Days (as defined below), the product of (x) .00167
multiplied by (y) the sum of the (i) the number of days after the Filing
Deadline that the relevant Registration Statement has not been filed with the
SEC, (ii) the number of days after the Effectiveness Deadline that the
Registration Statement has not been declared effective by the SEC and (iii) the
number of days that sales cannot be made pursuant to the Registration Statement
in accordance with the Registration Rights Agreement after the Registration
Statement has been declared effective (the days set forth in the preceding
clauses (I), (II) and (III) collectively are referred to herein as "Registration
Default Days"), plus (II) the product of .0025 and the number of Registration
Default Days in excess of 30.

      (f) Notwithstanding anything contained herein to the contrary, the holder
of this Warrant may, at its election exercised in its sole discretion, exercise
this Warrant in whole or in part and, in lieu of making the cash payment
otherwise contemplated to be made to the Company upon such exercise in payment
of the Aggregate Exercise Price, elect instead to receive upon such exercise the
"Net Number" of shares of Common Stock determined according to the following
formula (a "Cashless Exercise"):

      Net Number = (A x B) - (A x C)
                   -----------------
                           B

            For purposes of the foregoing formula:

            A= the total number of shares with respect to which this
            Warrant is being exercised.

                                       6
<PAGE>   7

            B= the last reported sale price (as reported by Bloomberg) of the
            Common Stock on the date immediately preceding the date of the
            subscription notice.

            C= the Warrant Exercise Price(s) then in effect at the time of such
            exercise.

SECTION 3. ADJUSTMENT.

      The Warrant Exercise Price shall be subject to adjustment from time to
time as hereinafter provided in this SECTION 3:

          (a) Issuance of Additional Common Stock. If and whenever the Company
shall issue or sell any shares of its Common Stock for a consideration per share
less than the Warrant Exercise Price in effect immediately prior to the time of
such issuance or sale, then, upon such issuance or sale the Warrant Exercise
Price shall be adjusted to that price equal to the fraction (i) the numerator of
which shall be equal to (A) (x) the Warrant Exercise Price in effect immediately
prior to such event multiplied by (y) the total number of outstanding shares of
Common Stock immediately prior to such event plus (B) the consideration received
by the Corporation upon such issuance, and (ii) the denominator of which shall
be the total number of outstanding shares of Common Stock immediately after such
event, treating as outstanding all shares of Common Stock issuable upon
conversions or exchanges of Convertible Securities (including any Notes held by
the Holder) and exercises of Stock Purchase Rights (including any Warrants held
by the Holder) provided that, no adjustment shall be made with respect to the
issuance of shares of Common Stock issued upon conversion of debentures or
Preferred Shares or exercise of warrants or options outstanding on the date
hereof and disclosed to Holder in a Schedule attached to the Securities Purchase
Agreement delivered in connection with this Debenture, or in connection with the
exercise of options which may be granted after the date hereof under the
Company's 1998 Stock Option Plan, subject to the maximum reservation of shares
defined in Section 3.3(i) of the Securities Purchase Agreement, or as
consideration in connection with arms-length transactions involving the
acquisition of other companies or lines of business in the transportation
industry, including non-competition covenants.

          (b) Stock Dividends, Subdivisions and Combinations. If and whenever
the Company subsequent to the date hereof:

                  (i) declares a dividend upon, or makes any distribution in
            respect of, any of its capital stock, payable in shares of Common
            Stock, Convertible Securities or Stock Purchase Rights,

                  (ii) subdivides its outstanding shares of Common Stock into a
            larger number of shares of Common Stock, or

                  (iii) combines its outstanding shares of Common Stock into a
            smaller number of shares of Common Stock,

then the Warrant Exercise Price shall be adjusted to that price determined by
multiplying the Warrant Exercise Price in effect immediately prior to such event
by a fraction (A) the numerator of which shall be the total number of
outstanding shares of Common Stock immediately prior to such event, and (B) the
denominator of which shall be the total number of outstanding shares of Common
Stock immediately after such event, treating as outstanding all shares of Common
Stock issuable upon conversions or exchanges of Convertible Securities
(including any Notes

                                       7
<PAGE>   8

held by the Holder) and exercises of Stock Purchase Rights (including any
Warrants held by the Holder).

