8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

August 30, 2021

MARTEN TRANSPORT, LTD.

(Exact name of registrant as specified in its charter)

Delaware	0-15010	39-1140809
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

129 Marten Street Mondovi, Wisconsin	54755
(Address of principal executive offices)	(Zip Code)

(715) 926-4216

(Registrant’s telephone number, including area code)

Not applicable.

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:	Trading symbol:	Name of each exchange on which registered:
COMMON STOCK, PAR VALUE $.01 PER SHARE	MRTN	THE NASDAQ STOCK MARKET LLC (NASDAQ GLOBAL SELECT MARKET)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 5 – Corporate Governance and Management

Item 5.02 Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 30, 2021, the Board of Directors of Marten Transport, Ltd. (the “Company”) approved the appointment of Doug Petit as its new President. Doug Petit will succeed Tim Kohl, who has served as the Company’s President since 2008. Tim Kohl was recently appointed as Chief Executive Officer on May 4, 2021.

Mr. Petit, age 54, has been Marten’s Chief Operating Officer since August 2019 and served as the Company’s Senior Vice President of Operations from January 2014 through August 2019 and Vice President of Operations from December 2011 through January 2014. Mr. Petit advanced through various professional capacities in the Company’s operations area from June 1992 through December 2011 and from February 1990 through June 1991. From June 1991 through June 1992 Mr. Petit served as a fleet manager for Transport America, Inc.

In connection with his appointment as President, beginning on August 30, 2021, Mr. Petit will receive a base salary of $360,000 per year. Upon appointment as an executive officer, the Company reimburses individuals for all accumulated vacation pay prior to their participation in the executive program. Mr. Petit will receive a payment of $24,279 for accumulated vacation pay.

Mr. Petit will also be eligible to receive a cash bonus award under the Company’s Second Amended and Restated Executive Officer Performance Incentive Plan. The actual bonus award Mr. Petit may receive for fiscal year 2021 will be prorated based on his service as President. Under the plan a bonus pool will be established based upon the percentage change in award year net income being at least 105% of an established net income goal, which is the Company’s net income for the prior year, or such other net income goal selected by the Company’s Compensation Committee. To the extent the percentage change in award year net income equals or exceeds 105% of the established net income goal, the size of the bonus pool will be determined by a multiplier related to the amount of such increase that results in the aggregate available bonus pool being between 5% and 100% of the aggregate base salary for executive officers. The Compensation Committee makes an annual determination of the executive officer participants in the plan and, at the end of each year, based on the recommendation of the Chief Executive Officer for all officers other than the Chief Executive Officer, the allocation of the bonus pool among the participants. The foregoing summary of the plan does not purport to be complete and is qualified in its entirety by reference to the Second Amended and Restated Executive Officer Performance Incentive Plan, a copy of which is included as Exhibit 10.1 to the Current Report on Form 8-K filed August 18, 2017 and is incorporated herein by reference.

In connection with his appointment as President, the Company and Mr. Petit plan on entering into a Change in Control Severance Agreement similar to the agreements executed with the Company’s other executive officers.  Under the terms of the proposed agreement, Mr. Petit is entitled to certain benefits if he is terminated either within 24 months of the effective date of a change in control or before the effective date of the change in control if the termination was either a condition to the change in control or was at the request or insistence of a person related to the change in control. He will not be considered “terminated” for purposes of the agreement if he dies or is terminated for cause. He will, however, be considered “terminated” if he voluntarily leaves the Company’s employ for “good reason.” “Good reason” means any of the following: (1) a material diminution in the authority, duties or responsibilities as an executive officer (not including any such change directly attributable to the fact that the Company is no longer a public company); (2) a material diminution in base compensation; (3) a material diminution in the authority, duties, or responsibilities of the supervisor to whom the executive reports; (4) a material diminution in the budget over which the executive retains authority; (5) a material change in the geographic location at which the Company requires the executive to be based; and (6) any other action or inaction by the Company that constitutes a material breach of any employment agreement with the executive; provided any act or omission will not constitute a “good reason” unless the executive gives written notice within 90 days of its initial existence and the Company fails to cure the act or omission within 30 days.

