Document:

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                                                                         EX 10.2

          IMPORTANT: PLEASE READ CAREFULLY BEFORE SIGNING: SIGNIFICANT
                     REPRESENTATIONS ARE CALLED FOR HEREIN.

                          Velocity Express Corporation

                            STOCK PURCHASE AGREEMENT

Velocity Express Corporation
7803 Glenroy Road, Suite 200
Bloomington, Minnesota 55439

Ladies and Gentlemen:

     THIS AGREEMENT, made effective this __ day of ___________, between Velocity
Express Corporation, a Delaware corporation (the "Company"), and _________, a
resident of the State of ___________.

1.        (a) The Company agrees to sell to the undersigned, and the undersigned
          agrees to purchase from the Company, _______ shares of the Company's
          Series H Preferred Convertible Preferred Stock, par value $0.004 per
          share (the "Shares" or "Series H Preferred") for the subscription
          price of $10.00 per Share. The rights and preferences of the Shares
          are set forth in the Certificate of Designation of Preferences and
          Rights of Series H Convertible Preferred Stock as set forth in
          Appendix A attached hereto. The Company will also issue to the
          undersigned in connection with this purchase a warrant to purchase
          _______ shares of the Company's Common Stock (the "Warrant"). A form
          of the Warrant is attached hereto as Appendix B. The undersigned
          acknowledges that this subscription is contingent upon acceptance in
          whole or in part by the Company. Concurrent with the delivery of this
          Agreement, the undersigned has delivered cash or a check or wire
          transfer to the Company in the amount of $__________ in payment of the
          full purchase price of the Shares.

     (b)  Company and the undersigned agree that, as set forth in Section 6
          of Certificate of Designation of Preferences and Rights of Series H
          Convertible Preferred Stock, the Company can repurchase the Series H
          Preferred Stock of the undersigned on or before April 30, 2003 by
          tendering to undersigned $__________. In the event the Company does
          not repurchase the Series H Preferred Stock, the undersigned shall be
          entitled to receive an additional warrant (the "Call Warrant") to
          purchase ________ shares of the Company's Common Stock. A form of the
          Call Warrant is attached hereto as Appendix C.

2.        The undersigned acknowledges and represents as follows:

          (a)  That the undersigned has had an opportunity to carefully review
               the Company, has had the opportunity to conduct due diligence on
               the Company, has had the opportunity to review its public filings
               with the Securities and Exchange Commission and has reviewed the
               Risk Factors, attached hereto as Appendix D, relating to the
               Company (the "Company Materials"), and all documents delivered
               therewith or reasonably requested by the undersigned;

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          (b)  That the undersigned is able to bear the economic risk of the
               investment in the Shares;

          (c)  That the undersigned has knowledge and experience in financial
               and business matters, that the undersigned is capable of
               evaluating the merits and risks of the prospective investment in
               the Shares and that the undersigned is able to bear such risks.

          (d)  That the undersigned understands an investment in the Shares is
               highly speculative but believes that the investment is suitable
               for the undersigned based upon the undersigned investment
               objectives and financial needs, and has adequate means for
               providing for his, her or its current financial needs and
               personal contingencies and has no need for liquidity of
               investment with respect to the Shares;

          (e)  That the undersigned has been given access to full and complete
               information regarding the Company (including the opportunity to
               meet with Company officers and review such documents as the
               undersigned may have requested in writing) and has utilized such
               access to the undersigned satisfaction for the purpose of
               obtaining information in addition to, or verifying information
               included in, the Company Materials;

          (f)  That the undersigned recognizes that the Shares, are an
               investment, involve a high degree of risk, including, but not
               limited to, the risks described in the Company Materials; and

          (g)  That the undersigned realizes that (i) the purchase of Shares is
               a long-term investment; (ii) the purchasers of the Shares must
               bear the economic risk of investment for an indefinite period of
               time because the Shares have not been registered under the
               Securities Act of 1933, as amended (the "Act") and, therefore,
               cannot be sold unless they are subsequently registered under the
               Act, and specifically Regulation D of the Act, or an exemption
               from such registration is available; and (iii) the
               transferability of the Shares is restricted, and (A) requires the
               written consent of the Company, (B) requires conformity with the
               restrictions contained in paragraphs 5 and 6 below, and (C) will
               be further restricted by a legend placed on the certificate(s)
               representing the Shares stating that the Shares have not been
               registered under the Act and referring to the restrictions on
               transferability of the Shares, and by stop transfer orders or
               notations on the Company's records referring to the restrictions
               on transferability.

