(Mark One) | ||
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the Fiscal Year Ended December 31, 2005 | ||
or
|
||
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Delaware
|
06-1313069 | |
(State or other jurisdiction
of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
|
13410 Sutton Park Drive
South
Jacksonville, Florida (Address of principal executive offices) |
32224
(Zip Code) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o |
Part
of 10-K
|
||||
Document
|
into Which Incorporated | |||
Proxy Statement relating to
Landstar System, Inc.s Annual Meeting of Stockholders to
be held on May 4, 2006
|
Part III |
2
43
61
62
63
Item 1.
Business
3
Table of Contents
4
Table of Contents
5
Table of Contents
6
Table of Contents
7
Table of Contents
9,755
108
3,566
13,429
8
Table of Contents
quality programs
risk management insurance services
safety
strategic planning
technology and management
information systems
9
Table of Contents
10
Table of Contents
11
Table of Contents
12
Table of Contents
13
Table of Contents
Item 2.
Properties
Item 3.
Legal
Proceedings
14
Table of Contents
Item 4.
Submission
of Matters to a Vote of Security Holders
Item 5.
Market
for Registrants Common Equity, Related Stockholder Matters
and Issuer Purchases of Equity Securities
2005 Market Price
2004 Market Price
High
Low
High
Low
$
39.250
$
29.250
$
20.870
$
17.000
35.850
26.750
26.110
20.260
40.420
27.450
28.590
23.140
44.500
36.100
37.495
27.125
15
Table of Contents
Number of Securities
Number of Securities
Remaining Available for
to be Issued Upon
Weighted-Average
Future Issuance Under
Exercise of
Exercise Price of
Equity Compensation
Outstanding Options
Outstanding Options
Plans
2,794,652
$
19.07
4,677,160
0
0
0
16
Table of Contents
Item 6.
Selected
Financial Data
Fiscal Years
2005
2004
2003
2002
2001
(Dollars in thousands, except
per share amounts)
$
2,517,828
$
2,019,936
$
1,596,571
$
1,506,555
$
1,392,771
2,695
1,346
1,220
1,950
3,567
1,880,431
1,510,963
1,185,043
1,116,009
1,030,454
203,730
161,011
125,997
118,864
110,513
36,709
37,130
37,681
34,325
32,750
50,166
60,339
45,690
42,188
32,930
134,085
118,461
105,849
101,918
99,762
15,920
13,959
12,736
11,520
13,543
2,321,041
1,901,863
1,512,996
1,424,824
1,319,952
199,482
119,419
84,795
83,681
76,386
4,744
3,025
3,240
4,292
6,802
194,738
116,394
81,555
79,389
69,584
74,782
44,522
30,855
30,168
26,790
$
119,956
$
71,872
$
50,700
$
49,221
$
42,794
$
2.03
$
1.19
$
0.82
$
0.76
$
0.64
$
1.98
$
1.16
$
0.79
$
0.73
$
0.63
$
0.05
Dec. 31,
Dec. 25,
Dec. 27,
Dec. 28,
Dec. 29,
2005
2004
2003
2002
2001
$
762,760
$
584,512
$
438,457
$
400,748
$
364,651
166,973
92,090
91,456
77,360
101,874
252,635
212,839
142,515
149,093
117,440
Item 7.
Managements
Discussion and Analysis of Financial Condition and Results of
Operations
17
Table of Contents
18
Table of Contents
Fiscal Year
2005
2004
2003
466
427
396
$
5,063,000
$
4,374,000
$
3,584,000
94
%
92
%
89
%
Fiscal Year
2005
2004
2003
$
1,249,159
$
1,191,605
$
1,052,346
442,509
263,257
174,825
$
1,691,668
$
1,454,862
$
1,227,171
$
1.92
$
1.79
$
1.72
$
1,542
$
1,391
$
1,219
804
779
707
1,097,000
1,046,000
1,007,000
$
159,273
$
105,815
$
53,766
439,604
308,106
182,333
196,259
121,001
105,142
$
795,136
$
534,922
$
341,241
$
1,555
$
1,454
$
1,332
334,000
324,000
256,000
(1)
Includes revenue from freight hauled by carrier segment BCO
Independent Contractors for global logistics customers.
