Document:

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                                                                     Exhibit 4.3

                         ROADWAY CORPORATION NONEMPLOYEE
                          DIRECTORS' STOCK OPTION PLAN

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                                TABLE OF CONTENTS

                                                                            PAGE

ARTICLE I.    DEFINITIONS......................................................1

ARTICLE II.   PURPOSE..........................................................3

ARTICLE III.  ELECTION TO PARTICIPATE..........................................3

     3.1.   Eligibility........................................................3
     3.2.   Election to Participate............................................4
     3.3.   Amount of Participation............................................4
     3.4.   Minimum Level of Participation For Investment in Options...........4

ARTICLE IV.   OPTIONS..........................................................4

     4.1.   Grant of Options...................................................4
     4.2.   Written Agreement..................................................4
     4.3.   Exercisability of Options..........................................4
     4.4.   Term...............................................................4
     4.5.   Early Vesting......................................................5
     4.6.   Exercise Price.....................................................5
     4.7.   Payment............................................................5
     4.8.   Transferability....................................................5
     4.9.   Approval of Shareholders...........................................6

ARTICLE V.    ADMINISTRATION, AMENDMENT AND TERMINATION........................6

     5.1.   Administration.....................................................6
     5.2.   Amendment and Termination..........................................6
     5.3.   Amendment of Options...............................................6

ARTICLE VI.   SHARES SUBJECT TO PLAN...........................................6

     6.1.   Shares Subject to Plan.............................................6
     6.2.   Adjustments........................................................7

ARTICLE VII.  GENERAL PROVISIONS...............................................7

     7.1.   Governing Law......................................................7
     7.2.   Miscellaneous......................................................7

                                      -i-
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                       ROADWAY CORPORATION NONEMPLOYEE
                          DIRECTORS' STOCK OPTION PLAN

            The Roadway Corporation Nonemployee Directors' Stock Option Plan
(the "Plan") is effective as of May 30, 2001. The Plan is an amendment and
restatement of the Roadway Express, Inc. Nonemployee Directors' Stock Option
Plan. The Purpose of this amendment and restatement of the Plan is to reflect
the formation of Roadway Corporation and the exchange of common shares of
Roadway Express, Inc. for common shares of Roadway Corporation pursuant to the
Agreement and Plan of Merger by and among Roadway Express, Inc., Roadway Merger
Corp. and Roadway Corporation dated May 29, 2001.

                             ARTICLE I. DEFINITIONS

            Whenever the following terms are used in the Plan they shall have
the meanings specified below unless the context clearly indicates to the
contrary:

            (a) "Administrator": The Compensation Committee of the Board or any
      successor committee designated by the Board.

            (b) "Board": The Board of Directors of the Company.

            (c) "Change in Control": The occurrence of any of the following
      events:

                (1) a filing pursuant to any federal or state law in connection
            with any tender offer for shares of the Company (other than a tender
            offer by the Company);

                (2) the merger, consolidation or reorganization of the Company
            into or with another corporation or other legal person, if as a
            result of such merger, consolidation or reorganization less than 50%
            of the combined voting power of the then-outstanding securities of
            such corporation or person immediately after such transaction are
            held in the aggregate by the holders of Voting Stock (as that term
            is hereafter defined) of the Company immediately prior to such
            transaction by reason of their ownership of Voting Stock of the
            Company;

                (3) the sale or transfer by the Company of all or substantially
            all of its assets to another company or other legal person, if as a
            result of such sale or transfer less than 50% of the combined voting
            power of the then-outstanding securities of such company immediately
            after such sale or transfer is held in the aggregate by the holders
            of Voting Stock of the Company immediately prior to such sale or
            transfer by reason of their ownership of Voting Stock of the
            Company;

                (4) the adoption of any resolution of reorganization or
            dissolution of the Company by its shareholders;

                (5) the filing of a report on Schedule 13D or Schedule 14D-1 (or
            any successor schedule, form or report), each as promulgated
            pursuant to the
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            Securities Exchange Act of 1934, as amended (the "Exchange Act"),
            disclosing that any person (as the term "person" is used in Section
            13(d)(3) or Section 14(d)(2) of the Exchange Act) has become the
            beneficial owner (as the term "beneficial owner" is defined under
            Rule 13d-3 or any successor rule or regulation promulgated under the
            Exchange Act) of securities representing 50% or more of the combined
            voting power of the then-outstanding securities entitled to vote
            generally in the election of directors of the Company ("Voting
            Stock");