3.        The undersigned has been advised that the Shares are not being
          registered under the Act or any other securities laws pursuant to
          exemptions from the Act and such laws, and that the Company's reliance
          upon such exemptions is predicated in part on the undersigned's
          representations to the Company as contained herein. The undersigned
          represents and warrants that the Shares are being purchased for his,
          her or its own account and for investment and without the intention of
          reselling or redistributing the same, that he, she or it has made no
          agreement with others regarding any of such Shares and that his, her
          or its financial condition is such that it is not likely that it will
          be necessary to dispose of any of such Shares in the foreseeable
          future. The undersigned is aware that, in the view of the Securities
          and Exchange Commission, a purchase of Shares with an intent to resell
          by reason of any foreseeable specific contingency or anticipated
          change in market value, or

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          any change in the condition of the Company or its business, or in
          connection with a contemplated liquidation or settlement of any loan
          obtained for the acquisition of the Shares and for which the Shares
          were pledged as security, would represent an intent inconsistent with
          the representations set forth above. The undersigned further
          represents and agrees that if, contrary to his, her or its foregoing
          intentions, he, she or it should later desire to dispose of or
          transfer any of such Shares in any manner, he, she or it shall not do
          so without first obtaining (a) the opinion of counsel designated by
          the Company that such proposed disposition or transfer lawfully may be
          made without the registration of such Shares for such purpose pursuant
          to the Act, as then in effect, and any other applicable securities
          laws, or (b) such registrations (it being expressly understood that
          except as provided in the Registration Rights Agreement dated as of
          the date hereof, the Company shall not have any obligation to register
          the Shares for such purpose).

               The undersigned agrees that the Company may place a restrictive
          legend on the certificate(s) representing the Shares, containing
          substantially the following language:

               THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED
               WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
               (THE "ACT"), AND WITHOUT REGISTRATION UNDER ANY OTHER SECURITIES
               LAWS, IN RELIANCE UPON EXEMPTIONS CONTAINED IN THE ACT AND SUCH
               LAWS. NO TRANSFER OF THESE SECURITIES OR ANY INTEREST THEREIN MAY
               BE MADE IN THE ABSENCE OF EITHER AN EFFECTIVE REGISTRATION
               STATEMENT UNDER THE ACT AND UNDER THE APPLICABLE STATE SECURITIES
               LAWS, OR AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT
               SUCH TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE ACT AND
               UNDER APPLICABLE STATE SECURITIES LAWS. FURTHER, THESE SECURITIES
               ARE SUBJECT TO LIMITATIONS ON CONVERTIBILITY AS SET FORTH IN THE
               STOCK PURCHASE AGREEMENT APPLICABLE TO THE ISSUANCE OF THESE
               SECURITIES.

               The undersigned agrees and consents that the Company may place a
          stop transfer order on the certificate(s) representing the Shares to
          assure the undersigned's compliance with this Agreement and the
          matters referenced above.

               The undersigned agrees to save and hold harmless, defend and
          indemnify the Company and its directors, officers and agents from any
          claims, liabilities, damages, losses, expenses or penalties arising
          out of any misrepresentation of information furnished by the
          undersigned to the Company in this Agreement.

               The undersigned understands that the Company at a future date may
          file a registration or offering statement (the "Registration
          Statement") with the Securities and Exchange Commission to facilitate
          a public offering of its securities. The undersigned agrees, for the
          benefit of the Company, that should an underwritten public offering be
          made and should the managing underwriter of such offering require, the
          undersigned will not, without the prior written consent of the Company
          and such underwriter, during the Lock Up Period as defined herein: (a)
          sell, transfer or otherwise dispose of, or agree to sell, transfer or
          otherwise dispose of any of the Shares beneficially held by the
          undersigned during the Lock Up Period; (b) sell, transfer or otherwise
          dispose of, or agree to sell,

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          transfer or otherwise dispose of any options, rights or warrants to
          purchase any of the Shares beneficially held by the undersigned during
          the Lock Up Period; or (c) sell or grant, or agree to sell or grant,
          options, rights or warrants with respect to any of the Shares. The
          foregoing does not prohibit gifts to donees or transfers by will or
          the laws of descent to heirs or beneficiaries provided that such
          donees, heirs and beneficiaries shall be bound by the restrictions set
          forth herein. The term "Lock Up Period" shall mean the lesser of (x)
          240 days or (y) the period during which Company officers and directors
          are restricted by the managing underwriter from effecting any sales or
          transfers of the Company's securities. The Lock Up Period shall
          commence on the effective date of the Registration Statement.

