<SEC-DOCUMENT>0001299933-13-000155.txt : 20130125
<SEC-HEADER>0001299933-13-000155.hdr.sgml : 20130125
<ACCEPTANCE-DATETIME>20130125160828
ACCESSION NUMBER:		0001299933-13-000155
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20130123
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20130125
DATE AS OF CHANGE:		20130125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LANDSTAR SYSTEM INC
		CENTRAL INDEX KEY:			0000853816
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				061313069
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1229

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21238
		FILM NUMBER:		13548851

	BUSINESS ADDRESS:	
		STREET 1:		13410 SUTTON PARK DRIVE SOUTH
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32224
		BUSINESS PHONE:		9043901224

	MAIL ADDRESS:	
		STREET 1:		LANDSTAR SYSTEM INC
		STREET 2:		13410 SUTTON PARK DRIVE SOUTH
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32224
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_46954.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Landstar System, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	January 23, 2013
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	Landstar System, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Delaware
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	0-21238
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	06-1313069
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	13410 Sutton Park Drive South, Jacksonville, Florida
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	&nbsp;
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	32224
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
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	Registrant&#146;s telephone number, including area code:
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	904-398-9400
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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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:</FONT>
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<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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	Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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(e)  On January 23, 2013, Landstar System, Inc. (the "Company") and Henry H. Gerkens, its Chairman, President and Chief Executive Officer, amended the terms of Mr. Gerkens&#x2019;s employment letter agreement (the "Agreement"), dated January 3, 2012, to increase Mr. Gerkens&#x2019;s annual salary from $500,000 to $575,000. In addition, the Agreement was amended to increase the consulting fee that will be paid to Mr. Gerkens for his availability to consult with the Company following his termination of service as Executive Chairman of the Company from $600,000 to $700,000.  Except as expressly modified by the amendment, the Agreement remains in full force and effect in accordance with its terms.<br><br>Also on January 23, 2013, the Company granted to Mr. Gerkens 100,000 Performance Related Stock Awards (the "Awards") under the Company&#x2019;s 2011 Equity Incentive Plan.  The Awards will vest on January 31 of 2014, 2015, and 2016, with the number of Awards that vests on each vesting date determined by multiplying 100,000 by the sum of (1) the percentage increase in operating income in the most recently completed fiscal year as compared to the results from the immediately preceding fiscal year (for example, on January 31, 2014, the percentage increase in operating income for the Company&#x2019;s 2013 fiscal year as compared to the Company&#x2019;s 2012 fiscal year), plus (2) the percentage increase in diluted earnings per share in the most recently completed fiscal year as compared to the results from the preceding fiscal year (for example, on January 31, 2015, the percentage increase in diluted earnings per share for the Company&#x2019;s 2014 fiscal year as compared to the Company&#x2019;s 2013 fiscal year).  Any Awards that do not become vested as of January 31, 2016 will be forfeited.<br><br>In general, if (a) Mr. Gerkens&#x2019;s employment as the Company&#x2019;s Chief Executive Officer terminates other than in a circumstance under which he becomes entitled to receive the severance benefits described in the Agreement, (b) he fails or ceases to serve as the Executive Chairman of the Company as set forth in the Agreement, or (c) following the termination of his services as Executive Chairman of the Company, he fails to make himself available to consult with the Company as set forth in the Agreement, then any portion of the Awards that have not otherwise become vested prior to the applicable event described in (a), (b) or (c), will be forfeited upon his termination of service.  However, if Mr. Gerkens&#x2019;s employment is terminated due to his death or disability, the unvested Awards will remain outstanding and eligible for further vesting as described above.<br><br>Mr. Gerkens will be required to hold, and may not assign, alienate, pledge, attach, sell or otherwise transfer or encumber, the shares that he receives upon settlement of the Awards, net of any applicable withholding obligations in connection with such settlement, until December 31, 2016.<br><br>This summary of the amendment to Mr. Gerkens&#x2019;s Agreement and the Awards are not intended to be complete and are qualified in their entirety by the Amendment to the Agreement, a copy of which is attached hereto as Exhibit 99.1 and the Performance Related Stock Award agreement, a copy of which is attached hereto as Exhibit 99.2.<br>****<br><br>On January 23, 2013, the Board of Directors of the Company promoted James B. Gattoni to the position of Executive Vice President, Chief Financial Officer and Assistant Secretary.  In connection with his promotion, Mr. Gattoni&#x2019;s annual salary has been increased to $300,000 from $255,000 and his annual target bonus percentage has been increased increase from 65% to 75% of annual salary.<br>
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	SIGNATURES
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	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 hereunto duly authorized.
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	Landstar System, Inc.
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<I>
	January 25, 2013
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	By:
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<I>
	James B. Gattoni
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	Name: James B. Gattoni
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	Title: Executive Vice President and Chief Financial Officer
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	99.1
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Amendment, dated January 23, 2013, to the Letter Agreement, dated January 2, 2012, between Landstar System, Inc. and Henry H. Gerkens
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	99.2
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	&nbsp;
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Performance Related Stock Award Agreement, dated January 23, 2013, between Landstar System, Inc. and Henry H. Gerkens
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>&#091;Landstar System, Inc. letterhead&#093;</B></FONT>



