Document:

Exhibit
10.8.3

AMENDMENT

TO

EMPLOYMENT
AGREEMENT

 

 

                This
Amendment to Employment Agreement (this “Amendment”) dated March 1, 2005, by
and between ACCESSBANK (the “Bank”), a federally
chartered stock savings bank, its parent holding company, Access Anytime BanCorp,
Inc., a Delaware corporation (the “Company”), and Don K. Padgett (the “Officer”).  The Officer is President, Chief Executive
Officer, and a Director of the Bank and has been duly elected to these
positions.  Also, the Officer is President
and a Director of the Company and has been duly elected to these
positions.  Any capitalized term used and
not otherwise defined herein shall have the meaning assigned to such term in
the Employment Agreement (as defined below).

 

RECITALS

 

                WHEREAS,
the Bank, the Company and the Officer are parties to that Employment Agreement
(the “Employment Agreement”) dated as of February 16, 2002, as amended December
16, 2002; February 15, 2004, and

 

                WHEREAS,
the parties hereto desire to further amend the Employment Agreement.

 

AGREEMENT

 

                NOW,
THEREFORE, in consideration of the premises and respective agreements contained
herein and for other good and valuable consideration, the parties agree to
amend the Employment Agreement as follows:

 

                1.             Term.  The term of this Agreement shall be extended
for a period one (1) year through December 31, 2007.

 

                2.             Compensation.

 

                                (a)           Section 4(a) shall be revised to
reflect that the annual salary of the Officer shall be not less than One
Hundred Sixty-five Thousand Dollars ($165,000) per annum.

 

                                (b)           The last sentence of Section 4(b)
shall be deleted in its entirety and replaced with the following:  “The allocation of the Board’s Discretionary
and Performance Bonus for 2005 performance shall be no greater than Fifty
Thousand Dollars ($50,000).”

 

 

 

                3.             Termination by the
Officer.

 

                                (a)           Section 6, Termination by the
Officer, shall be deleted in its entirety and replaced with the following:

 

 

                4.             Termination by the
Officer.

 

                                (a)           Good Reason.  The Officer may terminate his employment for
good reason if:

 

                                                (i)            any other corporation or entity
acquires all or substantially all of the business of the Bank/Company;

 

                                                (ii)           he is not re-elected an officer;

 

                                                (iii)          he is assigned duties inconsistent
with his duties as an officer or inconsistent with his experience; or

 

                                                (iv)          he elects to retire.

 

                                (b)           Termination for Good Reason.  The Officer shall exercise his right to
terminate his employment for Good Reason by giving the Bank/Company prompt
written notice of termination specifying in reasonable detail the circumstances
constituting such Good Reason and specifying such date of termination as the
Officer shall determine.

 

                                (c)           Compensation and Benefits Due
Officer.  In the event of a
termination for Good Reason, the Bank/Company shall pay to the Officer salary
and employee benefits for the balance of the term of the Agreement.

 

                                (d)           Change in Control.  If the Good Reason for the Officer’s
termination of his employment is that another corporation or entity acquires
all or substantially all of the business of the Bank/Company, Officer may
request that he be paid a balance due Officer under Section 4(a) and 2(a) of
this amendment for the remaining term of the Agreement in cash or stock at
closing, or paid out over the remainder of the term of the Agreement.”

 

                5.             This
Agreement incorporates all other terms and conditions of the Employment
Agreement, as previously amended, except as modified herein.

 

                IN
WITNESS WHEREOF, the parties have executed this Agreement on the date first
above written.

 

2

 

	
  ACCESSBANK

  	
  Access Anytime BanCorp, Inc.

  
	
   

  	
   

  
	
  By:

  	
   /s/ Robert C. Lydick

  	
   

  	
  By:

  	
   /s/ Norman R. Corzine

  	
   

  
	
  Its:

  	
   Chairman

  	
  Its:

  	
   Chairman

  
	
  March 1, 2005

  	
  March 1, 2005

  
	
   

  	
   

  
	
  Officer

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Don K. Padgett

  	
   

  	
   

  
	
   

  	
  Don K. Padgett

  	
   

  	
   

  
	
   

  	
  March 1, 2005

  	
   

  	
   

  

 

3Exhibit 10.1

 

AMENDED MANAGEMENT INCENTIVE PLAN

 

J.B. HUNT TRANSPORT SERVICES, INC.

AMENDED AND RESTATED MANAGEMENT INCENTIVE PLAN

 

 

I.  NAME; PURPOSE

 

1.1                                 NAME.  This instrument shall be known as the J.B.
Hunt Transport Services, Inc. Amended and Restated Management Incentive
Plan (the “Plan”).

 

1.2                                 HISTORY OF PLAN.  By
action of the Board of Directors (the “Board”) in 1984, and after approval by
the Company’s stockholders, the Company adopted the J.B. Hunt Transport
Services, Inc. Stock Option Plan of 1984 (“1984 Option Plan”).  The 1984 Option Plan was modified and
approved by stockholders in March of 1989 to increase the authorized
shares to 2,000,000, creating the J.B. Hunt Transport Services, Inc.
Management Incentive Plan (the “Original MIP”). The Original MIP was amended on
July 7, 1995, April 16, 1998, April 20, 2000 and April 21,
2005 to increase the authorized shares to 5,000,000, 6,500,000, 17,000,000 and
22,000,000 shares respectively, and is amended by this Plan to increase the
authorized shares to the level set out in Section 2.4 of this Plan.

 

1.3                                 PURPOSE.  The Plan is designed to benefit certain key
employees of J.B. Hunt Transport Services, Inc. and any entity in which
J.B. Hunt Transport Services, Inc. or any subsidiary owns, directly or indirectly,
a majority of the voting stock (collectively these entities shall be the “Company”).

 

The overall objectives of the Plan are to increase the
long-term financial success of the Company, and increase the value of the
Company to its stockholders, by:

 

(a) attracting and retaining key personnel who
are instrumental in the continued success of the Company; and

 

(b) motivating key employees by providing them
with the opportunity to participate with the stockholders in the long-term
growth and financial success of the Company.

 

1.4                                 OVERVIEW
OF THE PLAN BENEFITS.  The benefits
to be provided under this Plan, although more specifically set out herein, are
stock awards, share units, money credits, stock options, stock appreciation
rights, or any combination of the foregoing (collectively the “Plan Benefits”)
subject to the terms and conditions stated in this Plan.

 

 

II. NO RIGHT TO CONTINUED EMPLOYMENT;

CREATION OF COMMITTEE;

ADMINISTRATION OF THE PLAN; PARTICIPANTS; ETC.

