Document:

<PAGE>

                                                                    EXHIBIT 10.3

                           SMITHWAY MOTOR XPRESS CORP.
                             2005 OMNIBUS STOCK PLAN

                      NON-STATUTORY STOCK OPTION AGREEMENT
                      ------------------------------------
                                   (EMPLOYEE)

================================================================================
Name of Optionee:
--------------------------------------------------------------------------------
No. of Shares Covered:                           Date of Grant:
--------------------------------------------------------------------------------
Exercise Price Per Share:                        Expiration Date:
--------------------------------------------------------------------------------
Exercise Schedule (Cumulative):

             Date(s) of                              No. of Shares as to Which
           Exercisability                           Option Becomes Exercisable
================================================================================

      This is a Non-Statutory Stock Option Agreement (the "Agreement") between
Smithway Motor Xpress Corp., a Nevada corporation (the "Company"), and the
optionee identified above (the "Optionee") effective as of the date of grant
specified above.

                                    RECITALS

      WHEREAS, the Company maintains the Smithway Motor Xpress Corp. 2005
Omnibus Stock Plan (the "Plan"); and

      WHEREAS, pursuant to the Plan, the Board of Directors of the Company (the
"Board") or a committee of two or more directors of the Company (the
"Committee") appointed by the Board administers the Plan and has the authority
to determine the awards to be granted under the Plan (if the Board has not
appointed a committee to administer the Plan, then the Board shall constitute
the Committee); and

      WHEREAS, the Committee has determined that the Optionee is eligible to
receive an award under the Plan in the form of a non-statutory stock option (the
"Option");

      NOW, THEREFORE, the Company hereby grants this Option to the Optionee
under the terms and conditions as follows.

                             TERMS AND CONDITIONS*

1.    GRANT. The Optionee is granted this Option to purchase the number of
      Shares specified at the beginning of this Agreement.

----------
*     Unless the context indicates otherwise, terms that are not defined in this
Agreement shall have the meaning set forth in the Plan as it currently exists or
as it is amended in the future.

<PAGE>

2.    EXERCISE PRICE. The price to the Optionee of each Share subject to this
      Option shall be the exercise price specified at the beginning of this
      Agreement.

3.    NON-STATUTORY STOCK OPTION. This Option is not intended to be an
      "incentive stock option" within the meaning of Section 422 of the Internal
      Revenue Code of 1986, as amended (the "Code").

4.    EXERCISE SCHEDULE. This Option shall vest and become exercisable as to the
      number of Shares and on the dates specified in the exercise schedule at
      the beginning of this Agreement. The exercise schedule shall be
      cumulative; thus, to this extent this Option has not already been
      exercised and has not expired, terminated or been cancelled, the Optionee
      or the person otherwise entitled to exercise this Option as provided
      herein may at any time, and from time to time, purchase all or any portion
      of the Shares then purchasable under the exercise schedule.

      This Option may also be exercised in full (notwithstanding the exercise
      schedule) under the circumstances described in Section 8 of this Agreement
      if it has not expired prior thereto.

5.    EXPIRATION. This Option shall expire at 5:00 p.m. Central Time on the
      earliest of:

      (a)   The expiration date specified at the beginning of this Agreement
            (which date shall not be later than ten years after the date of
            grant);

      (b)   The expiration of the period after the termination of employment of
            the Optionee within which the Option can be exercised (as specified
            in Section 7 of this Agreement);

      (c)   Termination of the Optionee's employment for Cause. "Cause" shall be
            deemed to exist upon (i) an act or acts of dishonesty undertaken by
            Optionee and intended to result in substantial gain or personal
            enrichment of Optionee at the expense of the Company; (ii) unlawful
            conduct or gross misconduct that is willful and deliberate on
            Optionee's part and that, in either event, is materially injurious
            to the Company; (iii) the conviction of Optionee of a felony; or
            (iv) material breach by Optionee of any terms and conditions of any
            employment or non-competition/non-solicitation agreement between the
            Optionee and the Company not caused by the Company, which breach has
            not been cured by Optionee within ten days after written notice
            thereof to Optionee from the Company; or

      (d)   The date (if any) fixed for cancellation pursuant to Section 17 of
            the Plan.

      In no event may anyone exercise this Option, in whole or in part, after it
      has expired, notwithstanding any other provision of this Agreement.

6.    PROCEDURE TO EXERCISE OPTION.

      Notice of Exercise. This Option may be exercised by delivering written
      notice of exercise to the Company at the principal executive office of the
      Company, to the attention of the Company's Treasurer, in the form attached
      to this Agreement. The notice shall state the number of Shares to be
      purchased, and shall be signed by the person exercising this Option. If
      the person exercising this Option is not the Optionee, he/she also must
      submit appropriate proof of his/her right to exercise this Option.