Upon a termination in connection with a change in control, Mr. Petit will be entitled to receive a lump sum cash payment of 100% of his base salary, plus one times his highest bonus in the preceding three calendar years. In addition, he will receive welfare benefits for a period of 12 months.

The foregoing summary of the agreement does not purport to be complete and is qualified in its entirety by reference to the Form of Amended and Restated Change in Control Severance Agreement, a copy of which is included as Exhibit 10.1 to the Current Report on Form 8-K filed August 15, 2007, as amended by the First Amendment, a copy of which is included as Exhibit 10.18 to the Annual Report on Form 10-K for the year ended December 31, 2008, and amended by the Second Amendment, a copy of which is included as Exhibit 10.2 to the Current Report on Form 8-K filed March 8, 2011, and is incorporated herein by reference.

In connection with his appointment as President, the Company and Mr. Petit plan on entering into an Indemnification Agreement similar to the agreements executed with the Company’s other executive officers.  Under each indemnification agreement, the Company agrees to indemnify the executive officer against liability arising out of performance of their duties to the Company and to advance expenses, if the requisite standards of conduct are met. The agreement also contains procedural mechanisms and presumptions applicable to any dispute as to whether such standards of conduct are satisfied. The foregoing summary of the agreement does not purport to be complete and is qualified in its entirety by reference to the Form of Indemnification Agreement, a copy of which is included as Exhibit 10.1 to the Current Report on Form 8-K filed February 22, 2010, and is incorporated herein by reference.

Mr. Petit has no family relationships with any of our executive officers or directors, and there have been no related party transactions between Mr. Petit and the Company that are reportable under Item 404(a) of Regulation S-K.

On August 30, 2021, the Company issued a press release announcing Mr. Petit’s appointment to the position of President, a copy of which is included as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(a) Financial Statements of Businesses Acquired.

Not Applicable.

(b) Pro Forma Financial Information.

Not Applicable.

(c) Shell Company Transactions.

Not Applicable.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release dated August 30, 2021 (included herewith).
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MARTEN TRANSPORT, LTD.
Dated: September 1, 2021	By	/s/ James J. Hinnendael
		James J. Hinnendael Its: Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

MARTEN TRANSPORT APPOINTS DOUGLAS PETIT AS PRESIDENT

MONDOVI, Wis., Aug. 30, 2021 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) announced that its Board of Directors has appointed Douglas P. Petit as its new President, effective today. Doug Petit will succeed Tim Kohl, who has served as the Company’s President since 2008. Tim Kohl was recently appointed as Chief Executive Officer on May 4, 2021.

“I’m extremely pleased to announce the appointment of Doug Petit as our President. Doug’s appointment is a continuation of our plan to develop and transition to our next generation of leadership. As our Chief Operating Officer, Doug has been a key leader in our successful business transition and growth. Now as our President, Doug will be an integral member of our executive leadership team involved in our strategic business vision and day-to-day operations growth – along with the ongoing growth and development of our next generation of leaders,” said Randy Marten, Executive Chairman of the Board of Directors. “We are confident in Doug’s ability to assist Tim Kohl and myself in leading our continued successful growth.”

Doug Petit added “I would like to thank Randy and Tim and our Board of Directors for their confidence in me. I’d especially like to thank Randy and Tim for the direction and support I’ve received from them and the opportunity I’ve had to be a leading member of the strong Marten team we’ve built over the years. To be able to organically grow through the Great Recession from a temperature-sensitive carrier to the unique multi-faceted business solution we are today has been instrumental in my development. I look forward to this opportunity as President to continue building on and developing our Marten team.”

Mr. Petit has been Marten’s Chief Operating Officer since August 2019 and served as the Company’s Senior Vice President of Operations from January 2014 through August 2019 and Vice President of Operations from December 2011 through January 2014. Mr. Petit advanced through various professional capacities in our operations area from June 1992 through December 2011 and from February 1990 through June 1991. From June 1991 through June 1992 Mr. Petit served as a fleet manager for Transport America, Inc.

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 of 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 Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.

XML

Document And Entity Information	Aug. 30, 2021
Document Information [Line Items]
Entity, Registrant Name	MARTEN TRANSPORT, LTD.
Document, Type	8-K
Document, Period End Date	Aug. 30, 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