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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-K
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
| For the year ended: | Commission file number: | |
| December 31, 1999 | 0-15010 |
MARTEN TRANSPORT, LTD.
(Exact name of registrant as specified in its charter)
| Delaware |
39-1140809 |
|
|---|---|---|
| (State of incorporation) | (I.R.S. Employer Identification No.) |
129 Marten Street
Mondovi, Wisconsin 54755
(Address of principal executive offices)
Registrant's
telephone number:
(715) 926-4216
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, par value $.01 per share
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes /x/ No / /
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. / /
As of March 22, 2000, 4,300,145 shares of Common Stock of the Registrant were deemed outstanding, and the aggregate market value of the Common Stock of the Registrant (based upon the closing price of the Common Stock at that date as reported by The Nasdaq Stock Market), excluding outstanding shares beneficially owned by directors and executive officers, was approximately $26,393,866.
Part II of this Annual Report on Form 10-K incorporates by reference information (to the extent specific pages are referred to in this Report) from the Registrant's Annual Report to Shareholders for the year ended December 31, 1999 (the "1999 Annual Report"). Part III of this Annual Report on Form 10-K incorporates by reference information (to the extent specific sections are referred to in this Report) from the Registrant's Proxy Statement for the annual meeting to be held May 9, 2000 (the "2000 Proxy Statement").
This Annual Report on Form 10-K contains certain forward-looking statements. Any statements not of historical fact may be considered forward-looking statements. Written words such as "may," "expect," "believe," "anticipate" or "estimate," or other variations of these or similar words, identify such statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially, depending on a variety of factors, such as the industry driver shortage, the market for revenue equipment, fuel prices and general weather and economic conditions.
(a) General Development of Business.
Marten Transport, Ltd. is a long-haul truckload carrier providing protective service and time- sensitive transportation. "Protective service transportation" means temperature controlled or insulated carriage of temperature-sensitive materials and general commodities. We have operating authority, both contract and common, granted by the Interstate Commerce Commission ("ICC") and are currently regulated by the United States Department of Transportation ("DOT") and the Federal Highway Administration ("FHWA").
As of December 31, 1999, we operated a fleet of 1,633 tractors and 2,305 trailers. Most of our trailers are protective service trailers. As of December 31, 1999, 1,084 tractors and 2,303 trailers in our fleet were company-owned and 549 tractors and 2 trailers were under contract with independent contractors. As of December 31, 1999, we had 1,492 employees, including 1,178 drivers. Our employees are not represented by a collective bargaining unit.
Organized under Wisconsin law in 1970, we are a successor to a sole proprietorship Roger R. Marten founded in 1946. In 1988, we reincorporated under Delaware law. Our executive offices are located at 129 Marten Street, Mondovi, Wisconsin 54755. Our telephone number is (715) 926-4216.
(b) Financial Information About Segments.
Since our inception, substantially all of our revenue, operating profits and assets have related primarily to one business segment—long-haul truckload carriage providing protective service and time-sensitive transportation.
(c) Narrative Description of Business.
We specialize in protective service transportation of foods and other products requiring temperature-controlled carriage or insulated carriage. We also provide dry freight carriage. In 1999, we earned approximately 78% of our revenue from hauling protective service products and 22% of our revenue from hauling dry freight. Most of our dry freight loads require the special services we offer or allow us to position our equipment for hauling protective service loads. The specialized transportation services we offer include:
Marketing and Customers
Our senior management and marketing personnel seek customers whose products require protective or other specialized services and who ship multiple truckloads per week. To minimize empty miles, we also solicit customers whose shipping requirements allow us to balance the number of loads originating and terminating in any given area.
Our marketing strategy emphasizes service. A key element of this strategy is our strong commitment to satisfying the individualized requirements of our customers. In addition, we have developed an electronic data interchange ("EDI") system. We use this system to provide customers with current information on the status of shipments in transit. Customers also place orders, and we bill customers, electronically using this system. We also use a satellite tracking system to enhance monitoring of shipment locations.
We maintain marketing offices in our Mondovi, Wisconsin headquarters, as well as in other locations throughout the United States. Marketing personnel travel in their regions to solicit new customers and maintain contact with customers. Once we establish a customer relationship, the customer's primary contact is one of our customer service managers. Working from our terminal in Mondovi, the customer service managers regularly contact customers to solicit additional business on a load-by-load basis. Each customer service manager is assigned to particular customers and takes responsibility for monitoring overall transportation, service requirements and shipments for each customer. These efforts to coordinate shipper needs with equipment availability have been instrumental in maintaining an average empty mile rate of 6.6% in 1999.