          (c) Issuance of Convertible Securities or Stock Purchase Rights. If
and whenever the Company shall issue or sell any Convertible Securities or Stock
Purchase Rights (other than the granting of Stock Purchase Rights to officers,
employees, directors and consultants of the Company pursuant to any qualified or
non-qualified stock option plan or employee stock ownership plan (ESOP)) under
which a consideration per share for which shares of Common Stock may at any time
thereafter be issuable upon exercise thereof (or, in the case of Stock Purchase
Rights exercisable for the purchase of Convertible Securities, upon the
subsequent conversion or exchange of such Convertible Securities) shall be less
than the Warrant Exercise Price in effect immediately prior to the time of such
issuance or sale, then upon such issuance or sale the Warrant Exercise Price
shall be adjusted as provided in Section 3(a) on the basis that the maximum
number of shares of Common Stock ever issuable upon exercise of such Convertible
Securities or Stock Purchase Rights (or upon conversion or exchange of such
Convertible Securities following such exercise) shall be deemed to have been
issued as of the date of the determination of the Warrant Exercise Price,
provided that, no adjustment shall be made with respect to the issuance of
shares of Common Stock issued upon conversion of debentures or Preferred Shares
or exercise of warrants or options outstanding on the date hereof and disclosed
to Holder in a Schedule attached to the Securities Purchase Agreement delivered
in connection with this Debenture, or in connection with the exercise of options
which may be granted after the date hereof under the Company's 1998 Stock Option
Plan, or as consideration in connection with arms-length transactions involving
the acquisition of other companies or lines of business in the transportation
industry, including non-competition covenants.

          (d) Readjustment of Warrant Exercise Price. Upon (i) each change in
the purchase price payable for any Stock Purchase Rights or Convertible
Securities referred to in Section 3(c) (ii) each change in the consideration, if
any, payable upon exercise of such Stock Purchase Rights or upon the conversion
or exchange of such Convertible Securities, (iii) each change in the number of
shares of Common Stock issuable upon the exercise of such Stock Purchase Rights
or the rate at which such Convertible Securities are convertible into or
exchangeable for shares of Common Stock or (iv) the expiration of any Stock
Purchase Rights not exercised or of any right to convert or exchange under any
Convertible Securities not exercised, the Warrant Exercise Price in effect at
the time of such event shall forthwith be readjusted to the Warrant Exercise
Price which would have been in effect at such time had such Stock Purchase
Rights or Convertible Securities provided for such change or expiration, as
applicable.

          (e) Reorganization, Reclassification or Recapitalization of the
Company. In the event that the Company effects (i) any reorganization or
reclassification or recapitalization of the capital stock of the Company (other
than in the cases referred to in Section 3(b)), (ii) any consolidation or merger
of the Company with or into another Person, (iii) the sale, transfer or other
disposition of the property, assets or business of the Company as an entirety or
substantially as an entirety or (iv) any other transaction or event as a result
of which holders of Common Stock become entitled to receive any shares of stock
or other securities and/or property (including, without limitation, cash, but
excluding any cash dividend that is paid out of the earnings or surplus of the
Company legally available therefor) with respect to or in exchange for the
Common Stock of the Company, there shall thereafter be deliverable upon the

                                       8
<PAGE>   9

exercise of this Warrant or any portion thereof (in lieu of or in addition to
the Common Stock theretofore deliverable, as appropriate) the highest number of
shares of stock or other securities and/or the greatest amount of property
(including, without limitation, cash) to which the holder of the number of
shares of Common Stock which would otherwise have been deliverable upon the
exercise of this Warrant or any portion thereof at the time would have been
entitled upon such transaction or event.

          (f) Other Dilutive Events. If the Company takes any other action, or
if any other event occurs to which the other provisions of this Section 3 are
not strictly applicable, but which could result in an adjustment the Warrant
Exercise Price or to any of the other terms of this Warrant that would not
fairly protect the exercise rights and other rights represented by this Warrant
in accordance with the essential intent and principles hereof, an appropriate
adjustment in such purchase rights comparable to the adjustments described in
(a) and (b) above shall be made by the Company.

          (g) Maximum Warrant Exercise Price. At no time shall the Warrant
Exercise Price exceed the initial Warrant Exercise Price set forth in Section
3(a) hereof except as a result of an adjustment thereto pursuant to Section
3(b)(iii).

          (h) Application. All subdivisions of this Section 3 are intended to
operate independently of one another. If a transaction or an event occurs that
requires the application of more than one subsection, all applicable
subdivisions shall be given independent effect.