          The undersigned has read and executed the Registration Rights
          Agreement in the form appended hereto as Appendix E The undersigned
          agrees that, notwithstanding any registration rights granted under the
          Registration Rights Agreement, the undersigned will not be entitled to
          any registration rights, whether by demand, piggyback or otherwise,
          until April 30, 2003.

          The undersigned represents and warrants that the undersigned is a bona
          fide resident of, and is domiciled in, the state or country listed in
          the Recital to this Agreement and that the Shares are being purchased
          solely for the beneficial interest of the undersigned and not as
          nominee, for, or on behalf of, or for the beneficial interest of, or
          with the intention to transfer to, any other person, trust or
          organization, except as specifically set forth in paragraph 5 of this
          Agreement.

          Accredited Status. The undersigned represents and warrants that the
          undersigned constitutes an accredited investor as defined in Rule
          501(a) under the Securities Act of 1933.

4.        The undersigned has been advised by the Company that the rules of the
          Nasdaq Stock Market provide that shareholder approval is required if
          the Company issues, at a price which is less than market value, Common
          Stock or securities convertible into Common Stock which exceeds twenty
          percent of the Company's outstanding Common Stock or twenty percent of
          the Company's voting power outstanding before such issuance. The
          undersigned acknowledges and agrees that until the occurrence of the
          later of (1) April 30, 2003, or (2) shareholder approval of the
          issuance of the Series H Preferred has been obtained, the Series H
          cannot be converted into common stock pursuant to paragraph 5A (i) of
          the Certificate of Designation for the Series H Preferred Stock, and
          will not have any of the voting rights set forth in paragraph 4A of
          the Certificate of Designation for the Series H Preferred Stock.

5.        NASD Affiliation. The undersigned is affiliated or associated,
          directly or indirectly, with a National Association of Securities
          Dealers, Inc. ("NASD") member firm or person.

               Yes ________                        No ________

               If yes, list the affiliated member firm or person: ____________
               _______________________________________________________________
               _______________________________________________________________

          Your relationship to such member firm or person:

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          ______________________________________________________________________
          ______________________________________________________________________

6.        Entities. If the undersigned is not an individual but an entity, the
          individual signing on behalf of such entity and the entity jointly and
          severally agree and certify that:

          A.   The undersigned was not organized for the specific purpose of
               acquiring securities of the Company; and

          B.   This Agreement has been duly authorized by all necessary action
               on the part of the undersigned, has been duly executed by an
               authorized officer or representative of the undersigned, and is a
               legal, valid and binding obligation of the undersigned
               enforceable in accordance with its terms.

7.        Miscellaneous.

          A.   Manner in which title is to be held: (check one)

                    _____   Individual Ownership

                    _____   Joint Tenants with Right of Survivorship*

                    _____   Partnership*

                    _____   Tenants in Common*

                    _____   Corporation

                    _____   Trust

                    _____   Other    ________________________________

                    _________________________________________________(describe)

          B.   The undersigned agrees that the undersigned understands the
               meaning and legal consequences of the agreements, representations
               and warranties contained herein, agrees that such agreements,
               representations and warranties shall survive and remain in full
               force and effect after the execution hereof and payment for the
               Shares, and further agrees to indemnify and hold harmless the
               Company, each current and future officer, director, employee,
               agent and shareholder from and against any and all loss, damage
               or liability due to, or arising out of, a breach of any
               agreement, representation or warranty of the undersigned
               contained herein.

          C.   This Agreement shall be construed and interpreted in accordance
               with Minnesota law without regard to conflict of law provisions.

          D.   The undersigned agrees to furnish to the Company, upon request,
               such additional information as may be deemed necessary to
               determine the undersigned's suitability as an investor.

---------------
* Multiple signatures required

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8.       The provisions of Section 4 hereof shall not be amended without
         approval of the stockholders of the Company.

