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.