Document:

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                                  EXHIBIT 10.3
                        LONG-TERM INCENTIVE PLAN OF 1990.

                     FRANKLIN FINANCIAL SERVICES CORPORATION
                        LONG-TERM INCENTIVE PLAN OF 1990

                            TABLE OF CONTENTS

                                                                    Page

SECTION 1
PURPOSE OF THE PLAN....................................................1

SECTION 2
EFFECTIVE DATE OF PLAN.................................................1

SECTION 3
DEFINITIONS............................................................1

SECTION 4
SCOPE OF THE PLAN......................................................3
     4.1  Form of Awards...............................................3
     4.2  Shares Reserved..............................................4

SECTION 5
ADMINISTRATION.........................................................4
     5.1  Committee Members............................................4
     5.2  Committee Actions............................................4
     5.3  Committee Authority..........................................5

SECTION 6
STOCK ADJUSTMENTS......................................................5

SECTION 7
ELIGIBILITY............................................................6

SECTION 8
GRANT OF AWARDS........................................................6
     8.1  Authority to Grant Awards....................................6

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     8.2  Documentation of Grant.......................................6

SECTION 9
TERMS AND CONDITIONS...................................................7
     9.1  Stock Options................................................7
     9.2  Incentive Stock Options......................................8
     9.3  Stock Appreciation Rights....................................10
     9.4  Performance Shares and Performance Units.....................11
     9.5  Restricted Stock.............................................12

SECTION 10
PLAN TERMINATION, AMENDMENT OR
         CHANGE OF CONTROL.............................................13
     10.1 Plan Termination or Amendment................................13
     10.2 Change of Control............................................14

SECTION 11
MISCELLANEOUS..........................................................15
     11.1 Withholding..................................................15
     11.2 Legal and Other Requirements.................................16
     11.3 Rights as a Shareholder......................................16
     11.4 Notices......................................................16
     11.5 No Right to Employment.......................................17
     11.6 Indemnification..............................................17
     11.7 Governing Law................................................17
     11.8 Parties in Interest..........................................17
     11.9 Nontransferability...........................................17
     11.10 Construction/Heading........................................18

                                  SECTION 1

                              PURPOSE OF THE PLAN

      The, purpose of the Long-Term Incentive Plan of 1990 (the "Plan") is to
provide incentive compensation opportunities for selected officers and key
employees of Franklin Financial Services Corporation (the "Holding Company").
In providing these opportunities, the Holding Company seeks to generate in
the participants a proprietary and vested interest in the performance of the
Holding Company and an increasing incentive to contribute to the Holding
Company's future success and prosperity, thereby benefiting all shareholders.
Providing incentive compensation opportunities to key employees will aid the
Holding Company in attracting, retaining, and encouraging the kind of
management it requires to realize its long term financial objectives.

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                                  SECTION 2
                            EFFECTIVE DATE OF PLAN

     This Plan shall become effective January 1, 1990, subject to the
approval of the shareholders of the Holding Company at the Annual Meeting on
April 24, 1990.

                                  SECTION 3
                                 DEFINITIONS

     3.1 "Award" or "Awards" means a stock option, an incentive stock option,
a stock appreciation right, a performance unit, performance share or a
restricted stock award.

     3.2 "Board" means the Board of Directors of the Holding Company.

     3.3 "Code" means the Internal Revenue Code of 1986, as amended from time to
time.

     3.4 "Committee" means the Committee designated by the Board to administer
the Plan.

     3.5 "Common Stock" means the Common Stock of the Holding Company.

     3.6 "Corporation" means the Holding Company and its subsidiaries.

     3.7 "Disability" means such rules, regulations and determinations as the
Committee deems appropriate under the Plan in respect of any disability of
any Participant. Without limiting the generality of the foregoing, the
Committee shall be entitled to determine (i) whether or not any such
disability shall constitute a termination of employment within the meaning of
the Plan and (ii) the impact, if any of any disability on Awards under the
Plan theretofore made to any Participant.

     3.8 "Employee" means any employee of the Corporation.

     3.9 "Fair Market Value" means the average of the most recent dealer "bid"
and "asked" price of the Common Stock in the over-the-counter market.

     3.10 "Option" means an incentive stock option or a nonqualified stock
option granted to a Participant subject to the terms and conditions as described
in the Plan.

     3.11 "Participant" means an Employee who is selected by the Committee to
receive an Award under the Plan.

     3.12 "Performance Cycle" or "Cycle" means the period of months or years
selected by the Committee during which the performance is measured for the
purpose of determining the extent to which an award of Performance Shares or
Performance Units has been earned.

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     3.13 "Performance Goals" means the objectives established by the
Committee for a Performance Cycle, for the purpose of determining the extent
to which Performance Shares or Performance Units which have been contingently
awarded for such Cycle are earned.

     3.14 "Performance Share" means a share of Common Stock contingently
awarded to a Participant subject to the terms and conditions as described in
the Plan.

     3.15 "Performance Unit" means a fixed or variable dollar denominated
unit contingently awarded to a Participant subject to the terms and
conditions as described in the Plan.

     3.16 "Restricted Period" means the period of months or years selected by
the Committee during which a grant of Restricted Stock may be forfeited to
the Holding Company.

     3.17 "Restricted Stock" means shares of Common Stock contingently
granted to a Participant subject to the terms and conditions as described in
the Plan.

     3.18 "Subsidiary" means a company that is wholly or partially owned by
the Holding Company that, with the approval of the Board, may participate in
this Plan.