                (6) the filing of a report or proxy statement by the Company
            with the Securities and Exchange Commission pursuant to the Exchange
            Act disclosing in response to Form 8-K or Schedule 14A (or any
            successor schedule, form or report or item therein) that a change in
            control of the Company has occurred or will occur in the future
            pursuant to any then-existing contract or transaction;

                (7) if during any period of two consecutive years, individuals
            who at the beginning of such period constituted the directors of the
            Company cease for any reason to constitute a majority thereof
            (unless the election, or the nomination for election by the
            Company's shareholders, of each director of the Company first
            elected during such period was approved by a vote of at least
            two-thirds of the directors then still in office who were directors
            of the Company at the beginning of any such period; or

                (8) the occurrence of any other event or series of events, which
            event or series of events, in the opinion of the Board, will, or is
            likely to, if carried out, result in a change in control of the
            Company;

            provided, however, a "Change in Control" will not be deemed to have
            occurred, either (i) solely because (A) the Company, (B) a
            subsidiary of the Company, or (C) any Company-sponsored employee
            stock ownership plan or any other employee benefit plan of the
            Company, either files or becomes obligated to file a report or a
            proxy statement under or in response to Schedule 13D, Schedule
            14D-1, Form 8-K or Schedule 14A (or any successor schedule, form or
            report or item therein) under the Exchange Act, disclosing
            beneficial ownership by it of shares of Voting Stock, whether in
            excess of 50% or otherwise, or because the Company reports that a
            change in control of the Company has or may have occurred or will or
            may occur in the future by reason of such beneficial ownership, or
            (ii) solely because of a change in control of any subsidiary.
            Notwithstanding the foregoing provisions of Paragraphs (1)-(5) of
            this Subsection, if, prior to any event described in Paragraphs (1)
            - (5) of this Subsection instituted by any person not an officer or
            director of the Company, or prior to any disclosed proposal
            instituted by any person not an officer or director of the Company
            which could lead to any such event, management proposes any
            restructuring of the Company which ultimately leads to an event
            described in Paragraphs (1) - (5) of this Subsection pursuant to
            such management proposal, then a "Change in Control" will not be
            deemed to have occurred for purposes of the Plan. If any "Change in
            Control" is abandoned, the Board, may, by notice to the Directors,
            nullify the effect thereof.

            (d) "Code": The Internal Revenue Code of 1986, as amended.

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            (e) "Company": Roadway Corporation or any successor or successors
      thereto.

            (f) "Director": An individual duly elected or chosen as a Director
      of the Company or of a subsidiary who is not also an employee of the
      Company or any of its subsidiaries.

            (g) "Fair Market Value": With respect to a Share, the last
      transaction price per Share as quoted by the National Market System of the
      National Association of Securities Dealers Automated Quotation System
      ("NASDAQ") for a day specified herein for which such fair market value is
      to be calculated, or if there was no transaction price of Shares so quoted
      for such day, on the most recently preceding day on which there was such a
      so quoted transaction price.

            (h) "Option": An option to purchase Shares granted pursuant to
      Section 4.1. Prior to May 30, 2001, "Option" means an option to purchase
      common shares of Roadway Express, Inc., without par value.

            (i) "Participation Agreement": The agreement submitted by a Director
      to the Administrator in which a Director may specify his election to
      invest all or a portion of his Retainer in Options.

            (j) "Plan": The Plan set forth in this instrument as it may from
      time to time be amended.

            (k) "Plan Year": The 12-month period beginning January 1 and ending
      December 31.

            (l) "Retainer": The portion of a Director's annual compensation that
      is payable in cash or Shares without regard to number of Board or
      committee meetings attended or committee positions.

            (m) "Shares": The Company's common stock, $0.01 par value. Shares
      may be shares of original issuance or treasury shares or a combination of
      the foregoing. Prior to May 30, 2001, Shares means the common stock of
      Roadway Express, Inc., without par value.