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                                 SIGNATURE PAGE

Dated: __________.

_______________________________________
Signature

_______________________________________
Name Typed or Printed

_______________________________________
Residence Address

_______________________________________

_______________________________________
City, State, Country and Zip Code

_______________________________________
Mailing Address

_______________________________________

_______________________________________
City, State, Country and Zip Code

_______________________________________
Tax Identification or Social
Security Number

_______________________________________
Phone Number (home)

_______________________________________
Phone Number (work)

_______________________________________
Fax Number

_______________________________________
E-mail Address

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                            CERTIFICATE OF SIGNATORY

         (To be completed if Shares are being subscribed by an entity.)

         I, ________________________, am the ___________, ____________________
(the "Entity").

         I certify that I am empowered and duly authorized by the Entity to
execute and carry out the terms of the Subscription Agreement and Letter of
Investment Intent and to purchase and hold the Shares, and certify further that
the Note Purchase Agreement has been duly and validly executed on behalf of the
Entity and constitutes a legal and binding obligation of the Entity.

         IN WITNESS WHEREOF, I have set my hand this _____ day of _____, 2002.

                               _________________________________________________
                               (Signature)

                               _________________________________________________
                               (Title)

                               _________________________________________________
                               (Please Print Name)

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                            ACCEPTANCE BY THE COMPANY

         Velocity Express Corporation hereby accepts the foregoing subscription
to the extent of ______ Shares.

                                      Velocity Express Corporation

                                      By________________________________________
                                                 Wesley C. Fredenburg
                                                 General Counsel and Secretary

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                                   APPENDIX A

                           Certificate of Designation

                                      A-1

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                                   APPENDIX D

                                  Risk Factors

                                      D-1

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                                   APPENDIX E

                          Registration Rights Agreement

                                      E-1<PAGE>

                                                                         EX 10.3

                                   Appendix B

                                     WARRANT

                              To Purchase Shares of
                                 Common Stock of
                          VELOCITY EXPRESS CORPORATION

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

     This Certifies that, in consideration of having purchased $__________ worth
of the Company's Series H Preferred Stock, and for other good and valuable
consideration, __________, (the "Warrantholder"), is entitled to subscribe for
and purchase from the Company, at any time after the contingencies in the Stock
Purchase Agreement, of even date herewith, having been met, and prior to
___________ (the "Expiration Date") up to ________ shares of the Company's
Common Stock at the price of $0.01 (the "Purchase Price"), subject to adjustment
as hereinafter set forth.

     1. Definitions. For the purposes of this Warrant the following terms shall
have the following meanings:

     "Commission" shall mean the Securities and Exchange Commission, or any
other federal agency then administering the Securities Act.

     "Company" shall mean Velocity Express Corporation, a Delaware corporation,
and any corporation, which shall succeed to, or assume, the obligations of said
corporation hereunder.

     "Common Stock" shall mean the shares of Common Stock of the Company, $0.004
par value.

     "Fair Market Value" shall mean the closing price of the Common Stock as
reported on the Nasdaq Stock Market on such date, if the Common Stock is then
quoted on the Nasdaq Stock Market or, if the market is closed on that date, the
closing price of the Common Stock on the previous trading day. If the Common
Stock is not listed on the Nasdaq Stock Market, Fair Market Value shall be
determined in good faith by the Company's Board of Directors.

     "Other Securities" shall mean any stock (other than Common Stock) or other
securities of the Company which the Warrantholder at any time shall be entitled
to receive, or shall have received, upon the exercise of the Warrants, in lieu
of or in addition to Common Stock, or which at any time shall be issuable or
shall have been issued in exchange for or in replacement of Common Stock or
Other Securities.

     "Securities Act" shall mean the Securities Act of 1933, as amended, and the
rules and regulations of the Commission thereunder, as in effect at the time.

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     "Series H Preferred" shall mean the shares of Series H Preferred Stock of
the Company, $0.004 par value.

     "Subscription Form" shall mean the subscription forms attached hereto.

     "Transfer" shall mean any sale, assignment, pledge, or other disposition of
any Warrants and/or Warrant Shares, or of any interest in either thereof, which
would constitute a sale thereof within the meaning of Section 2(3) of the
Securities Act.