                                  SECTION 4
                              SCOPE OF THE PLAN

     4.1 Form of Awards. Awards means any type of option, share or right that
may be granted pursuant to the terms of this Plan. Awards may be granted in
the form of Options, Stock Appreciation Rights ("SARs"), Restricted Stock,
Performance Units and Performance Shares.

     4.2 Shares Reserved. The maximum number of shares to be issued pursuant
to all Awards made under the Plan shall be 100,000 shares of presently
authorized but unissued or reacquired Common Stock. This limitation shall be
subject to adjustment as provided in Section 6 of the Plan. Shares pursuant
to Awards which, by reason of the expiration, cancellation or other
termination of Awards prior to issuance, are not issued, and Restricted
Shares that are forfeited after their issuance, shall again be available for
future Awards.

                                  SECTION 5
                                ADMINISTRATION

     5.1 Committee Members. The Plan shall be administered by the Committee,
which shall be composed of at least three members of the Board and may
include a representative of each Subsidiary, none of whom shall have been
eligible to participate in the Plan for a period of at least one year prior
to his election to serve on the Committee. No member of the Committee shall
be eligible to participate in the Plan while serving on the Committee, nor
shall any member of the Committee be eligible to participate in the Plan for
at least one year after his membership on the Committee ends.

     5.2 Committee Actions. The Committee shall hold meetings at such times
and places as it may determine. Such acts, as are reduced to or approved in
writing by each of the members of the Committee in a meeting at which a
majority of members are present, shall be the valid acts of the Committee.

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     5.3 Committee Authority. The Committee shall have the authority to
construe and interpret the provisions of the Plan. When appropriate, it may
also adopt, prescribe, amend and rescind rules and regulations relating to
the Plan. The Committee shall determine the Employees to whom Awards will be
made under the Plan. It shall also determine the time and frequency at which
Awards will be made and the number of shares to be optioned or awarded.
Decisions of the Committee shall be final, conclusive and binding upon all
parties.

                                  SECTION 6
                              STOCK ADJUSTMENTS

     In the event of any change in the number of issued and outstanding
shares of Common Stock of the Holding Company which results from a stock
split, reverse stock split, the payment of a stock dividend or any other
change in the capital structure of the Holding Company, the Committee shall
proportionately adjust the maximum number of shares reserved under Section
4.2 and shall appropriately adjust the number of shares subject to each
outstanding Award, and the price per share thereof (but not the total Award
price), so that upon exercise or realization of such Award, the Participant
shall receive the same number of shares he would have received had he been
holder of all shares subject to his outstanding Award immediately before the
effective date of such change in the number of issued shares of Common Stock
of the Holding Company. Such adjustment shall not result in the issuance of
fractional shares. Any adjustment under this Section shall be made by the
Committee, subject to approval by the Board. No adjustment shall be made that
would cause an incentive stock option to fail to continue to qualify as an
incentive stock option within the meaning of Section 422(A) of the Code. The
grant of an Award pursuant to the Plan shall not affect in any way the right
of the Holding Company to make adjustments, reclassifications,
reorganizations, or changes in its capital or business structure or to merge,
consolidate, dissolve, liquidate, sell, or transfer all or any part of its
business or assets.

                                  SECTION 7
                                 ELIGIBILITY

     Employees of the Corporation, as may be designated by the Committee, who
are performing or who have been engaged to perform services of special
importance to the management, operation, or development of the Corporation
shall be eligible to receive Awards under the Plan. Nonemployee members of
the Board shall not be eligible for Awards under the Plan.

                                  SECTION 8
                               GRANT OF AWARDS

     8.1 Authority to Grant Awards. Subject to the provisions of this Plan,
the Committee shall have sole and complete authority to determine, among
those Employees who are eligible according to Section 7, to whom Awards shall
be granted, the number of Awards and the conditions and limitations, if any,
in addition to those set forth below, applicable to the Award. The Committee
shall have the authority to grant Awards of one type or of several types and
in such combinations as the Committee shall determine. In the case of
incentive stock options, the terms and conditions of such grants shall be
subject to and comply with such limitations as may be prescribed by Section
422A of the Code.

     8.2 Documentation of Grant. Each Award granted under this Plan shall be
evidenced by an Award Agreement executed by the Corporation and the
Participant. Said agreement shall set forth the type of Award, the terms and
conditions of such Award, and the manner in which it may be exercised,
subject to the provisions of this Plan.

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                                  SECTION 9
                             TERMS AND CONDITIONS

     9.1  Stock Options.

     A. Price. The Committee shall establish the option price at the time
each stock option is granted, which price shall not be less than 50% of the
Fair Market Value of the shares on the day the option is granted. The option
price shall be subject to adjustment in accordance with the provisions of
Section 6.

     B. Terms. The Committee may determine that any stock option shall become
exercisable in installments and may determine that the right to exercise such
stock option as to such installments shall expire on different dates or on
the same date.

     C. Termination of Employment. In the event a Participant ceases to be an
Employee for reasons including Disability or death, stock options may be
exercised for a period of up to twelve (12) months beyond the date the
Participant ceases to be an Employee; provided, however, that there will be
no extension of such exercise period beyond the date a Participant ceases to
be an Employee if the Participant's employment has been terminated for cause.
For purposes of this Section 9.1C termination for "cause" means Participant's
employment was terminated because of Participant's personal dishonesty,
willful misconduct, breach of fiduciary duty involving personal profit,
willful failure to perform stated duties, willful violation of any law, rule
or regulation.