 

2.1                                 THE
COMMITTEE.  The Plan shall be
administered by the Compensation Committee (the “Committee”) of the Board of
Directors of J.B. Hunt Transport Services, Inc. (the “Board”), comprised
solely of two or more outside directors, unless another committee of the

 

 

Board shall be designated.  A
director is an outside director if the director: (a) is not a current
employee of the publicly held corporation; (b) is not a former employee of
the publicly held corporation who receives compensation for prior services
(other than benefits under a tax-qualified retirement plan) during the taxable
year; (c) has not been an officer of the Company; and (d) does not
receive remuneration, either directly or indirectly, in any capacity other than
as a director.

 

2.2                                 GRANT
AND TERMS OF PLAN BENEFITS; ADMINISTRATION OF THE PLAN.  The Committee may grant Plan Benefits to
Participants (hereafter defined) on the terms and subject to the conditions
stated in this Plan.

 

The Committee shall, subject to the limitations of
this Plan, have full power and discretion to interpret and administer the Plan;
to establish selection guidelines; to select eligible persons for
participation; and to determine the form of grant, either in the form of stock
awards, money credits, share units, stock options or stock appreciation rights
or combinations thereof, the number of shares subject to the grant, the fair
market value of the Common Stock when necessary, the restriction and forfeiture
provisions relating to restricted stock, the time and conditions of vesting or
exercise, the conditions, if any, under which time of vesting or exercise may
be accelerated, the conditions, form, time, manner and terms of payment of any
award, and all other terms and conditions of the grant provided that all stock
options shall be granted in compliance with and subject to the terms of Section 6
of this Plan.  The Committee may
establish rules, regulations and guidelines for the administration of the Plan,
and impose, incidental to a grant of Plan Benefits, conditions with respect to
employment or other activities not inconsistent with or conflicting with the
Plan.

 

The Committee may, in its discretion, delegate to the
Chief Executive Officer of the Company the power and authority with respect to
the selection of and grants of Plan Benefits to certain Participants who are
not:

 

1.               the beneficial
owner of more than 10% of any class of equity securities of the Company
registered pursuant to Section 12 of the Securities Exchange Act of 1934,
as amended;

 

2.               a director of the
Company; or

 

3.               an officer of the Company,
as that term is defined in Rule 16a-1(f) of the Rules of the
Securities and Exchange Commission.

 

The interpretation by the Committee of the terms and
provisions of the Plan and the administration thereof, and all action taken by
the Committee, shall be final, binding and conclusive on the Company, its
stockholders, all Participants and employees of the Company, and upon their
respective beneficiaries, successors and assigns, and upon all other persons
claiming under or through any of them. 
By accepting Plan Benefits each Participant, and each person claiming
under or through him, shall be conclusively deemed to have indicated his
acceptance and ratification of, and consent to, all provisions of the Plan and
any action or decision under the Plan by the Company, the Board or the
Committee.

 

2.3                                 PLAN
PARTICIPANTS.  Unless denied the
right to participate by specific sections hereof, the following persons shall
be eligible to be participants in the Plan and, subject to the discretion of
the Committee, received Plan Benefits:

 

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(a)                                  employees
of the Company;

(b)                                 officers
of the Company;

(c)                                  directors
of the Company; and

(d)                                 consultants.

 

The foregoing class of persons shall be referred to
herein as “Participants”.

 

2.4                                 LIMITATION
ON SHARES TO BE ISSUED; REVERSION OF UNEXERCISED SHARES.  The maximum number of shares of Common Stock
of the Company, $0.01 par value (the “Common Stock”), to be issued under the
Plan shall be 22,000,000 shares, including shares already issued or to be
issued pursuant to any previously exercised and outstanding options awarded
under the 1984 Option Plan or the Original MIP. 
Shares awarded pursuant to grants made under either the 1984 Option
Plan, the Original MIP, or this Plan, which are not exercised for any reason
(whether by reason of expiration, surrender, cancellation, termination or
forfeiture) or received by the Company as the payment of purchase price as
described in Section 6.6(a)(2) shall be available for future grants.

 

2.5                                 SHARES
OF COMMON STOCK.  Shares of Common
Stock to be issued may be authorized and un-issued shares of Common Stock,
treasury stock or a combination thereof. 
It is contemplated that the Company, although under no legal obligation
to do so, may from time to time purchase shares of Common Stock for the purpose
of paying all or any portion of any award payable in or measured by the value
of shares of Common Stock, or for the purpose of replacing shares issued or
transferred in payment of all or part of an award.  All shares so purchased shall, unless and
until transferred in payment of an award, be at all times the property of the
Company available for any corporate purposes, and no Participant or employee or
beneficiary, individually or as a group, shall have any right, title or
interest in any shares of Common Stock so purchased.

 

2.6                                 ADJUSTMENT
PROVISIONS.  In the event that any
recapitalization, or reclassification, split-up or consolidation of shares of
Common Stock shall be effective, or the outstanding shares of Common Stock are,
in connection with a merger or consolidation of the Company or a sale by the
Company of all or a part of its assets, exchanged for a different number or
class of shares of stock or other securities of the Company, or for shares of
the stock or other securities of any other corporation, or new, different or
additional shares or other securities of the Company or of another corporation
are received by the holders of Common Stock or any distribution is made to the
holders of Common Stock other than a cash dividend, (a) the maximum number
of class of shares or other securities that may be issued or transferred under
the Plan, and (b) the number of share units or the number and class of
shares or other securities which are the subject of any grant, shall in each
case be equitably adjusted.  If an
equitable adjustment cannot be made or the Board determines that further
adjustment is appropriate to accomplish fairly the purposes of the Plan, the
Board shall make such equitable adjustment under the Plan as it determines will
fairly preserve the Plan Benefits to the Participants and the Company.

 

2.7                                 EFFECTIVE
DATE AND TERM OF PLAN.  The Plan
shall be effective immediately upon its approval by the stockholders.  Awards may be made and shares may be issued
pursuant to the Plan on or after its effective date pursuant to, and in accordance
with, agreements for the issuance thereof entered into prior to the effective
date.  The Plan shall terminate ten years
after it becomes effective unless terminated prior thereto by action of the
Board.  No further grants shall be made
under the Plan after its termination, but termination shall not affect the
rights of any Participant under any grants made prior to termination.  This

 

3

 

Plan or any subsequent Plan may be amended and readopted by the Board
and the stockholders from time to time. 
Each re-adoption shall constitute a new Plan.  Participants may hold awards under more than
one Plan.

 

2.8                                 LIMITATION
OF PLAN BENEFITS.  Plan Benefits
granted to any Participant in any one year shall be limited to two percent (2%)
of the total shares authorized for issuance under the Plan (i.e., 2% of 22,000,000).