      Tender of Payment. Upon giving notice of any exercise hereunder, the
      Optionee shall provide for payment of the purchase price of the Shares
      being purchased through one or a combination of the following methods:

      (a)   Cash (including check, bank draft or money order);

      (b)   To the extent permitted by law, through a broker-assisted cashless
            exercise in which the Optionee simultaneously exercises the Option
            and sells all or a portion of the Shares

                                      -2-
<PAGE>

            thereby acquired pursuant to a brokerage or similar relationship and
            uses the proceeds from such sale to pay the purchase price of such
            Shares;

      (c)   By delivery to the Company of unencumbered Shares having an
            aggregate Fair Market Value on the date of exercise equal to the
            purchase price of such Shares; or

      (d)   By authorizing the Company to retain, from the total number of
            Shares as to which the Option is exercised, that number of Shares
            having a Fair Market Value on the date of exercise equal to the
            purchase price for the total number of Shares as to which the Option
            is exercised.

      Notwithstanding the foregoing, the Optionee shall not be permitted to pay
      any portion of the purchase price with Shares, or by authorizing the
      Company to retain Shares upon exercise of the Option, if the Committee, in
      its sole discretion, determines that payment in such manner is
      undesirable.

      Delivery of Certificates. As soon as practicable after the Company
      receives the notice and purchase price provided for above, it shall
      deliver to the person exercising this Option, in the name of such person,
      a certificate or certificates representing the Shares being purchased. The
      Company shall pay any original issue or transfer taxes with respect to the
      issue or transfer of the Shares and all fees and expenses incurred by it
      in connection therewith. All Shares so issued shall be fully paid and
      nonassessable. Notwithstanding anything to the contrary in this Agreement,
      no certificate for Shares distributable under the Plan shall be issued and
      delivered unless the issuance of such certificate complies with all
      applicable legal requirements including, without limitation, compliance
      with the provisions of applicable state securities laws, the Securities
      Act of 1933, as amended (the "Securities Act") and the Exchange Act.

7.    EMPLOYMENT REQUIREMENT. This Option may be exercised only while the
      Optionee remains employed with the Company or a parent or subsidiary
      thereof, and only if the Optionee has been continuously so employed since
      the date of this Agreement; provided that:

      (a)   This Option may be exercised for three months following the day of
            the Optionee's employment by the Company ceases if such cessation of
            employment is for a reason other than death or disability, but only
            to the extent that it was exercisable immediately prior to
            termination of employment, provided that if termination of the
            Optionee's employment shall have been for Cause, the Option shall
            expire, and all rights to purchase Shares hereunder shall terminate,
            immediately upon such termination.

      (b)   This Option may be exercised within one year after the Optionee's
            employment by the Company ceases if such cessation of employment is
            because of death or disability of the Optionee, but only to the
            extent it was exercisable immediately prior to the cessation of
            employment.

      (c)   If the Optionee's employment terminates after a declaration made
            pursuant to Section 17 of the Plan in connection with a Fundamental
            Change, the Option may be exercised at any time permitted by such
            declaration.

      Notwithstanding the above, the Option may not be exercised after it has
      expired.

8.    ACCELERATION OF VESTING.

      In the event of a Fundamental Change the Committee shall:

      (a)   if the Fundamental Change is a merger or consolidation or statutory
            share exchange, make appropriate provision for the protection of
            this Option by the substitution for this Option of

                                      -3-
<PAGE>

            options or voting common stock of the corporation surviving any
            merger or consolidation or, if appropriate, the parent corporation
            of the Company or such surviving corporation; or

      (b)   at least ten days before the occurrence of the Fundamental Change,
            declare, and provide written notice to the Optionee of the
            declaration, that this Option, whether or not then exercisable,
            shall be canceled at the time of, or immediately before the
            occurrence of, the Fundamental Change (unless it shall have been
            exercised prior to the occurrence of the Fundamental Change). In
            connection with any such declaration, the Committee may, but shall
            not be obligated to, cause payment to be made to the Optionee of
            cash equal to, for each Share covered by the canceled Option, the
            amount, if any, by which the Fair Market Value per share exceeds the
            exercise price per Share covered by this Option. At the time of any
            such declaration, this Option shall immediately become exercisable
            in full and the Optionee shall have the right, during the period
            preceding the time of cancellation of this Option, to exercise this
            Option as to all or any part of the Shares covered by this Option.
            In the event of a declaration pursuant to this subsection, to the
            extent this Option has not been exercised prior to the Fundamental
            Change, the unexercised part of this Option shall be canceled at the
            time of, or immediately before, the Fundamental Change, as provided
            in the declaration. Notwithstanding the foregoing, the holder of
            this Option shall not be entitled to the payment provided for in
            this subsection if this Option shall have expired pursuant to
            Section 5 above or been cancelled. For purposes of this subsection
            only, "Fair Market Value" per share has the meaning set forth in
            Section 17 of the Plan.

      Discretionary Acceleration. Notwithstanding any other provisions of this
      Agreement to the contrary, the Committee may, in its sole discretion,
      declare at any time that the Option shall be immediately exercisable.