            (n) "Valuation Date": December 31 of each Plan Year.

                              ARTICLE II. PURPOSE

            The purpose of the Plan is to provide Directors with opportunities
to invest amounts of their Retainer in Options in order to further align the
interests of Directors with the shareholders of the Company and thereby promote
the long-term success and growth of the Company.

                      ARTICLE III. ELECTION TO PARTICIPATE

            3.1. ELIGIBILITY. All individuals who are Directors as of the first
day of a Plan Year may participate in the Plan for such Plan Year. A Director
may elect to participate for any

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Plan Year in accordance with Section 3.2. A Director's entitlement to
participate as to future investments shall cease with respect to the Plan Year
following the Plan Year in which he ceases to be a Director.

            3.2. ELECTION TO PARTICIPATE. A Director who desires to participate
in the Plan with respect to the Retainer payable for a Plan Year must complete
and deliver a Participation Agreement to the Administrator before the first day
of the Plan Year for which such Retainer would otherwise be paid. A
Participation Agreement that is timely delivered shall be effective for the
succeeding Plan Year and in addition, except as otherwise specified by a
Director in his Participation Agreement, shall continue to be effective from
Plan Year to Plan Year until revoked or modified by written notice to the
Administrator or until terminated automatically upon the termination of the
Plan. In order to be effective to revoke or modify a Participation Agreement
with respect to the Retainer for a Plan Year, a revocation or modification must
be delivered prior to the first day of the Plan Year for which such Retainer is
payable.

            3.3. AMOUNT OF PARTICIPATION. A Director shall designate on the
Participation Agreement the dollar amount or number of Shares of his Retainer
that he has elected to invest in Options under the Plan.

            3.4. MINIMUM LEVEL OF PARTICIPATION FOR INVESTMENT IN OPTIONS. A
Director shall be permitted to invest in Options under the Plan only if for the
Plan Year involved the total amount of the Retainer for the Director that is
invested in Options for the Plan Year equals at least 25% of the amount of the
Retainer of the Director for such Plan Year.

                              ARTICLE IV. OPTIONS

            4.1. GRANT OF OPTIONS. To the extent a Director elects to invest all
or a portion of his Retainer for a Plan Year in Options, an Option shall be
granted on the first day of such Plan Year for that number of Shares not in
excess of 120%, as determined by the Board at its last meeting before the
beginning of each Plan Year, of the amount of the Retainer invested divided by
the value of an Option for one Share on the Valuation Date. For this purpose,
the value of an Option shall be determined by the Black-Scholes option pricing
model, as applied by the Administrator, and the amount of the Retainer invested
represented by Shares shall be valued at their Fair Market Value on the
Valuation Date. To the extent that the application of the foregoing formula
would result in an Option covering a fractional Share, the number of Shares
covered by the Option shall be rounded up.

            4.2. WRITTEN AGREEMENT. Each grant of Options shall be evidenced by
a written agreement in such form as approved by the Administrator and shall be
subject to the additional terms and conditions set forth in this Article.

            4.3. EXERCISABILITY OF OPTIONS. Subject to the expiration or earlier
termination of the Option, 100% of the Option shall become exercisable on the
first anniversary of the date of grant.

            4.4. TERM. An Option shall expire ten years from the date the Option
is granted and shall be subject to earlier termination as hereinafter provided.
Once an Option becomes exercisable, it may thereafter be exercised, wholly or in
part, at any time prior to its expiration or termination. In the event of the
Director's termination from service on the Board,

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other than as provided in Section 4.5, an outstanding Option may be exercised
only to the extent it was exercisable on the date of such termination and shall
expire two years after such termination, or on its stated expiration date,
whichever occurs first. Notwithstanding the above, in the event of a termination
for cause as determined by the Administrator, all unexercised Options shall be
forfeited.

            4.5. EARLY VESTING. Upon the occurrence of any of the following
events, the Option shall become immediately and fully exercisable: the death of
the Director, the disability of the Director, or a Change in Control. The Option
shall expire two years after such event, or on its stated expiration date,
whichever occurs first.

            4.6. EXERCISE PRICE. The exercise price of an Option granted to a
Director shall be equal to the Fair Market Value per Share on the date of grant.