     D. Exercise of Options. The option price of each share as to which an
option is exercised shall be paid in full at the time of such exercise. Such
payment shall be made in cash, by tender of shares of Common Stock owned by
the Participant for at least six (6) months, or by a combination of cash and
such shares of Common Stock. In addition the Committee may provide the
Participant with assistance in financing the option price and applicable
taxes on such terms and conditions as it determines appropriate.

     9.2  Incentive Stock Options.

     A. Price. The Committee shall establish the option price at the
time each incentive stock option is granted, which price shall not be less
than 100% of the Fair Market Value of the shares on the day the option was
granted. However, if an Employee, at the time the option is granted, owns
stock possessing more than 10% of the total combined voting power of all
classes of stock of the Corporation, the option price shall not be less than
110% of the Fair Market Value of the shares on the day the option was
granted. The option price shall be subject to adjustment in accordance with
the provisions of Section 6.

     B. Terms. The Committee may determine that any incentive stock
option shall become exercisable in installments and may determine that the
right to exercise such incentive stock option as to such installments shall
expire on different dates or on the same date. Incentive stock options may
not be exercisable later than ten years after their date of grant. Incentive
stock options shall not be granted later than ten years after the earlier of:
(i) the date this Plan is adopted, or (ii) the date this Plan is approved by
the shareholders of the Holding Company.

     C. Termination of Employment. In the event a Participant ceases to
be an Employee for reasons other than Disability or death, no incentive stock
options may be exercised after three (3) months beyond the date the

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Participant ceases to be an Employee; provided, however, that there will be
no extension of such exercise period beyond the date a Participant ceases to
be an Employee if the Participant's employment has been terminated for cause.
For purposes of this Section 9.2C termination for "cause" means Participant's
employment was terminated because of Participant's personal dishonesty,
willful misconduct, breach of fiduciary duty involving personal profit,
willful failure to perform stated duties, or willful violation of any law,
rule or regulation. In the event a Participant ceases to be an Employee for
reasons of Disability or death, incentive stock options may be exercised for
a period of up to twelve (12) months beyond the date of Disability or death.

     D. Exercise of Options. An incentive stock option shall not be
exercisable for six (6) months after the date it is granted. The option price
of each share as to which an incentive stock option is exercised shall be
paid in full at the time of such exercise. Such payment shall be made in
cash, by tender of shares of Common Stock owned by the Participant for at
least six (6) months, or by a combination of cash and such shares of Common
Stock. In addition, the Committee may provide the Participant with assistance
in financing the option price and applicable taxes on such terms and
conditions as it determines appropriate.

     9.3  Stock Appreciation Rights.

     A. Grant and Exercisability. Stock appreciation rights may be granted in
tandem with an Option, in addition to an Option, or may be freestanding and
unrelated to an Option. Stock appreciation rights granted in tandem or in
addition to an Option may be granted either at the same time as the Option or
at a later time. No stock appreciation right shall be exercisable earlier
than six months after its grant, except in the event of the Participant's
death or Disability.

     B. Value and Payment. A stock appreciation right shall entitle the
Participant to receive from the Corporation an amount equal to the positive
difference between the Fair Market Value of a share of Common Stock on the
exercise of the stock appreciation right and the grant price, or some lesser
amount as the Committee may determine either at the time of grant or at any
time prior to exercise. The Committee shall determine whether the stock
appreciation right shall be settled in cash, shares of Common Stock or a
combination of cash and shares of Common Stock.

     C. Termination of Employment. A Participant must be an Employee in order
to exercise a stock appreciation right; provided, however, that in the event
of a Participant's death or Disability, the Committee, in its discretion and
after taking into consideration the performance of such Participant and the
performance of the Corporation, may extend the period during which such
Participant or his successor may exercise some or all of his stock
appreciation rights, but said extension shall not be for more than twelve
(12) months from the date of termination.

     9.4  Performance Shares and Performance Units.

     A. Grant. The Committee shall determine the number of Performance Shares
and/or Performance Units to be granted, if any, and the number of such shares
and units for each Performance Cycle, and shall determine the duration of
each Performance Cycle and the value of each Performance Unit. There may be
more than one Performance Cycle in existence at any one time, and the
duration of Performance Cycles may differ from each other.

     B. Performance Goals. The Committee shall establish Performance Goals
for each Cycle on the basis of such criteria and to accomplish such
objectives as the Committee may from time to time select. During any Cycle,

<PAGE>

the Committee may adjust the Performance Goals for such Cycle as it deems
equitable in recognition of unusual or non-recurring events affecting the
Corporation or changes in applicable tax laws or accounting principles.

     C. Earned Awards. At the end of each Performance Cycle, the Committee
shall determine the number of Performance Shares and Performance Units which
have been earned by participants on the basis of performance in relation to
the established Performance Goals.

     D. Certificates and Payment. Certificates issued in respect of
Performance Shares shall be registered in the name of the Participant and
deposited by him, together with a stock power endorsed in blank, with the
Corporation. At the expiration of the Performance Cycle, the Corporation
shall deliver certificates representing earned Performance Shares to the
participant or his legal representative. Payment for Performance Units shall
be in (i) cash; (ii) shares of Common Stock; (iii) shares of Restricted
Stock; or (iv) in nonqualified stock options with an option price of $1 per
share and with a aggregate discount from Fair Market Value not in excess of
the value of the earned Performance Units for which payment is being made, in
such proportions as the Committee shall determine. Participants may be
offered the opportunity to defer receipt of payment for earned Performance
Shares and Performance Units under terms established by the Committee.