 

2.9                                 PERFORMANCE
BASED CRITERIA.  If the Committee
determines that grants of stock awards, share units and money credits should be
made to Participants in order to qualify for the compensation deduction
exemption established by Section 162(m), the award shall be governed by
this Section 2.9 of the Plan in addition to other applicable sections of
the Plan.  The Committee shall base such
compensation solely on account of the attainment of one or more pre-established,
objective performance goals.  The
performance goal must be established in writing by the Committee prior to the
commencement of the services to which the performance goal relates, but no
later than ninety (90) days after the commencement of the service period to
which it relates, and while the outcome is substantially uncertain (i.e.,
before 25% of the performance period has elapsed).  Performance goals may be based on one or more
criteria: revenue, EPS, return on assets, return on capital, return on
investment, return on sales, productivity, market share, cash flow, generation
of free cash, Common Stock price, operating expense ratios, quality, delivery
performance or level of improvement in any of the foregoing.

 

The written performance goal for a Covered Employee
must be based on an objective formula or standard for performance-based
compensation, such that a third party having knowledge of the relevant
performance results could calculate the amount to be paid to the employee and
must specify the individual employees or class of employees to which it
applies.  Once established, the Committee
shall not be entitled any discretion to increase the amount of grants under the
Plan that would otherwise be due upon attainment of the performance goal.

 

The Committee must certify in writing, prior to the
grant of restricted stock, stock awards, share units and money credits that all
of the performance goals and other material terms of the arrangement for
payment of the grants has been met.  This
section of the Plan shall not apply to an award to a Participant unless
the Committee has determined that such award should qualify for the
compensation deduction exemption of Section 162(m).

 

III. STOCK AWARDS

 

3.1                                 FORM OF
AWARD.  Stock awards, whether
performance awards or fixed awards, may be made to selected Participants in the
form of shares of Common Stock, but which may be forfeitable and/or with
restrictions or transfer in any form as hereinafter provided.

 

3.2                                 PERFORMANCE
AWARDS.  Awards may be made in terms
of a stated potential maximum number of shares, with the actual number earned
to be determined by reference to the level of achievement of corporate, group,
division, individual or other specific objectives over a period or periods of
not less than one or more than ten years. 
No interests of any kind shall be vested in an individual receiving a
performance award until the conclusion of the period or periods and the
determination of the level of achievement specified in the award, and the time
of vesting thereafter shall be specified in the award.

 

3.3                                 FIXED
AWARDS.  Awards may be made to
Participants which are not contingent on the performance of objectives but
which are contingent on the Participant’s continuing in the

 

4

 

employ of the Company, rendering consulting services or refraining from
competitive activities for a period to be specified in the award, which period
shall not be less than one year.

 

3.4                                 RIGHTS
WITH RESPECT TO RESTRICTED SHARES. 
Awards may be made in the form of shares which are subject to
restrictions on transfer, as determined by the Committee.  Unless otherwise provided by the Committee,
the Participant who receives shares of restricted Common Stock shall have the
right to vote the shares and to receive dividends thereon from the date of
issuance, unless and until forfeited.

 

3.5                                 TERMS
AND CONDITIONS.  Awards shall contain
such terms and conditions as the Committee shall specify, including without
limitation, restrictions on the sale or other disposition of the shares, or the
forfeiture of the awards upon termination of employment prior to the expiration
of a designated period of time or the occurrence of other events.  In addition, shares of restricted Common
Stock issued pursuant to an award shall be released from the restrictions at
the times determined by the Committee. 
The award shall be paid to the Participant either in shares of Common
Stock having a fair market value equal to the maturity value of the award, or
in cash equal to the maturity value of the award, or in such combination
thereof as the Committee shall determine.

 

 

IV. SHARE UNITS

 

4.1                                 CREDITS.  The Committee may in its discretion provide
that a Participant shall receive a credit of share units, each of which is
equivalent to a share of Common Stock except for the power to vote and the
entitlement to current dividends.

 

4.2                                 RIGHTS
WITH RESPECT TO SHARE UNITS.  If
share units are credited to a Participant, amounts equal to dividends otherwise
payable on a like number of shares of Common Stock after the crediting of the
units may, in the discretion of the Committee, be paid to the Participant as
and when paid, or converted into additional share units which shall be credited
to the Participant and held until later forfeited or paid out.  Share units may be paid to the Participant in
the form of cash or shares of Common Stock according to such requirements and
guidelines as the Committee shall deem appropriate.

 

V. MONEY CREDITS

 

5.1                                 CREDITS.  The Committee may in its discretion provide
that a Participant shall receive a credit of money credits, which shall be in
units of a dollar or a fraction thereof.

 

5.2                                 RIGHTS
WITH RESPECT TO MONEY CREDITS.  If a
Participant is credited with money credits, a money account shall be
established for the Participant which shall be credited with interest
equivalents on amounts previously credited to the account, or an amount equal
thereto paid to the Participant, on a calendar quarter basis compounded and at
such rate as the Committee determines to be appropriate from time to time.  Money credits may be paid to the Participant
in the form of cash or shares of the Company’s Common Stock according to such
requirements and guidelines as the Committee shall deem appropriate.

 

5

 

VI.  STOCK
OPTIONS

 

6.1                                 STOCK
OPTION PLAN.  By action of the Board
in 1984, and after approval by the Stockholders, the Company adopted the 1984
Option Plan.  The 1984 Option Plan was
modified and approved by stockholders in March of 1989 to increase the
authorized shares to 2,000,000, creating the “Old MIP”. The Old MIP was amended
on July 7, 1995, April 16, 1998, and April 20, 2000 to increase
the authorized shares to 5,000,000, 6,500,000 and 17,000,00 shares
respectively, and is amended by this Plan to increase the authorized shares to
the level set out in Section 2.4 of this Plan.   This Section 6 sets out the terms and
conditions for the MIP for grants issued on April 21, 2005 and thereafter
until this Plan expires or is subsequently amended.

 

6.2                                 OPTIONS
ISSUED UNDER PREVIOUS OPTION PLANS. 
All stock options issued pursuant to the 1984 Option Plan shall be
governed by the terms and conditions set forth in the 1984 Option
Agreement.  All stock options issued
pursuant to the Old MIP shall be governed by the terms and conditions set forth
in the Old MIP Agreement.

 

6.3                                 STOCK
SUBJECT TO THE PLAN.

 

(a)                                  Options
may, from time to time on and after the effective date of this Plan, be granted
to Participants of the Company or its affiliates to purchase not more than the
aggregate number of shares of stock (subject to adjustment in accordance with
paragraph 6.3(b) reserved in accordance with Section  2.4 of the
Plan).  As the Committee may determine
from time to time, the shares may consist either in whole or in part of shares
of authorized but un-issued Common Stock, or shares of authorized and issued
Common Stock reacquired by the Company. 
If an option is surrendered or for any other reason ceases to be
exercisable in whole or in part, the shares which were subject to such option
but as to which the option has not been exercised shall continue to be
available under the Option Plan.