          (i) Waiver. In the event that the Holder consents in writing to limit,
or waive in its entirety, any anti-dilution adjustment to which it would
otherwise be entitled hereunder, the Company shall not be required to make any
adjustment whatsoever with respect to this Warrant or any other Warrant in
excess of such limit or at all, as the terms of such consent may dictate.

          (j) Notice of Adjustments to Warrant Exercise Price. As promptly as
practicable after the occurrence of any event requiring any adjustment under
this SECTION 3 to the Warrant Exercise Price (or to the number or kind of
securities or other property deliverable upon the exercise of this Warrant), the
Company shall, at its expense, mail to the Holder a certificate of an officer of
the Company setting forth in reasonable detail the events requiring the
adjustment and the method by which such adjustment was calculated and specifying
the adjusted Warrant Exercise Price and the number of shares of Common Stock
issuable upon exercise of this Warrant after giving effect to such adjustment.

          (k) Anti-Dilution Provisions in Other Securities. If the Company
issues any Stock Purchase Rights or Convertible Securities or other securities
containing provisions protecting the holder or holders thereof against dilution
in any manner more favorable to such holder or holders thereof than those set
forth in this Warrant, such provisions (or any more favorable portion thereof)
shall be deemed to be incorporated herein as if fully set forth in this Warrant
and, to the extent inconsistent with any provision of this Warrant, shall be
deemed to be substituted therefor.

                                       9

<PAGE>   10

SECTION 4. COVENANTS AS TO COMMON STOCK.

      The Company hereby covenants and agrees as follows:

          (a) This Warrant is, and any Warrants issued in substitution for or
replacement of this Warrant will upon issuance be, duly authorized and validly
issued.

          (b) All Warrant Shares which may be issued upon the exercise of the
rights represented by this Warrant will, upon issuance, be validly issued, fully
paid and nonassessable and free from all taxes, liens and charges with respect
to the issue thereof.

          (c) During the period within which the rights represented by this
Warrant may be exercised, the Company will at all times have authorized and
reserved at least 100% of the number of shares of Common Stock needed to provide
for the exercise of the rights then represented by this Warrant and the par
value of said shares will at all times be less than or equal to the applicable
Warrant Exercise Price.

          (d) The Company shall promptly secure the listing of the shares of
Common Stock issuable upon exercise of this Warrant upon each national
securities exchange or automated quotation system, if any, upon which shares of
Common Stock are then listed (subject to official notice of issuance upon
exercise of this Warrant) and shall maintain, so long as any other shares of
Common Stock shall be so listed, such listing of all shares of Common Stock from
time to time issuable upon the exercise of this Warrant; and the Company shall
so list on each national securities exchange or automated quotation system, as
the case may be, and shall maintain such listing of, any other shares of capital
stock of the Company issuable upon the exercise of this Warrant if and so long
as any shares of the same class shall be listed on such national securities
exchange or automated quotation system.

          (e) The Company will not, by amendment of its Certificate of
Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed by it hereunder, but will at all times in good faith
assist in the carrying out of all the provisions of this Warrant and in the
taking of all such action as may reasonably be requested by the holder of this
Warrant in order to protect the exercise privilege of the holder of this Warrant
against dilution or other impairment, consistent with the tenor and purpose of
this Warrant. The Company (i) will not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above any Warrant
Exercise Price then in effect, and (ii) will take all such actions as may be
necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable shares of Common Stock upon the exercise of this
Warrant.

          (f) This Warrant will be binding upon any entity succeeding to the
Company by merger, consolidation or acquisition of all or substantially all of
the Company's assets.

SECTION 5. TAXES.

      The Company shall pay any and all taxes which may be payable with respect
to the issuance and delivery of Warrant Shares upon exercise of this Warrant.

                                       10
<PAGE>   11

SECTION 6. WARRANT HOLDER NOT DEEMED A STOCKHOLDER.