     E. Termination of Employment. A Participant must be an Employee at the
end of a Performance Cycle in order to be entitled to payment of Performance
Shares and/or performance Units in respect of such Cycle; provided, however,
that in the event of a Participant's death or Disability before the end of
such Cycle, the Committee, in its discretion and after taking into
consideration the performance of such Participant and the performance of the
Corporation during the Cycle, may authorize payment to such Participant or
his successor with respect to some or all of the Performance Shares and/or
Performance Units deemed earned for that Cycle.

     9.5 Restricted Stock.

     A. Grant. At the time of making a grant of Restricted Stock, the
Committee shall determine the number of shares of Restricted Stock to be
granted to each Participant, the duration of the Restricted Period during
which, and the conditions under which, all or part of the Restricted Stock
may be forfeited to the Corporation, and any terms and conditions of the
Award in addition to those contained in Section 9.5C and 9.5D, including, but
not limited to, the establishment of criteria which would permit the
restrictions to lapse on an accelerated basis.

     B. Certificates and Payment. Certificates issued in respect of shares of
Restricted Stock shall be registered in the name of the Participant and
deposited by him, together with a stock power endorsed in blank, with the
Corporation. At the expiration of the Restricted Period, the Corporation
shall deliver to the Participant or his legal representative such
certificates representing shares which have not been forfeited. Participants
may be offered the opportunity to defer receipt of payment for Restricted
Stock under terms established by the Committee.

     C. Termination of Employment. In the event a Participant ceases to be an
Employee during the Restricted Period for reasons other than death or
Disability, all shares of Restricted Stock shall be forfeited to the
Corporation.

     D. Death or Disability. In the event of a Participant's death or
Disability during the Restricted Period, the restrictions imposed hereunder
shall lapse with respect to such number of shares of Restricted Stock.

<PAGE>

                                  SECTION 10
               PLAN TERMINATION, AMENDMENT OR CHANGE OF CONTROL

     10.1 Plan Termination or Amendment. To the extent permitted by law, the
Board may amend, suspend, or terminate the Plan at any time; provided,
however, that no amendment may be adopted that permits an Award to be granted
to any member of the Committee, and further provided that, with respect to
incentive stock options, except as specified in Section 6, no amendment may
be adopted that will increase the number of shares reserved for Awards under
the Plan, change the option price, or change the provisions required for
compliance with Section 422A of the Code and regulations issued thereunder.
The Board shall not amend the Plan so as to increase the maximum number of
shares that may be issued under the Plan, except as specified in Section 6,
materially increase the benefits accruing to Participants or materially
modify the requirements for eligibility to participate in the Plan, without
the approval of the shareholders of the Holding Company. The amendment or
termination of this Plan shall not, without the consent of the Participant,
alter or impair any rights or obligations under any Award previously granted
hereunder.

     10.2 Change of Control.

     A. Authority. In order to maintain the Participants' rights in the event
of a "Change of Control" of the Holding Company, the Board, in its sole
discretion, may, notwithstanding anything to the contrary contained in the
Plan, either at the time an Award is made or at any time prior to or
simultaneously with a "Change of Control" (i) provide for the acceleration of
any time periods relating to the exercise or realization of such Awards so
that such Awards may be exercised or realized in full on or before a date
fixed by the Board; (ii) provide for the purchase of such Awards by the
Holding Company, upon the Participant's request, for an amount of cash equal
to the amount which could have been attained upon the exercise or realization
of such rights had such Awards been currently exercisable or payable; (iii)
make such adjustment to the Awards then outstanding as the Board deems
appropriate to reflect such change; or (iv) cause the Awards then outstanding
to be assumed or new rights of equivalent value substituted thereof, by the
successor corporation in such change. The Board may, in its sole discretion,
include such further provisions and limitations in any agreement entered into
with respect to an Award as it may deem equitable and in the best interest of
the Corporation.

     B. Definition. "Change of Control" means the occurrence of (i) a person
(including a group as defined in Section 13(d)(3) of the Securities Exchange
Act of 1934) becoming, directly or indirectly, the beneficial owner (as
defined under the Securities Exchange Act of 1934) of 25% or more of the
shares of the Holding Company, or (ii) during any period of two consecutive
years, individuals who at the beginning of such period constituted the Board,
ceasing for any reason to constitute at least a majority of the Board unless
the election of each director of the Board, who was not a director of the
Board at the beginning of such period, was approved by a vote of at least
two-thirds of the directors then still in office who were directors at the
beginning of such period, or (iii) the Holding Company ceasing to be a
publicly owned corporation.

                                  SECTION 11
                                MISCELLANEOUS

     11.1 Withholding. The Corporation shall have the right to deduct from
all amounts paid in cash (whether under this Plan or otherwise) any taxes
required by law to be withheld therefrom. In the case of payments of Awards
in the form of Common Stock, the Committee in its discretion may require the
Participant to pay the Corporation the amount of any taxes required to be
withheld with respect to such Common Stock, or in lieu thereof, the
Corporation shall have the right to retain (or the Participant may be offered
the opportunity to elect to tender) the number of shares of Common Stock
whose Fair Market Value equals the amount required to be withheld.

<PAGE>

     11.2 Legal and Other Requirements. The obligation of the Corporation to
sell and deliver Common Stock under the Plan shall be subject to all
applicable laws, regulations, rules and approvals, including but not limited
to, the effectiveness of a registration statement under the Securities Act of
1933 if deemed necessary or appropriate by the Corporation. Certificates for
shares of Common Stock issued hereunder may be legended as the Board shall
deem appropriate.