We set our own freight rates instead of using those published by tariff publishing bureaus. This allows us to offer rates that are more responsive to market conditions and the level of service required by particular customers. We have designed our rate structure to compensate us for the cost of protective service revenue equipment as well as for hauling loads into areas generating empty miles.
We derived approximately 15% of our revenue in 1999 from The Procter & Gamble Company. The Pillsbury Company accounted for approximately 12% of our revenue in 1999, 11% of our revenue in 1998 and 13% of our revenue in 1997.
Operations
Our operations are designed to efficiently use our equipment while emphasizing individualized service to customers. Our EDI system provides real-time and on-line shipment tracking information, increases equipment utilization and assists management in long-range planning and trend analysis. In 1999, we implemented an optimization system which is designed to effectively meet the routing needs of drivers while satisfying customer and company requirements.
We maintain our dispatch operations in our Mondovi, Wisconsin headquarters. We assign customer service managers to particular customers and regions. Customer service managers work closely with our fleet managers, marketing personnel and drivers. Customer service managers also coordinate with our marketing personnel to match customer needs with our capacity and location of revenue equipment. Fleet managers, who are assigned a group of drivers regardless of load destination, use our optimization system in dispatching loads. After dispatching a load, a fleet manager takes responsibility for its proper and efficient delivery and tracks the status of that load through daily contact with drivers. During these daily contacts, fleet managers and drivers discuss the driver's location, load temperature and any problems. We constantly update this information, along with information concerning available loads, on our EDI computer system. We use this computer-generated information to meet delivery schedules, respond to customer inquiries and match available equipment with loads.
Our primary traffic lanes are between the Midwest and the following regions: West Coast, Pacific Northwest, Southwest, Southeast and the East Coast; and from California to the Pacific Northwest and
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the Midwest. The average length of a trip (one-way) was 1,069 miles during 1999, 1,081 miles during 1998 and 1,092 miles during 1997. Our loads generally move directly from origin to destination, which eliminates the need for freight terminals. We operate maintenance facilities in Mondovi, Wisconsin; Ontario, California; Forest Park, Georgia; and Wilsonville, Oregon.
We have agreements with various fuel distributors which allow our drivers to purchase fuel at a discount while in transit. We also purchase fuel in bulk in Mondovi and at our maintenance facilities.
Drivers
As of December 31, 1999, we employed 1,178 drivers and had contracts with independent contractors for the services of 549 tractors. Independent contractors provide both a tractor and a qualified driver for our use. We recruit drivers from throughout the United States. The ratio of drivers to tractors as of December 31, 1999, was approximately 1 to 1. Our drivers are not represented by a collective bargaining unit. Our turnover of drivers and independent contractors was approximately 53% in 1999. Based on industry surveys, we believe our driver turnover rate is in line with the industry.
We select drivers, including independent contractors, using our specific guidelines for safety records, driving experience and personal evaluations. We maintain stringent screening, training and testing procedures for our drivers to reduce the potential for accidents and the corresponding costs of insurance and claims. We train new drivers at our Wisconsin terminal in all phases of our policies and operations, as well as in safety techniques and fuel-efficient operation of the equipment. All new drivers must also pass DOT required tests prior to assignment to a vehicle. We maintain a toll-free number, satellite tracking and a staff of fleet managers to communicate and support drivers while on the road for extended periods.
To retain qualified drivers and promote safe operations, we purchase premium quality tractors and equip them with optional comfort and safety features. These features include air ride suspension on the chassis and cab, air conditioning, high-quality interiors, power steering, anti-lock brakes, engine brakes and double sleeper cabs.
We pay company-employed drivers a fixed rate per mile. The rate increases based on length of service. Drivers are also eligible for bonuses based upon safe, efficient driving. We believe that our compensation program provides an important incentive to attract and retain qualified drivers. We pay independent contractors a fixed rate per mile. Independent contractors pay for their own fuel, insurance, maintenance and repairs. Drivers that have been with us for at least six months and independent contractors that have been under contract with us for at least six months are also eligible to purchase shares of our Common Stock under a stock purchase plan we sponsor. We pay the brokerage commissions on purchases of our Common Stock and the plan's administrative costs.
