Marten Transport, Ltd. 2008 Non-employee Director Compensation Summary
Exhibit 10.16
Marten Transport, Ltd.
2008 Non-employee Director Compensation Summary
The Board of Directors of Marten Transport, Ltd. approved the following fee schedule for non-employee directors for fiscal year 2008:
| Annual Board Retainer |
| $ | 20,000 |
|
| 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, $500 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 re-election to the Board by the 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.