     11.3 Rights as a Shareholder. No Participant shall have any right as a
shareholder with respect to any Award granted to him unless and until
certificates for shares of Common Stock are issued to him, except in the
event an Award is made in the form of Restricted Stock, the Participant shall
have all rights of a shareholder subject to Section 9.5, including but not
limited to, the right to receive all dividends paid on such shares and the
right to vote such shares.

     11.4 Notices. Every direction, revocation or notice authorized or
required by the Plan shall be deemed delivered to the Corporation (i) on the
date it is personally delivered to the Secretary of the Corporation at its
principal executive offices or (ii) three business days after it is sent by
registered or certified mail, postage prepaid, addressed to the Secretary at
such offices. Notice shall be deemed delivered to a Participant (i) on the
date it is personally delivered to him or (ii) three business days after it
is sent by registered or certified mail, postage prepaid, addressed to him at
the last address shown for him on the records of the Corporation.

     11.5 No Right to Employment. No person shall have any claim or right to
be granted an Award, and the grant of an Award shall not be construed as
giving a Participant the right to be retained in the employ of the
Corporation. Further, the Corporation expressly reserves the right at any
time to dismiss a Participant, free from any liability, or any claim under
the Plan, except as provided herein or in any agreement entered into with
respect to an Award.

     11.6 Indemnification. The Corporation shall indemnify each member of the
Committee and each other officer or employee of the Corporation to whom any
duty or power relating to the Plan may be allocated or delegated, to the
fullest extent permitted under the laws of the Commonwealth of Pennsylvania
and the Bylaws of the Corporation.

     11.7 Governing Law. All questions pertaining to construction, validity
and effect of the provisions of this Plan and the rights of all persons
hereunder shall be governed by the laws of the Commonwealth of Pennsylvania.

     11.8 Parties in Interest. The provisions of this Plan and the terms and
conditions of any Award shall be binding upon and inure to the benefit of all
successors of each Participant.

     11.9 Nontransferability. Awards may not be sold, assigned, transferred,
pledged or otherwise encumbered, except by will or the laws of descent and
distribution. During the lifetime of a Participant, an Award shall be
exercisable only by the Participant or by his guardian or legal
representative. Upon the death of a Participant, an Award shall be
exercisable, to the extent permitted, by the Participant's estate or by a
person who acquired the right to exercise such Award by bequest or
inheritance or by reason of the death of the Participant.

     11.10 Construction/Heading. All words herein shall be construed to be of
such number and gender as the context requires. All headings preceding the
text of the several paragraphs hereof are inserted solely for reference and
shall not constitute a part of this Plan, or affect its meaning, construction
or effect.

<PAGE>

                                   FRANKLIN FINANCIAL SERVICES
                                   CORPORATION

     DATE:____________________     BY:________________________________
                                        Officer

                                   ATTEST:

                                   BY:________________________________
                                        Secretary<PAGE>

                                 PROMISSORY NOTE

SALT LAKE CITY, UTAH

$20,000,000.00                                                SEPTEMBER 22, 2000

     For value received, MOTOR CARGO INDUSTRIES, INC. AND MOTOR CARGO (referred
to as "Borrower") jointly and severally, promises to pay to the order of ZIONS
FIRST NATIONAL BANK, a national banking association (hereinafter referred to as
"Zions" or "Lender") at its office in Salt Lake City, Utah, the sum of Twenty
Million and 00/100 Dollars ($20,000,000.00) or such other principal balance as
may be outstanding hereunder in lawful money of the United States with interest
thereon at an interest rate hereinafter described. The principal amount
available shall be reduced by 1/20 of the original balance at each quarter-end.

     PAYMENTS. Commencing October l5,2000, and continuing on the same day of
each month thereafter, accrued interest shall be due and payable. In any event,
the unpaid balance of principal and any accrued but unpaid interest shall be due
and payable no later than April 15, 2002. When the interest rate hereon is
adjusted, the monthly payment shall be adjusted by Zions to provide for an
amortization schedule which will pay this Promissory Note in full by April 15,
2002.

     INTEREST RATE. Prime Rate means an index which is determined daily by the
published commercial loan variable rate index held by any two of the following
banks: Chase Manhattan Bank, Wells Fargo Bank N.A., and Bank of America N.T. &
S.A. In the event no two of the above banks have the same published rate, the
bank having the median rate will establish the Prime Rate. If, for any reason
beyond the control of Zions, any of the aforementioned banks becomes
unacceptable as a reference for the purpose of determining the Prime Rate used
herein, Zions may, five days after posting notice, substitute another comparable
bank for the one determined unacceptable. As used in this paragraph, "comparable
bank" shall mean one of the ten largest commercial banks headquartered in the
United States of America. This definition of Prime Rate is to be strictly
interpreted and is not intended to serve any purpose other than providing an
index to determine the variable interest rate used herein. It is not the lowest
rate at which Zions may make loans to any of its customers, either now or in the
future.

     Unless Borrower elects a fixed rate of interest, as provided below, this
Promissory Note will bear interest at a variable rate equal to the Prime Rate
less 0.25% per annum. The variable interest rate will change immediately and
automatically with each change in the Prime Rate.

