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<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>UNITED STATES</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, D.C.&#xa0; 20549</b></p>

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<p style="font-family: Times New Roman; font-size: 18pt; margin: 0pt; text-align: center; text-transform: uppercase;"><b>FORM <ix:nonNumeric contextRef="d20198K" name="dei:DocumentType"><b>8-K</b></ix:nonNumeric></b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>CURRENT REPORT</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;">&#xa0;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of Report (Date of earliest event reported):</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><ix:nonNumeric contextRef="d20198K" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate"><b>August 13</b><b>, 201</b><b>9</b></ix:nonNumeric></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&#xa0;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>MARTEN TRANSPORT, LTD.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact name of registrant as specified in its charter)</p>

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			<td style="vertical-align:bottom;width:2.6%;">&#xa0;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><ix:nonNumeric contextRef="d20198K" name="dei:EntityFileNumber"><b>0-15010</b></ix:nonNumeric></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><ix:nonNumeric contextRef="d20198K" name="dei:EntityTaxIdentificationNumber"><b>39-1140809</b></ix:nonNumeric></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or other jurisdiction of<br />
			incorporation)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Commission File Number)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(I.R.S. Employer<br />
			Identification Number)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-indent:42.75pt;">&#xa0;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><ix:nonNumeric contextRef="d20198K" name="dei:EntityAddressAddressLine1"><b>129 Marten Street</b></ix:nonNumeric><br />
			<b><ix:nonNumeric contextRef="d20198K" name="dei:EntityAddressCityOrTown"><b>Mondovi</b></ix:nonNumeric>, <ix:nonNumeric contextRef="d20198K" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince"><b>Wisconsin</b></ix:nonNumeric></b></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#xa0;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>(<ix:nonNumeric contextRef="d20198K" name="dei:CityAreaCode"><b>715</b></ix:nonNumeric>) <ix:nonNumeric contextRef="d20198K" name="dei:LocalPhoneNumber"><b>926-4216</b></ix:nonNumeric></b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Registrant&#8217;s telephone number, including area code)</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Not applicable.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Former name or former address, if changed since last report)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#xa0;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><ix:nonNumeric contextRef="d20198K" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications">&#9744;</ix:nonNumeric></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#xa0;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><ix:nonNumeric contextRef="d20198K" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial">&#9744;</ix:nonNumeric></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
			</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#xa0;</p>

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			<td style="width: 18pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><ix:nonNumeric contextRef="d20198K" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer">&#9744;</ix:nonNumeric></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
			</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#xa0;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><ix:nonNumeric contextRef="d20198K" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer">&#9744;</ix:nonNumeric></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
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<p style="margin: 0pt;">&#xa0;</p>

<p style="margin: 0pt;">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="margin: 0pt;">&#xa0;</p>

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			<td style="width: 33%; text-align: center;"><span style="text-decoration: underline;"><b>Title of each class:</b></span></td>
			<td style="width: 33%; text-align: center;"><span style="text-decoration: underline;"><b>Trading symbol:</b></span></td>
			<td style="width: 33%; text-align: center;"><span style="text-decoration: underline;"><b>Name of each exchange on which registered:</b></span></td>
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			<td style="text-align: center;"><ix:nonNumeric contextRef="d20198K" name="dei:Security12bTitle">COMMON STOCK, PAR VALUE</ix:nonNumeric></td>
			<td style="text-align: center;"><ix:nonNumeric contextRef="d20198K" name="dei:TradingSymbol">MRTN</ix:nonNumeric></td>
			<td style="text-align: center;">THE NASDAQ STOCK MARKET LLC</td>
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			<td style="text-align: center;">$.01 PER SHARE</td>
			<td>&#xa0;</td>
			<td style="text-align: center;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(<span style="text-transform: uppercase"><ix:nonNumeric contextRef="d20198K" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq Global Select Market</ix:nonNumeric></span>)</p>
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<p style="margin: 0pt;">&#xa0;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&#xa0;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Emerging growth company&#xa0;<ix:nonNumeric contextRef="d20198K" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&#xa0;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#xa0;13(a) of the Exchange Act.&#xa0;<ix:nonNumeric contextRef="d20198K" format="ixt-sec:boolballotbox" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></p>