9.    LIMITATION ON TRANSFER. During the lifetime of the Optionee, only the
      Optionee or his/her guardian or legal representative may exercise the
      Option. The Option may not be assigned or transferred by the Optionee
      otherwise than by will or the laws of descent and distribution or pursuant
      to a qualified domestic relations order as defined by the Code or Title I
      of the Employee Retirement Income Security Act, or the rules thereunder.
      The Option held by any such transferee shall continue to be subject to the
      same terms and conditions that were applicable to the Option immediately
      prior to its transfer and may be exercised by such transferee as and to
      the extent that the Option has become exercisable and has not terminated
      in accordance with the provisions of the Plan and this Agreement.

10.   NO SHAREHOLDER RIGHTS BEFORE EXERCISE. No person shall have any of the
      rights of a shareholder of the Company with respect to any Share subject
      to the Option until the Share actually is issued to him/her upon exercise
      of the Option.

11.   LOCK-UP PERIOD.

      (a)   The Optionee agrees that the Optionee will not offer, pledge, sell,
            contract to sell, sell any option, sell any contract to purchase,
            purchase any option, purchase any contract to sell, grant any
            option, right, or warrant to purchase, lend, or otherwise transfer
            or dispose of, directly or indirectly, any Shares (or any other
            Company securities) or enter into any swap, hedging, or other
            arrangement that transfers to another, in whole or in part, any of
            the economic consequences of ownership of any Shares (or any other
            Company securities) held by the Optionee (other than those included
            in the registration) for a period specified by the representative of
            the underwriters of Stock (or any other Company securities) not to
            exceed 90 days (180 days in the case of an initial public offering)
            after the effective date of any Company registration statement filed
            under the Securities Act.

                                      -4-
<PAGE>

      (b)   The Optionee agrees to execute and deliver such other agreements as
            may be reasonably requested by the Company or the underwriter to the
            extent that such agreements are consistent with the foregoing or
            that are necessary to give further effect to the provisions set
            forth in Section 11(a). In addition, if requested by the Company or
            the representative of the underwriters of Stock (or any other
            Company securities), the Optionee will provide, within 10 days of
            such request, such information as may be required by the Company or
            such representative in connection with the completion of any public
            offering of the Company's securities pursuant to a registration
            statement filed under the Securities Act.

      (c)   The obligations described in this Section 11 will not apply to a
            registration relating solely to employee benefit plans on Form S-1
            or Form S-8 or similar forms that may be promulgated in the future,
            or a registration relating solely to a Commission Rule 145
            transaction on Form S-4 or similar forms that may be promulgated in
            the future. The Company may impose stop-transfer instructions with
            respect to the shares of Stock (or any other Company securities)
            subject to the foregoing restriction until the end of such 90-day or
            180-day period, as applicable.

12.   DISCRETIONARY ADJUSTMENT. In the event of any reorganization, merger,
      consolidation, recapitalization, liquidation, reclassification, stock
      dividend, stock split, combination of shares, rights offering, or
      extraordinary dividend or divestiture (including a spin-off), or any other
      change in the corporate structure or Shares of the Company, the Committee
      (or if the Company does not survive any such transaction, a comparable
      committee of the Board of Directors of the surviving corporation) may,
      without the consent of the Optionee, make such adjustment as it determines
      in its discretion to be appropriate as to the number and kind of
      securities subject to and reserved under the Plan and, in order to prevent
      dilution or enlargement of rights of the Optionee, the number and kind of
      securities issuable upon exercise of the Option and the exercise price
      hereof.

13.   TAX WITHHOLDING. Delivery of Shares upon exercise of the Option shall be
      subject to any required withholding taxes. As a condition precedent to
      receiving Shares upon exercise of the Option, the Optionee may be required
      to pay to the Company, in accordance with the provisions of Section 14 of
      the Plan, an amount equal to the amount of any required withholdings. In
      lieu of all or any part of such a cash payment, a person exercising the
      Option may cover all or any part of the required withholdings, and any
      additional withholdings up to the amount needed to cover the individual's
      full FICA and federal, state and local income tax liability with respect
      to income arising from the exercise of the Option, through the delivery to
      the Company of unencumbered Shares, through a reduction in the number of
      Shares delivered to the person exercising the Option or through a
      subsequent return to the Company of Shares delivered to the person
      exercising the Option (in each case, such Shares having an aggregate Fair
      Market Value on the date of exercise equal to the amount of the
      withholding taxes being paid through such delivery, reduction or
      subsequent return of Shares). Notwithstanding the foregoing, no person
      shall be permitted to pay any such withholdings with Shares, or through a
      reduction in the number of Shares to be delivered upon exercise of the
      Option, if the Committee, in its sole discretion, determines that payment
      in such manner is undesirable.