      Except as otherwise specifically provided herein, no holder, as such, of
this Warrant shall be entitled to vote or receive dividends or be deemed the
holder of shares of the Company for any purpose, nor shall anything contained in
this Warrant be construed to confer upon the holder hereof, as such, any of the
rights of a stockholder of the Company or any right to vote, give or withhold
consent to any corporate action (whether any reorganization, issue of stock,
reclassification of stock, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights, or
otherwise, prior to the issuance to the holder of this Warrant of the Warrant
Shares which he or she is then entitled to receive upon the due exercise of this
Warrant. In addition, nothing contained in this Warrant shall be construed as
imposing any liabilities on such holder to purchase any securities (upon
exercise of this Warrant or otherwise) or as a stockholder of the Company,
whether such liabilities are asserted by the Company or by creditors of the
Company. Notwithstanding this SECTION 6, the Company will provide the holder of
this Warrant with copies of the same notices and other information given to the
stockholders of the Company generally, contemporaneously with the giving thereof
to the stockholders.

SECTION 7. REPRESENTATIONS OF HOLDER.

      The holder of this Warrant, by the acceptance hereof, represents that it
is acquiring this Warrant and the Warrant Shares for its own account for
investment only and not with a view towards, or for resale in connection with,
the public sale or distribution of this Warrant or the Warrant Shares, except
pursuant to sales registered or exempted under the Securities Act; provided,
however, that by making the representations herein, the holder does not agree to
hold this Warrant or any of the Warrant Shares for any minimum or other specific
term and reserves the right to dispose of this Warrant and the Warrant Shares at
any time in accordance with or pursuant to a registration statement or an
exemption under the Securities Act. The holder of this Warrant further
represents, by acceptance hereof, that, as of this date, such holder is an
"accredited investor" as such term is defined in Rule 501(a) of Regulation D
promulgated by the Securities and Exchange Commission under the Securities Act
(an "Accredited Investor"). Upon exercise of this Warrant, the holder shall, if
requested by the Company, confirm in writing, in a form satisfactory to the
Company, that the Warrant Shares so purchased are being acquired solely for the
holder's own account and not as a nominee for any other party, for investment,
and not with a view toward distribution or resale and that such holder is an
Accredited Investor. If such holder cannot make such representations because
they would be factually incorrect, it shall be a condition to such holder's
exercise of this Warrant that the Company receive such other representations as
the Company considers reasonably necessary to assure the Company that the
issuance of its securities upon exercise of this Warrant shall not violate any
United States or state securities laws.

SECTION 8. OWNERSHIP AND TRANSFER.

          (a) The Company shall maintain at its principal executive offices (or
such other office or agency of the Company as it may designate by notice to the
holder hereof), a register for this Warrant, in which the Company shall record
the name and address of the person in whose name this Warrant has been issued,
as well as the name and address of each transferee. The Company may treat the
person in whose name any Warrant is registered on the register as

                                       11
<PAGE>   12

the owner and holder thereof for all purposes, notwithstanding any notice to the
contrary, but in all events recognizing any transfers made in accordance with
the terms of this Warrant.

          (b) This Warrant and the rights granted to the holder hereof are
transferable, in whole or in part, upon surrender of this Warrant, together with
a properly executed warrant power in the form of EXHIBIT B attached hereto;
provided, however, that any transfer or assignment shall be subject to the
conditions set forth in SECTION 8(C) below.

          (c) The holder of this Warrant understands that this Warrant has not
been and is not expected to be, registered under the Securities Act or any
applicable securities laws, and may not be offered for sale, sold, assigned or
transferred unless (a) subsequently registered thereunder, or (b) such holder
shall have delivered to the Company an opinion of counsel, in generally
acceptable form, to the effect that the securities to be sold, assigned or
transferred may be sold, assigned or transferred pursuant to an exemption from
such registration; provided that (i) any sale of such securities made in
reliance on Rule 144 promulgated under the Securities Act may be made only in
accordance with the terms of said Rule and further, if said Rule is not
applicable, any resale of such securities under circumstances in which the
seller (or the person through whom the sale is made) may be deemed to be an
underwriter (as that term is defined in the Securities Act) may require
compliance with some other exemption under the Securities Act; and (ii) neither
the Company nor any other person is under any obligation to register this
Warrant under the Securities Act or any state securities laws or to comply with
the terms and conditions of any exemption thereunder.

          (d) The Company is obligated to register the Warrant Shares for resale
under the Securities Act pursuant to the Registration Rights Agreement and the
initial holder of this Warrant (and certain assignees thereof) is entitled to
the registration rights in respect of the Warrant Shares as set forth in the
Registration Rights Agreement.

