Marten Transport, Ltd. Executive Officer Base Salary Adjustment Approval (May 2023)
Marten Transport, Ltd.'s Compensation Committee approved increases to the annual base salaries of its named executive officers, effective retroactively from April 3, 2023. The officers affected include the Executive Chairman, Chief Executive Officer, Executive Vice President and Chief Financial Officer, and President. The agreement outlines the new salary amounts for each officer, replacing their previous base salaries. This adjustment formalizes the company's decision to raise executive compensation as of the specified date.
Exhibit 10.1
Marten Transport, Ltd.
Named Executive Officer Compensation
On May 2, 2023, the Company’s Compensation Committee approved an increase to the base salary for each of the Company’s named executive officers listed below, retroactive to April 3, 2023. Effective April 3, 2023, the named executive officers will receive the following annual base salaries in the listed positions:
| Name and Position as of May 2, 2023 | Former Base Salary | Base Salary Effective April 3, 2023 | ||||||
| Randolph L. Marten | $ | 794,000 | $ | 818,000 | ||||
| (Executive Chairman) | ||||||||
| Timothy M. Kohl | $ | 729,000 | $ | 751,000 | ||||
| (Chief Executive Officer) | ||||||||
| James J. Hinnendael | $ | 400,000 | $ | 412,000 | ||||
| (Executive Vice President and Chief Financial Officer) | ||||||||
| Douglas P. Petit | $ | 389,000 | $ | 401,000 | ||||
| (President) | ||||||||
