Marten Transport, Ltd. 2007 Non-Employee Director Compensation Summary
Marten Transport, Ltd. has set out its 2007 compensation plan for non-employee directors. Directors receive an annual retainer, additional fees for serving as lead director or committee chairs, and $1,000 for each meeting attended, plus reimbursement for meeting expenses. Each non-employee director is also granted an option to buy 2,500 shares of company stock annually upon re-election, with the exercise price set at the market value on the grant date and a ten-year expiration period.
Exhibit 10.14
Marten Transport, Ltd.
2007 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 2007:
| 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 or 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.