     "Warrant Shares" shall mean the shares of Common Stock purchased or
purchasable by the Warrantholder upon the exercise of the Warrants pursuant to
Section 2 hereof.

     "Warrantholder" shall mean the holder or holders of the Warrants or any
related Warrant Shares.

     "Warrants" shall mean the Warrants (including this Warrant), identical as
to terms and conditions and date, issued by the Company in connection with the
sale of the Notes, and all Warrants issued in exchange, transfer or replacement
thereof.

     All terms used in this Warrant which are not defined in Section 1 hereof
have the meanings respectively set forth elsewhere in this Warrant.

     2. Exercise of Warrant, Issuance of Certificate, and Payment for Warrant
Shares. The rights represented by this Warrant may be exercised at any time
after the contingencies in paragraphs 2 and 3 of the Subscription Note Purchase
Agreement having been met, and prior to the Expiration Date, by the
Warrantholder, in whole or in part (but not as to any fractional share of Common
Stock), by: (a) delivery to the Company of a completed Subscription Form, (b)
surrender to the Company of this Warrant properly endorsed and signature
guaranteed, and (c) delivery to the Company of a certified or cashier's check
made payable to the Company in an amount equal to the aggregate Purchase Price
of the shares of Common Stock being purchased, at its principal office or agency
in Minnesota (or such other office or agency of the Company as the Company may
designate by notice in writing to the holder hereof). The Company agrees and
acknowledges that the shares of Common Stock so purchased shall be deemed to be
issued to the holder hereof as the record owner of such shares as of the close
of business on the date on which this Warrant, properly endorsed, and the
Subscription Form shall have been surrendered and payment made for such shares
as aforesaid. Upon receipt thereof, the Company shall, as promptly as
practicable, and in any event within fifteen (15) days thereafter, execute or
cause to be executed and deliver to the Warrantholder a certificate or
certificates representing the aggregate number of shares of Common Stock
specified in said Subscription Form. Each stock certificate so delivered shall
be in such denomination as may be requested by the Warrantholder and shall be
registered in the name of the Warrantholder or such other name as shall be
designated by the Warrantholder. If this Warrant shall have been exercised only
in part, the Company shall, at the time of delivery of said stock certificate or
certificates, deliver to the Warrantholder a new Warrant evidencing the rights
of such holder to purchase the remaining shares of Common Stock covered by this
Warrant. The Company shall pay all expenses, taxes, and other charges payable in
connection with the preparation, execution, and delivery of stock certificates
pursuant to this Section 2, except that, in case any such stock certificate or
certificates shall be registered in a name or names other than the name of the
Warrantholder, funds sufficient to pay all stock transfer taxes which shall be
payable upon the execution and delivery of such stock certificate or
certificates shall be paid by the Warrantholder to the Company at the time of
delivering this Warrant to the Company as mentioned above.

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     3. Ownership of this Warrant. The Company may deem and treat the registered
Warrantholder as the holder and owner hereof (notwithstanding any notations of
ownership or writing made hereon by anyone other than the Company) for all
purposes and shall not be affected by any notice to the contrary, until
presentation of this Warrant for transfer as provided herein and then only if
such transfer meets the requirements of Section 5.

     4. Exchange, Transfer, and Replacement. Subject to Section 5 hereof, this
Warrant is exchangeable upon the surrender hereof by the Warrantholder to the
Company at its office or agency described in Section 2 hereof for new Warrants
of like tenor and date representing in the aggregate the right to purchase the
number of shares purchasable hereunder, each of such new Warrants to represent
the right to purchase such number of shares (not to exceed the aggregate total
number purchasable hereunder) as shall be designated by the Warrantholder at the
time of such surrender. Subject to Section 5 hereof, this Warrant and all rights
hereunder are transferable, in whole or in part, upon the books of the Company
by the Warrantholder in person or by duly authorized attorney, and a new Warrant
of the same tenor and date as this Warrant, but registered in the name of the
transferee, shall be executed and delivered by the Company upon surrender of
this Warrant, duly endorsed, at such office or agency of the Company. Upon
receipt by the Company of evidence reasonably satisfactory to it of the loss,
theft, destruction, or mutilation of this Warrant, and, in the case of loss,
theft, or destruction, of indemnity or security reasonably satisfactory to it,
and upon surrender and cancellation of this Warrant, if mutilated, the Company
will make and deliver a new Warrant of like tenor, in lieu of this Warrant. This
Warrant shall be promptly canceled by the Company upon the surrender hereof in
connection with any exchange, transfer, or replacement. The Company shall pay
all expenses, taxes (other than stock transfer taxes), and other charges payable
in connection with the preparation, execution, and delivery of Warrants pursuant
to this Section 4.

