Marten Transport : Management Compensation - Form 8-K

mrtn20230507_8k.htm

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):

May 2, 2023

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)

[phone]

(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 5.02Compensatory Arrangements of Certain Officers.

On May 2, 2023, the Company's Compensation Committee approved an increase to the base salary for each of the Company's named executive officers listed below, retroactive to April 3, 2023. Effective April 3, 2023, the named executive officers will receive the following annual base salaries in the listed positions:

Name and Position as of May 2, 2023		Former Base Salary			Base Salary Effective April 3, 2023
Randolph L. Marten		$	794,000			$	818,000
(Executive Chairman)
Timothy M. Kohl		$	729,000			$	751,000
(Chief Executive Officer)
James J. Hinnendael		$	400,000			$	412,000
(Executive Vice President and Chief Financial Officer)
Douglas P. Petit		$	389,000			$	401,000
(President)

Compensatory Arrangements of Non-employee Directors

On May 2, 2023, the Company's Compensation Committee also reviewed and approved the following fee schedule for non-employee directors effective as of May 1, 2023, which remains unchanged from the prior fee schedule:

Annual Board Retainer		$	45,000
Lead Director			15,000
Audit Committee chair			15,000
Compensation Committee chair			10,000
Nominating/Corporate Governance Committee chair			10,000

Non-employee directors also receive $1,500 for attendance at each Board meeting, $750 for each committee meeting attended and reimbursement for out-of-pocket expenses related to attending meetings.

Each non-employee director will also receive a grant of 3,000 shares of common stock in connection with re-election to the Board by the stockholders.

Item 5.07 Submission of Matters to a Vote of Security Holders.

Marten Transport, Ltd. held its 2023 Annual Meeting of Stockholders on May 2, 2023. The final results of the stockholder vote on the business brought before the meeting are as follows:

1. To elect eight directors to hold office until the next Annual Meeting of Stockholders or until their successors are duly elected and qualified. Our stockholders duly elected all director nominees as follows:

		For			Withheld			Broker Non-Votes
Randolph L. Marten			73,407,284				1,490,377				2,395,487
Larry B. Hagness			64,220,118				10,677,543				2,395,487
Thomas J. Winkel			66,116,493				8,781,168				2,395,487
Jerry M. Bauer			69,370,616				5,527,045				2,395,487
Robert L. Demorest			65,224,185				9,673,476				2,395,487
Ronald R. Booth			72,180,686				2,716,975				2,395,487
Kathleen P. Iverson			74,544,366				353,295				2,395,487
Patricia L. Jones			73,209,762				1,687,899				2,395,487

2. To consider and hold a vote on an advisory resolution to approve executive compensation. Our stockholders approved this proposal as follows:

For			Against			Abstain			Broker Non-Votes
73,998,332				814,634				84,695				2,395,487

3. To consider and hold a vote on an advisory resolution on the frequency of holding an advisory vote on executive compensation. Our stockholders voted on this proposal as follows:

1 Year			2 Years			3 Years			Abstain			Broker Non-Votes
69,079,403				51,805				5,698,019				68,434				2,395,487

4. To consider a proposal to ratify the selection of Grant Thornton LLP as our independent public accountants for the year ending December 31, 2023. Our stockholders approved this proposal as follows:

For			Against			Abstain			Broker Non-Votes
76,836,706				447,347				9,095				0

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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
	10.1	Named Executive Officer Compensation (included herewith).
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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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: May 8, 2023	By	/s/ James J. Hinnendael
		James J. Hinnendael
		Its:	Executive Vice President and Chief Financial Officer

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