Marten Transport, Ltd. 2010 Non-Employee Director Compensation Summary
Marten Transport, Ltd. has established a compensation plan for its non-employee directors, effective May 4, 2010. Non-employee directors receive annual retainers, additional fees for serving as lead director or committee chairs, and meeting attendance fees. They are also reimbursed for meeting-related expenses. Additionally, each non-employee director is granted an option to purchase 2,500 shares of common stock annually upon re-election, with options priced at fair market value and expiring after ten years.
Exhibit 10.15
Marten Transport, Ltd.
2010 Non-Employee Director Compensation Summary
The Board of Directors of Marten Transport, Ltd. approved the following fee schedule for non-employee directors effective May 4, 2010:
| Annual Board retainer |
| $ | 22,500 |
|
| Lead Director |
| 5,000 |
| |
| Audit Committee chair |
| 15,000 |
| |
| Compensation Committee chair |
| 7,500 |
| |
| Nominating/Corporate Governance Committee chair |
| 2,500 |
| |
The company generally pays non-employee directors a fee of $1,000 for each Board meeting attended, $750 for each committee meeting attended, and reimburses them for out-of-pocket expenses of attending meetings.
Pursuant to the non-employee director option program adopted on March 1, 2006, which is similar to the program that was suspended in 2004, each non-employee director will also receive an automatic grant of an option to purchase 2,500 shares of common stock annually upon his re-election to the Board by the stockholders. These options were issued at a per share exercise price equal to the fair market value of one share of common stock on May 4, 2010, and expire ten years from the grant date.
1