            4.7. PAYMENT. An Option may be exercised by a Director only upon
payment to the Company in full of the exercise price of the Option corresponding
to the portion of the Option to be exercised. Such payment shall be made in cash
or in Shares previously owned by the Director for more than six months, or in a
combination of cash and such Shares. The requirement of payment in cash will be
deemed satisfied if the Optionee has made arrangements satisfactory to the
Company with a bank or broker that is a member of the National Association of
Securities Dealers, Inc. to sell on the date of exercise a sufficient number of
Shares being purchased so that the net proceeds of the sale transaction will at
least equal the aggregate price of the Option and pursuant to which the bank or
broker undertakes to deliver the aggregate price of the Option to the Company
not later than the date on which the sale transaction will settle in the
ordinary course of business.

            4.8. TRANSFERABILITY.

            (a) The Option shall be neither transferable nor assignable by the
      Director other than by will or by the laws of descent and distribution and
      may be exercised, during the lifetime of the Director, only by the
      Director, or in the event of his legal incapacity, by his guardian or
      legal representative acting on behalf of the Director in a fiduciary
      capacity under state law and court supervision.

            (b) Notwithstanding the provisions of Subsection (a) of this
      Section, the Administrator may, in its sole discretion, authorize all or a
      portion of the rights to be granted to a Director in an Option to be on
      terms which permit transfer by such Director to (i) the spouse, children
      or grandchildren of the Director ("Immediate Family Members"), (ii) a
      trust or trusts for the exclusive benefit of such Immediate Family
      Members, (iii) a partnership in which such Immediate Family Members are
      the only partners, or (iv) other persons or entities, provided that (A)
      the agreement pursuant to which such rights are transferred must be
      approved by the Administrator, and must expressly provide for
      transferability in a manner consistent with Subsection (a) of this
      Section, and (B) subsequent transfers of transferred rights shall be
      prohibited except those in accordance with Subsection (a) of this Section.
      Following transfer, any such rights shall continue to be subject to the
      same terms and conditions as were applicable immediately prior to
      transfer, provided that for purposes of this Article IV, the term
      "Director" shall be deemed to refer to the transferee. The events of
      termination set forth in this Article IV shall continue to be applied with
      respect to the Director, following

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      which the rights shall be exercisable by the transferee only to the
      extent, and for the period specified in the agreement pursuant to which
      such rights are granted.

            4.9. APPROVAL OF SHAREHOLDERS. The effectiveness of the Plan is
conditioned on its approval by an affirmative vote of the holders of Shares
represented at a meeting duly held in accordance with Delaware law. All grants
under the Plan shall be null and void if the Plan is not approved by such
shareholders.

            ARTICLE V. ADMINISTRATION, AMENDMENT AND TERMINATION

            5.1. ADMINISTRATION. The Plan shall be administered by the
Administrator. The Administrator shall have such powers as may be necessary to
discharge its duties hereunder. The Administrator may, from time to time,
employ, appoint or delegate to an agent or agents (who may be an officer or
officers of the Company) and delegate to them such administrative duties as it
sees fit, and may from time to time consult with legal counsel who may be
counsel to the Company. The Administrator shall have no power to add to,
subtract from or modify any of the terms of the Plan, or to change or add to any
benefits provided under the Plan, or to waive or fail to apply any requirements
of eligibility for a benefit under the Plan. No member of the Administrator
shall act in respect of his own Retainer. All decisions and determinations by
the Administrator shall be final and binding on all parties. No member of the
Administrator shall be liable for any such action taken or determination made in
good faith. All decisions of the Administrator shall be made by the vote of the
majority, including actions and writing taken without a meeting. All elections,
notices and directions under the Plan by a Director shall be made on such forms
as the Administrator shall prescribe.

            5.2. AMENDMENT AND TERMINATION. The Board may alter or amend the
Plan from time to time or may terminate it in its entirety; provided, however,
that no such action, except for an acceleration of benefits, shall, without the
consent of a Director, impair the rights in any Shares issued or to be issued to
such Director, as a result of a grant of Options under the Plan; and further
provided, that any amendment that must be approved by the shareholders of the
Company in order to comply with applicable law or the rules of the principal
national securities exchange or system upon which the Shares are traded or
quoted shall not be effective unless and until such approval has been obtained
in compliance with such applicable law or rules. Presentation of the Plan or any
amendment hereof for shareholder approval shall not be construed to limit the
Company's authority to offer similar or dissimilar benefits through plans that
are not subject to shareholder approval.