14.   INTERPRETATION OF THIS AGREEMENT. All decisions and interpretations made
      by the Committee with regard to any question arising hereunder or under
      the Plan shall be binding and conclusive upon the Company and the
      Optionee. If there is any inconsistency between the provisions of this
      Agreement and the Plan, the provisions of the Plan shall govern.

15.   DISCONTINUANCE OF EMPLOYMENT. This Agreement shall not give the Optionee a
      right to continued employment with the Company or any parent or subsidiary
      of the Company, and the Company or any such parent or subsidiary employing
      the Optionee may terminate his/her employment at any

                                      -5-
<PAGE>

      time and otherwise deal with the Optionee without regard to the effect it
      may have upon him/her under this Agreement.

16.   OPTION SUBJECT TO PLAN, ARTICLES OF INCORPORATION AND BY-LAWS. The
      Optionee acknowledges that the Option and the exercise thereof is subject
      to the Plan, the Articles of Incorporation, as amended from time to time,
      and the By-Laws, as amended from time to time, of the Company, and any
      applicable federal or state laws, rules or regulations.

17.   OBLIGATION TO RESERVE SUFFICIENT SHARES. The Company shall at all times
      during the term of the Option reserve and keep available a sufficient
      number of Shares to satisfy this Agreement.

18.   BINDING EFFECT. This Agreement shall be binding in all respects on the
      heirs, representatives, successors and assigns of the Optionee.

19.   CHOICE OF LAW. This Agreement is entered into under the laws of the State
      of Iowa and shall be construed and interpreted thereunder (without regard
      to its conflict of law principles).

      IN WITNESS WHEREOF, the Optionee and the Company have executed this
Agreement as of the Date of Grant specified above.

                                               OPTIONEE

                                               _________________________________

                                               SMITHWAY MOTOR XPRESS CORP.

                                               By_______________________________
                                                 Its____________________________

                                      -6-
<PAGE>

                            __________________, 20__

Smithway Motor Xpress Corp.
2031 Quail Avenue
Fort Dodge, Iowa 50501

Ladies and Gentlemen:

      I hereby exercise the following option (the "Option") granted to me under
the Smithway Motor Xpress Corp. 2005 Omnibus Stock Plan (the "Plan") with
respect to the number of shares of Common Stock of Smithway Motor Xpress Corp.
(the "Company") indicated below:

            NAME:                                      _________________________

            DATE OF GRANT OF OPTION:                   _________________________

            EXERCISE PRICE PER SHARE:                  _________________________

            NUMBER OF SHARES WITH RESPECT TO WHICH
            THE OPTION IS HEREBY EXERCISED:            _________________________

            TOTAL EXERCISE PRICE:                      _________________________

      [ ]   Enclosed with this letter is a check, bank draft or money order in
            the amount of the Total Exercise Price.

      [ ]   I hereby agree to pay the Total Exercise Price within five
            business days of the date hereof and, as stated in the attached
            Broker's Letter, I have delivered irrevocable instructions to
            _________________________________ to promptly deliver to the Company
            the amount of sale or loan proceeds from the Shares to be issued
            pursuant to this exercise necessary to satisfy my obligation
            hereunder to pay the Total Exercise Price.

      [ ]   Enclosed with this letter is a certificate evidencing unencumbered
            Shares (duly endorsed in blank) having an aggregate Fair Market
            Value (as defined in the Plan) equal to or in excess of the Total
            Exercise Price.

      [ ]   I elect to pay the Total Exercise Price through a reduction in the
            number of Shares delivered to me upon this exercise of the Option as
            provided in Section 9 of the Plan.

      If I am enclosing Shares with this letter, I hereby represent and warrant
that I am the owner of such Shares free and clear of all liens, security
interests and other restrictions or encumbrances. I agree that I will pay any
required withholding taxes in connection with this exercise.

<PAGE>

      Please issue a certificate (the "Certificate") for the number of Shares
with respect to which the Option is being exercised in the name of the person
indicated below and deliver the Certificate to the address indicated below:

            NAME IN WHICH TO ISSUE CERTIFICATE:        _________________________

            ADDRESS TO WHICH CERTIFICATE SHOULD BE
            DELIVERED:                                 _________________________
                                                       _________________________
                                                       _________________________
                                                       ___________

            PRINCIPAL MAILING ADDRESS FOR HOLDER OF
            THE CERTIFICATE (IF DIFFERENT FROM ABOVE): _________________________
                                                       _________________________
                                                       _________________________
                                                       ___________

                                           Very truly yours,

                                           _________________________________
                                           Signature

                                           _________________________________
                                           Name, please print

                                           _________________________________
                                           Social Security Number

                                      -2-
<PAGE>

                            __________________, 20__

Smithway Motor Xpress Corp.
2031 Quail Avenue
Fort Dodge, Iowa 50501

Ladies and Gentlemen:

            NAME OF OPTIONEE:                          _________________________

            DATE OF GRANT OF OPTION:                   _________________________

            EXERCISE PRICE PER SHARE:                  _________________________

            NUMBER OF SHARES WITH RESPECT TO WHICH
            THE OPTION IS TO BE EXERCISED:             _________________________

            TOTAL EXERCISE PRICE:                      _________________________

      The above Optionee has requested that we finance the exercise of the above
Option to purchase Shares of Common Stock of Smithway Motor Xpress Corp. (the
"Company") and has given us irrevocable instructions to promptly deliver to the
Company the amount of sale or loan proceeds from the Shares to be issued
pursuant to such exercise to satisfy the Optionee's obligation to pay the Total
Exercise Price.

