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 13, 2007
MARTEN TRANSPORT, LTD.
(Exact name of registrant as specified in
its charter)
Delaware |
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0-15010 |
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39-1140809 |
(State or other
jurisdiction of
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(Commission File Number) |
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(I.R.S. Employer
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129 Marten Street |
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Mondovi, Wisconsin |
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54755 |
(Address of principal executive offices) |
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(Zip Code) |
(715) 926-4216
(Registrants 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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 5 Corporate Governance and Management
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Election of New Directors
On August 13, 2007, the companys board of directors elected Robert L. Demorest and G. Larry Owens as independent directors of the company. Robert L. Demorests and G. Larry Owens initial terms will begin at the next scheduled meeting of the board of directors, which is expected to be in December of 2007. As of the date of this filing, the company has not determined which, if any, committees of the board of directors that Mr. Demorest or Mr. Owens will join.
Robert L. Demorest has served as the President, Chief Executive Officer and Chairman of the Board of MOCON, Inc., a company that designs, manufactures, markets and services products and provides consulting services primarily in the measurement and analytical instrument and services markets, since April 2000. Prior to that time, Mr. Demorest had been President of MOCON Inc. for more than five years.
G. Larry Owens has served as the Chief Executive Officer, President and Secretary of Smithway Motor Xpress Corp., a truckload carrier that provides nationwide transportation of diversified freight, concentrating primarily on the flatbed segment of the truckload market, since March 5, 2004, and has served as the Chairman of the Board of Smithway Motor Xpress Corp. since April 2, 2004. Mr. Owens had served prior to that time as the Executive Vice President and Chief Financial Officer of Smithway Motor Xpress Corp. from January 1993 and Chief Administrative Officer from August 2001. Mr. Owens also served as the Chief Operating Officer of Smithway Motor Xpress Corp. from May 1998 to August 2001. Prior to joining Smithway Motor Xpress Corp., Mr. Owens spent twenty-five years in the banking industry, most recently from 1982 through 1992 as President of Boatmens Bancshares regional banks in Spencer and Fort Dodge, Iowa.
Pursuant to the companys amended and restated certificate of incorporation and bylaws, the companys board of directors has the power to increase the authorized number of directors and fill vacancies on the board arising from any such newly created directorship by the affirmative vote of a majority of the directors serving at the time of the increase. On August 13, 2007, the companys board of directors increased the size of the Board from five members to seven members and elected Robert L. Demorest and G. Larry Owens as new directors. There is no arrangement or understanding between Robert L. Demorest or G. Larry Owens and any other persons pursuant to which Robert L. Demorest or G. Larry Owens were selected as a director of the company. Robert L. Demorest or G. Larry Owens do not have any direct or indirect material interest in any existing or currently proposed transaction to which the company is or may become a party.
As non-employee directors, Robert L. Demorest and G. Larry Owens will each be paid an annual board retainer of $20,000. The company generally pays non-employee directors a fee of $1,000 for each board meeting attended, $500 for each committee meeting attended, and reimburses them for out-of-pocket expenses of attending meetings. In addition each will be eligible to receive an automatic grant of an option to purchase 2,500 shares of common stock annually upon re-election to the board by the stockholders, beginning with the 2008 annual meeting of stockholders. These options will be issued at a per share exercise price equal to the fair market value of one share of common stock on the grant date and expire ten years from the grant date.
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Amended and Restated Change in Control Severance Agreements
On August 13, 2007, the companys board of directors approved amended and restated change in control severance agreements for Randolph L. Marten, Robert G. Smith, Timothy P. Nash, Donald J. Hinson, and James J. Hinnendael, a form of which is attached hereto as Exhibit 10.1. The amended and restated change in control severance agreements make changes to the change in control severance agreements previously entered into between the company and these officers, in order to comply with final regulations published by the Internal Revenue Service under an exception to Section 409A of the Internal Revenue Code of 1986, as amended, and there were no changes to the economic terms of the change in control severance agreements. The board of directors also approved a change in control severance agreement that contains the same terms and conditions as the form attached hereto as Exhibit 10.1 with John H. Turner, a newly appointed executive officer.
