MARTEN TRANSPORT, LTD. (NASDAQ:MRTN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02(e). Compensatory Arrangements of Certain Officers.
Second Amended and Restated Executive Officer Performance Incentive Plan
On August 15, 2017, Marten Transport, Ltd.’s Compensation Committee and Board of Directors approved and adopted the Second Amended and Restated Executive Officer Performance Incentive Plan effective January 1, 2017. The Amended and Restated Executive Officer Performance Incentive Plan previously provided for the establishment of a bonus pool for executive officers if the net income in the award year was 110% or more of the net income in the prior year. The Second Amended and Restated Executive Officer Performance IncentivePlan leaves the terms of the original plan unchanged, except that the bonus pool will be established based upon the percentage change in net income being at least 105% of an established net income goal, which for 2017 is the prior year’s net income. In addition, to the extent the percentage change in net income in the award year 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 50% of the aggregate base salary for executive officers.
The foregoing description of the Second Amended and Restated Executive Officer Performance Incentive Plan is qualified in its entirety by reference to the Second Amended and Restated Executive Officer Performance Incentive Plan, a copy of which is attached to this report as Exhibit 10.1.
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.
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Exhibit No. |
Description |
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10.1 |
Second Amended and Restated Executive Officer Performance Incentive Plan |
MARTEN TRANSPORT LTD ExhibitEX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm Exhibit 10.1 MARTEN TRANSPORT,…To view the full exhibit click here
About MARTEN TRANSPORT, LTD. (NASDAQ:MRTN)
Marten Transport, Ltd. is a national protective service transportation company. It is a temperature-sensitive truckload carrier. The Company specializes in transporting and distributing food and other consumer-packaged goods that require a temperature-controlled or insulated environment. The Company operates through four segments: Truckload, Dedicated, Intermodal and Brokerage. Truckload segment provides a combination of regional short-haul and medium-to-long-haul full-load transportation services. The Dedicated segment provides temperature-controlled trailers, dry vans and other specialized equipment within the United States. The Intermodal segment transports its customers’ freight within the United States. The Brokerage segment arranges for smaller third-party carriers to transport freight for its customers in temperature-controlled trailers and dry vans. It operates throughout the United States and in parts of Canada and Mexico.