 

(b)                                 If
there shall be any change in the stock subject to the Plan or the stock subject
to any option granted hereunder, through merger, consolidation, reorganization,
recapitalization, reincorporation, stock split, stock dividend (in excess of
2%), or other change in the corporate structure of the Company, appropriate
adjustment shall be made by the Committee to the aggregate number of shares
subject to the Plan and the number of shares and price per share subject to outstanding
options in order to preserve, but not to increase, the benefits of the
optionee; provided, however, that subject to any required action by the
stockholders, if the Company shall not be the surviving corporation in any
merger, consolidation, or reorganization, every option outstanding hereunder
shall terminate, unless the surviving corporation shall (subject to any
applicable provisions of the Internal Revenue Code) assume (with appropriate
changes) the outstanding options or replace them with new options of comparable
value (in accordance with Section 425(a) of the Internal Revenue
Code).  Notwithstanding the preceding
provisions, if such surviving corporation does not so assume or replace the
outstanding options hereunder, each optionee shall have the right immediately
prior to such merger, consolidation, or reorganization to exercise all his
outstanding option(s), whether or not the options have vested.

 

6

 

6.4                                 ELIGIBILITY.  Persons who shall be eligible to have granted
to them the options provided for by this Option Plan shall be those persons set
out in Section 2.3 of the Plan, as the Committee in its sole discretion
shall determine.

 

6.5                                 ADMINISTRATION
OF THE PLAN.  The Option Plan shall
be administered as set forth in Section 2 of the Plan.

 

6.6(a)                   PURCHASE
PRICE; TERMS; EXERCISE OF OPTIONS.

 

(1)                                  Calculation
of Purchase Price.  The purchase
price of the Common Stock under each stock option shall be 100% of the fair
market value of the Common Stock on the date of grant (the “Purchase Price”).  The fair market value of the Common Stock on
any day shall be (i) if the principal market for the Common Stock is a
national securities exchange or the National Market System of the National
Association of Securities Dealers Automated Quotations, the highest closing
price of the Common Stock on such exchange or system on the day the option is
granted or if no sale of the Company’s Common Stock shall have been made on any
stock exchange on that day, on the next preceding day on which there was a sale
of such stock, or, (ii) if the principal market for the Common Stock is
not one of the markets noted in 6.6(a)(1)(i) and the Common Stock is
quoted on the National Association of Securities Dealers Automated Quotations
System, the mean between the closing bid and the closing asked prices for the
Common Stock on such day on such System, or (iii) if the principal market
for the Common Stock is not a national securities exchange and the Common Stock
is not quoted on the National Association of Securities Dealers Automated
Quotations System, the mean between the highest bid and lowest asked price for
the Common Stock on such day as reported by the National Quotation Bureau, Inc.;
provided that if clauses (i), (ii) and (iii) of this Paragraph are
all inapplicable, or if no trades have been made or no quotes are available for
such day, the fair market value of the Common Stock shall be determined by the
Committee by any method consistent with applicable regulations adopted by the
Commissioner of Internal Revenue relating to the stock options.  The Purchase Price shall be subject to
adjustment as provided in paragraph 2(b) hereof.

 

(2)                                  Payment
of Purchase Price.  The Purchase
Price shall become due immediately upon exercise of the option and shall be
payable in full in cash or cash equivalents; provided, however, that the
Committee shall have the authority, exercisable at its discretion either at the
time the option is granted or at the time it is exercised, to make the option payable
in one of the alternative forms specified below:

 

(i)                                     full
payment in shares of Company Common Stock (owned for at least six months before
the exercise date) having a fair market value on the Exercise Date (as such
term is defined below) equal to the Purchase Price; or

 

(ii)                                  a
combination of shares of Company Common Stock valued at fair market value on
the Exercise Date and cash or cash equivalents, equal in the aggregate to the
Purchase Price.

 

7

 

For purposes of this paragraph 6.6(a)(2), the Exercise
Date shall be the date on which the Company receives written notice of the
exercise of the option, together with payment of the Purchase Price in the form
authorized by the Committee.

 

(b)                                 Terms
and Conditions of Options.  Each
option granted pursuant to this Option Plan shall be evidenced by a written
Stock Option Agreement (the “Agreement”) executed by the Company and the person
to whom such option is granted (the “Optionee”).  The term of each option shall be for such a
period of time, not more than eleven years from the date it is granted, as the
Committee may determine.  All options
granted under this Option Plan shall vest and expire at the times specified in
the Agreement.  During the lifetime of
the Optionee, the option shall be exercisable only by the Optionee and shall
not be assignable or transferable other than by will or the laws of descent and
distribution.  In general, options shall
vest ratably over a specified period of time. 
However, all unvested options shall become immediately vested in full
upon the death, total and permanent disability of the Optionee.    In addition, the Agreement may contain such
other terms, provisions and conditions as may be determined by the Committee
(and not inconsistent with this Option Plan. The terms of the Agreement with an
Optionee may be amended from time to time upon execution of a written
amendment, approved by the Committee, and signed by the Company and the
Optionee.

 

(c)                                  Exercise
of Option.  The option shall be
exercisable at any time and from time to time pursuant to the exercise schedule contained
in the Agreement and in accordance with the following:

 

(1)                                  Method
of Exercise.  The option shall be
exercisable by a written notice delivered by the Optionee (or other person
exercising the option) to the Committee. 
The notice shall be addressed to the Committee c/o Mr. Kirk
Thompson, J.B. Hunt Transport, Inc., P.O. Box 130, Lowell, Arkansas
72745.  The notice shall:

 

(i)                                     state
the election to exercise the option, the number of shares in respect of which
it is being exercised, the person in whose name the stock certificate or
certificates for such shares of Common Stock is to be registered, his address
and Social Security Number (or if more than one, the names, addresses and
Social Security Numbers of such persons);

 

(ii)                                  contain
such representations and agreements as to the investment intent of the person
exercising the option with respect to such shares of Common Stock as may be
satisfactory to the Company’s counsel;

 

(iii)                               be
signed by the person or persons entitled to exercise the option and, if the
option is being exercised by any person or persons other than the Optionee, be
accompanied by proof, satisfactory to counsel for the Company, of the right of
such person or persons to exercise the Option; and

 

8

 

(iv)                              be
accompanied by payment to the Company of the full Purchase Price of the shares
with respect to which the option is exercised. 
The Purchase Price shall be paid in cash or cash equivalents, unless the
Committee notifies the person of a different manner of payment pursuant to Section 6.6(a)(2) of
this Option Plan.