                                                    Very truly yours,

                                                    ____________________________
                                                    Broker Name

                                                    By__________________________<PAGE>

                                                                    EXHIBIT 10.4

                           SMITHWAY MOTOR XPRESS CORP.
                             2005 OMNIBUS STOCK PLAN

                      NON-STATUTORY STOCK OPTION AGREEMENT
                      ------------------------------------
                                   (DIRECTOR)

================================================================================
Name of Optionee:
--------------------------------------------------------------------------------
No. of Shares Covered: 3,000                    Date of Grant:
--------------------------------------------------------------------------------
Exercise Price Per Share:                       Expiration Date:
--------------------------------------------------------------------------------
Exercise Schedule (Cumulative): This Option shall vest as to all of the Shares
subject to this Option on the date of the next Annual Meeting of Stockholders
following the Date of Grant, immediately prior to such meeting.
================================================================================

      This is a Non-Statutory Stock Option Agreement (the "Agreement") between
Smithway Motor Xpress Corp., a Nevada corporation (the "Company"), and the
optionee identified above (the "Optionee") effective as of the date of grant
specified above.

                                    RECITALS

      WHEREAS, the Company maintains the Smithway Motor Xpress Corp. 2005
Omnibus Stock Plan (the "Plan"); and

      WHEREAS, pursuant to the Plan, the Board of Directors of the Company (the
"Board") or a committee of two or more directors of the Company (the
"Committee") appointed by the Board administers the Plan and has the authority
to determine the awards to be granted under the Plan (if the Board has not
appointed a committee to administer the Plan, then the Board shall constitute
the Committee); and

      WHEREAS, the Committee has determined that the Optionee is eligible to
receive an award under the Plan in the form of a non-statutory stock option (the
"Option");

      NOW, THEREFORE, the Company hereby grants this Option to the Optionee
under the terms and conditions as follows.

                             TERMS AND CONDITIONS*

1.    GRANT. The Optionee is granted this Option to purchase the number of
      Shares specified at the beginning of this Agreement.

2.    EXERCISE PRICE. The price to the Optionee of each Share subject to this
      Option shall be the exercise price specified at the beginning of this
      Agreement.

3.    NON-STATUTORY STOCK OPTION. This Option is not intended to be an
      "incentive stock option" within the meaning of Section 422 of the Internal
      Revenue Code of 1986, as amended (the "Code").

----------
*     Unless the context indicates otherwise, terms that are not defined in this
Agreement shall have the meaning set forth in the Plan as it currently exists or
as it is amended in the future.

<PAGE>

4.    EXERCISE SCHEDULE. This Option shall vest and become exercisable as to all
      of the Shares one year from the Date of Grant specified at the beginning
      of this Agreement; provided that that Optionee is serving as a director of
      the Company on such date. The exercise schedule shall be cumulative; thus,
      to this extent this Option has not already been exercised and has not
      expired, terminated or been cancelled, the Optionee or the person
      otherwise entitled to exercise this Option as provided herein may at any
      time, and from time to time, purchase all or any portion of the Shares
      then purchasable under the exercise schedule.

      This Option may also be exercised in full (notwithstanding the exercise
      schedule) under the circumstances described in Section 8 of this Agreement
      if it has not expired prior thereto.

5.    EXPIRATION. This Option shall expire at 5:00 p.m. Central Time on the
      earliest of:

      (a)   The expiration date specified at the beginning of this Agreement
            (which date shall not be later than ten years after the date of
            grant);

      (b)   The expiration of the period after the death of the Optionee within
            which the Option can be exercised (as specified in Section 7 of this
            Agreement); or

      (c)   The date (if any) fixed for cancellation pursuant to Section 17 of
            the Plan.

      In no event may anyone exercise this Option, in whole or in part, after it
      has expired, notwithstanding any other provision of this Agreement.

6.    PROCEDURE TO EXERCISE OPTION.

      Notice of Exercise. This Option may be exercised by delivering written
      notice of exercise to the Company at the principal executive office of the
      Company, to the attention of the Company's Treasurer, in the form attached
      to this Agreement. The notice shall state the number of Shares to be
      purchased, and shall be signed by the person exercising this Option. If
      the person exercising this Option is not the Optionee, he/she also must
      submit appropriate proof of his/her right to exercise this Option.