<P align="right" style="font-size: 12pt">January&nbsp;23, 2013



<P align="left" style="font-size: 12pt">Henry H. Gerkens
<BR>
13410 Sutton Park Drive South
<BR>
Jacksonville, Florida 32224


<P align="left" style="font-size: 12pt">Dear Henry:


<P align="left" style="font-size: 12pt; text-indent: 4%">Reference is hereby made to the employment letter agreement (the &#147;Agreement&#148;), dated January
3, 2012, between you and Landstar System, Inc. (the &#147;Company&#148;). Notwithstanding anything in the
Agreement to the contrary, your annual salary as of January&nbsp;1, 2013 is hereby increased from
$500,000 to $575,000. In addition, the consulting fee that shall be paid to you for your
availability to consult with the Company following your termination of service as Executive
Chairman of the Company at the end of your then current term as a director of the Company is hereby
increased from $600,000 to $700,000.


<P align="left" style="font-size: 12pt; text-indent: 4%">Except as expressly modified by this letter agreement, the Agreement remains in full force and
effect in accordance with its terms.


<P align="left" style="font-size: 12pt; text-indent: 4%">Please confirm your acceptance of this letter agreement by signing where indicated below.



<P align="left" style="margin-left:25%; font-size: 12pt">Sincerely,



<P align="left" style="margin-left:25%; font-size: 12pt"><U>/s/ David Bannister</U><BR>
David Bannister, Chair<BR>
Compensation Committee of the Board of Directors<BR>
of Landstar System, Inc.


<P align="left" style="font-size: 12pt">Agreed and Accepted:


<P align="left" style="font-size: 12pt"><U>Henry H. Gerkens</U>
<BR>
Henry H. Gerkens
<BR>
Dated: January&nbsp;23, 2013



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<TYPE>EX-99.2
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<DESCRIPTION>EX-99.2
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>&#091;Landstar System, Inc. letterhead&#093;</B></FONT>



<P align="right" style="font-size: 12pt"><B>January&nbsp;23, 2013</B>



<P align="left" style="font-size: 12pt">Henry H. Gerkens
<BR>
13410 Sutton Park Drive South
<BR>
Jacksonville, Florida 32224


<P align="center" style="font-size: 12pt"><U><B>Performance Related Stock Awards</B></U><BR>
<U><B>under the 2011 Equity Incentive Plan</B></U>



<P align="left" style="font-size: 12pt">Dear Henry:


<P align="left" style="font-size: 12pt; text-indent: 4%">We are pleased to confirm that you have been granted 100,000 Performance Related Stock Awards
(your &#147;<U><B>Awards</B></U>&#148;), in the form of Restricted Stock Unit Awards, under the 2011 Equity
Incentive Plan (the &#147;<U><B>Plan</B></U>&#148;) of Landstar System, Inc. (the &#147;<U><B>Company</B></U>&#148;). Capitalized
terms used without definition in this letter have the meanings given to them in the Plan.


<P align="left" style="font-size: 12pt; text-indent: 4%">We encourage you to review the Plan, which sets forth terms and conditions applicable to your
Awards, as well as the prospectus which accompanies this letter as <U>Annex A</U>. Please note
that this letter and your Awards are subject in all respects to the terms and conditions of the
Plan; if there is any discrepancy between this letter and the Plan, the terms of the Plan shall
govern. A copy of the Plan document accompanies this letter as <U>Annex B</U>.


<P align="left" style="font-size: 12pt; text-indent: 4%">1.&nbsp;<U>Performance Related Stock Award Vesting</U>. Subject to Section&nbsp;2, your Awards will
vest on January&nbsp;31 of 2014, 2015, and 2016 based on the following vesting formula: To the extent
not previously vested, the number of Awards that vests on each vesting date will be determined by
(1)&nbsp;multiplying the number of Awards by (2)&nbsp;the sum of (a)&nbsp;the percentage increase in operating
income in the most recently completed fiscal year as compared to the results from the fiscal year
immediately preceding such recently completed fiscal year (for example, on January&nbsp;31, 2014, the
percentage increase in operating income for the Company&#146;s 2013 fiscal year as compared to the
Company&#146;s 2012 fiscal year), plus (b)&nbsp;the percentage increase in diluted earnings per share in the
most recently completed fiscal year as compared to the results from the fiscal year preceding such
recently completed fiscal year (for example, on January&nbsp;31, 2015, the percentage increase in
diluted earnings per share for the Company&#146;s 2014 fiscal year as compared to the Company&#146;s 2013
fiscal year); provided that, in no event, may the aggregate number of your Awards that become
vested under this Section&nbsp;1 exceed 100% of your Awards; and provided further that, once a portion
of your Awards has vested under this Section&nbsp;1, such portion shall remain vested. The
determination of the number of your Awards that vests as of each vesting date will be certified by
the Committee as of or as soon as reasonably practicable following the vesting date, but in no
event later than two business days following the release of earnings by the Company for the
relevant fiscal year. Any Awards that do not become vested as of January&nbsp;31, 2016 shall be
forfeited.