 

(2)                                  Conditions
to be Satisfied Prior to Issuance of Common Stock.  The Company shall not be required to issue or
deliver any certificates for shares of Common Stock purchased upon the exercise
of an option (i) prior to the completion of any registration or other
qualification of such shares under any state or federal laws or rulings or
regulations of any government regulatory body, which the Company shall
determine to be necessary or advisable or, (ii) prior to receiving an
opinion of counsel, satisfactory to the Company, that the sale or issuance of
such shares is exempt from these registration or qualification requirements.

 

(3)                                  Restrictions
on Exercise.  As a condition to his
exercise of this option, the Company may require the person exercising the
option to make any representation and warranty to the Company as may be
required by any applicable law or regulation.

 

6.7                                 STOCK
APPRECIATION RIGHTS.  The Committee
may, under such terms and conditions as it deems appropriate, authorize the
surrender by an Optionee of all or part of an unexercised option and authorize
a payment in consideration therefore of an amount equal to the difference
obtained by subtracting the Purchase Price of the sales when subject to
exercise under such option from the fair market value of the stock represented
by such shares on the date of surrender, provided that the Committee determines
that such settlement is consistent with the purpose of the Plan.  Such payment may be made in shares or Common
Stock valued at their fair market value on the date of surrender of such option
or in cash or partly in shares and partly in cash.  Acceptance of such a surrender and the manner
of payment to the Participant shall be in the discretion of Committee.

 

6.8                                 EMPLOYMENT
RELATED TAXES.   As a general rule, the exercise of an Option
creates taxable income to the Participant for which Federal and State income
tax withholding may apply.  The
withholding obligations of the Participant may be satisfied at their election
using cash or Company common stock owned by the Participant for at least six
months before the Exercise Date.

 

6.9                                 TERMINATION
AND NEW GRANT OF OPTIONS.  The Board
shall have the authority to effect, at any time and from time to time, with the
consent of the affected Optionees, the termination of any or all outstanding
options under the Option Plan and to grant in substitution therefore new
options under the Option Plan covering the same or different numbers of shares
of Common Stock but having a Purchase Price per share not less than fair market
value on the new grant date.

 

6.10                           USE
OF PROCEEDS.  Proceeds realized from
the sale of Common Stock pursuant to options granted under the Option Plan
shall constitute general funds of the Company.

 

9

 

6.11                           AMENDMENT,
SUSPENSION, OR TERMINATION OF THE OPTION PLAN.

 

(a)                                  The
Board may at any time suspend or terminate the Option Plan, and may amend it
from time to time in such respects as the Board may deem advisable; provided,
however, except as provided in paragraph 6.3(b) hereof, the Board shall
not amend the Option Plan in the following respects without the consent of
stockholders then sufficient to approve the Plan in the first instance:

 

(i)   To
increase the maximum number of shares subject to the Option Plan; or

 

(ii)   To change
the designation or class of persons eligible to receive options under the
Option Plan.

 

(b)                                 Unless
the Option Plan theretofore shall have been terminated, the Option Plan shall
terminate ten years after the effective date as set forth in Section 2.7
of the Plan.  No option may be granted
when the Option Plan has been suspended, or after the termination of the Option
Plan, and no amendment, suspension or termination of the Option Plan shall,
without the Optionee’s consent, alter or impair any rights or obligations under
any option theretofore granted to him under the Option Plan.  The Option Plan may be amended and readopted
by the Board and the stockholders from time to time and each such re-adoption
shall constitute a new Plan. 
Participants may hold awards under more than one Plan.

 

VII. STOCK APPRECIATION RIGHTS

 

7.1                                 GRANTS.  Rights may be granted to selected
Participants entitling the grantee to receive cash or shares of Common Stock
having a fair market value equal to the appreciation in market value of a
stated number of shares of Common Stock from the date of grant, or in the case
of rights granted in tandem with or by reference to a stock option granted
simultaneously with or prior to the grant of such rights, from the date of
grant of the related stock option to the date of exercise.

 

VIII. 
INDEMNIFICATION OF COMMITTEE

 

8.1                                 In
addition to such other rights of indemnification as they may have as directors
or as members of the Committee, the members of the Committee shall be
indemnified by the Company against the reasonable expenses including attorney’s
fees actually and necessarily incurred in connection with the defense of any
action, suit or proceeding, or in connection with any appeal therein, to which
they or any of them may be a party by reason of any action taken or failure to
act under or in connection with the Plan or any option granted thereunder, and
against all amounts paid by them in settlement thereof provided such settlement
is approved by independent legal counsel selected by the Company or paid by
them in satisfaction of a judgment in any such action, suit or proceeding that
such Committee member is liable for negligence or misconduct in the performance
of his duties.

 

IX. 
AMENDMENTS

 

9.1                                 AMENDMENTS.  The Plan may be amended or terminated by the
Board at any time and in any respect, except that no amendment may be made
without the approval of the stockholders of the Company if such amendment would—

 

10

 

(a)                                  increase
the maximum number of shares of Common Stock available for issuance under the
Plan;

 

(b)                                 modify
the class of eligible employees who are Participants in the Plan; or

 

(c)                                  materially
increase Plan Benefits accruing to Participants under the Plan.

 

Similarly, subject to obtaining the consent of the Participant where
required by contract law, the Committee may alter, amend or modify any award or
grant made pursuant to this Plan in any respect not in conflict with the
provisions of the Plan, if the Committee deems such alteration, amendment or
modification to be in the best interests of the Participant or the Company by
reason of changes or interpretation in tax, securities or other applicable
laws.

 

 

X.  FORCE
AND EFFECT; PREVAILING LAWS;

SUCCCESSORS; NOTICE;

RESOLUTION OF DISPUTES

 

10.1                           FORCE AND EFFECT.  The
various provisions of this Plan are severable in their entirety.  Any determination of invalidity or
unenforceability of any one provision shall have no effect on the continuing
force and effect of the remaining provisions.

 

10.2                           PREVAILING LAWS.  This
Plan shall be construed and enforced in accordance with and governed by the
laws of the State of Arkansas applicable to corporations and the issuance of
stock by Arkansas corporations.

 

10.3                           RESOLUTION OF DISPUTES. 
Any dispute or disagreement which should arise under, or as a result of
or in any way relate to, the interpretation, construction or application of
this Plan will be determined by the Board of Directors of the Company.  Any determination made hereunder shall be
final, binding and conclusive for all purposes.

