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(State or other jurisdiction of
incorporation) |
(Commission File Number)
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(I.R.S. Employer
Identification Number) |
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(Address of principal executive offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class: | Trading symbol: | Name of each exchange on which registered: |
THE |
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$.01 PER SHARE | (NASDAQ GLOBAL SELECT MARKET) |
Item 5.02
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Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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Name and Position as of May 4, 2021
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Former Base
Salary
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Base Salary
Effective April 5, 2021
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||||||
Randolph L. Marten
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$ | 735,060 | $ | 735,060 | ||||
(Executive Chairman)
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Timothy M. Kohl
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$ | 543,840 | $ | 675,000 | ||||
(Chief Executive Officer and President)
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James J. Hinnendael
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$ | 329,703 | $ | 370,000 | ||||
(Executive Vice President and Chief Financial Officer)
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John H. Turner
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$ | 324,450 | $ | 350,000 | ||||
(Executive Vice President of Sales and Marketing)
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Annual Board Retainer
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$ | 45,000 | ||
Lead Director
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15,000 | |||
Audit Committee chair
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15,000 | |||
Compensation Committee chair
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15,000 | |||
Nominating/Corporate Governance Committee chair
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7,500 |
Item 5.07
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Submission of Matters to a Vote of Security Holders.
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For
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Withheld
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Broker Non-Votes
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||||||
Randolph L. Marten
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69,383,199 | 1,156,368 | 2,846,298 | |||||
Larry B. Hagness
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53,816,095 | 16,723,472 | 2,846,298 | |||||
Thomas J. Winkel
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66,995,017 | 3,544,550 | 2,846,298 | |||||
Jerry M. Bauer
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54,859,977 | 15,679,590 | 2,846,298 | |||||
Robert L. Demorest
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52,067,640 | 18,471,927 | 2,846,298 | |||||
Ronald R. Booth
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66,858,098 | 3,681,469 | 2,846,298 | |||||
Kathleen P. Iverson
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70,327,942 | 211,625 | 2,846,298 |
For
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Against
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Abstain
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Broker Non-Votes
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||||||
70,077,915 | 369,505 | 92,146 | 2,846,298 |
For
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Against
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Abstain
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Broker Non-Votes
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||||||
73,071,216 | 252,204 | 62,445 | 0 |
For
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Against
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Abstain
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Broker Non-Votes
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||||||
21,059,451 | 49,349,495 | 130,621 | 2,846,298 |
Item 9.01.
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Financial Statements and Exhibits.
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(a)
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Financial Statements of Businesses Acquired.
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Not Applicable. |
(b)
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Pro Forma Financial Information.
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Not Applicable. |
(c)
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Shell Company Transactions.
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Not Applicable. |
(d)
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Exhibits.
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Exhibit No.
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Description
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10.1
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99.1
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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MARTEN TRANSPORT, LTD.
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Dated: May 10, 2021
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By:
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/s/ James J. Hinnendael
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James J. Hinnendael
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Its: Executive Vice President and
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Chief Financial Officer |
Exhibit 10.1
Marten Transport, Ltd.
Named Executive Officer Compensation
On May 4, 2021, our Compensation Committee approved an increase to the base salary for each of the company’s named executive officers listed below, retroactive to April 5, 2021. Effective April 5, 2021, the named executive officers will receive the following annual base salaries in the listed positions:
Name and Position as of May 4, 2021 |
Former Base Salary |
Base Salary Effective April 5, 2021 |
||||||
Randolph L. Marten |
$ | 735,060 | $ | 735,060 | ||||
(Executive Chairman) |
||||||||
Timothy M. Kohl |
$ | 543,840 | $ | 675,000 | ||||
(Chief Executive Officer and President) |
||||||||
James J. Hinnendael |
$ | 329,703 | $ | 370,000 | ||||
(Executive Vice President and Chief Financial Officer) |
||||||||
John H. Turner |
$ | 324,450 | $ | 350,000 | ||||
(Executive Vice President of Sales and Marketing) |
Exhibit 99.1
Marten Transport Appoints Tim Kohl as Chief Executive Officer and Randy Marten as Executive Chairman
MONDOVI, Wisc., May 04, 2021 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) announced today that its Board of Directors has appointed Tim Kohl as its new Chief Executive Officer, effective today. Tim Kohl will succeed Randy Marten, who has served as the Company’s Chief Executive Officer since 2005. Randy Marten will serve as Executive Chairman of the Board of Directors as part of this transition.
