10% SUBORDINATED CONVERTIBLE DEBENTURE (COLLATERALZED) DUE DECEMBER 31, 200810% Subordinated Convertible Debenture • November 2nd, 2007 • High Point Transport, Inc. • Trucking (no local) • Florida
High Point Transport, Inc., a Florida corporation (the "Company") with principal offices at 23730 County Rd. 675, Myakka City, Fl. 34251, for value received, hereby promises to pay the registered holder hereof (the “Holder”) the principal sum set forth above on December 31, 2008 (the “Maturity Date”), in such coin or currency of the United States of America as at the time of payment shall be the legal tender for the payment of public and private debts, and to pay interest, less any amounts required by law to be deducted or withheld, computed on the basis of a 365-day year, on the unpaid principal balance hereof from the date hereof (the "Original Issue Date"), at the rate of 10% per year, until such principal sum shall have become due and payable, or has been converted by the Holder pursuant to Section 6, below. Interest payments will be made at the option of the Holder in either cash or in such number of shares of the Company’s common stock, $.0001 par value (“Common Stock”), computed