19
Table of Contents
(2)
Included in the 2005 fiscal year was $44,007,000 of revenue
attributable to buses provided under a contract between Landstar
Express America, Inc. and the United States Department of
Transportation/Federal Aviation Administration (the
FAA).
(3)
Number of loads and revenue per load for the 2005 and 2004
fiscal years exclude the effect of $275,929,000 and $63,790,000,
respectively, of revenue derived from disaster relief efforts
provided primarily under a contract with the FAA as discussed
further in the paragraphs that follow. (See the section
Use of Non-GAAP Financial Measures
on
page 24.)
Dec. 31,
Dec. 25,
Dec. 27,
2005
2004
2003
8,011
7,800
7,584
14,014
11,077
9,296
8,497
7,144
6,240
22,511
18,221
15,536
30,522
26,021
23,120
8,728
8,677
8,573
(1)
Active refers to Truck Brokerage Carriers who moved at least one
load in the 180 days immediately preceding the fiscal year
end.
20
Table of Contents
Fiscal Year
2005
2004
2003
100.0
%
100.0
%
100.0
%
0.1
0.1
0.1
74.7
74.8
74.2
8.1
8.0
7.9
1.5
1.8
2.4
2.0
3.0
2.9
5.3
5.9
6.6
0.6
0.7
0.8
92.2
94.2
94.8
7.9
5.9
5.3
0.2
0.1
0.2
7.7
5.8
5.1
2.9
2.2
1.9
4.8
%
3.6
%
3.2
%
21
Table of Contents
22
Table of Contents
23
Table of Contents
24
Table of Contents
25
Table of Contents
Payments Due by Period
Less Than
1-3
4-5
More Than
Total
1 Year
Years
Years
5 Years
$
120,000
$
120,000
51,560
$
14,005
$
23,987
13,568
34,761
7,691
13,719
5,379
$
7,972
$
206,321
$
21,696
$
37,706
$
138,947
$
7,972
26
Table of Contents
27
Table of Contents
28
Table of Contents
Item 7a.
Quantitative
and Qualitative Disclosures about Market Risk
29
Table of Contents
Item 8.
Financial
Statements and Supplementary Data
Dec. 31,
Dec. 25,
2005
2004
$
29,398
$
61,684
20,693
21,942
534,274
338,774
11,384
13,929
18,052
13,503
613,801
449,832
89,131
76,834
31,134
31,134
28,694
26,712
$
762,760
$
584,512
$
29,829
$
23,547
164,509
120,197
12,122
8,797
27,887
32,612
20,299
14,609
44,850
40,317
299,496
240,079
154,851
83,293
37,840
32,430
17,938
15,871
642
632
61,057
43,845
412,970
295,936
(221,776
)
(127,151
)
(211
)
47
(47
)
(470
)
252,635
212,839
$
762,760
$
584,512
30
Table of Contents
Fiscal Years Ended
Dec. 31,
Dec. 25,
Dec. 27,
2005
2004
2003
$
2,517,828
$
2,019,936
$
1,596,571
2,695
1,346
1,220
1,880,431
1,510,963
1,185,043
203,730
161,011
125,997
36,709
37,130
37,681
50,166
60,339
45,690
134,085
118,461
105,849
15,920
13,959
12,736
2,321,041
1,901,863
1,512,996
199,482
119,419
84,795
4,744
3,025
3,240
194,738
116,394
81,555
74,782
44,522
30,855
$
119,956
$
71,872
$
50,700
$
2.03
$
1.19
$
0.82
$
1.98
$
1.16
$
0.79
59,199,000
60,154,000
61,458,000
60,492,000
61,800,000
63,840,000
$
0.05
31
Table of Contents
Fiscal Years Ended
Dec. 31,
Dec. 25,
Dec. 27,
2005
2004
2003
$
119,956
$
71,872
$
50,700
15,920
13,959
12,736
174
348
272
5,939
6,250
5,094
(340
)
215
344
193
402
85
(1,255
)
3,967
(2,899
)
8,174
9,035
5,110
(198,894
)
(126,718
)
(34,637
)
686
