Marten Transport Boosts Executive Salaries, Amends Incentive Plan
Marten Transport's Compensation Committee approved base salary increases for its named executive officers, retroactive to April 5, 2026. The Third Amended and Restated Executive Officer Performance Incentive Plan was also adopted, modifying the bonus pool calculation to use audited net income and introducing a 65% net income increase threshold for bonus adjustments. Additionally, the fee schedule for non-employee directors remains unchanged, with an annual board retainer of $45,000 and a grant of 4,100 shares upon re-election. At the 2026 Annual Meeting, shareholders elected all seven director nominees, approved executive compensation, and ratified Grant Thornton LLP as the independent public accountants.
Key Highlights
- CEO Randolph L. Marten's annual base salary increased to $842,600, effective April 5, 2026.
- President Douglas P. Petit's annual base salary increased to $440,000, effective April 5, 2026.
- Executive Officer Performance Incentive Plan amended to base bonus pool on audited net income.
- Bonus pool adjusted if net income increase is less than 65% of prior year's increase.
- Non-employee directors' annual board retainer remains $45,000, effective May 1, 2026.
- Non-employee directors receive a grant of 4,100 common shares upon re-election.
- Shareholders approved executive compensation with 71,852,429 votes For.
- Shareholders elected all seven director nominees at the Annual Meeting.
Price Impact
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