<p style="margin: 0pt;">&#xa0;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&#xa0;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><i><b>Section 1 &#8211; Registrant&#8217;s Business and Operations</b></i></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 1.01. Entry into a Material Definitive Agreement.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On August 13, 2019, Marten Transport, Ltd. (&#8220;Marten&#8221;) entered into a Ninth Amendment to Credit Agreement (the &#8220;Amendment&#8221;) with U.S. Bank National Association, as agent (the &#8220;Agent&#8221;), and certain lenders party thereto (collectively, the &#8220;Lenders&#8221;). The Amendment amends that certain Credit Agreement, dated as of August 31, 2006, entered into by and among Marten, the Agent, and the Lenders (the &#8220;Original Agreement&#8221;), as modified by amendments dated as of January 1, 2007, November 30, 2007, May 27, 2011, December 10, 2012, December 22, 2014, November 4, 2015, December 6, 2016 and August 24, 2018 (collectively, the &#8220;Prior Amendments&#8221; and, together with the Original Agreement, the &#8220;Current Credit Agreement&#8221;). Marten previously filed copies of the Original Agreement and the Prior Amendments with the Securities and Exchange Commission.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#xa0;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Amendment waives the limitations of certain restrictive payments under the Current Credit Agreement through December 31, 2019 to allow for stock redemptions and dividends in excess of 25% of Marten&#8217;s total consolidated net income for its most recent prior fiscal year in a total amount of up to $65,000,000. The obligations arising under the revolving credit facility continue to be guaranteed by each of Marten&#8217;s existing subsidiaries.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The foregoing description of the Amendment is qualified in its entirety by reference to the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><i><b>&#xa0;</b></i></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><i><b>Section 2 &#8211; Financial Information</b></i></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The information described under Item 1.01 &#8220;Entry into a Material Definitive Agreement&#8221; is incorporated herein by this reference.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><i><b>Section 8 &#8211; Other Events</b></i></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 8.01 Other Events.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On August 13, 2019, Marten issued a press release announcing that its board of directors had declared a special cash dividend of $0.65 per share of common stock and a regular quarterly cash dividend of $0.03 per share of common stock, and also approved an increase in its existing share repurchase program providing for the repurchase of up to $34 million, or approximately 1.8 million shares, of its common stock.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Marten intends to implement the repurchase program through purchases made in the open market, or through private transactions, in accordance with the Securities and Exchange Commission requirements. The timing and extent to which Marten repurchases its shares depend on market conditions and other corporate considerations. The repurchase program does not have an expiration date and may be suspended, modified or discontinued at any time. Marten has no obligation to repurchase any amount of its common stock under the program.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Attached hereto as Exhibit 99.1 is a copy of Marten&#8217;s press release dated August 13, 2019 announcing the special dividend, regular quarterly dividend and increase in Marten&#8217;s existing share repurchase program.</p>

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<div style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">2</div>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><i><b>Section 9 &#8211; Financial Statements and Exhibits</b></i></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 9.01. Financial Statements and Exhibits.</b></p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><span style="text-decoration: underline;">Financial Statements of Businesses Acquired</span>.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
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			<td>
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><span style="text-decoration: underline;">Pro Forma Financial Information</span>.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
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			<td>
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><span style="text-decoration: underline;">Shell Company Transactions</span>.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
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			<td>
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><span style="text-decoration: underline;">Exhibits</span>.</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><span style="text-decoration: underline;">Exhibit No.</span></p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><span style="text-decoration: underline;">Description</span></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">10.1</p>
			</td>
			<td style="vertical-align: top; width: 90%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="ex_155302.htm" style="-sec-extract:exhibit;">Ninth Amendment to Credit Agreement, dated as of August 13, 2019, by and among Marten Transport, Ltd., as borrower, the banks party thereto as lenders, and U.S. Bank National Association, as agent for the lenders (included herewith).</a></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">99.1</p>
			</td>
			<td style="vertical-align: top; width: 90%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="ex_155303.htm" style="-sec-extract:exhibit;">Press Release dated August 13, 2019 (included herewith).</a></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">104</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Cover Page Interactive Data File&#xa0;(embedded within the Inline XBRL document).</p>
			</td>
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<div style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">3</div>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>SIGNATURES</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</p>