 

11

 

FORM OF

RESTRICTED STOCK AGREEMENT

for the

J. B. HUNT TRANSPORT SERVICES, INC.

AMENDED AND RESTATED MANAGEMENT INCENTIVE PLAN

 

THIS
Restricted Stock Agreement (“Agreement”) made as of                      ,
by and between J. B. Hunt Transport Services, Inc. (“Company”) and                       
(“Recipient”):

 

WHEREAS,
the Company maintains the J.B. Hunt Transport Services, Inc. Amended and
Restated Management Incentive Plan (the “Plan”) under which the Company’s
Compensation Committee of the Board of Directors (“Committee”) may, among other
things, award shares of the Company’s $.01 par value common stock (“Common
Stock”) to such members of the Company’s management as the Committee may
determine, subject to terms, conditions, or restrictions as it may deem
appropriate;

 

WHEREAS,
pursuant to the Plan the Committee has awarded to Recipient, a Restricted Stock
Award (“Award”) conditioned upon the execution by the Company and the Recipient
of this Agreement setting forth all the terms and conditions applicable to such
Award in accordance with the laws of the State of Arkansas;

 

THEREFORE,
in consideration of the past services of the Recipient and
the mutual promises and covenants contained herein it is hereby agreed as
follows:

 

1.             AWARD OF SHARES:

 

Under the terms of the
Plan, the Committee has awarded to the Recipient an Award on                       
(“Award Date”), for                       shares
of Common Stock subject to the terms, conditions and restrictions set forth in
this Agreement.  There will be no
purchase price required by the Recipient in connection with this transaction.

 

2.             AWARD RESTRICTIONS:

 

The Award vests as
described below and shall expire                       .

 

Vesting to occur over the
period of                   
in                       
increments of       %.

 

Upon vesting date and
upon satisfaction of the requirements of Paragraph 5, the Company shall cause a
stock certificate to be delivered, without legend, in an amount reflecting the
number of shares vested less any previously delivered shares registered on the
Company’s books in the name of the Recipient or the Recipient’s
beneficiary.  Upon receipt of such stock
certificate, the Recipient or beneficiary are free, upon compliance with
applicable law, to hold or dispose of such certificate at will.

 

12

 

During the vesting
period, those shares covered by the Award, but not vested, are not transferable
by the Recipient by means of sale, assignment, exchange, pledge or
otherwise.  However, during the vesting
period, the Recipient does have the right to tender for sale or exchange with
the Company’s written consent, any such shares in the event of any tender offer
within the meaning of Section 14(d) of the Securities Exchange Act of
1934.

 

3.             STOCK CERTIFICATES:

 

An entry evidencing the
Award shall be made on the Company’s books and stock certificates will be
issued in the name of the Recipient as of the Award date.  Physical possession and custody of any stock
certificates evidencing the Award shall be retained by the Company until such
time as the vesting date occurs and payment of taxes is received by the Company
for the Award.  While in its possession,
the Company reserves the right to place a legend on any stock certificates
restricting the transferability of such certificates and referring to the terms
and conditions (including forfeiture) approved by the Committee and applicable
to the shares represented by the certificates.

 

During the vesting
period, except as otherwise provided in Paragraph 2 of the Agreement, the
Recipient shall be entitled to all rights of a stockholder of the Company,
including the right to vote the shares and receive dividends and other
distributions declared on any non-vested shares.

 

4.             EMPLOYMENT TERMINATION:

 

If the Recipient
terminates employment with the Company due to death or disability during the
vesting period, that Award, to the extent not already vested, shall vest in
full as of the date of such termination. 
If the Recipient’s employment terminates on account of “early retirement”
(as defined by the Committee), or under special circumstances determined by the
Committee, the Award, to the extent not already vested, may be forfeited (or
may be vested in full or in part) as determined by the Committee.  Termination of the Recipient’s employment with
the Company for any other reason shall result in forfeiture of the Award on the
date of termination to the extent not already vested.  The recipient may designate a beneficiary to
receive the stock certificate representing that portion of the Award automatically
vested upon death.  The Recipient has the
right to change such beneficiary designation at will.

 

5.             WITHHOLDING TAXES:

 

The Company will require
the Recipient receiving the shares of Common Stock under an Award, to remit to
the Company amounts required to be withheld by the Company. The Recipient shall
have the right to 1) remit in cash amounts due equal to such taxes required to
be withheld by the Company or, 2) remit a number of Company common stock owned
at least six months prior to the vesting date having a market value not less
than the amount of such taxes.

 

13

 

6.             IMPACT ON OTHER BENEFITS:

 

The value of the Award
(either on the Award Date or at the time the shares are vested) shall not be
includable as compensation or earnings for purposes of any other benefit plan
offered by the Company.

 

7.             ACCELERATION OF VESTING:

 

Notwithstanding anything
contained in this agreement to the contrary, in the event that, at any time
following the date of a “change of control” (as hereinafter defined)  (i) a recipient’s employment with the
Company or one of its subsidiaries terminates as a result of such recipient’s
retirement, termination without “just cause” (as hereinafter defined) by the
Company or one of its subsidiaries, or resignation by the recipient for good
reason; or (ii) with respect to a recipient employed by one of the Company’s
subsidiaries, a “sale transaction” (as hereinafter defined) is effected; then
all vesting restrictions on any shares of the Company’s common stock or
acquiring Company common stock awarded to that participant under this Agreement
shall immediately lapse and such shares shall be vested.

 

For purposes of this
Plan, “just cause” shall mean the willful and continued failure of a recipient
to substantially perform his duties with the Company or one of its subsidiaries
after a written demand for substantial performance is delivered to such
participant by the Board of Directors of the Company, or its subsidiary, which
specifically identifies the manner in which the board believes that such
participant has not substantially performed his duties; or willful misconduct
by the recipient materially injures the Company or its subsidiaries monetarily
or otherwise (it being understood that no act, or failure to act, on the part
of a recipient shall be considered “willful” unless done, or omitted to be
done, by such recipient in bad faith and with knowledge that the action or
omission was not in the best interest of the Company or such subsidiary).

 

“Sale transaction” shall
mean, with respect to an employee of one of the Company’s subsidiaries, the
direct or indirect sale or other disposition by the Company of in excess of
fifty percent (50%) of the voting capital stock of such subsidiary, the
complete liquidation of such subsidiary, or the sale by such subsidiary or all
or substantially all of its assets.