<P align="left" style="font-size: 12pt; text-indent: 4%">2.&nbsp;<U>Termination of Employment</U>. Except as provided below or as otherwise provided in
the Plan, if (a)&nbsp;your employment as the Company&#146;s Chief Executive Officer terminates other than in
a circumstance under which you become entitled to receive the Severance Benefits described in the
employment letter agreement, dated as of January&nbsp;3, 2012, between you and the Company (the
&#147;<U><B>Employment Agreement</B></U>&#148;), (b)&nbsp;you fail or cease to serve as the Executive Chairman of the
Company as set forth in the Employment Agreement, or (c)&nbsp;following the termination of your services
as Executive Chairman of the Company, you fail to make yourself available to consult with the
Company as set forth in the Employment Agreement, then any portion of your Awards that have not
otherwise become vested prior to the applicable event described in (a), (b)&nbsp;or (c), will be
forfeited upon your termination of service. Notwithstanding the immediately preceding sentence, if
your employment is terminated due to your death or Disability, the unvested Awards will remain
outstanding and shall continue to be eligible to become vested as set forth in Section&nbsp;1.


<P align="left" style="font-size: 12pt; text-indent: 4%">3.&nbsp;<U>Transferability</U>. You may not, at any time prior to the applicable vesting date,
assign, alienate, pledge, attach, sell or otherwise transfer or encumber the unvested Awards and
any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance will
be void and unenforceable for all purposes.


<P align="left" style="font-size: 12pt; text-indent: 4%">4.&nbsp;<U>No Rights as a Stockholder; No Dividends</U>. You will not be the record owner of the
shares of Stock underlying your Awards, and you will not be entitled to any rights of a holder of
the Stock (including, without limitation, any voting or dividend rights) unless and until the
shares are transferred to you when they vest as set forth above. The shares will be transferred to
you (or in the event of your death, your beneficiary) as soon as practicable (but in no event later
than 74&nbsp;days) following the date upon which the Awards vest. <B>You shall continue to hold, and may
not assign, alienate, pledge, attach, sell or otherwise transfer or encumber, the shares that you
receive upon settlement of the Awards, net of any applicable withholding obligations in connection
with such settlement, until December&nbsp;31, 2016</B>. Upon the transfer of such shares of Stock, the
Company shall either (<U>i</U>) record on its books and records, in a manner generally consistent
with its then current procedures for recording stock ownership, your ownership of an appropriate
number of shares, or (<U>ii</U>) deliver to you or upon your order a certificate or certificates
for the shares issued by the Company in your name. Such certificate(s) shall bear such legend or
legends as the Board, in its discretion, determines to be necessary or appropriate to implement the
provisions of this agreement including, without limitation, a legend reflecting the restrictions on
the transfer of such shares as set forth in this Section&nbsp;4.



<P align="left" style="margin-left:1%; font-size: 12pt; text-indent: 4%">5. <U>No Guarantee of Employment</U>. Please note that nothing in this letter shall
interfere with or limit in any way the right of the Company or any Subsidiary to terminate your
employment at any time, nor confer upon you any right to continue in the employ of the Company or
any Subsidiary or affiliate.



<P align="left" style="margin-left:1%; font-size: 12pt; text-indent: 4%">6. <U>Clawback</U>. Please note that this Award, any portion thereof and any payment
related thereto, are subject to recovery or &#147;clawback&#148; by the Company if the Award or payment is
based on materially inaccurate financial statements or any other materially inaccurate performance
metric criteria, or as otherwise required by applicable law.



<P align="left" style="margin-left:1%; font-size: 12pt; text-indent: 4%">7. <U>Amendments</U>. The Committee has the right, in its sole discretion, to alter or
amend this letter from time to time and in any manner for the purpose of promoting the objectives
of the Plan, provided that no such amendment shall in any manner adversely affect your rights
under this letter without your consent.


<P align="left" style="font-size: 12pt; text-indent: 4%">Congratulations on your Performance Related Stock Awards.



<P align="left" style="margin-left:23%; font-size: 12pt">LANDSTAR SYSTEM, INC.



<P align="left" style="margin-left:23%; font-size: 12pt">By: <U>/s/ James B. Gattoni</U><BR>
Name: James B. Gattoni<BR>
Title: Executive Vice President and<BR>
Chief Financial Officer<BR>



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