“It’s been a great honor and privilege to lead Marten Transport as its Chairman since 1993 and as its Chief Executive Officer since 2005, and to oversee the transition of the company that my father founded from a long-haul carrier to a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities,” said Randy Marten. “As we have successfully completed this transition, the Board of Directors and I concluded it was an appropriate time to adjust the management responsibilities of our management team and continue with the implementation of our succession plan. As Executive Chairman, I will continue to be involved with the oversight of Marten’s business and strategic vision, while Tim Kohl will take the lead of our day-to-day operations as our Chief Executive Officer. In addition, Tim will remain as our President - a role which we eventually plan to transition as we continue to develop our next generation of leadership.”
“Tim joined our company in November 2007 and has been our President since June 2008. He has been instrumental in assisting with the transition of our company into the successful platform that it is today. We are extremely confident in Tim’s ability to lead and grow our business and look forward to his continued leadership in his new role as Chief Executive Officer in addition to being our President.”
Tim Kohl added “I would like to thank Randy for his leadership and commitment to making Marten Transport one of the leading temperature-sensitive truckload carriers in the United States. During Randy’s tenure as Chairman and Chief Executive Officer, our operating income has increased from $11.4 million in 1993 to $42.9 million in 2005 to $93.2 million in 2020. I also would like to thank the Board of Directors for their confidence in me. I look forward to continuing to work with Randy and the Board of Directors to make Marten Transport the best it can be.”
Prior to joining Marten Transport, Mr. Kohl served as Knight Transportation Inc.’s President from 2004 to 2007 and as its Secretary from 2000 to 2007. Mr. Kohl served as a director on Knight’s Board of Directors from 2001 to 2006, and he served as its Chief Financial Officer from 2000 to 2004. Mr. Kohl also served as Knight’s Vice President of Human Resources from 1996 through 1999. From 1999 through 2000, Mr. Kohl served as Vice President of Knight’s southeast region. Prior to his employment with Knight, Mr. Kohl was employed by Burlington Motor Carriers as a Vice President. Prior to his employment with Burlington Motor Carriers, Mr. Kohl served as a Vice President for J.B. Hunt.
Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across the Company’s five distinct business platforms – Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Canada and Mexico, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including Marten’s current expectations concerning plans for its executive management team and opportunities for continued growth of its business. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to Marten that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Marten undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Data
CONTACTS: Tim Kohl, Chief Executive Officer and President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.
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Document And Entity Information |
May 04, 2021 |
---|---|
Document Information [Line Items] | |
Entity, Registrant Name | MARTEN TRANSPORT, LTD. |
Document, Type | 8-K |
Document, Period End Date | May 04, 2021 |
Entity, Incorporation, State or Country Code | DE |
Entity, File Number | 0-15010 |
Entity, Tax Identification Number | 39-1140809 |
Entity, Address, Address Line One | 129 Marten Street |
Entity, Address, City or Town | Mondovi |
Entity, Address, State or Province | WI |
Entity, Address, Postal Zip Code | 54755 |
City Area Code | 715 |
Local Phone Number | 926-4216 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | COMMON STOCK |
Trading Symbol | MRTN |
Security Exchange Name | NASDAQ |
Entity, Emerging Growth Company | false |
Amendment Flag | false |
Entity, Central Index Key | 0000799167 |
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