Revenue Equipment
The trucking industry requires significant capital investment in revenue equipment. We finance a portion of our revenue equipment purchases using long-term debt. We purchase tractors and trailers manufactured to our specifications. Freightliner or Peterbilt manufacture most of our tractors. Most of our tractors are equipped with 435/500 or 370/435 horsepower Detroit Diesel or Cummins engines. These engines enable the equipment to maintain constant speed with optimum fuel economy under conditions often encountered by our equipment, such as mountainous terrain and maximum weight loads. Utility, Great Dane or Wabash manufacture most of our single van trailers. Most of our trailers are equipped with Thermo-King cooling and heating equipment, air ride suspensions and anti-lock brakes. Our single van refrigerated trailers are either 53 feet long (2,265 trailers) or 48 feet long (38 trailers). All of our trailers are 102 inches wide and have at least 106 inches of inside height. We standardize equipment to simplify driver training, control the cost of spare parts inventory, enhance our preventive maintenance program and increase fuel economy.
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The following table shows the type and age of equipment we own as of December 31, 1999:
| Model Year |
Tractors |
Single Van Trailers |
||
|---|---|---|---|---|
| 2000 | 327 | 389 | ||
| 1999 | 254 | 507 | ||
| 1998 | 184 | 591 | ||
| 1997 | 229 | 373 | ||
| 1996 | 87 | 417 | ||
| 1995 | 2 | 24 | ||
| 1994 | — | 1 | ||
| 1992 | 1 | — | ||
| 1990 | — | 1 | ||
| Total | 1,084 | 2,303 | ||
We replace our tractors and trailers based on factors such as age, the market for used equipment and improvements in technology and fuel efficiency. We have a comprehensive maintenance program for our company-owned tractors and trailers to minimize equipment downtime and enhance resale or trade-in value. We regularly perform inspections, repairs and maintenance at our facilities in Mondovi, Wisconsin; Ontario, California; Forest Park, Georgia; and Wilsonville, Oregon, and at independent contract maintenance facilities.
Employees
As of December 31, 1999, we employed 1,492 people. This total consists of 1,178 drivers, 103 mechanics and maintenance personnel, and 211 support personnel. Support personnel includes management and administration. Our employees are not represented by a collective bargaining unit. We consider relations with our employees to be good.
Competition
The trucking industry is highly competitive. Our primary competitors are other protective service truckload carriers and private carriage fleets. For freight not requiring protective service trailers, our competitors also include dry freight truckload carriers and railroads. To compete, we rely primarily on our quality of service and our ability to provide protective service and other specialized services. We have less financial resources, own less equipment and carry less freight than several other truckload carriers offering protective service.
Regulation
We are a motor common and contract carrier. The DOT and the FHWA, along with various state agencies, regulate our operations. These regulatory authorities have broad powers, generally governing activities such as authority to engage in motor carrier operations, rates and charges, and certain mergers, consolidations and acquisitions. The Motor Carrier Act of 1980 (the "MCA") substantially increased competition among motor carriers and limited the level of regulation in the industry. The MCA allowed applicants to obtain ICC operating authority more easily and allowed interstate motor carriers to change their rates without ICC approval. The law also removed many route and commodity restrictions. The Trucking Industry Regulatory Reform Act of 1994 (the "TIRRA") has further increased industry competition and limited industry regulation. The TIRRA repealed tariff filing for individually determined rates, simplified the granting of operating authority, and pre-empted price, route and service regulation by the states. The ICC Termination Act of 1995 abolished the ICC and transferred its regulatory authority to the DOT and the FHWA.
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Motor carrier operations are subject to the DOT's safety requirements governing interstate operations. Matters such as weight and dimensions of equipment are also regulated by federal and state authorities.
We also have operating authority between the United States and the Canadian Provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec and Saskatchewan.
Our executive offices and principal terminal are located on approximately seven acres in Mondovi, Wisconsin. This facility consists of approximately 28,000 square feet of office space and approximately 21,000 square feet of equipment repair and maintenance space. Originally constructed in 1965, these facilities were expanded in 1971, 1980, 1987 and 1993.
We maintain a maintenance facility in Ontario, California. We purchased this facility in 1997 for $1.5 million from R & R Properties, a sole-proprietorship owned by Randolph L. Marten. From 1985 through 1997, we leased this facility from R & R Properties. Total rental expense for this lease was $126,000 in 1997. This facility includes approximately 2,700 square feet of office space, 8,000 square feet of equipment repair and maintenance space and a parking lot of 150,000 square feet.
