Attached files
Exhibit 10.19
Marten Transport, Ltd.
2011 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 2011:
|
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 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.