     5. Restrictions on Transfer. Notwithstanding any provisions contained in
this Warrant to the contrary, neither this Warrant nor the Warrant Shares shall
be transferable except upon the conditions specified in this Section 5, which
conditions are intended, among other things, to ensure compliance with the
provisions of the Securities Act in respect of the transfer of this Warrant or
such Warrant Shares. The holder of this Warrant agrees that such holder will not
transfer this Warrant or the related Warrant Shares (a) prior to delivery to the
Company of an opinion of counsel selected by the Warrantholder and reasonably
satisfactory to the Company, stating that such transfer is exempt from
registration under the Securities Act, or (b) until registration of such
Warrants and/or Warrant Shares under the Securities Act has become effective and
continues to be effective at the time of such transfer. An appropriate legend
may be endorsed on the Warrants and the certificates of the Warrant Shares
evidencing these restrictions. The holder of this Warrant further agrees that
such holder will not, for a period of 180 days from the date that a registration
statement covering securities offered by the Company is declared effective by
the Commission, offer to sell, contract to sell, or otherwise sell, dispose of,
loan, pledge or grant any rights with respect to the Warrant or the Warrant
Shares owned by the holder, otherwise than with the prior written consent of the
Company.

     6. Antidilution Provisions. The rights granted hereunder are subject to the
following:

               Stock Splits. In case at any time the Company shall subdivide its
     outstanding shares of Common Stock into a greater number of shares, the
     Purchase Price in effect immediately prior to such subdivision shall be
     proportionately reduced and the number of Warrant Shares purchasable
     pursuant to this Warrant immediately prior to such subdivision shall be
     proportionately increased, and conversely, in case at any time

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     the Company shall combine its outstanding shares of Common Stock into a
     smaller number of shares, the Purchase Price in effect immediately prior to
     such combination shall be proportionately increased and the number of
     Warrant Shares purchasable upon the exercise of this Warrant immediately
     prior to such combination shall be proportionately reduced. Except as
     provided in this paragraph (a), no adjustment in the Purchase Price and no
     change in the number of Warrant Shares so purchasable shall be made
     pursuant to this Section 6 as a result of or by reason of any such
     subdivision or combination.

               Reorganization, Reclassification, Consolidation, Merger, or Sale.
     If any capital reorganization or reclassification or merger of the Company
     with another corporation, or the sale of all or substantially all of its
     assets to another corporation, shall be effected in such a way that holders
     of shares of Common Stock shall be entitled to receive Common Stock, Other
     Securities or assets with respect to or in exchange for shares of Common
     Stock, then, as a condition of such reorganization, reclassification,
     consolidation, merger or sale, lawful and adequate provision shall be made
     whereby the Warrantholder shall thereafter have the right to purchase and
     receive upon the basis and upon the terms and conditions specified in the
     Warrants and in lieu of the shares of Common Stock of the Company
     immediately theretofore purchasable and receivable upon the exercise of the
     Warrants such shares of Common Stock, Other Securities or assets as may be
     issued or payable with respect to or in exchange for a number of
     outstanding shares of Common Stock equal to the number of shares of Common
     Stock immediately theretofore purchasable and receivable upon the exercise
     of the Warrants had such reorganization, reclassification, consolidation,
     merger or sale not taken place, and in any such case appropriate provision
     shall be made with respect to the rights and interests of the Warrantholder
     so that the provisions of the Warrants (including, without limitation,
     provisions for adjustment of the Purchase Price and the number of shares
     purchasable upon the exercise of the Warrants) shall thereafter be
     applicable, as nearly as may be, in relation to any shares of Common Stock,
     Other Securities or assets thereafter deliverable upon the exercise of the
     Warrants.

     7. Special Agreements of the Company.

               Will Reserve Shares. The Company will reserve and set apart and
     have at all times the number of shares of authorized but unissued Common
     Stock deliverable upon the exercise of the Warrants, and it will have at
     all times any other rights or privileges provided for herein sufficient to
     enable it at any time to fulfill all of its obligations hereunder.

