0000799167 2025-01-01 2025-12-31 0000799167 2021-05-01 2025-09-30 0000799167 2021-01-01 2021-05-31 0000799167 2021-01-01 2021-12-31 0000799167 mrtn:TimothyMKohlMember 2021-01-01 2021-12-31 0000799167 mrtn:RandolphLMartenMember 2021-01-01 2021-12-31 0000799167 2022-01-01 2022-12-31 0000799167 mrtn:TimothyMKohlMember 2022-01-01 2022-12-31 0000799167 2023-01-01 2023-12-31 0000799167 mrtn:TimothyMKohlMember 2023-01-01 2023-12-31 0000799167 2024-01-01 2024-12-31 0000799167 mrtn:TimothyMKohlMember 2024-01-01 2024-12-31 0000799167 mrtn:TimothyMKohlMember 2025-01-01 2025-12-31 0000799167 mrtn:RandolphLMartenMember 2025-01-01 2025-12-31 0000799167 2025-12-31 2025-01-01 2025-12-31 pure iso4217:USD false 0000799167 DEF 14A MARTEN TRANSPORT, LTD. true Clawback Policy Effective as of October 2, 2023, we adopted a Clawback Policy to comply with the mandatory recovery of erroneously paid compensation rules of the Nasdaq Stock Market. The Clawback Policy, which is administered by our Compensation Committee, applies to our current and former executive officers. Under the Clawback Policy, if we are required to prepare an accounting restatement to correct our material noncompliance with any financial reporting requirement under securities laws, including restatements that correct an error in previously issued financial statements that is material to the previously issued financial statements or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (collectively, a “Restatement”), we are obligated to recover erroneously awarded incentive-based compensation received from us by the executive officers. Incentive-based compensation includes any compensation that is granted, earned or vested based in whole or in part on the attainment of a financial reporting measure. Erroneously awarded incentive-based compensation is the amount of incentive-based compensation received that exceeds the amount of incentive-based compensation that otherwise would have been received had it been determined based on an applicable Restatement. Policies and Practices Related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information Our equity awards are generally granted on fixed dates determined in advance. The Compensation Committee’s general practice is to complete its annual executive compensation review and determine performance goals and target compensation for our executives, which coincides with the Company’s regularly scheduled Board meetings, when such equity awards are granted. Annual equity awards are granted to our executives in May of each fiscal year. On limited occasions, the Compensation Committee may grant equity awards outside of our annual grant cycle for new hires, promotions, recognition, retention or other purposes. While we do not have a formal written policy in place with regard to the timing of awards of options in relation to the disclosure of material, nonpublic information, our Compensation Committee approves all equity award grants on or before the grant date and does not grant equity awards in anticipation of the release of material nonpublic information. Similarly, the Compensation Committee does not time the release of material nonpublic information based on equity award grant dates. Since 2015, the Compensation Committee has not issued option awards to our executives, but has instead issued performance awards. While we do not have a formal written policy in place with regard to the timing of awards of options in relation to the disclosure of material, nonpublic information, our Compensation Committee approves all equity award grants on or before the grant date and does not grant equity awards in anticipation of the release of material nonpublic information. Similarly, the Compensation Committee does not time the release of material nonpublic information based on equity award grant dates. Since 2015, the Compensation Committee has not issued option awards to our executives, but has instead issued performance awards. false false false Pay Versus Performance <div> <table cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 7pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin-left: 0pt; margin-right: 0pt;"> <tbody><tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 5%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 6%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 6%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 7%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 8%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 8%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 7%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 10%;"> Value of Initial Fixed $100 Investment Based On: </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 6%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 5%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 1%;"> </td> </tr> <tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 5%; border-bottom: 1px solid rgb(0, 0, 0);"> Year </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Summary Compensation Table Total for First PEO (1) </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Summary Compensation Table Total for Second PEO (1) </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Compensation Actually Paid to First PEO (1) (3) (4) </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Compensation Actually Paid to Second PEO (1) (3) (4) </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Average Summary Compensation Table Total for non-PEO NEOs (2) </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Average Compensation Actually Paid to non-PEO NEOs (2) (3) (4) </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Total Stockholder Return </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Peer Group Total Stockholder Return (5) </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Net Income (In Thousands) </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Percentage Change in Net Income </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 7pt; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 5%;"> 2025 </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,154,303</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,497,969</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">$</td> <td