We purchased a maintenance facility in Jonesboro, Georgia in 1993. The building at this facility is approximately 12,500 square feet and consists of office space and a two and one-half bay service and repair space. This facility also has parking for up to forty tractors and trailers. In 2000, we sold the facility in Jonesboro, Georgia and purchased a maintenance facility in Forest Park, Georgia. The building in Forest Park is approximately 11,000 square feet and consists of office space and a five-bay service and repair space. This facility also has parking for up to sixty-five tractors and trailers.
We purchased a maintenance facility in Wilsonville, Oregon in 1995. The building at this facility is approximately 20,000 square feet and consists of office space and an eight-bay service and repair space. This facility also has an eight-acre paved and fenced yard area.
We periodically are a party to routine litigation incidental to our business. Primarily, this litigation involves claims for personal injury and property damage caused while transporting freight. There are currently no material pending legal, governmental, administrative or other proceedings to which we are a party or of which any of our property is the subject which are unreserved.
We partially self-insure for losses relating to workers' compensation, auto liability, general liability and cargo claims, along with employees' group health benefits. We self-insure for property damage claims. We also maintain an insurance policy that limits annual total losses to $7.5 million for auto liability, workers' compensation and general liability claims. We believe that our current liability limit is reasonable. However, we could suffer losses over our policy limits. Losses in excess of our policy limits could negatively affect our financial condition.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders during the fourth quarter of the year ended December 31, 1999.
5
ITEM 4A. EXECUTIVE OFFICERS OF THE REGISTRANT
Our executive officers, with their ages and the offices held as of March 1, 2000, are as follows:
| Name |
Age |
Position |
||
|---|---|---|---|---|
| Randolph L. Marten | 47 | Chairman of the Board, President and Director | ||
| Darrell D. Rubel | 54 | Executive Vice President, Chief Financial Officer, Treasurer, Assistant Secretary and Director | ||
| Robert G. Smith | 56 | Chief Operating Officer | ||
| Timothy P. Nash | 48 | Vice President of Sales | ||
| Franklin J. Foster | 43 | Vice President of Finance |
Randolph L. Marten has been a full-time employee of ours since 1974. Mr. Marten has been a Director since October 1980, our President since June 1986 and our Chairman of the Board since August 1993. Mr. Marten also served as our Chief Operating Officer from June 1986 until August 1998 and as a Vice President from October 1980 to June 1986.
Darrell D. Rubel has been a Director since February 1983, our Chief Financial Officer since January 1986, our Treasurer since June 1986, our Assistant Secretary since August 1987 and our Executive Vice President since May 1993. Mr. Rubel also served as a Vice President from January 1986 until May 1993 and as our Secretary from June 1986 until August 1987.
Robert G. Smith has been our Chief Operating Officer since August 1998. Mr. Smith also served as our Vice President of Operations from June 1993 until May 1999 and as our Director of Operations from September 1989 to June 1993. Mr. Smith served as director of operations for Transport Corporation of America, an irregular-route truckload carrier, from January 1985 to September 1989.
Timothy P. Nash has been our Vice President of Sales since November 1990 and served as our Regional Sales Manager from July 1987 to November 1990. Mr. Nash served as a regional sales manager for Overland Express, Inc., a long-haul truckload carrier, from August 1986 to July 1987.
Franklin J. Foster has been our Vice President of Finance since December 1991 and served as our Director of Finance from January 1991 to December 1991. Mr. Foster served as a vice president in commercial banking for First Bank National Association from October 1985 to January 1991.
Our executive officers are elected by the Board of Directors to serve one-year terms.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The information in the "Common Stock Data" section of our 1999 Annual Report on page 12 is incorporated in this Report by reference.
We had no unregistered sales of equity securities during the fourth quarter of the year ended December 31, 1999.
ITEM 6. SELECTED FINANCIAL DATA
The financial information in the "Five-Year Financial Summary" section of our 1999 Annual Report on the inside front cover thereof is incorporated in this Report by reference.
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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The information in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of our 1999 Annual Report on pages 3 and 4 is incorporated in this Report by reference.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our credit facility described in Note 2 to the financial statements carries interest rate risk. Amounts borrowed under this agreement are subject to interest charges at a rate equal to either the London Interbank Offered Rate plus applicable margins, or the bank's Reference Rate. The Reference Rate is generally the prime rate. Should the lender's Reference Rate change, or should there be changes to the London Interbank Offered Rate, our interest expense will increase or decrease accordingly. As of December 31, 1999, we had borrowed approximately $36.9 million subject to interest rate risk. On this amount, a 1% increase in the interest rate would cost us $369,000 in additional gross interest cost on an annual basis.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Our Financial Statements and the Report of Independent Public Accountants on pages 5 through 12 of our 1999 Annual Report are incorporated in this Report by reference.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
A. Directors of the Registrant.
The information in the "Election of Directors—Information About Nominees" and "Election of Directors—Other Information About Nominees" sections of our 2000 Proxy Statement is incorporated in this Report by reference.
