8-K
MARTEN TRANSPORT LTD (MRTN)
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 4, 2021
MARTEN TRANSPORT, LTD.
(Exact name of registrant as specified in its charter)
| Delaware | 0-15010 | 39-1140809 |
|---|---|---|
| (State or other jurisdiction of<br> incorporation) | (Commission File Number) | (I.R.S. Employer<br> Identification Number) |
| 129 Marten Street<br> 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: | Name of each exchange on which registered: |
|---|---|
| COMMON STOCK, PAR VALUE | THE NASDAQ STOCK MARKET LLC |
| .01 PER SHARE | (NASDAQ GLOBAL SELECT MARKET) |
All values are in US Dollars.
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. |
|---|
Appointment of Certain Officers
On May 4, 2021, the Board of Directors of Marten Transport, Ltd. (the “Company”) approved the appointment of Tim Kohl as its new Chief Executive Officer. 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. Tim Kohl will also retain his position as President.
Tim Kohl joined our Company in November 2007 and has been our President since June 2008. 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.
Mr. Kohl has no family relationships with any of our executive officers or directors, and there have been no related party transactions between Mr. Kohl and the Company that are reportable under Item 404(a) of Regulation S-K. In connection with his appointment as Chief Executive Officer, we did not enter into any new, and did not amend any existing, compensatory arrangements, except for the change in base salary described below.
Compensatory Arrangements of Certain Officers
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<br><br> <br>Salary | Base Salary<br><br> <br>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) |
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Compensatory Arrangements of Non-employee Directors
On May 4, 2021, our Compensation Committee also reviewed and approved the following fee schedule for non-employee directors effective as of May 1, 2021, which increases Annual Board Retainer from $34,000 to $45,000, the compensation for the Nominating/Corporate Governance Committee Chair from $6,000 to $7,500 and annual grant upon re-election to the Board by our stockholders from 1,500 to 2,500 shares of common stock, but otherwise remains unchanged from the prior fee schedule:
| Annual Board Retainer | $ | 45,000 |
|---|---|---|
| Lead Director | 15,000 | |
| Audit Committee chair | 15,000 | |
| Compensation Committee chair | 15,000 | |
| Nominating/Corporate Governance Committee chair | 7,500 |
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 2,500 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 2021 Annual Meeting of Stockholders on May 4, 2021. The final results of the stockholder vote on the business brought before the meeting are as follows:
1. To elect seven 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 | 69,383,199 | 1,156,368 | 2,846,298 |
| Larry B. Hagness | 53,816,095 | 16,723,472 | 2,846,298 |
| Thomas J. Winkel | 66,995,017 | 3,544,550 | 2,846,298 |
| Jerry M. Bauer | 54,859,977 | 15,679,590 | 2,846,298 |
| Robert L. Demorest | 52,067,640 | 18,471,927 | 2,846,298 |
| Ronald R. Booth | 66,858,098 | 3,681,469 | 2,846,298 |
| Kathleen P. Iverson | 70,327,942 | 211,625 | 2,846,298 |
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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 |
|---|---|---|---|
| 70,077,915 | 369,505 | 92,146 | 2,846,298 |
3. To consider a proposal to ratify the selection of Grant Thornton LLP as our independent public accountants for the year ending December 31, 2021. Our stockholders approved this proposal as follows:
| For | Against | Abstain | Broker Non-Votes |
|---|---|---|---|
| 73,071,216 | 252,204 | 62,445 | 0 |
4. To transact other business if properly brought before the Annual Meeting or any adjournment thereof. Our stockholders voted on this proposal as follows:
| For | Against | Abstain | Broker Non-Votes |
|---|---|---|---|
| 21,059,451 | 49,349,495 | 130,621 | 2,846,298 |
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). |
| 99.1 | Press Release (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 10, 2021 | By: | /s/ James J. Hinnendael |
| James J. Hinnendael | ||
| Its: Executive Vice President and | ||
| Chief Financial Officer |
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ex_247936.htm
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<br><br> <br>Salary | Base Salary<br><br> <br>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) |
ex_247975.htm
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.