      Tender of Payment. Upon giving notice of any exercise hereunder, the
      Optionee shall provide for payment of the purchase price of the Shares
      being purchased through one or a combination of the following methods:

      (a)   Cash (including check, bank draft or money order);

      (b)   To the extent permitted by law, through a broker-assisted cashless
            exercise in which the Optionee simultaneously exercises the Option
            and sells all or a portion of the Shares thereby acquired pursuant
            to a brokerage or similar relationship and uses the proceeds from
            such sale to pay the purchase price of such Shares;

      (c)   By delivery to the Company of unencumbered Shares having an
            aggregate Fair Market Value on the date of exercise equal to the
            purchase price of such Shares; or

      (d)   By authorizing the Company to retain, from the total number of
            Shares as to which the Option is exercised, that number of Shares
            having a Fair Market Value on the date of exercise equal to the
            purchase price for the total number of Shares as to which the Option
            is exercised.

      Notwithstanding the foregoing, the Optionee shall not be permitted to pay
      any portion of the purchase price with Shares, or by authorizing the
      Company to retain Shares upon exercise of the Option, if the Committee, in
      its sole discretion, determines that payment in such manner is
      undesirable.

                                       -2-
<PAGE>

      Delivery of Certificates. As soon as practicable after the Company
      receives the notice and purchase price provided for above, it shall
      deliver to the person exercising this Option, in the name of such person,
      a certificate or certificates representing the Shares being purchased. The
      Company shall pay any original issue or transfer taxes with respect to the
      issue or transfer of the Shares and all fees and expenses incurred by it
      in connection therewith. All Shares so issued shall be fully paid and
      nonassessable. Notwithstanding anything to the contrary in this Agreement,
      no certificate for Shares distributable under the Plan shall be issued and
      delivered unless the issuance of such certificate complies with all
      applicable legal requirements including, without limitation, compliance
      with the provisions of applicable state securities laws, the Securities
      Act of 1933, as amended (the "Securities Act") and the Exchange Act.

7.    DEATH. This Option may be exercised only while the Optionee remains alive;
      provided that this Option may be exercised within one year after the
      Optionee's death, but only to the extent it was exercisable immediately
      prior to the Optionee's death. Notwithstanding the preceding sentence, the
      Option may not be exercised after it has expired.

8.    ACCELERATION OF VESTING.

      In the event of a Fundamental Change the Committee shall:

      (a)   if the Fundamental Change is a merger or consolidation or statutory
            share exchange, make appropriate provision for the protection of
            this Option by the substitution for this Option of options or voting
            common stock of the corporation surviving any merger or
            consolidation or, if appropriate, the parent corporation of the
            Company or such surviving corporation; or

      (b)   at least ten days before the occurrence of the Fundamental Change,
            declare, and provide written notice to the Optionee of the
            declaration, that this Option, whether or not then exercisable,
            shall be canceled at the time of, or immediately before the
            occurrence of, the Fundamental Change (unless it shall have been
            exercised prior to the occurrence of the Fundamental Change). In
            connection with any such declaration, the Committee may, but shall
            not be obligated to, cause payment to be made to the Optionee of
            cash equal to, for each Share covered by the canceled Option, the
            amount, if any, by which the Fair Market Value per share exceeds the
            exercise price per Share covered by this Option. At the time of any
            such declaration, this Option shall immediately become exercisable
            in full and the Optionee shall have the right, during the period
            preceding the time of cancellation of this Option, to exercise this
            Option as to all or any part of the Shares covered by this Option.
            In the event of a declaration pursuant to this subsection, to the
            extent this Option has not been exercised prior to the Fundamental
            Change, the unexercised part of this Option shall be canceled at the
            time of, or immediately before, the Fundamental Change, as provided
            in the declaration. Notwithstanding the foregoing, the holder of
            this Option shall not be entitled to the payment provided for in
            this subsection if this Option shall have expired pursuant to
            Section 5 above or been cancelled. For purposes of this subsection
            only, "Fair Market Value" per share has the meaning set forth in
            Section 17 of the Plan.

      Discretionary Acceleration. Notwithstanding any other provisions of this
      Agreement to the contrary, the Committee may, in its sole discretion,
      declare at any time that the Option shall be immediately exercisable.

9.    LIMITATION ON TRANSFER. During the lifetime of the Optionee, only the
      Optionee or his/her guardian or legal representative may exercise the
      Option. The Option may not be assigned or transferred by the Optionee
      otherwise than by will or the laws of descent and distribution or pursuant
      to a qualified domestic relations order as defined by the Code or Title I
      of the Employee Retirement Income Security Act, or the rules thereunder.
      The Option held by any such transferee

                                      -3-
<PAGE>

      shall continue to be subject to the same terms and conditions that were
      applicable to the Option immediately prior to its transfer and may be
      exercised by such transferee as and to the extent that the Option has
      become exercisable and has not terminated in accordance with the
      provisions of the Plan and this Agreement.