style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">920,881</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">551,405</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">513,876</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">$</td> <td style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">425,284</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">75.33</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">144.83</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">17,444</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 5%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">(35.2</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">)%</td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 7pt; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 5%;"> 2024 </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">N/A</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,098,903</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">N/A</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">890,358</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">659,371</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">522,076</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">101.36</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">158.64</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">26,922</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 5%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">(61.7</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">)%</td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 7pt; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 5%;"> 2023 </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">N/A</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,083,236</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">N/A</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,134,119</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">619,324</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">654,398</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">134.39</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">175.32</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">70,373</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 5%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">(36.2</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">)%</td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 7pt; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 5%;"> 2022 </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">N/A</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,655,770</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">N/A</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,755,304</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,199,984</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,282,556</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">125.25</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">132.56</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">110,354</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 5%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">29.2</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">%</td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 7pt; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 7pt; width: 5%;"> 2021 </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,633,231</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,417,298</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,649,360</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">1,428,059</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">710,165</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 7%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">706,983</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">107.33</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">161.90</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">85,428</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt;"> </td> <td style="width: 5%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">22.9</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 7pt; margin-left: 0pt;">%</td> </tr> </tbody></table> </div> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody><tr style="vertical-align: top;"> <td style="width: 36pt;"> (1) </td> <td style="width: auto;"> Randolph L. Marten served as our Chief Executive Officer until May 2021 and beginning October 1, 2025. Timothy M. Kohl served as our Chief Executive Officer from May 2021 to September 30, 2025. </td> </tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody><tr style="vertical-align: top;"> <td style="width: 36pt;"> (2) </td> <td style="width: auto;"> The amounts for 2025 are the average compensation for James J. Hinnendael, Douglas P. Petit, Adam D. Phillips and Randall J. Baier; for each of 2024 and 2023 are for Mr. Marten, Mr. Hinnendael, Mr. Petit, Mr. Phillips and Mr. Baier; for 2022 are for Mr. Marten, Mr. Hinnendael and Mr. Petit; and, for 2021 are for Mr. Hinnendael, John H. Turner and Mr. Petit. </td> </tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody><tr style="vertical-align: top;"> <td style="width: 36pt;"> (3) </td> <td style="width: auto;"> Compensation actually paid is computed for each year as the total compensation in our Summary Compensation Table beginning on page 26, less the aggregate grant date fair value of performance awards and stock option awards included in the table – with the following added to the calculated compensation: (a) the fair value of such awards granted during each year as of the end of the year for outstanding and unvested awards; (b) the change in the fair value of such awards granted in prior years from the end of the prior year to the fair value as of the vesting date for vested awards or to the end of the year for outstanding and unvested awards; and (c) for 2021, dividends paid on shares in certain officers’ accounts within our deferred compensation plan. </td> </tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody><tr style="vertical-align: top;"> <td style="width: 36pt;"> (4) </td> <td style="width: auto;"> The assumptions used in the valuation of the performance awards and stock option awards for the computation of compensation actually