677
(3,335
)
44,312
48,484
11,416
10,979
9,786
4,630
685
11,467
3,880
6,529
49,744
53,396
(1,747
)
8,461
(27,354
)
4,977
4,006
4,219
(6,450
)
(12,606
)
(4,542
)
(3,857
)
(6,377
)
(5,557
)
4,492
971
1,612
(2,585
)
(5,545
)
(31,622
)
6,282
3,024
3,978
423
115
605
(2,922
)
9,216
16,036
10,584
57,000
71,000
38,000
(95,600
)
(27,001
)
(73,844
)
(10,629
)
(88,329
)
(23,904
)
(36,230
)
(25,155
)
(44,581
)
(32,286
)
19,044
(22,807
)
61,684
42,640
65,447
$
29,398
$
61,684
$
42,640
32
Table of Contents
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS EQUITY
For the Fiscal Years Ended December 31, 2005,
December 25, 2004 and December 27, 2003
(Dollars in thousands)
Notes
Receivable
Arising
Accumulated
from
Addl
Other
Exercises
Common Stock
Paid-In
Retained
Treasury Stock at Cost
Comprehensive
of Stock
Shares
Amount
Capital
Earnings
Shares
Amount
Income (Loss)
Options
Total
16,337,506
$
163
$
2,609
$
173,817
554,879
$
(26,306
)
$
(1,190
)
$
149,093
50,700
50,700
1,255,051
(73,844
)
(73,844
)
564,021
6
15,688
15,694
1,500
85
85
605
605
$
182
182
14,913,833
149
(149
)
31,816,860
318
18,382
224,368
1,809,930
(100,150
)
182
(585
)
142,515
71,872
71,872
681,000
(27,001
)
(27,001
)
996,700
10
25,061
25,071
9,000
402
402
115
115
(135
)
(135
)
30,331,630
304
(304
)
63,154,190
632
43,845
295,936
2,490,930
(127,151
)
47
(470
)
212,839
119,956
119,956
(2,922
)
(2,922
)
2,873,053
(95,600
)
(95,600
)
991,712
10
17,380
17,390
6,000
193
193
423
423
(361
)
(19,100
)
975
614
(258
)
(258
)
64,151,902
$
642
$
61,057
$
412,970
5,344,883
$
(221,776
)
$
(211
)
$
(47
)
$
252,635
33
Table of Contents
(1)
Significant
Accounting Policies
34
Table of Contents
Fiscal Year
2005
2004
2003
$
119,956
$
71,872
$
50,700
(4,358
)
(3,607
)
(3,522
)
$
115,598
$
68,265
$
47,178
$
2.03
$
1.19
$
0.82
$
1.95
$
1.13
$
0.77
$
1.98
$
1.16
$
0.79
$
1.92
$
1.11
$
0.75
35
Table of Contents
Fiscal Year
2005
2004
2003
59,199
60,154
61,458
1,293
1,646
2,382
60,492
61,800
63,840
(2)
Stock
Splits and Dividends
36
Table of Contents
(3)
Litigation
Settlement Agreement
(4)
Comprehensive
Income
Fiscal Year
2005
2004
2003
$
119,956
$
71,872
$
50,700
(258
)
(135
)
182
$
119,698
$
71,737
$
50,882
37
Table of Contents
(5)
Income
Taxes
Fiscal Year
2005
2004
2003
$
66,787
$
37,233
$
25,217
9,250
3,322
8,537
76,037
40,555
33,754
(1,443
)
3,400
3,063
188
567
(5,962
)
(1,255
)
3,967
(2,899
)
$
74,782
$
44,522
$
30,855
Dec. 31,
Dec. 25,
2005
2004
$
3,702
$
3,538
633
1,282
4,365
4,045
5,165
4,125
13,865
12,990
(420
)
$
13,865
$
12,570
$
16,384
$
16,913
4,459
3,890
$
20,843
$
20,803
$
6,978
$
8,233
38
Table of Contents
Fiscal Year
2005
2004
2003
$
68,158
$
40,738
$
28,544
6,135
2,528
1,674
229
789
500
260
467
137
$
74,782
$
44,522
$
30,855
(6)
Operating
Property
Dec. 31,
Dec. 25,
2005
2004
$
1,921
$
1,999
8,926
8,730
8,117
8,221
110,226
93,739
28,502
29,460
157,692
142,149
68,561
65,315
$
89,131
$
76,834
(7)
Retirement
Plan
39
Table of Contents