B. Executive Officers of the Registrant.
Information about our executive officers is included in this Report under Item 4A, "Executive Officers of the Registrant."
C. Compliance with Section 16(a) of the Exchange Act.
The information in the "Section 16(a) Beneficial Ownership Reporting Compliance" section of our 2000 Proxy Statement is incorporated in this Report by reference.
ITEM 11. EXECUTIVE COMPENSATION
The information in the "Election of Directors—Director Compensation" and "Compensation and Other Benefits" sections of our 2000 Proxy Statement is incorporated in this Report by reference.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The information in the "Principal Stockholders and Beneficial Ownership of Management" section of our 2000 Proxy Statement is incorporated in this Report by reference.
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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The information in the "Certain Transactions" section of our 2000 Proxy Statement is incorporated in this Report by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) 1. Financial Statements:
The following Financial Statements are incorporated in this Report by reference from the pages noted in our 1999 Annual Report:
Report of Independent Public Accountants—page 12
Balance Sheets as of December 31, 1999 and 1998—page 5
Statements of Operations for the years ended December 31, 1999, 1998 and 1997—page 6
Statements of Changes in Shareholders' Investment for the years ended December 31, 1999, 1998 and 1997—page 6
Statements of Cash Flows for the years ended December 31, 1999, 1998 and 1997—page 7
Notes to Financial Statements—pages 8 through 12
2. Financial Statement Schedules:
None.
3. Exhibits:
The exhibits to this Report are listed in the Exhibit Index on pages 11 through 13. A copy of any of the exhibits listed will be sent at a reasonable cost to any shareholder as of March 22, 2000. Requests should be sent to Darrell D. Rubel, Executive Vice President and Chief Financial Officer, at our corporate headquarters.
The following is a list of each management contract or compensatory plan or arrangement required to be filed as an exhibit to this Report under Item 14(c):
(b) Reports on Form 8-K filed in the fourth quarter of 1999:
None.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Marten Transport, Ltd., the Registrant, has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Dated: March 27, 2000 | MARTEN TRANSPORT, LTD. | |||
| |
|
By |
|
/s/ RANDOLPH L. MARTEN Randolph L. Marten Chairman of the Board and President |
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below on March 27, 2000 by the following persons on behalf of the Registrant and in the capacities indicated.
| Signature |
Title |
|
|---|---|---|
| /s/ RANDOLPH L. MARTEN Randolph L. Marten |
|
Chairman of the Board, President (Principal Executive Officer) and Director |
| /s/ DARRELL D. RUBEL Darrell D. Rubel |
|
Executive Vice President, Chief Financial Officer, Treasurer, Assistant Secretary (Principal Financial and Accounting Officer) and Director |
| /s/ LARRY B. HAGNESS Larry B. Hagness |
|
Director |
| /s/ THOMAS J. WINKEL Thomas J. Winkel |
|
Director |
| /s/ JERRY M. BAUER Jerry M. Bauer |
|
Director |
| /s/ CHRISTINE K. MARTEN Christine K. Marten |
|
Director |
9
MARTEN TRANSPORT, LTD.