     At such times and in such amounts as Borrower may elect, all or a portion
of the outstanding balance may be converted to a fixed rate of interest equal to
the thirty (30), sixty (60), ninety (90), one hundred eighty (180) or three
hundred sixty five (365) day London Interbank Offered Rate (LIBOR) for a period
corresponding to the LIBOR term chosen plus 2.35%per annum. Borrower may not
choose a period which extends past the maturity date of this Promissory Note.
Upon expiration of the applicable fixed rate period, Borrower may elect to have
such portion of the Promissory Note accrue interest at an elected LIBOR Rate or
the variable rate. If no election is made, such portion of the Promissory Note
will bear interest at the variable rate equal to the Prime Rate less 0.25% per
annum. Borrower shall not prepay any amounts which accrue interest at a fixed
rate, nor may a fixed rate be converted to a variable rate until the expiration
of the fixed rate option. ln the event that a LIBOR Rate is not available on
such dates, the interest rate shall be the applicable variable rate. Zions will
maintain records, which may be computerized, which will specify the interest
rates payable hereon. Borrower will promptly notify Zions of any possible error
contained in any records which are provided to Borrower.
<PAGE>

     PREPAYMENT. The Borrower shall pay to the Bank a fee with respect to the
prepayment of any or all of the remaining principal balance of the term loan in
an amount equal to the prepaid principal amount times the difference between: a)
the "Current LIBOR" and; b) the Original LIBOR: times the number of years and
fractional years remaining until the earlier of maturity or the next repricing,
except that: (I) No prepayment fee shall be required if the "Current LIBOR" is
greater than the "Original LIBOR"; and, (II) up to five percent (5%), non-
cumulative, of the original Principal Indebtedness may be prepaid in any year
without payment of any prepayment fee.

     LIBOR is defined as the dollar London Interbank Offered Rate as quoted by
     the British Bankers Association on the Telerate System, or the offered side
     as quoted by Lasser, Marshall, Inc., or another New York based broker.

     "Current LIBOR" is defined to be the LIBOR in effect on the date of the
     prepayment for a term equal to the time to the earlier of maturity or the
     next repricing date.

     "Original LIBOR" is defined to be the LIBOR in effect on the more recent of
     the date the loan was made or most recent repricing for a term equal to the
     time to the earlier of maturity or the next repricing date.

     As used herein, Lender's thirty (30), sixty (60), ninety (90), one hundred
eighty (180) or three hundred sixty five (365) day LIBOR Rate shall mean the
rates per annum quoted by Lender as Lender's thirty (30), sixty (60), ninety
(90), one hundred eighty (180) or three hundred sixty five (365) day LIBOR Rate
based upon quotes for the London Interbank Offered Rate from the British Bankers
Association Interest Settlement Rates, Lasser Marshall Inc., or other comparable
services. This definition of Lender's thirty (30), sixty (60), ninety (90), one
hundred eighty (180) or three hundred sixty five (365) day LIBOR Rate is to be
strictly interpreted and is not intended to serve any purpose other than
providing an index to determine the interest rate used herein. Lender's thirty
(30), sixty (60), ninety (90), one hundred eighty (180) or three hundred sixty
five (365) LIBOR Rate may not necessarily be the same as the quoted offer side
in the eurodollar time deposit market by any particular institution or service
applicable to any interest period.

     Not withstanding any other provision in this Promissory Note, if the
adoption of any applicable law, rule, or regulation, or any change therein, or
any change in the interpretation or administration thereof by any governmental
authority, central bank, or comparable agency charged with the interpretation or
administration thereof, or compliance by Lender with any request or directive
(whether or not having the force of law) of any such authority, central bank, or
comparable agency shall make it unlawful or impossible for Lender to maintain or
fund advances based on Lender's thirty (30), sixty (60), ninety (90), one
hundred eighty (180) or three hundred sixty five (365) day LIBOR Rate, then upon
notice to Borrower by Lender, interest accruing on the outstanding principal
balance under this Promissory Note, together with interest already accrued
thereon, shall, at the election of Lender, be immediately converted to the
applicable variable rate.

     Notwithstanding anything to the contrary herein, if Lender determines
(which determination shall be conclusive) that quotations of interest rates
referred to in the definition of Lender's thirty (30), sixty (60), ninety (90),
one hundred eighty (180) or three hundred sixty five (365) day LIBOR Rate are
not being provided in the relevant amounts or for the relevant maturities for
purposes of Lender's determining Lender's thirty (30), sixty (60), ninety (90),
one hundred eighty (180) or three hundred sixty five (365) day, or if Lender
determines (which determination shall be conclusive) that Lender's thirty (30),
sixty (60), ninety (90), one hundred eighty (180) or three hundred sixty five
(365) day LIBOR Rate does not accurately cover the cost to Lender of making or
maintaining advances based on Lender's thirty (30), sixty (60), ninety (90), one
hundred eighty (180) or three hundred sixty five (365) day LIBOR Rate, then
Lender shall give notice thereof to Borrower, whereupon, until Lender notifies
Borrower that the circumstances giving rise to such suspension no longer exist,
the interest rate hereunder shall be converted to the applicable variable rate.

     Any advance under this Promissory Note which accrues interest at the
variable rate may be

                                       2
<PAGE>

prepaid in whole or in part without penalty provided that any partial prepayment
will not defer any monthly installments.

     Interest on this Promissory Note is computed on a 365/365 simple interest
basis; that is, interest is computed by applying the ratio of the annual
interest rate over a year of 365 days, multiplied by the outstanding principal
balance, multiplied by the actual number of days the principal balance is
outstanding. Borrower will pay Lender at lender's address located at #1 South
Main, Salt Lake City, Utah 84111, or at such other place as Lender maintains
Banking Centers.