(8)
Debt
Dec. 31,
Dec. 25,
2005
2004
$
46,973
$
29,090
120,000
63,000
166,973
92,090
12,122
8,797
$
154,851
$
83,293
40
Table of Contents
(9)
Leases
Capital
Operating
Leases
Leases
$
14,005
$
7,691
13,558
7,092
10,429
6,627
9,497
3,277
4,071
2,102
7,972
51,560
$
34,761
4,587
$
46,973
(10)
Stock
Compensation Plans
41
Table of Contents
Options Outstanding
Options Exercisable
Weighted Average
Weighted Average
Exercise Price
Exercise Price
Shares
per Share
Shares
per Share
5,494,080
$
7.07
1,861,752
$
5.29
985,200
$
14.06
(1,897,556
)
$
5.58
(22,400
)
$
10.72
4,559,324
$
9.18
1,328,204
$
7.11
660,000
$
20.59
(1,993,400
)
$
8.04
(110,160
)
$
9.85
3,115,764
$
12.31
664,324
$
8.56
683,000
$
35.77
(991,712
)
$
9.29
(12,400
)
$
22.31
2,794,652
$
19.07
855,816
$
10.37
Options Outstanding
Number
Outstanding
Weighted Average
Weighted Average
Dec. 31,
Remaining Contractual
Exercise Price
2005
Life (Years)
per Share
113,176
2.5
$
4.14
643,600
5.2
$
8.12
299,860
6.9
$
13.08
913,016
7.6
$
17.06
148,000
8.5
$
26.02
677,000
9.0
$
35.80
2,794,652
7.2
$
19.07
42
Table of Contents
Options Exercisable
Number
Exercisable
Weighted Average
Dec. 31,
Exercise Price
2005
per Share
113,176
$
4.14
416,880
$
8.03
78,340
$
12.98
247,420
$
16.33
855,816
$
10.37
(11)
Shareholders
Equity
(12)
Segment
Information
Table of Contents
44
Table of Contents
Global
Carrier
Logistics
Insurance
Other
Total
$
1,691,668
$
795,136
$
31,024
$
2,517,828
95,872
2,222
31,036
129,130
2,695
2,695
$
4,744
4,744
11,262
309
4,349
15,920
171,236
60,856
19,374
(51,984
)
199,482
798
20
3,039
3,857
20,496
10,638
31,134
28,512
28,512
360,083
304,727
58,379
39,571
762,760
$
1,454,862
$
534,922
$
30,152
$
2,019,936
48,673
4,967
30,538
84,178
1,346
1,346
$
3,025
3,025
9,473
270
4,216
13,959
128,400
26,211
12,456
(47,648
)
119,419
730
206
5,441
6,377
20,496
10,638
31,134
17,963
17,963
317,466
136,311
91,183
39,552
584,512
$
1,227,171
$
341,241
$
28,159
$
1,596,571
20,852
4,300
32,442
57,594
1,220
1,220
$
3,240
3,240
8,728
272
3,736
12,736
94,303
6,403
21,227
(37,138
)
84,795
2,652
712
2,193
5,557
20,496
10,638
31,134
254,606
70,607
64,363
48,881
438,457
45
Table of Contents
(13)
Significant
Concentrations of Credit
(14)
Commitments
and Contingencies
46
Table of Contents
47
Table of Contents
QUARTERLY FINANCIAL DATA
(Dollars in thousands, except per share amounts)
(Unaudited)
Fourth
Third
Second
First
Quarter
Quarter
Quarter
Quarter
2005
2005
2005
2005
$
800,442
$
676,070
$
539,104
$
502,212
$
71,295
$
59,037
$
39,191
$
29,959
$
69,745
$
57,832
$
38,139
$
29,022
26,785
22,207
14,646
11,144
$
42,960
$
35,625
$
23,493
$
17,878
$
0.73
$
0.61
$
0.40
$
0.30
$
0.72
$
0.60
$
0.39
$
0.29
$
0.025
$
0.025
(1)
Due to the changes in the number of average common shares and
common stock equivalents outstanding during the year, the sum of
earnings per share amounts for each quarter do not necessarily
add to the earnings per share amounts for the full year.