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. |
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Description |
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10.1 |
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Form of Amended and Restated Change in Control Severance Agreement (filed herewith). |
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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.
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MARTEN TRANSPORT, LTD. |
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Dated: August 15, 2007 |
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/s/ James J. Hinnendael |
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James J. Hinnendael |
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Its: Chief Financial Officer |
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MARTEN TRANSPORT, LTD.
FORM 8-K
INDEX TO EXHIBITS
Exhibit No. |
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Description |
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10.1 |
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Form of Amended and Restated Change in Control Severance Agreement (filed herewith). |
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Exhibit 10.1
AMENDED AND RESTATED
CHANGE IN CONTROL SEVERANCE AGREEMENT
This Change in Control Severance Agreement (this Agreement ), effective as of August , 2007, is between Marten Transport, Ltd., a Delaware corporation, located at 129 Marten Street, Mondovi, Wisconsin 54755 (the Company ) and , an individual residing at (the Executive ).
A. The Company and the Executive entered into a Change in Control Severance Agreement, dated as of March 29, 2006 (the Original CIC Severance Agreement).
B. The Company and the Executive desire to amend and restate the Original CIC Severance Agreement to make changes that are necessary or desirable to reflect the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the Code ) or an appropriate exception to the requirement of Section 409A, as set forth herein.
C. The Company and the Executive intend that the benefits provided under this Agreement will comply, in form and operation, with the requirements of Section 409A of the Code or an appropriate exception to the requirements of Section 409A and this Agreement will be construed and administered in a manner that is consistent with and give effect to such intention.
D. Certain capitalized terms that are used in this Agreement are defined in Exhibit A, which is an integral part of this Agreement.
Accordingly, the Company and Employee each intending to be legally bound, agree as follows:
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IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of the date first above written.
MARTEN TRANSPORT, LTD. |
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EXECUTIVE |
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By: |
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Randolph L.
Marten
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[Name of Executive] |
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Exhibit A
DEFINITIONS
For purposes of the Agreement, the following terms will have the meaning set forth below in this Exhibit A unless the context clearly requires otherwise. Terms defined elsewhere in the Agreement will have the same meaning throughout the Agreement.
A-1
An act or failure to act will be considered gross or willful for this purpose only if done, or omitted to be done, by the Executive in bad faith and without reasonable belief that it was in, or not opposed to, the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board (or a committee thereof) or based upon the advice of counsel for the Company will be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. It is also expressly understood that the Executives attention to matters not directly related to the business of the Company will not provide a basis for termination for Cause so long as the Board did not expressly disapprove in writing of the Executives engagement in such activities either before or within a reasonable period of time after the Board knew or could reasonably have known that the Executive engaged in those activities. Notwithstanding the foregoing, the Executive may not be terminated for Cause unless and until there has been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for the purpose (after reasonable notice to the Executive and an opportunity for the Executive, together with the Executives counsel, to be heard before the Board), finding that in the good faith opinion of the Board the Executive were guilty of the conduct set forth above in clauses (a), (b) or (c) of this definition and specifying the particulars thereof in detail.
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In the case of termination by the Company of the Executives employment for Cause, if the Executive has not previously expressly agreed in writing to the termination, then within the 30-day period after the Executives receipt of the Notice of Termination, the Executive may notify the Company that a dispute exists concerning the termination, in which event the Date of Termination will be the date set either by mutual written agreement of the parties or by the judge or arbitrators in a proceeding as provided in Section 5(g) of the Agreement. During the pendency of any such dispute, the Executive will continue to make the Executive available to provide services to the Company and the Company will continue to pay the Executive the Executives full compensation and benefits in effect immediately prior to the date on which the Notice of Termination is given (without regard to any changes to such compensation or benefits that constitute Good Reason) and until the dispute is resolved in accordance with Section 5(g) of the Agreement. The Executive will be entitled to retain the full amount of any such compensation and benefits without regard to the resolution of the dispute unless the judge or arbitrators decide(s) that the Executives claim of a dispute was frivolous or advanced by the Executive in bad faith. Notwithstanding the foregoing, the
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Executives Date of Termination must be consistent with the date of the Executives Termination of Employment.
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