     APPLICATION OF PAYMENTS. Any and all payments by Borrower under this
Promissory Note shall be applied as follows: first, to the repayment of any
Lender Expenditures advanced by Lender hereunder or pursuant to the loan
documents relating to the Promissory Note; second, to the payment of any late
charges; third, to the payment of accrued interest on the principal
indebtedness; and fourth, to the payment of the principal indebtedness
hereunder.

     LENDER'S EXPENDITURES. Borrower agrees to pay on demand any expenditures
made by Lender in accordance with the loan documents relating to this Promissory
Note, including, but not limited to, the payment of taxes, insurance premiums,
costs of maintenance and preservation of the collateral, common expense and
other assessments relating to the collateral, and attorney fees and costs
incurred in connection with any matter pertaining hereto or to the security
pledged to secure the principal indebtedness under this Promissory Note or any
portion thereof (collectively the "Lender Expenditures"). At the election of
Lender, all Lender Expenditures may be added to the unpaid balance of this
Promissory Note and become a part of and on a parity with the indebtedness
secured by the collateral and shall accrue interest at such rate as may be
computed from time to time in the manner prescribed in this Promissory Note.

     Zions shall maintain appropriate records of advances, repayments and the
interest rates applicable to the advances. Such records may consist of computer
records and shall be deemed correct.

     DEFAULT. Borrower will be in default if any of the following happens:
(a) Borrower fails to make payment when due; (b) Borrower breaks any promise
Borrower has made to Lender, or Borrower fails to comply with or to perform
when due any other term, obligation, covenant, or condition contained in this
Promissory Note or any agreement related to this Promissory Note, or in any
other agreement or loan Borrower has with Lender; (c) Borrower defaults under
any loan, extension of credit, security agreement, purchase or sales
agreement, or any other agreement in favor of any other creditor or person
that may materially affect any of Borrower's property of Borrower's ability
to repay this Promissory Note or perform Borrower's obligations under this
Promissory Note or any document or agreement related to this Promissory Note
and the transaction evidenced thereby; (d) Any representation or statement
made or furnished to Lender by Borrower or on Borrower's behalf is false or
misleading in any material respect either now or at the time made or
furnished; (e) Borrower dissolves (regardless of whether election to continue
is made), any member withdraws from Borrower, any member dies, or any of the
members or Borrower becomes insolvent, a receiver is appointed for any part
of Borrower's property, Borrower makes an assignment for the benefit of
creditors, or any proceeding is commenced either by Borrower or against
Borrower under any bankruptcy or insolvency laws; (f) Any creditor tries to
take any of Borrower's property on or in which Lender has a lien or security
interest (this includes a garnishment of any of Borrower's accounts with
Lender); (g) Any guarantor dies or any of the other events described in this
default section occurs with respect to any guarantor of this Note; (h) A
material adverse change occurs in Borrower's financial condition, or Lender
believes the prospect of payment or performance of the Indebtedness is
impaired; (i) Lender in good faith deems itself insecure.

     If any default, other than a default in payment, is curable and if Borrower
has not been given a notice of a breach of the same provision of this Note
within the preceding twelve (12) months, it may be cured (and no event of
default will have occurred) if Borrower, after receiving written notice from
Lender demanding cure of such default: (a) cures the default within fifteen (15)
days; or (b) if the cure requires more than fifteen (15) days, immediately
initiates steps which Lender deems in Lender's sole discretion to be sufficient
to cure the default and

                                       3
<PAGE>

thereafter continues and completes all reasonable and necessary steps sufficient
to produce compliance as soon as reasonably practical.

     LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid
principal balance on this Promissory Note and all accrued unpaid interest
immediately due, without notice, and then Borrower will pay that amount. Upon
default, including failure to pay upon final maturity, Lender, at it option, may
also, if permitted under applicable law, increase the variable interest rate on
this Promissory Note 3.000 percentage points. The interest rate will not exceed
the maximum rate permitted by applicable law. Lender may hire or pay someone
else to help collect this Promissory Note if Borrower does not pay. Borrower
also will pay Lender that amount. This includes, subject to any limits under
applicable law, Lender's reasonable attorney's fees and Lender's legal expenses
whether or not there is a lawsuit, including reasonable attorneys' fees and
legal expenses for bankruptcy proceedings (including efforts to modify or vacate
any automatic stay or injunction), appeals, and any anticipated post-judgment
collection services. If not prohibited by applicable law, Borrower also will pay
any court costs, in addition to all other sums provided by law.

     RIGHT OF SETOFF. Borrower grants to Lender a contractual possessory
security interest in, and hereby assigns, conveys, delivers, pledges, and
transfers to Lender all Borrower's right, title and interest in and to,
Borrower's accounts with Lender (whether checking, savings, or some other
account), including without limitation all accounts held jointly with someone
else and all accounts Borrower may open in the future, excluding however all IRA
and Keogh accounts, and all trust accounts for which the grant of a security
interest would be prohibited by law. Borrower authorizes Lender, to the extent
permitted by applicable law, to charge or setoff all sums owing on this Note
against any and all such accounts.

     If any payment of this Promissory Note becomes due and payable on a
Saturday, Sunday or legal holiday for commercial banks under applicable banking
laws, the maturity thereof shall be extended to the next succeeding business day
and interest thereon shall be payable at the then applicable rate during such
extension.