48
Table of Contents
49
Table of Contents
Dec. 31,
Dec. 25,
2005
2004
$
252,635
$
212,839
$
252,635
$
212,839
$
642
$
632
61,057
43,845
412,970
295,936
(221,776
)
(127,151
)
(211
)
47
(47
)
(470
)
252,635
212,839
$
252,635
$
212,839
50
Table of Contents
Fiscal Years Ended
Dec. 31,
Dec. 25,
Dec. 27,
2005
2004
2003
$
119,378
$
71,968
$
50,773
(578
)
96
73
$
119,956
$
71,872
$
50,700
$
2.03
$
1.19
$
0.82
$
1.98
$
1.16
$
0.79
$
0.05
59,199,000
60,154,000
61,458,000
60,492,000
61,800,000
63,840,000
51
Table of Contents
Fiscal Years Ended
Dec. 31,
Dec. 25,
Dec. 27,
2005
2004
2003
$
119,956
$
71,872
$
50,700
8,174
9,035
5,110
(119,378
)
(71,968
)
(50,773
)
8,752
8,939
5,037
80,131
1,911
57,618
80,131
1,911
57,618
423
115
605
9,216
16,036
10,584
(2,922
)
(95,600
)
(27,001
)
(73,844
)
(88,883
)
(10,850
)
(62,655
)
0
0
0
0
0
0
$
0
$
0
$
0
52
Table of Contents
Col C
Additions
Col B
Charged to
Col E
Balance at
Charged to
Other
Col D
Balance at
Beginning of
Costs and
Accounts
Deductions
End of
Period
Expenses
Describe
Describe(A)
Period
$
4,021
$
3,399
$
(2,765
)
$
4,655
4,245
2,521
(2,424
)
4,342
263
19
282
$
8,529
$
5,939
$
(5,189
)
$
9,279
(A)
Write-offs, net of recoveries.
53
Table of Contents
Col C
Additions
Col B
Charged to
Col E
Balance at
Charged to
Other
Col D
Balance at
Beginning of
Costs and
Accounts
Deductions
End of
Period
Expenses
Describe
Describe(A)
Period
$
3,410
$
2,883
$
(2,272
)
$
4,021
4,077
3,348
(3,180
)
4,245
244
19
263
$
7,731
$
6,250
$
(5,452
)
$
8,529
(A)
Write-offs, net of recoveries.
54
Table of Contents
Col C
Additions
Col B
Charged to
Col E
Balance at
Charged to
Other
Col D
Balance at
Beginning
Costs and
Accounts
Deductions
End of
of Period
Expenses
Describe
Describe(A)
Period
$
3,953
$
2,401
$
(2,944
)
$
3,410
5,331
2,674
(3,928
)
4,077
230
19
(5
)
244
$
9,514
$
5,094
$
(6,877
)
$
7,731
(A)
Write-offs, net of recoveries.
55
Table of Contents
Item 9.
Changes
in and Disagreements with Accountants on Accounting and
Financial Disclosure
Item 9A.
Controls
and Procedures
56
Table of Contents
57
Table of Contents
Landstar System, Inc:
58
Table of Contents
Item 10.
Directors
and Executive Officers of the Registrant
Item 11.
Executive
Compensation
Item 12.
Security
Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters
59
Table of Contents
Item 13.
Certain
Relationships and Related Transactions
Item 14.
Principal
Accounting Fees and Services
Item 15.