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			<p style="margin-top: 0; margin-bottom: 0;"><b>MARTEN TRANSPORT, LTD.</b></p>
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			<p style="margin-top: 0; margin-bottom: 0;">Dated: August 14, 2019&#xa0;</p>
			</td>
			<td style="width: 3%; text-align: left" valign="top">
			<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </span></p>
			</td>
			<td align="left" style="nowrap: nowrap; width: 35%; BORDER-BOTTOM: #000000 1px solid" valign="top">
			<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/&#xa0;</span>James J. Hinnendael</p>
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			<td valign="top" style="width: 35%; ">
			<p style="margin-top: 0; margin-bottom: 0;">James J. Hinnendael</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">Its: Executive Vice President and</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; Chief Financial Officer</p>
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mrtn20190814_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 13
, 201
9
MARTEN TRANSPORT, LTD.
(Exact name of registrant as specified in its charter)
Delaware
0-15010
39-1140809
(State or other jurisdiction of
incorporation)
(Commission File Number)
(I.R.S. Employer
Identification Number)
129 Marten Street
Mondovi
,
Wisconsin
54755
(Address of principal executive offices)
(Zip Code)
(
715
)
926-4216
(Registrant's telephone number, including area code)
Not applicable.
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Trading symbol:
Name of each exchange on which registered:
COMMON STOCK, PAR VALUE
MRTN
THE NASDAQ STOCK MARKET LLC
$.01 PER SHARE
(
Nasdaq Global Select Market
)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Section 1 – Registrant's Business and Operations
Item 1.01. Entry into a Material Definitive Agreement.
On August 13, 2019, Marten Transport, Ltd. ("Marten") entered into a Ninth Amendment to Credit Agreement (the "Amendment") with U.S. Bank National Association, as agent (the "Agent"), and certain lenders party thereto (collectively, the "Lenders"). The Amendment amends that certain Credit Agreement, dated as of August 31, 2006, entered into by and among Marten, the Agent, and the Lenders (the "Original Agreement"), as modified by amendments dated as of January 1, 2007, November 30, 2007, May 27, 2011, December 10, 2012, December 22, 2014, November 4, 2015, December 6, 2016 and August 24, 2018 (collectively, the "Prior Amendments" and, together with the Original Agreement, the "Current Credit Agreement"). Marten previously filed copies of the Original Agreement and the Prior Amendments with the Securities and Exchange Commission.
The Amendment waives the limitations of certain restrictive payments under the Current Credit Agreement through December 31, 2019 to allow for stock redemptions and dividends in excess of 25% of Marten's total consolidated net income for its most recent prior fiscal year in a total amount of up to $65,000,000. The obligations arising under the revolving credit facility continue to be guaranteed by each of Marten's existing subsidiaries.
The foregoing description of the Amendment is qualified in its entirety by reference to the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Section 2 – Financial Information
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information described under Item 1.01 "Entry into a Material Definitive Agreement" is incorporated herein by this reference.
Section 8 – Other Events
Item 8.01 Other Events.
On August 13, 2019, Marten issued a press release announcing that its board of directors had declared a special cash dividend of $0.65 per share of common stock and a regular quarterly cash dividend of $0.03 per share of common stock, and also approved an increase in its existing share repurchase program providing for the repurchase of up to $34 million, or approximately 1.8 million shares, of its common stock.
Marten intends to implement the repurchase program through purchases made in the open market, or through private transactions, in accordance with the Securities and Exchange Commission requirements. The timing and extent to which Marten repurchases its shares depend on market conditions and other corporate considerations. The repurchase program does not have an expiration date and may be suspended, modified or discontinued at any time. Marten has no obligation to repurchase any amount of its common stock under the program.
Attached hereto as Exhibit 99.1 is a copy of Marten's press release dated August 13, 2019 announcing the special dividend, regular quarterly dividend and increase in Marten's existing share repurchase program.
2
Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(a)
Financial Statements of Businesses Acquired
.
Not Applicable.
(b)
Pro Forma Financial Information
.
Not Applicable.
(c)
Shell Company Transactions
.
Not Applicable.
(d)
Exhibits
.
Exhibit No.
Description
10.1
Ninth Amendment to Credit Agreement, dated as of August 13, 2019, by and among Marten Transport, Ltd., as borrower, the banks party thereto as lenders, and U.S. Bank National Association, as agent for the lenders (included herewith).
99.1
Press Release dated August 13, 2019 (included herewith).
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MARTEN TRANSPORT, LTD.
Dated: August 14, 2019
By:
/s/
James J. Hinnendael
James J. Hinnendael
Its: Executive Vice President and
Chief Financial Officer
4