     Borrower and all endorsers, sureties, and guarantors hereof hereby jointly
and severally waive presentment for payment, demand, protest, notice of protest
and of non-payment and of dishonor, and consent to extensions of time, renewal,
waivers, or modifications without notice and further consent to the release of
any collateral or any part thereof, with or without substitution.

     This Note has been delivered to Lender and accepted by Lender in the State
of Utah. If there is a lawsuit, Borrower agrees upon Lender's request to submit
to the jurisdiction and venue of the courts of SALT LAKE County, the State of
Utah. This Promissory Note shall be governed by and construed in accordance with
the laws of the State of Utah except as modified by the arbitration provisions.

ARBITRATION DISCLOSURES:

1.   Arbitration is usually final and binding on the parties and subject to only
     very limited review by a court.

2.   The parties are waiving their right to litigate in court, including their
     right to a jury trial.

3.   Pre-arbitration discovery is generally more limited and different from
     court proceedings.

4.   Arbitrators' awards are not required to include factual findings or legal
     reasoning and any party's right to appeal or to seek modification of
     rulings by arbitrators is strictly limited.

5.   A panel of arbitrators might include an arbitrator who is or was affiliated
     with the banking industry.

6.   If you have questions about arbitration, consult your attorney or the
     American Arbitration Association.

ARBITRATION PROVISIONS:

     (a)  Any controversy or claim between or among the parties, including but
not limited to those arising out of or relating to this Promissory Note or any
agreements or instruments relating hereto or delivered in connection herewith,
and including but not limited to a claim based on or arising from an alleged
tort, shall at the request of any

                                       4
<PAGE>

party be determined by arbitration in accordance with the Commercial Arbitration
Rules of the American Arbitration Association. The arbitration proceedings shall
be conducted in Salt Lake City, Utah. The arbitrator(s) shall have the
qualifications set forth in subparagraph (c) hereto. All statutes of limitations
which would otherwise be applicable in a judicial action brought by a party
shall apply to any arbitration or reference proceeding hereunder.

     (b)  In any judicial action or proceeding arising out of or relating to
this Agreement or any agreements or instruments relating hereto or delivered in
connection herewith, including but not limited to a claim based on or arising
from an alleged tort, if the controversy or claim is not submitted to
arbitration as provided and limited in subparagraph (a) hereto, all decisions of
fact and law shall be determined by a reference in accordance with Rule 53 of
the Federal Rules of Civil Procedure or Rule 53 of the Utah Rules of Civil
Procedures or other comparable, applicable reference procedure. The parties
shall designate to the court the referee(s) selected under the auspices of the
American Arbitration Association in the same manner as arbitrators are selected
in Association-sponsored arbitration proceedings. The referee(s) shall have the
qualifications set forth in subparagraph (c) hereto.

     (c)  The arbitrator(s) or referee(s) shall be selected in accordance with
the rules of the American Arbitration Association from panels maintained by the
Association. A single arbitrator or referee shall be knowledgeable in the
subject matter of the dispute. Where three arbitrators or referees conduct an
arbitration or reference proceeding, the claim shall be decided by a majority
vote of the three arbitrators or referees, at least one of whom must be
knowledgeable in the subject matter of the dispute and at least one of whom must
be a practicing attorney. The arbitrator(s) or referee(s) shall award recovery
of all costs and fees (including reasonable attorneys' fees, administrative
fees, arbitrators' fees, and court costs). The arbitrator(s) or referee(s) also
may grant provisional or ancillary remedies such as, for example, injunctive
relief, attachment, or the appointment of a receiver, either during the pendency
of the arbitration or reference proceeding or as part of the arbitration or
reference award.

     (d)  Judgment upon an arbitration or reference award may be entered in any
court having jurisdiction, subject to the following limitation: the arbitration
or reference award is binding upon the parties only if the amount does not
exceed Four Million Dollars ($4,000,000); if the award exceeds that limit,
either party may commence legal action for a court trial de novo. Such legal
action must be filed within thirty (30) days following the date of the
arbitration or reference award; if such legal action is not filed within that
time period, the amount of the arbitration or reference award shall be binding.
The computation of the total amount of an arbitration or reference award shall
include amounts awarded for arbitration fees, attorneys' fees, interest, and all
other related costs.

     (e)  At Zions option, foreclosure under a deed of trust or mortgage may be
accomplished either by exercise of a power of sale under the deed of trust or by
judicial foreclosure. The institution and maintenance of an action for judicial
relief or pursuit of a provisional or ancillary remedy shall not constitute a
waiver of the right of any party, including the plaintiff, to submit the
controversy or claim to arbitration if any other party contests such action for
judicial relief.

     (f)  Notwithstanding the applicability of other law to any other provision
of this Promissory Note, the Federal Arbitration Act, 9 U.S.C. Section 1 ET
SEQ., shall apply to the construction and interpretation of this arbitration
section.

     This Promissory Note evidences a revolving line of credit under which
Borrower may repeatedly borrower and repay provided an event of default has not
occurred.

     This Promissory Note is secured by a Commercial Security Agreement dated
September 14, 1999.

     This is a renewal of a Promissory Note from Borrower to lender dated
September 14, 1999, as amended in the original principal amount of
$20,000,000.00.

                                       5
<PAGE>

MOTOR CARGO INDUSTRIES, INC.

By: /s/ Lynn H. Wheeler
   -----------------------------------
   Lynn H. Wheeler, Vice President/CFO

MOTOR CARGO, CO-BORROWER

By: /s/ Lynn H. Wheeler
   -----------------------------------
   Lynn H. Wheeler, Vice President/CFO

                                       6

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