               Will Avoid Certain Actions. The Company will not, by amendment of
     its Articles of Incorporation or through any reorganization, transfer of
     assets, consolidation, merger, issue or sale of securities or otherwise,
     avoid or take any action which would have the effect of avoiding the
     observance or performance hereunder by the Company, but will at all times
     in good faith assist in carrying out of all the provisions of the Warrants
     and in taking all such actions as may be necessary or appropriate in order
     to protect the rights of the Warrantholder against dilution or other
     impairment.

     8. Registration Rights. The holder is entitled only to the registration
rights as provided in the Registration Rights Agreement provided in connection
with the sale of the Series H Preferred Stock.

                                       4

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     9.  Notices. Any notice or other document required or permitted to be given
or delivered to the Warrantholder shall be delivered or sent by certified mail
to the Warrantholder at the last address shown on the books of the Company
maintained for the registry and transfer of the Warrants. Any notice or other
document required or permitted to be given or delivered to the Company shall be
delivered or sent by certified or registered mail to the principal office of the
Company.

     10. No Rights as Shareholders; Limitation of Liability. This Warrant shall
not entitle any holder hereof to any of the rights of a shareholder of the
Company. No provisions hereof, in the absence of affirmative action by the
holder hereof to purchase shares of Common Stock, and no mere enumeration herein
of the rights or privileges of the holder hereof, shall give rise to any
liability of such holder for the Purchase Price or as a shareholder of the
Company whether such liability is asserted by the Company or by creditors of the
Company.

     11. Governing Law. This Warrant shall be governed by, and construed and
enforced in accordance with, the laws of the State of Minnesota, without regard
to conflicts of laws principles.

     12. Miscellaneous. This Warrant and any provision hereof may be changed,
waived, discharged, or terminated only by an instrument in writing signed by the
party (or any predecessor in interest thereof) against which enforcement of the
same is sought. The headings in this Warrant are for purposes of reference only
and shall not affect the meaning or construction of any of the provisions
hereof.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by a
duly authorized officer, and to be dated as of _____________.

                                                    Velocity Express Corporation

                                                    By:_________________________
                                                       Jeffry Parell
                                                       Chief Executive Officer

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE "1933 ACT") OR UNDER THE SECURITIES LAWS OF ANY
OTHER STATE AND MAY NOT BE TRANSFERRED WITHOUT (i) THE OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT
REGISTRATION UNDER THE 1933 ACT OR THE SECURITIES LAWS OF ANY APPLICABLE STATE;
OR (ii) SUCH REGISTRATION."

                                       5

<PAGE>

                             FULL SUBSCRIPTION FORM

To Be Executed By the Registered Warrantholder if It/
She/He Desires to Exercise in Full the Within Warrant

     The undersigned hereby exercises the right to purchase the _____________
shares of Common Stock covered by the within Warrant at the date of this
subscription and herewith makes payment of the sum of
$____________________________ representing the Purchase Price of $__________ per
share in effect at that date. Certificates for such shares shall be issued in
the name of and delivered to the undersigned, unless otherwise specified by
written instructions, signed by the undersigned and accompanying this
subscription.

Dated: _________________________

                                         Signature:_____________________________

                                         Address:_______________________________

                                       6

<PAGE>

                            PARTIAL SUBSCRIPTION FORM

To be Executed by the Registered Warrantholder if It/She/He
Desires to Exercise in Part Only the Within Warrant

     The undersigned hereby exercises the right to purchase __________ shares of
the total shares of Common Stock covered by the within Warrant at the date of
this subscription and herewith makes payment of the sum of $____________
representing the Purchase Price of $_________ per share in effect at this date.

     Certificates for such shares and a new Warrant of like tenor and date for
the balance of the shares not subscribed for (if any) shall be issued in the
name of and delivered to the undersigned, unless otherwise specified by written
instructions, signed by the undersigned and accompanying this subscription.

     The shares hereby subscribed for constitute ______________ shares of Common
Stock (to the nearest whole share) resulting from adjustment of ______________
shares of the total of _____________ shares of Common Stock covered by the
within Warrant, as said shares were constituted at the date of the Warrant.

Dated: _________________________

                                         Signature:_____________________________

                                         Address:_______________________________

                                       7

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