SECTION 9. PURCHASE RIGHTS; REORGANIZATION, RECLASSIFICATION, CONSOLIDATION,
MERGER OR SALE.

          (a) In addition to any adjustments pursuant to SECTION 3 above, if at
any time the Company grants, issues or sells any Options, Convertible Securities
or rights to purchase stock, warrants, securities or other property pro rata to
the record holders of any class of Common Stock (the "Purchase Rights"), then
the 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
before 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.

          (b) Any recapitalization, reorganization, reclassification,
consolidation, merger, sale of all or substantially all of the Company's assets
to another Person 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 or assets with respect to or in
exchange for Common Stock is referred to herein as "Organic Change." Prior to
the consummation of any (i) sale of all or substantially all of the Company's
assets to an acquiring

                                       12
<PAGE>   13

Person or (ii) other Organic Change following which the Company is not a
surviving entity, the Company will secure from the Person purchasing such assets
or the successor resulting from such Organic Change (in each case, the
"Acquiring Entity") written agreement (in form and substance satisfactory to the
holder of this Warrant) to deliver to such holder, in exchange for such Warrant,
a security of the Acquiring Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant and satisfactory to
the holder hereof (including, an adjusted warrant exercise price equal to the
value for the Common Stock reflected by the terms of such consolidation, merger
or sale, and exercisable for a corresponding number of shares of Common Stock
acquirable and receivable upon exercise of the Warrant, if the value so
reflected is less than the Warrant Exercise Prices in effect immediately prior
to such consolidation, merger or sale). Prior to the consummation of any other
Organic Change, the Company shall make appropriate provision (in form and
substance satisfactory to the holder of this Warrant) to insure that the holder
hereof will thereafter have the right to acquire and receive in lieu of or in
addition to (as the case may be) the shares of Common Stock immediately
theretofore acquirable and receivable upon the exercise of such holder's
Warrant, such shares of stock, securities or assets that would have been issued
or payable in such Organic Change with respect to or in exchange for the number
of shares of Common Stock which would have been acquirable and receivable upon
the exercise of this Warrant as of the date of such Organic Change (without
taking into account any limitations or restrictions on the exercise ability of
this Warrant).

SECTION 10. LOST, STOLEN, MUTILATED OR DESTROYED WARRANT.

      If this Warrant is lost, stolen, mutilated or destroyed, the Company
shall, on receipt of an indemnification undertaking, issue a new Warrant of like
denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

SECTION 11. NOTICES.

      Any notices, consents, waivers or other communications required or
permitted to be given under the terms of this Warrant must be in writing and
will be deemed to have been delivered: (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by facsimile (provided confirmation of
transmission is mechanically or electronically generated and kept on file by the
sending party); or (iii) one business day after deposit with a nationally
recognized overnight delivery service, in each case properly addressed to the
party to receive the same. The addresses and facsimile numbers for such
communications shall be:

            If to the Company:

            US TRUCKING, INC.
            10602 Timberwood Circle, #9
            Louisville, KY 40223
            Telephone: 502.334.4000
            Facsimile: 502.412.8200
            Attention: Mr. Anthony Huff

            With a copy to:

                                       13
<PAGE>   14

            Jud Wagenseller
            2107 Bainbridge Row Dr.
            Louisville, KY 40207
            Telephone: 502.889.5108
            Facsimile: 502.889.5109
            Attention: Jud Wagenseller

            If to the Buyer:

            AUGUSTA/L.O.F., LLC
            C/O JE Matthew, LLC
            600 Central Avenue
            Suite 214
            Highland Park, Illinois 60035
            Telephone: (847)681-8600
            Facsimile: (847)681-1541
            Attention: Howard Spivack

            With a copy to:

            Pedersen & Houpt
            161 N Clark St
            Suite 3100
            Chicago, IL 60601-3224
            Telephone: (312) 261-2112
            Facsimile: (312) 641-6895
            Attention: John Muehlstein, Esq.

or to such other address and/or facsimile number and/or to the attention of such
other person as the recipient party has specified by prior written notice given
to each other party five days prior to the effective date of such change.
Written confirmation of receipt (A) given by the recipient of such notice,
consent, waiver or other communication, (B) mechanically or electronically
generated by the sender's facsimile machine containing the time, date, recipient
facsimile number and an image of the first page of such transmission or (C)
provided by a nationally recognized overnight delivery service shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from a
nationally recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively.

SECTION 12. DATE.