Exhibits
and Financial Statement Schedules
Page
30
31
32
33
34
47
Exhibit
(2)
Plan of acquisition,
reorganization, arrangement, liquidation or succession
2
.1
Asset Purchase Agreement by and
between Landstar Poole, Inc. as the seller, and Landstar System,
Inc., as the guarantor, and Schneider National, Inc., as the
purchaser, dated as of July 15, 1998. (Incorporated by
reference to Exhibit 2.1 to the Registrants Quarterly
Report on
Form 10-K
for the quarter ended June 27, 1998 (Commission File
No. 0-21238))
60
Table of Contents
Exhibit
(3)
Articles of Incorporation and
By-Laws:
3
.1*
Restated Certificate of
Incorporation of the Company dated March 6, 2006, including
Certificate of Designation of Junior Participating Preferred
Stock dated February 10, 1993
3
.2
The Companys Bylaws, as
amended and restated on February 9, 1993. (Incorporated by
reference to Exhibit 3 to the Registrants
Registration Statement on
Form S-1
(Registration
No. 33-57174))
(4)
Instruments defining the rights
of security holders, including indentures:
4
.1
Specimen of Common Stock
Certificate. (Incorporated by reference to Exhibit 4.1 to
the Registrants Registration Statement on
Form S-1
(Registration
No. 33-57174))
4
.2
Fourth Amended and Restated Credit
Agreement, dated July 8, 2004, among LSHI, Landstar, the
lenders named therein and JPMorgan Chase Bank as administrative
agent (including exhibits and schedules thereto). (Incorporated
by reference to Exhibit 99.1 to the Registrants
Form 8-K
filed on July 12, 2004 (Commission File
No. 0-21238))
(10)
Material contracts:
10
.1
Landstar System, Inc. Executive
Incentive Compensation Plan (Incorporated by reference to
Exhibit B to the Registrants Definitive Proxy
Statement filed on March 22, 2002 (Commission File
No. 0-21238))
10
.2
LSHI Management Incentive
Compensation Plan. (Incorporated by reference to
Exhibit 10.8 to the Registrants Annual Report on
Form 10-K
for the fiscal year ended December 25, 1993. (Commission
File No.
0-21238))
10
.3
Landstar System, Inc. 1993 Stock
Option Plan. (Incorporated by reference to Exhibit 10.1 to
the Registrants Registration Statement on
Form S-1.
(Registration
No. 33-67666))
10
.4
Amendment to the Landstar System,
Inc. 1993 Stock Option Plan (Incorporated by reference to
Exhibit 10.10 to the Registrants Annual Report on
Form 10-K
for the fiscal year ended December 27, 1997 (Commission
File
No. 0-21238))
10
.5
Landstar System, Inc. 2002
Employee Stock Option Plan (Incorporated by reference to
Exhibit A to the Registrants Definitive Proxy
Statement filed on March 22, 2002 (Commission File
No. 0-21238))
10
.6
Landstar System, Inc.
1994 Directors Stock Option Plan. (Incorporated by
reference to Exhibit 99 to the Registrants
Registration Statement on
Form S-8
filed July 5, 1995. (Registration
No. 33-94304))
10
.7
First Amendment to the Landstar
System, Inc. 1994 Directors Stock Option Plan (Incorporated
by reference to Exhibit 10.8 to the Registrants
Annual Report on
Form 10-K
for the fiscal year ended December 30, 2000 (Commission
File
No. 0-21238))
10
.8
Second Amendment to the Landstar
System, Inc. 1994 Directors Stock Option Plan (Incorporated
by reference to Exhibit 10.9 to the Registrants
Annual Report on
Form 10-K
for the fiscal year ended December 30, 2000 (Commission
File
No. 0-21238))
10
.9
Directors Stock Compensation Plan,
dated May 15, 2003 (Incorporated by reference to
Exhibit 10.1 to the Registrants Quarterly Report on
Form 10-Q
for the quarter ended June 28, 2003 (Commission File No.
0-21238))
10
.10
Form of Indemnification Agreement
between the Company and each of the directors and certain
executive officers of the Company. (Incorporated by reference to
Exhibit 10.2 to the Registrants Annual Report on
Form 10-K
for the fiscal year ended December 27, 2003 (Commission No.
0-21238))
10
.11
Form of Key Executive Employment
Protection Agreement dated January 30, 1998 between
Landstar System, Inc. and each of Henry H. Gerkens, Robert C.
LaRose, Jeffrey Pundt and Ronald G. Stanley (Incorporated by
reference to Exhibit 10.9 to the Registrants Annual
Report on
Form 10-K
for the fiscal year ended December 27, 1997 (Commission
File No.