 

For purposes of this
Paragraph 7, “change of control” means:

 

(1)                                  Any
transaction involving the acquisition (“Acquisition Transaction”), by any
person, corporation, partnership or other entity, or any group (collectively
referred to herein as a “person”), of beneficial ownership of shares
representing thirty percent (30%) or more of the Company’s then outstanding
voting securities entitled to vote generally in the election of directors (“Voting
Securities”), but excluding, for this purpose, any such acquisition by (a) the
Company or any of its subsidiaries or any employee benefit plan (or related
trust) of the Company, or any of its subsidiaries, or (b) any corporation
with respect to which immediately following such acquisition, shares
representing more than fifty percent (50%) of such corporation’s Voting
Securities are beneficially owned, directly or indirectly, by those persons who
are the beneficial owners of the Company’s voting securities immediately prior
to such acquisition; or

 

14

 

(2)                                  Persons
who as of May 1, 1990 constitute the Company’s board of directors (the “Incumbent
Board”) cease, for any reason, to constitute at least a majority of the board,
provided that any person becoming a director of the Company subsequent to May 1,
1990 whose election was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall, for the purposes of this
Agreement, be considered to be a member of the Incumbent Board; or

 

(3)                                  Approval
by the stockholders of the Company of a reorganization, merger or consolidation
with respect to which those persons who were the beneficial owners of the
Company’s voting securities immediately prior to such reorganization, merger or
consolidation, do not, following such reorganization, merger or consolidation,
beneficially own, directly or indirectly, shares representing more than fifty
percent (50%) of the voting securities of the corporation resulting from such
reorganization, merger or consolidation, or a complete liquidation or
dissolution of the Company or the sale or other disposition of all or
substantially all of the assets of the Company.

 

For purposes of this
Paragraph 7, “acquisition transaction” means any of the following events:

 

(a)                                  A
merger, reorganization or consolidation involving the Company in which the
outstanding stock is converted into or exchanged for the common stock of
another entity, provided that such other entity has not, prior to or at the
time of such merger, reorganization or consolidation, directly or indirectly
acquired beneficial ownership of in excess of twenty percent (20%) of the
outstanding shares of the Company for consideration other than such common
stock (such a merger, reorganization or consolidation being herein referred to
as a “Stock Merger Transaction”); or

 

(b)                                 Any
merger, reorganization or consolidation involving the Company which is not a
Stock Merger Transaction and with respect to which these persons who were the
beneficial owners of the Company stock immediately prior to such merger,
reorganization, or consolidation, do not, following such merger,
reorganization, or consolidation, beneficially own, directly or indirectly,
shares representing more than fifty percent (50%) of the common stock of the
corporation resulting from such merger, reorganization or consolidation, or a
complete liquidation or dissolution of the Company or the sale or other
disposition of all or substantially all of the assets of the Company.

 

15

 

8.             ADMINISTRATION:

 

The Committee shall have
full authority and discretion (subject only to the express provisions of the
Plan) to decide all matters relating to the administration and interpretation
of the Plan and this Agreement.  All such
Committee determinations shall be final, conclusive and binding upon the
Company, the Recipient, and any and all interested parties.

 

9.             RIGHT TO CONTINUED EMPLOYMENT:

 

Nothing in this Agreement
or in the Plan shall confer on a Recipient any right to continue in the employ
of the Company or in any way affect the Company’s right to terminate the
Recipient’s employment without prior notice at any time for any and no reason.

 

10.          AMENDMENTS:

 

This Agreement shall be
subject to the terms of the Plan as amended except that the Award that is the
subject of this Agreement may not in any way be restricted or limited by any
Plan amendment or termination approved after the date of the award without the
Recipient’s written consent.

 

11.          FORCE AND EFFECT:

 

The various provisions of
this Agreement are severable in their entirety. 
Any determination of invalidity or unenforceability of any one provision
shall have no effect on the continuing force and effect of the remaining
provisions.

 

12.          PREVAILING LAWS:

 

This Agreement shall be
construed and enforced in accordance with and governed by the laws of the State
of Arkansas applicable to corporations and the issuance of stock by Arkansas
corporations.

 

13.          SUCCESSORS:

 

This Agreement shall be
binding upon and inure to the benefit of the successors, assigns and heirs of
the respective parties.

 

14.          NOTICE:

 

Unless waived by the
Company, any notice to the Company required under or relating to this Agreement
shall be in writing and addressed to:

 

J. B. HUNT
TRANSPORT SERVICES, INC.

Attention:  J. Kirk Thompson

P. O. Box 130

Lowell,
Arkansas  72745

 

16

 

15.          TERMS

 

Any terms used in this
Agreement that are not otherwise defined shall have the meanings prescribed to
them in the Plan.

 

16.          ENTIRE AGREEMENT:

 

This Agreement contains
the entire understanding of the parties and shall not be modified or amended
except in writing and duly signed by the parties.  No waiver by either party of any default
under this Agreement shall be deemed a waiver of any later default.

 

IN
WITNESS THEREOF, the parties have signed this Agreement as of
the date hereof.

 

	
   

  	
  J. B. HUNT TRANSPORT SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  J. Kirk Thompson

  
	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Recipient:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
					

 

17

 

FORM OF

STOCK OPTION AGREEMENT

J.B. HUNT TRANSPORT SERVICES, INC.

 

STOCK
OPTION AGREEMENT, hereinafter referred to as the “Option” or the “Agreement”
made on this day of                                between
J.B. Hunt Transport Services, Inc., an Arkansas corporation, (the “Company”) and                                

 

The Company, pursuant to
the terms of the J. B. Hunt Transport Services, Inc. Amended and Restated
Management Incentive Plan adopted by the Company’s Board of Directors on April 21,
2005 (the “Plan), hereby grants an option                 
shares of Common Stock of the Company, par value $0.01 per share (“Common Stock”) to the Optionee at the price and in all
respects subject to the terms, definitions and provisions of the Agreement.

 

1.   Option Price.   The
Option price is $                         for
each share.

 

2.   Exercise
and Option.  This Option shall be exercisable at any time
and from time to time pursuant to the exercise schedule and in accordance
with the terms of this Agreement as follows:

 

(a)  Exercise Schedule. 
This Option shall be exercisable in installments as indicated below:

 

	
  June 1, 20

  	
   

  	
   

  	
  %

  
	
  June 1, 20

  	
   

  	
   

  	
  %

  
	
  June 1, 20

  	
   

  	
   

  	
  %

  

 

All Options expire at the
earliest to occur of the following:  (i) the
          anniversary of this
Agreement; (ii) 730 days after the Optionee’s death, disability or
retirement after reaching age 55; or (iii) termination of employment with
the Company (for any reason) other than by death or disability or by retirement
after reaching age 55.

 

(b)  Method of Exercise. 
This Option shall be exercisable by a written notice which shall:

 

(i)  state the
election to exercise the Option, the number of shares in respect of which it is
being exercised, the person in whose name the stock certificate or certificates
for such shares of Common Stock is to be registered, his address and Social
Security Number (or if more than one, the names, addresses and Social Security
Numbers of such persons);

 

(ii)  contain
such representations and agreements as to the holder’s investment intent with
respect to such shares of Common Stock as may be satisfactory to the Company’s
counsel;

 

(iii)  be
signed by the person or persons entitled to exercise the Option and, if the
Option is being exercised by any person or persons other than the Optionee, be
accompanied by proof, satisfactory to counsel for the Company, of the right of
such person or persons to exercise the Option.

