Document:

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                                                                   EXHIBIT 4.3.2

                                     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 20, 2000 (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) 365 days after the
          Optionee's death or disability or retirement after reaching age 55; or
          (iv) 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.

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               (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 share of Company Stock having a fair
                    market value on the Exercise Date (as defined in paragraph
                    5(b) of the Plan) 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.

     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.

     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

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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.

                                          J. B. HUNT TRANSPORT SERVICES, INC.

                                          By:
                                             --------------------------------
                                               PRESIDENT

                                          By:
                                             --------------------------------

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                                                                   EXHIBIT 4.3.3

                                     FORM OF
                           STOCK OPTION EXERCISE FORM

J. B. Hunt Transport Services, Inc.
615 J. B. Hunt Corporate Drive
Lowell, Arkansas   72745
Attention: Kirk Thompson

-----------------------
Date

Dear Sir:

The undersigned elects to exercise his or her Option to purchase ____________
shares of Common Stock of J. B. Hunt Transport Services, Inc. (the "Company")
under and pursuant to Agreement dates ____________________________.

Delivered herewith is consideration in a form permitted by the Plan and in the
amount of $_____________ in payment of the Option price for ____________ shares
of such stock, such consideration specifically being exercised through:
___________________________________.

The name or names to be on the stock certificate or certificates and the address
and Social Security Number of such persons is as follows:

Name:
     ----------------------------------------------

Address:
        -------------------------------------------

Social Security Number:
                       ----------------------------

The undersigned hereby represents and agrees that all of the Common Stock being
purchased by him hereunder is being acquired for investment and that said stock
will not be sold or transferred in a manner that will require a Registration
Statement, without first complying with the Securities Act of 1933. The
undersigned agrees to hold the Company harmless from, and shall reimburse the
Company for, any damages or penalties, civil or criminal, which the Company may
incur as a result of a breach of this warranty.

                                           ----------------------------
                                           Optionee

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