0-21238))
Table of Contents
Exhibit
10
.12*
Form of Key Executive Employment
Protection Agreement between Landstar System, Inc. and each of
James B. Gattoni and Joseph J. Beacom
10
.13*
Key Executive Employment Agreement
dated June 27, 2005 between Landstar System, Inc. and
Michael K. Kneller
10
.14
Amendment to Key Executive
Employment Protection Agreement, dated August 7, 2002,
between Landstar System, Inc. and Henry H. Gerkens (Incorporated
by reference to Exhibit 10.7 to the Registrants
Annual Report on
Form 10-K
for the fiscal year ended December 28, 2002 (Commission
File
No. 0-21238))
10
.15
Amendment to Key Executive
Employment Protection Agreement, dated August 7, 2002,
between Landstar System, Inc. and Robert C. LaRose (Incorporated
by reference to Exhibit 10.8 to the Registrants
Annual Report on
Form 10-K
for the fiscal year ended December 28, 2002 (Commission
File
No. 0-21238))
10
.16*
Amendment to Key Executive
Employment Protection Agreement, dated August 7, 2002,
between Landstar System, Inc. and Jeffrey L. Pundt
10
.17
Amendment to Key Executive
Employment Protection Agreement, dated August 7, 2002,
between Landstar System, Inc. and Ronald G. Stanley
(Incorporated by reference to Exhibit 10.19 to the
Registrants Annual Report on Form 10-K for the fiscal year
ended December 25, 2004 (Commission File
No. 0-21238))
10
.18*
Form of Amendment to Key Executive
Employment Protection Agreement, dated August 7, 2002,
between Landstar System, Inc. and each of James B. Gattoni and
Joseph J. Beacom
10
.19
Letter Agreement, dated
July 2, 2002 from Jeffrey C. Crowe to Henry H. Gerkens.
(Incorporated by reference to Exhibit 10.17 to the
Registrants Annual Report on
Form 10-K
for the fiscal year ended December 28, 2002 (Commission
File
No. 0-21238))
10
.20
Letter agreement, dated
April 27, 2004, between Landstar System, Inc. and Henry H.
Gerkens (Incorporated by reference to Exhibit 10.1 to the
Registrants Current Report on
Form 8-K
filed on April 28, 2004 (Commission File
No. 0-21238))
10
.21
Letter Agreement, dated
April 27, 2004, between Landstar System, Inc. and Jeffrey
C. Crowe (Incorporated by reference to Exhibit 10.2 to the
Registrants Current Report on
Form 8-K
filed on April 28, 2004 (Commission
No. 0-21238))
10
.22
Solicitation, Offer and Award
Agreement, dated October 1, 2002, as amended
January 31, 2003, January 1, 2004, January 10,
2005 and September 12, 2005, between the United States
Department of Transportation/Federal Aviation Administration and
Landstar Express America, Inc. (Incorporated by reference to
Exhibit 10.1 to the Registrants Quarterly Report on
Form 10-Q
for the fiscal quarter ended September 24, 2005.)
(Commission File
No. 0-21238)
(21)
Subsidiaries of the
Registrant:
21
.1*
List of Subsidiary Corporations of
the Registrant
(23)
Consents of experts and
counsel:
23
.1*
Consent of KPMG LLP as Independent
Registered Public Accounting Firm of the Registrant
(24)
Power of attorney:
24
.1*
Powers of Attorney
(31)
Certifications pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002:
31
.1*
Chief Executive Officer
certification, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
31
.2*
Chief Financial Officer
certification, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
Table of Contents
Exhibit
(32)
Certifications pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002:
32
.1**
Chief Executive Officer
certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002
32
.2**
Chief Financial Officer
certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002
management contract or compensatory plan or arrangement
*
Filed herewith.
**
Furnished herewith.