EXHIBIT INDEX TO ANNUAL REPORT
ON FORM 10-K
For the Year Ended December 31, 1999
| Item No. |
Item |
Filing Method |
||
|---|---|---|---|---|
| 3.1 | Certificate of Incorporation of the Company | Incorporated by reference to Exhibit 4.1 of the Company's Registration Statement on Form S-8 (File No. 33-75648). | ||
| 3.2 | Bylaws of the Company | Incorporated by reference to Exhibit 4.2 of the Company's Registration Statement on Form S-8 (File No. 33-75648). | ||
| 4.1 | Specimen form of the Company's Common Stock Certificate | Incorporated by reference to Exhibit 4.1 of the Company's Registration Statement on Form S-1 (File No. 33-8108). | ||
| 4.2 | Certificate of Incorporation of the Company | See Exhibit 3.1 above. | ||
| 4.3 | Bylaws of the Company | See Exhibit 3.2 above. | ||
| 9.1 | Voting Trust Agreement dated February 14, 1983, as amended | Incorporated by reference to Exhibit 9.1 of the Company's Registration Statement on Form S-1 (File No. 33-8108). | ||
| 9.2 | Agreement regarding Voting Trust Agreement, dated May 4, 1993 | Incorporated by reference to Exhibit 19.2 of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1993 (File No. 0-15010). | ||
| 10.1 | Marten Transport, Ltd. 1986 Incentive Stock Option Plan, as amended | Incorporated by reference to Exhibit 10.1 of the Company's Annual Report on Form 10-K for the year ended December 31, 1986 (File No. 0-15010). | ||
| 10.2 | Marten Transport, Ltd. 1986 Non-Statutory Stock Option Plan, as amended | Incorporated by reference to Exhibit 10.2 of the Company's Annual Report on Form 10-K for the year ended December 31, 1987 (File No. 0-15010). | ||
| 10.3 | Stock Restriction Agreement among Roger R. Marten, Randolph L. Marten and Darrell D. Rubel | Incorporated by reference to Exhibit 10.5 of the Company's Registration Statement on Form S-1 (File No. 33-8108). |
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| 10.4 | Agreement on Credit Terms dated January 5, 1990 between the Company and First Bank National Association | Incorporated by reference to Exhibit 10.10 of the Company's Annual Report on Form 10-K for the year ended December 31, 1989 (File No. 0-15010). | ||
| 10.5 | Amendment to Agreement on Credit Terms dated July 31, 1990 between the Company and First Bank National Association | Incorporated by reference to Exhibit 10.10 of the Company's Annual Report on Form 10-K for the year ended December 31, 1990 (File No. 0-15010). | ||
| 10.6 | Security Agreement dated January 12, 1990, as amended, between the Company and First Bank National Association | Incorporated by reference to Exhibit 10.15 of the Company's Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 0-15010). | ||
| 10.7 | Second Amendment to Agreement on Credit Terms dated May 31, 1991 between the Company and First Bank National Association | Incorporated by reference to Exhibit 10.16 of the Company's Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 0-15010). | ||
| 10.8 | Amendment No. 3 to Agreement on Credit Terms dated May 17, 1993 between the Company and First Bank National Association | Incorporated by reference to Exhibit 19.3 of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1993 (File No. 0-15010). | ||
| 10.9 | Employment Agreement dated May 1, 1993 between the Company and Darrell D. Rubel | Incorporated by reference to Exhibit 19.1 of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1993 (File No. 0-15010). | ||
| 10.10 | Stock Redemption Agreement dated June 21, 1994 between the Company and Darrell D. Rubel, as Personal Representative of the Estate of Roger R. Marten | Incorporated by reference to Exhibit 10.16 of the Company's Annual Report on Form 10-K for the year ended December 31, 1994 (File No. 0-15010). |
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| 10.11 | Marten Transport, Ltd. 1995 Stock Incentive Plan | Incorporated by reference to Exhibit 10.18 of the Company's Annual Report on Form 10-K for the year ended December 31, 1994 (File No. 0-15010). | ||
| 10.12 | Note Purchase and Private Shelf Agreement dated October 30, 1998, between the Company and The Prudential Insurance Company of America | Incorporated by reference to Exhibit 10.12 of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 1998 (File No. 0-15010). | ||
| 10.13 | Credit Agreement dated October 30, 1998, between the Company and U.S. Bank National Association | Incorporated by reference to Exhibit 10.13 of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 1998 (File No. 0-15010). | ||
| 10.14 | Amendment to Employment Agreement, dated January 27, 1999, between the Company and Darrell D. Rubel | Incorporated by reference to Exhibit 10.14 of the Company's Annual Report on Form 10-K for the year ended December 31, 1998 (File No. 0-15010). | ||
| 10.15 | Stock Redemption Agreement, dated June 30, 1999, between the Company and Darrell D. Rubel, as Personal Representative of the Estate of Roger R. Marten | Incorporated by reference to Exhibit 10.15 of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1999 (File No. 0-15010). | ||
| 10.16 | First Amendment to Credit Agreement, dated January 3, 2000, between the Company, U.S. Bank National Association and The Northern Trust Company | Filed with this Report. | ||
| 10.17 | Second Amendment to Credit Agreement, dated January 19, 2000, between the Company, U.S. Bank National Association and The Northern Trust Company | Filed with this Report. | ||
| 13.1 | 1999 Annual Report to Shareholders | Filed with this Report. | ||
| 23.1 | Consent of Arthur Andersen LLP | Filed with this Report. | ||
| 27.1 | Financial Data Schedule | Filed with this Report. |
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