      The date of this Warrant is May 17, 2000. This Warrant, in all events,
shall be wholly void and of no effect after the close of business on the
Expiration Date, except that notwithstanding any other provisions hereof, the
provisions of SECTION 8 shall continue in full force and effect after such date
as to any Warrant Shares or other securities issued upon the exercise of this
Warrant.

                                       14
<PAGE>   15

SECTION 13. AMENDMENT AND WAIVER.

      The provisions of this Warrant may only be amended upon a written
instrument executed by the Company and the holders hereof.

SECTION 14. 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. All questions concerning the construction, validity, enforcement and
interpretation of this Warrant shall be governed by the internal laws of the
State of Illinois, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Illinois or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the
State of Illinois.

SECTION 15. SUCCESSORS AND ASSIGNS.

      This Warrant shall be binding upon and inure to the benefit of the parties
and their respective successors and assigns, including any purchasers of this
Warrant. The Company shall not assign this Warrant or any rights or obligations
hereunder without the prior written consent of the holder of this Warrant,
including by merger, consolidation or reorganization, except pursuant to a
Special Event (as defined in SECTION 2(b)(ii) of the Debenture) consolidation or
reorganization with respect to which the Company has satisfied its obligations
under SECTION 2 of the Debenture and SECTION 9(B). The holder of this Warrant
may assign some or all of its rights hereunder to (i) without the consent of the
Company, any person or entity who, immediately prior to such assignment, is an
affiliate of such holder (a "Permitted Assignee") and (ii) with the prior
written consent of the Company, which consent shall not be unreasonably
withheld, to any person or entity which is not a Permitted Assignee; provided,
however, that any such assignment shall not release the holder of this Warrant
from its obligations hereunder unless such obligations are assumed by such
assignee and the Company has consented to such assignment and assumption, which
consent shall not be unreasonably

                                       15

<PAGE>   16

withheld. Notwithstanding anything to the contrary contained herein, the holder
of this Warrant shall be entitled to pledge the this Warrant and the shares of
Common Stock issuable upon exercise of this Warrant in connection with a bona
fide margin account.

                                       16

<PAGE>   17

                                        US TRUCKING, INC.

                                        By: /s/ Anthony Huff
                                           -------------------------------------
                                       [Name]
                                       [Title]

<PAGE>   18

                                                           EXHIBIT A TO WARRANT

                                SUBSCRIPTION FORM

        TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT

                                US TRUCKING, INC.

         The undersigned holder hereby exercises the right to purchase
_________________ of the shares of Common Stock ("Warrant Shares") of US
TRUCKING, INC., a Colorado corporation (the "Company"), evidenced by the
attached Warrant (the "Warrant"). Capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Warrant.

         1. Type of Warrants. The aggregate number of Warrants exercised
pursuant to this Subscription Form shall be comprised of one (1) Warrant.

         2. Form of Warrant Exercise Price. The Holder intends that payment of
the Warrant Exercise Price shall be made as:

             ____________ a CASH EXERCISE, and/or

             ____________ a  CASHLESS EXERCISE (to the extent permitted by the
                                terms of the Warrant).

         3. Payment of Warrant Exercise Price. In the event that the holder has
elected a Cash Exercise with respect to some or all of the Warrant Shares to be
issued pursuant hereto, the holder shall pay the sum of $___________________ to
the Company in accordance with the terms of the Warrant.

         4. Delivery of Warrant Shares. The Company shall deliver to the holder
__________ Warrant Shares in accordance with the terms of the Warrant.

Date:
     -------------------  ---, -----

   Name of Registered Holder

By:
   ----------------------------------
   Name:
   Title:

<PAGE>   19

                                                           EXHIBIT B TO WARRANT

                              FORM OF WARRANT POWER

FOR VALUE RECEIVED, the undersigned does hereby assign and transfer to
________________, Federal Identification No. __________, a warrant to purchase
____________ shares of the capital stock of US TRUCKING, INC., a Colorado
corporation, represented by warrant certificate no. _____, standing in the name
of the undersigned on the books of said corporation. The undersigned does hereby
irrevocably constitute and appoint ______________, attorney to transfer the
warrants of said corporation, with full power of substitution in the premises.

Dated:
      -----------, ----

                                         ------------------------------------

                                         By:
                                            ---------------------------------
                                         Its:
                                             --------------------------------

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