 

18

 

(iv)  be accompanied by payment to the
Company of the full Option price of the shares with respect to which the Option
is exercised.  The Option price shall be
paid in the following manner:

 

(i)   full
payment in cash or equivalent;

 

(ii)   full
payment in shares of Company Stock, owned for at least six months prior to the
Exercise Date (as defined in Paragraph 5(b) of the Plan) having a fair
market value on the Exercise Date equal to the option price; or

 

(iii)   any
combination of (i) or (ii), equal to the aggregate to the option price.

 

The Company’s Option
Committee also has the discretion to permit payment of the option price in full
or in part in accordance with paragraph 6.6 (a) (2) of the Plan.

 

(c)  The
Company shall not be required to issue or deliver any certificates for shares
of Common Stock purchased upon the exercise of an option (i) prior to the
completion of any registration or other qualification of such shares under any
state or federal laws or rulings or regulations of any government regulatory
body, which the Company shall determine to be necessary or advisable or, (ii) prior
to receiving adoption of counsel, satisfactory to the Company that the sale or
issuance of such shares is exempt from these registration or qualification
requirements.

 

(d)  Restrictions on Exercise. 
As a condition to his exercise of this Option, the Company may require
the person exercising this Option to make any representation and warranty to
the Company as may be required by any applicable law or regulation.

 

(e)  Employment Related Taxes.  
As a general rule, the exercise of an Option creates taxable income to the
Participant for which Federal and States income tax withholding may apply.  The withholding obligations of the
Participant may be satisfied at their election using cash or Company common
stock owned by the Participant for at least six months before the Exercise
Date.

 

3.   Non
Transferability of Option.  This
Option may not be assigned or transferred other than by will or the laws of
descent and distribution and may be exercised during the lifetime of the
Optionee only by him.

 

4.   Stock
Subject to the Option.  
In addition to the restrictions set forth above, the Company and the
Optionee agree that the Common Stock of the Company acquired pursuant to this
Agreement shall be subject to the restrictions set forth in the Plan.

 

5.   Adjustments
Upon Changes in Capitalization.  The number of shares of Common Stock subject
to this Agreement shall be proportionately adjusted for any change in the stock
structure of the Company because of share dividends, recapitalization,
reorganizations, mergers or other restructuring.

 

6.   Notices.  Each notice relating to this Agreement shall
be in writing and delivered in person or by certified mail to the proper
address.

 

19

 

Each notice shall be
deemed to have been given on the date it is received.  Each notice to the Company shall be addressed
to it at its principal office, now at 615 J.B. Hunt Corporate Drive, Lowell,
Arkansas 72745, attention Kirk Thompson. 
Each notice to the Optionee or other person or persons then entitled to
exercise the Option shall be addressed to the Optionee or such other person or
persons at the Optionee’s address set forth in the heading of this
Agreement.  Anyone to whom a notice may
be given under this Agreement may designate a new address by notice to that
effect.

 

7.   Benefits
of Agreement.  This
Agreement shall inure to the benefit of and be binding upon each successor of
the Company.  All obligations imposed
upon the Optionee and all rights granted to the Company under this Agreement
shall be binding upon Optionee’s heirs, legal representatives, and
successors.  This Agreement shall be sole
and exclusive source of any and all rights which the Optionee, his heirs, legal
representatives or successors may have in respect to the Plan or any options or
Common Stock granted or issued hereunder, whether to himself or to any other
person.

 

8.   Plan
Amendments.

 

This Agreement shall be
subject to the terms of the Plan as amended except that the Award that is the
subject of this Agreement may not in any way be restricted or limited by any
Plan amendment or termination approved after the date of the award without the
Recipient’s written consent.

 

9.   Successors.

 

This Agreement shall be
binding upon and inure to the benefit of the successors, assigns and heirs of
the respective parties.

 

10.   Terms.

 

Any terms used in this
Agreement that are not otherwise defined shall have the meanings prescribed to
them in the Plan.

 

11.   Entire
Agreement.

 

This Agreement contains
the entire understanding of the parties and shall not be modified or amended
except in writing and duly signed by the parties.  No waiver by either party of any default
under this Agreement shall be deemed a waiver of any later default.

 

IN
WITNESS WHEREOF, the Company and the Optionee have caused
this Agreement to be executed as of the day, month and year first above
written.

 

20

 

	
   

  	
  J. B. HUNT TRANSPORT SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

21

 

STOCK OPTION EXERCISE FORM

 

	
  To:

  	
   

  	
  Office of the Chief Financial Officer

  
	
   

  	
   

  	
  J.B. Hunt Transport Services, Inc.

  

 

This memorandum will confirm my desire to exercise my available vested
options in the following manner:

 

	
  o

  	
   

  	
  Exercise and sell for cash

  
	
  o

  	
   

  	
  Exercise and sell only enough shares to cover
  option costs and taxes and keep the remaining shares

  
	
  o

  	
   

  	
  Exercise and hold (buy)

  
	
  o

  	
   

  	
  Exercise and swap/surrender owned shares for
  option costs and/or taxes

  

 

The following options are the ones I have selected for the above
transaction(s):

 

	
  Grant
  Date

  	
   

  	
  Number of

  Options Exercised

  	
   

  	
  Option Price

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

I understand that the difference between market value and option price
for the options exercised is taxable compensation to be included in my Form W-2.  Therefore, the withholding amounts for
Federal and State tax should be withheld at the following rates:

 

	
  Federal

  	
  %

  	
   

  	
  State

  	
  %

  

 

	
   

  	
   

  	
   

  
	
   

  	
  Optionee

  
	
   

  	
   

  	
   

  
	
   

  	
  Date

  
	
   

  	
   

  
	
   

  	
   

  
	
  Received by CFO Office:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  
	
   

  	
   

  	
   

  
	
  Date

  	
   

  
						

 

22

 

FORM OF

AMENDMENT TO

STOCK
OPTION AGREEMENT

J.B. HUNT
TRANSPORT SERVICES, INC.

 

 

This Amendment is made
this         day of                            ,
20        , (the “Amendment”) by and between
J.B. Hunt Transport Services, Inc. (“the Company”) and                                    
(the “Optionee”) and amends that certain Stock Option Agreement between the
Company and the Optionee dated                                    ,  (the “Agreement”).

 

For good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Optionee and the Company amend the Agreement as follows (check those which
apply):

 

The remaining unexercised
portions of this Option shall be exercisable as follows:

 

This Option shall
terminate as follows:

 

All other terms and
conditions of the Agreement continue in full force and effect.

 

	
   

  	
  J.B. HUNT TRANSPORT
  SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  ,Optionee

  
					

 

23

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