            5.3. AMENDMENT OF OPTIONS. The Administrator shall not, without the
further approval of the shareholders of the Company, authorize the amendment of
any outstanding Option to reduce the exercise price of the Option. Furthermore,
no Option shall be canceled and replaced with awards having a lower exercise
price without further approval of the shareholders of the Company. This Section
is intended to prohibit the repricing of "underwater" Options and shall not be
construed to prohibit the adjustments provided for in Section 6.2 of the Plan.

                       ARTICLE VI. SHARES SUBJECT TO PLAN

            6.1. SHARES SUBJECT TO PLAN. Subject to adjustment as provided in
the Plan, the total number of Shares which may be issued under the Plan shall be
100,000; provided however, that such Shares (i) may be supplemented by Shares
authorized but not granted under the

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following Company plans: Management Incentive Stock Plan, Employee Stock
Purchase Plan, Equity Ownership Plan and Nonemployee Directors' Equity and
Deferred Compensation Plan ("stock related plans") and (ii) shall be reduced by
any shares authorized under this Plan designated to be used to grant awards
under any other stock related plan in excess of the shares authorized under such
other plan.

            6.2. ADJUSTMENTS. The Administrator may make or provide for such
adjustments in the (a) number of Shares covered by outstanding Options granted
or awarded hereunder, (b) prices per share applicable to such Options, and (c)
kind of shares covered thereby, as the Administrator in its sole discretion may
in good faith determine to be equitably required in order to prevent dilution or
enlargement of the rights of Directors that otherwise would result from (x) any
stock dividend, stock split, combination of shares, recapitalization or other
change in the capital structure of the Company, (y) any merger, consolidation,
spin-off, spin-out, split-off, split-up, reorganization, partial or complete
liquidation of the Company or other distribution of assets, issuance of rights
or warrants to purchase securities of the Company, or (z) any other corporate
transaction or event having an effect similar to any of the foregoing. In the
event of any such transaction or event, the Administrator may provide in
substitution for any or all outstanding grants or awards under the Plan such
alternative consideration as it may in good faith determine to be equitable
under the circumstances and may require in connection therewith the surrender of
all awards so replaced. Moreover, the Administrator may on or after the date of
grant provide in the agreement evidencing any grant or award under the Plan that
the holder of the grant or award may elect to receive an equivalent grant or
award in respect of securities of the surviving entity of any merger,
consolidation or other transaction or event having a similar effect, or the
Administrator may provide that the holder will automatically be entitled to
receive such an equivalent grant or award. The Administrator may also make or
provide for such adjustments in the number of shares specified in Section 6.1 of
the Plan as the Administrator in its sole discretion may in good faith determine
to be appropriate in order to reflect any transaction or event described in this
Section. This Section shall not be construed to permit the re-pricing of any
Options in the absence of any of the circumstances described above in
contravention of Section 5.3 of the Plan.

                        ARTICLE VII. GENERAL PROVISIONS

            7.1. GOVERNING LAW. The provisions of the Plan shall be governed by
and construed in accordance with the laws of the State of Delaware.

            7.2. MISCELLANEOUS. Headings are given to the sections of the Plan
solely as a convenience to facilitate reference. Such headings, numbering and
paragraphing shall not in any case be deemed in any way material or relevant to
the construction of the Plan or any provisions thereof. The masculine gender,
where appearing in the Plan, includes the feminine gender, and the singular may
include the plural, unless the context clearly indicates to the contrary.

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            The undersigned hereby executes the Roadway Corporation Nonemployee
Directors' Stock Option Plan.

                                          ROADWAY CORPORATION

                                          By: /s/ Joseph R. Boni III
                                              ----------------------------------

                                          Title: Treasurer
                                                 -------------------------------

Attest:

/s/ John J. Gasparovic
----------------------
Secretary

   [CORPORATE SEAL]

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