10.   NO SHAREHOLDER RIGHTS BEFORE EXERCISE. No person shall have any of the
      rights of a shareholder of the Company with respect to any Share subject
      to the Option until the Share actually is issued to him/her upon exercise
      of the Option.

11.   LOCK-UP PERIOD.

      (a)   The Optionee agrees that the Optionee will not offer, pledge, sell,
            contract to sell, sell any option, sell any contract to purchase,
            purchase any option, purchase any contract to sell, grant any
            option, right, or warrant to purchase, lend, or otherwise transfer
            or dispose of, directly or indirectly, any Shares (or any other
            Company securities) or enter into any swap, hedging, or other
            arrangement that transfers to another, in whole or in part, any of
            the economic consequences of ownership of any Shares (or any other
            Company securities) held by the Optionee (other than those included
            in the registration) for a period specified by the representative of
            the underwriters of Stock (or any other Company securities) not to
            exceed 90 days (180 days in the case of an initial public offering)
            after the effective date of any Company registration statement filed
            under the Securities Act.

      (b)   The Optionee agrees to execute and deliver such other agreements as
            may be reasonably requested by the Company or the underwriter to the
            extent that such agreements are consistent with the foregoing or
            that are necessary to give further effect to the provisions set
            forth in Section 11(a). In addition, if requested by the Company or
            the representative of the underwriters of Stock (or any other
            Company securities), the Optionee will provide, within 10 days of
            such request, such information as may be required by the Company or
            such representative in connection with the completion of any public
            offering of the Company's securities pursuant to a registration
            statement filed under the Securities Act.

      (c)   The obligations described in this Section 11 will not apply to a
            registration relating solely to employee benefit plans on Form S-1
            or Form S-8 or similar forms that may be promulgated in the future,
            or a registration relating solely to a Commission Rule 145
            transaction on Form S-4 or similar forms that may be promulgated in
            the future. The Company may impose stop-transfer instructions with
            respect to the shares of Stock (or any other Company securities)
            subject to the foregoing restriction until the end of such 90-day or
            180-day period, as applicable.

12.   DISCRETIONARY ADJUSTMENT. In the event of any reorganization, merger,
      consolidation, recapitalization, liquidation, reclassification, stock
      dividend, stock split, combination of shares, rights offering, or
      extraordinary dividend or divestiture (including a spin-off), or any other
      change in the corporate structure or Shares of the Company, the Committee
      (or if the Company does not survive any such transaction, a comparable
      committee of the Board of Directors of the surviving corporation) may,
      without the consent of the Optionee, make such adjustment as it determines
      in its discretion to be appropriate as to the number and kind of
      securities subject to and reserved under the Plan and, in order to prevent
      dilution or enlargement of rights of the Optionee, the number and kind of
      securities issuable upon exercise of the Option and the exercise price
      hereof.

13.   TAX WITHHOLDING. Delivery of Shares upon exercise of the Option shall be
      subject to any required withholding taxes. As a condition precedent to
      receiving Shares upon exercise of the Option, the Optionee may be required
      to pay to the Company, in accordance with the provisions of Section 14 of
      the Plan, an amount equal to the amount of any required withholdings. In
      lieu of

                                      -4-
<PAGE>

      all or any part of such a cash payment, a person exercising the Option may
      cover all or any part of the required withholdings, and any additional
      withholdings up to the amount needed to cover the individual's full FICA
      and federal, state and local income tax liability with respect to income
      arising from the exercise of the Option, through the delivery to the
      Company of unencumbered Shares, through a reduction in the number of
      Shares delivered to the person exercising the Option or through a
      subsequent return to the Company of Shares delivered to the person
      exercising the Option (in each case, such Shares having an aggregate Fair
      Market Value on the date of exercise equal to the amount of the
      withholding taxes being paid through such delivery, reduction or
      subsequent return of Shares). Notwithstanding the foregoing, no person
      shall be permitted to pay any such withholdings with Shares, or through a
      reduction in the number of Shares to be delivered upon exercise of the
      Option, if the Committee, in its sole discretion, determines that payment
      in such manner is undesirable.

14.   INTERPRETATION OF THIS AGREEMENT. All decisions and interpretations made
      by the Committee with regard to any question arising hereunder or under
      the Plan shall be binding and conclusive upon the Company and the
      Optionee. If there is any inconsistency between the provisions of this
      Agreement and the Plan, the provisions of the Plan shall govern.

15.   DISCONTINUANCE OF EMPLOYMENT. This Agreement shall not give the Optionee a
      right to continued employment with the Company or any parent or subsidiary
      of the Company, and the Company or any such parent or subsidiary employing
      the Optionee may terminate his/her employment at any time and otherwise
      deal with the Optionee without regard to the effect it may have upon
      him/her under this Agreement.