Table of Contents
By:
By:
Chief Financial Officer
*
Chairman of the Board
March 9, 2006
Director, President and Chief
Executive Officer; Principal Executive Officer
March 9, 2006
Executive Vice President and Chief
Financial Officer; Principal Accounting Officer
March 9, 2006
*
Director
March 9, 2006
*
Director
March 9, 2006
*
Director
March 9, 2006
*
Director
March 9, 2006
*
Director
March 9, 2006
By:
Attorney In Fact*
64
1. | The Corporation was incorporated as Landstar Holding Corporation and its original Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on January 8, 1991. | ||
2. | This Restated Certificate of Incorporation was duly adopted in accordance with Section 245 of the General Corporation Law of the State of Delaware and it only restates and integrates and does not further amend the provisions of the Certificate of Incorporation of the Corporation as heretofore amended or supplemented and there is no discrepancy between such provisions and the provisions of this Restated Certificate of Incorporation. | ||
3. | The text of the Certificate of Incorporation as heretofore amended is hereby amended and restated to read in its entirety as follows: |
2
3
4
5
6
7
8
9
10
11
12
13
Landstar System, Inc.
|
||||
/s/ Henry H. Gerkens | ||||
Name: | Henry H. Gerkens | |||
Title: | President and Chief Executive Officer | |||
/s/ Michael K. Kneller | ||||
Michael K. Kneller, Secretary | ||||
14
2
3
4
5
6
/s/ Henry H. Gerkens | ||||
Vice President | ||||
/s/ Michael L. Harvey | ||||
Secretary | ||||
7
1
2
3
4
5
6
7
8
If to the Executive:
|
at the home address of the Executive noted on the records of the Company | |
|
||
If to the Company:
|
Landstar System, Inc. | |
|
13410 Sutton Park Drive South | |
|
Jacksonville, Florida 32224 | |
|
Attn.: General Counsel |
LANDSTAR SYSTEM, INC.
|
||||
By: | /s/ | |||
Name: | ||||
Title: | ||||
___________________________
|
||||
9
1
2
3
4
5
6
7
8
If to the Executive:
|
at the home address of the Executive noted on the records of the Company | |
|
||
If to the Company:
|
Landstar System, Inc. | |
|
13410 Sutton Park Drive South | |
|
Jacksonville, Florida 32224 | |
|
Attn.: General Counsel |
LANDSTAR SYSTEM, INC.
|
||||
By: | /s/ Robert C. LaRose | |||
Title: | ||||
MICHAEL KNELLER
|
||||
/s/ Michael Kneller | ||||
9
LANDSTAR SYSTEM, INC.
|
||||
By: | /s/ Jeffrey C. Crowe | |||
Jeffrey C. Crowe, | ||||
Chairman of the Board
& Chief Executive Officer |
||||
/s/ Jeffrey L. Pundt | ||||
Jeffrey L. Pundt | ||||
2
LANDSTAR SYSTEM, INC.
|
||||
By: | /s/ | |||
Name: | ||||
Title: | ||||
____________________________
____________________________ Date |
||||
2
Jurisdiction of
% of Voting
Name
Incorporation
Securities Owned
Delaware
100
Delaware
100
Delaware
100
Delaware
100
Delaware
100
Kentucky
100
Delaware
100
Delaware
100
Cayman Islands, BWI
100
Delaware
100
North Carolina
100
Delaware
100
Delaware
100
/s/ David G. Bannister
|
||
|
||
|
||
David G. Bannister
|
/s/ Ronald W. Drucker
|
||
|
||
|
||
Ronald W. Drucker
|
/s/ William S. Elston
|
||
|
||
|
||
William S. Elston
|
/s/ Diana M. Murphy
|
||
|
||
|
||
Diana M. Murphy
|
/s/ Jeffrey C. Crowe
|
||
|
||
|
||
Jeffrey C. Crowe
|
/s/ Merritt J. Mott
|
||
|
||
|
||
Merritt J. Mott
|
/s/ Henry H. Gerkens | ||||
Henry H. Gerkens | ||||
President and Chief Executive Officer |
/s/ Robert C. LaRose | ||||
Robert C. LaRose | ||||
Executive Vice President and
Chief Financial Officer |
|
/s/ Henry H. Gerkens | |||
|
||||
|
||||
|
Henry H. Gerkens | |||
|
President and | |||
|
Chief Executive Officer |
|
/s/ Robert C. LaRose | |||
|
||||
|
||||
|
Robert C. LaRose | |||
|
Executive Vice President and | |||
|
Chief Financial Officer |