paid do not materially differ from the methodologies used to value such awards in our financial statements calculated in accordance with FASB ASC 718, Compensation-Stock Compensation. </td> </tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody><tr style="vertical-align: top;"> <td style="width: 36pt;"> (5) </td> <td style="width: auto;"> The total stockholder return for our peer group is based on our peer group included in the comparative stock performance graph in Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities section of our Annual Report on Form 10-K for the year ended December 31, 2025. </td> </tr> </tbody></table> Compensation actually paid to our Second PEO, Mr. Kohl, increased 22.9% from 2021 to 2022. The increase from 2021 to 2022 is due, in part, to Mr. Kohl receiving a 24.1% increase in base salary effective April 2021 in connection with his appointment as Chief Executive Officer. Compensation actually paid to Mr. Kohl decreased 35.4% from 2022 to 2023. This decrease was primarily due to the 2022 cash bonus award being based on a 29.2% increase in net income, compared with no payment of a cash bonus award for 2023 given the decrease in earnings. Compensation actually paid to Mr. Kohl decreased 21.5% from 2023 to 2024. This decrease was primarily due to a decrease in the current fair value of outstanding performance awards in 2024 due to a decrease in our common stock’s market price from 2023. Compensation actually paid to Mr. Kohl decreased 38.1% from 2024 to 2025. This decrease was primarily due to the forfeiture of all of Mr. Kohl’s outstanding performance award shares with Mr. Kohl’s retirement on September 30, 2025. Average compensation actually paid to non-PEO NEOs increased 81.4% from 2021 to 2022. This increase was materially impacted by the change in the composition of the individuals identified as non-PEO NEOs, including the inclusion of Mr. Marten in the calculation in 2022 due to his transition from First PEO in 2021 to a non-PEO NEO in 2022 while maintaining a higher compensation level. Average compensation actually paid to non-PEO NEOs decreased 49.0% from 2022 to 2023. This decrease was materially impacted by both the decrease in cash bonus awards in 2023 and the composition of the individuals identified as non-PEO NEOs, including the inclusion of Mr. Phillips and Mr. Baier in the 2023 calculation. Average compensation actually paid to non-PEO NEO’s decreased 20.2% from 2023 to 2024. This decrease was primarily due to a decrease in the current fair value of our outstanding performance awards and option awards in 2024 due to a decrease in our common stock’s market price from 2023. Average compensation actually paid to non-PEO NEO’s decreased 18.5% from 2024 to 2025. This decrease was primarily due to not including Mr. Marten in this group with his appointment to Chief Executive Officer beginning October 1, 2025. Our net income was $85.4 million, $110.4 million, $70.4 million, $26.9 million and $17.4 million in 2021, 2022, 2023, 2024 and 2025 respectively. This equates to a 22.9% increase in net income from 2020 to 2021, a 29.2% increase in net income from 2021 to 2022, a 36.2% decrease in net income from 2022 to 2023, a 61.7% decrease in net income from 2023 to 2024 and a 35.2% decrease in net income from 2024 to 2025. As discussed above under the heading “Annual Compensation Components,” the primary elements of our executive compensation are base salary compensation, annual incentive compensation, equity-based compensation and executive benefits and perquisites. Our annual incentive compensation is designed to encourage and reward increases in net income on an annual basis and our equity-based compensation is designed to encourage and reward increases in net income on both an annual and long-term basis. In particular, the bonus pool for named executive officers for cash bonus awards under our Second Amended and Restated Executive Officer Performance Incentive Plan and a component of the vesting of performance awards under our 2025 Equity Incentive Plan and 2015 Equity Incentive Plan are based on the percentage increase in net income over the prior year after exceeding an established percentage increase in net income goal. As a result, putting aside unique events that impacted the calculations in the table above, increases or decreases in the compensation actually paid to our PEOs and non-PEO NEOs generally move in tandem with increases or decreases to our net income, and as well, the percentage change in net income. The Company-selected measurement of the percentage change in net income is the sole financial metric used by us for linking compensation actually paid to executives for performance in the most recent fiscal year. We believe that the percentage change in net income as a measure encompasses changes in both revenue and margin, which is why we believe that it alone is the most appropriate metric to evaluate our financial performance. Based on an initial fixed investment of $100 as of December 31, 2020, including reinvestment of dividends, our cumulative total stockholder returns as of December 31, 2021, 2022, 2023, 2024 and 2025 were $107.33, $125.25, $134.39, $101.36 and $75.33, respectively. Our peer group cumulative total stockholder returns similarly calculated as of December 31, 2021, 2022, 2023, 2024 and 2025 were $161.90, $132.56, $175.32, $158.64 and $144.83, respectively. As this shows, our total stockholder return was below the return of our peer group over the five-year period ended December 31, 2025. We believe the changes in compensation actually paid to our PEOs and non-PEO NEOs generally align with our stockholder returns. The information contained in this “Pay Versus Performance” section shall not be deemed to be “soliciting material” or to be “filed” with the SEC, or subject to Regulation 14A or 14C or to the liabilities of Section 18 of the Exchange Act, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act. 1154303 1497969 920881 551405 513876 425284 75.33 144.83

17444000

-0.352 1098903 890358 659371 522076 101.36 158.64

26922000

-0.617 1083236 1134119 619324 654398 134.39 175.32

70373000

-0.362 1655770 1755304 1199984 1282556 125.25 132.56

110354000

0.292 1633231 1417298 1649360 1428059 710165 706983 107.33 161.9

85428000

0.229 Randolph L. Marten Timothy M. Kohl