16.   OPTION SUBJECT TO PLAN, ARTICLES OF INCORPORATION AND BY-LAWS. The
      Optionee acknowledges that the Option and the exercise thereof is subject
      to the Plan, the Articles of Incorporation, as amended from time to time,
      and the By-Laws, as amended from time to time, of the Company, and any
      applicable federal or state laws, rules or regulations.

17.   OBLIGATION TO RESERVE SUFFICIENT SHARES. The Company shall at all times
      during the term of the Option reserve and keep available a sufficient
      number of Shares to satisfy this Agreement.

18.   BINDING EFFECT. This Agreement shall be binding in all respects on the
      heirs, representatives, successors and assigns of the Optionee.

19.   CHOICE OF LAW. This Agreement is entered into under the laws of the State
      of Iowa and shall be construed and interpreted thereunder (without regard
      to its conflict of law principles).

      IN WITNESS WHEREOF, the Optionee and the Company have executed this
Agreement as of the Date of Grant specified above.

                                         OPTIONEE

                                         _______________________________________

                                      -5-
<PAGE>

                                         SMITHWAY MOTOR XPRESS CORP.

                                         By_____________________________________
                                           Its__________________________________

                                      -6-
<PAGE>

                            __________________, 20__

Smithway Motor Xpress Corp.
2031 Quail Avenue
Fort Dodge, Iowa 50501

Ladies and Gentlemen:

      I hereby exercise the following option (the "Option") granted to me under
the Smithway Motor Xpress Corp. 2005 Omnibus Stock Plan (the "Plan") with
respect to the number of shares of Common Stock of Smithway Motor Xpress Corp.
(the "Company") indicated below:

            NAME:                                 ______________________________

            DATE OF GRANT OF OPTION:              ______________________________

            EXERCISE PRICE PER SHARE:             ______________________________

            NUMBER OF SHARES WITH RESPECT TO
            WHICH THE OPTION IS HEREBY EXERCISED: ______________________________

            TOTAL EXERCISE PRICE:                 ______________________________

      [ ]   Enclosed with this letter is a check, bank draft or money order in
            the amount of the Total Exercise Price.

      [ ]   I hereby agree to pay the Total Exercise Price within five
            business days of the date hereof and, as stated in the attached
            Broker's Letter, I have delivered irrevocable instructions to
            _________________________________ to promptly deliver to the Company
            the amount of sale or loan proceeds from the Shares to be issued
            pursuant to this exercise necessary to satisfy my obligation
            hereunder to pay the Total Exercise Price.

      [ ]   Enclosed with this letter is a certificate evidencing unencumbered
            Shares (duly endorsed in blank) having an aggregate Fair Market
            Value (as defined in the Plan) equal to or in excess of the Total
            Exercise Price.

      [ ]   I elect to pay the Total Exercise Price through a reduction in the
            number of Shares delivered to me upon this exercise of the Option as
            provided in Section 9 of the Plan.

      If I am enclosing Shares with this letter, I hereby represent and warrant
that I am the owner of such Shares free and clear of all liens, security
interests and other restrictions or encumbrances. I agree that I will pay any
required withholding taxes in connection with this exercise.

<PAGE>

      Please issue a certificate (the "Certificate") for the number of Shares
with respect to which the Option is being exercised in the name of the person
indicated below and deliver the Certificate to the address indicated below:

            NAME IN WHICH TO ISSUE CERTIFICATE:        _________________________

            ADDRESS TO WHICH CERTIFICATE SHOULD BE
            DELIVERED:                                 _________________________
                                                       _________________________
                                                       _________________________
                                                       ____________

            PRINCIPAL MAILING ADDRESS FOR HOLDER OF
            THE CERTIFICATE (IF DIFFERENT FROM ABOVE):
                                                       _________________________
                                                       _________________________
                                                       _________________________
                                                       ____________

                                             Very truly yours,

                                             _______________________________
                                             Signature

                                             _______________________________
                                             Name, please print

                                             _______________________________
                                             Social Security Number

                                      -2-
<PAGE>

                            __________________, 20__

Smithway Motor Xpress Corp.
2031 Quail Avenue
Fort Dodge, Iowa 50501

Ladies and Gentlemen:

            NAME OF OPTIONEE:                       ____________________________

            DATE OF GRANT OF OPTION:                ____________________________

            EXERCISE PRICE PER SHARE:               ____________________________

            NUMBER OF SHARES WITH RESPECT TO WHICH
            THE OPTION IS TO BE EXERCISED:          ____________________________

            TOTAL EXERCISE PRICE:                   ____________________________

      The above Optionee has requested that we finance the exercise of the above
Option to purchase Shares of Common Stock of Smithway Motor Xpress Corp. (the
"Company") and has given us irrevocable instructions to promptly deliver to the
Company the amount of sale or loan proceeds from the Shares to be issued
pursuant to such exercise to satisfy the Optionee's obligation to pay the Total
Exercise Price.

                                                Very truly yours,

                                                ________________________________
                                                Broker Name

                                                By______________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]