<SEC-DOCUMENT>0001193125-15-098497.txt : 20150319
<SEC-HEADER>0001193125-15-098497.hdr.sgml : 20150319
<ACCEPTANCE-DATETIME>20150319155135
ACCESSION NUMBER:		0001193125-15-098497
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150317
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150319
DATE AS OF CHANGE:		20150319

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:		15712867

	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>d893748d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Current Report
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Date of Report (Date of earliest event reported) March&nbsp;17, 2015 </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g893748landstarcolor.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>LANDSTAR SYSTEM, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exact name of registrant as specified in its charter) </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center"><B>021238</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center"><B>06-1313069</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">(State or other jurisdiction</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">(Commission</TD>
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<TD VALIGN="top" ALIGN="center">(I.R.S. Employer</TD></TR>
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<TD VALIGN="top" ALIGN="center">of incorporation)</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">File Number)</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">Identification No.)</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>13410 Sutton Park Drive South, Jacksonville, Florida</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center"><B>32224</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="text-indent:2.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Address of principal executive offices)</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">(Zip Code)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(904) 398-9400 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Registrant&#146;s telephone number, including area code) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N/A </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Former name or former
address, if changed since last report) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) On March 17, 2015, and in connection with the previously announced promotion of James B. Gattoni to the position of Chief Executive Officer of Landstar
System, Inc. (the &#147;Company&#148;), the Company and Mr. Gattoni entered into an agreement granting to Mr. Gattoni, as of May 1, 2015, a performance-related stock award under the Company&#146;s 2011 Equity Incentive Plan in the form of 20,000
restricted stock units. In general, the award will vest on April&nbsp;30 of 2019, 2020, and 2021, with the number of units that vest on each vesting date determined by multiplying one-third of the number of units credited to Mr.&nbsp;Gattoni
pursuant to the award by a &#147;payout percentage&#148; that is based on the Company&#146;s total shareholder return (TSR) compound annual growth rate (CAGR) over the vesting period, adjusted to reflect dividends (if any) paid during such period,
and as may be necessary to take into account capital adjustments. The &#147;payout percentage&#148; as of each vesting date is as follows, with straight line interpolation between performance levels: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt">Performance Level</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">If TSR CAGR is:</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">Then the Payout Percentage is:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">Maximum</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">12.0% or greater</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8pt">150%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt">Target</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">10.0%</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">100%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">Threshold</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">8.0%</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8pt">50%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt">&lt;Threshold</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Less than 8.0%</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">0%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent units are not vested at the maximum level in the chart above as of the first or second vesting dates, such units
will again be eligible to vest at the next vesting date based on the &#147;payout percentage&#148; achieved as of such next vesting date. In addition, if any dividends are paid by the Company during the vesting period, dividend equivalents will be
credited to Mr.&nbsp;Gattoni under the award as additional units that are eligible to vest based on the &#147;payout percentage&#148; achieved as of the future vesting dates of the underlying restricted stock units to which such dividend equivalents
relate. Any units that vest will be settled in shares of Company common stock as soon as practicable after the applicable vesting date. Any units that do not become vested as of April&nbsp;30, 2021 (or earlier upon Mr.&nbsp;Gattoni&#146;s
termination of employment or a change in control of the Company) will be forfeited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Gattoni&#146;s right to receive shares underlying the award
is generally conditioned upon his continued employment through the applicable vesting dates. In the event of his death or disability prior to a vesting date, a pro rata number of the units then credited to Mr.&nbsp;Gattoni pursuant to the award
(based on the number of days he remained employed during the vesting period) will vest based on the &#147;payout percentage&#148; achieved as of his termination of employment. Similarly, if there is a change in control of the Company prior to a
vesting date, a pro rata number of the units then credited to Mr.&nbsp;Gattoni pursuant to the award (based on the number of days during the vesting period prior to the change in control) will vest based on the &#147;payout percentage&#148; achieved
as of the date of the change in control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the Company is required to restate its financial results due to material noncompliance with any financial
reporting requirement under the securities laws, the compensation committee may, in its discretion after considering the costs and benefits of doing so, recover all or a portion of any shares delivered or payment made that is related to the award
during the three-year period preceding the date on which the Company files the restatement of such financial statement(s) with the Securities and Exchange Commission, to the extent the value of such shares or the amount of such payment exceeds the
amount or value that the committee determines would have been payable in respect of the award had the revised financial statement(s) reflected in the restatement been applied to determine such amount or value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This summary of Mr.&nbsp;Gattoni&#146;s award is not intended to be complete and is qualified in its entirety by the Total Shareholder Return Performance
Related Stock Award Agreement, a copy of which is attached hereto as Exhibit 99.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Also on March&nbsp;17, 2015, the Company amended its Executive
Incentive Compensation Plan to provide that if the Company is required to restate its financial results due to material noncompliance with any financial reporting requirement under the securities laws, the Company&#146;s compensation committee may,
in its discretion after considering the costs and benefits of doing so, recover that portion of any bonus paid under the plan to any current or former executive officer during the three-year period preceding the date on which the Company files the
restatement of such financial statement(s) with the Securities and Exchange Commission, which exceeds the amount or value that the committee determines would have been payable or received in respect of such bonus had the revised financial
statement(s) reflected in the restatement been applied to determine such bonus. This summary of this amendment to the Company&#146;s Executive Incentive Compensation Plan is not intended to be complete and is qualified in its entirety by the copy of
the Amendment to the Landstar System, Inc. Executive Incentive Compensation Plan, a copy of which is attached hereto as Exhibit 99.2. </P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Exhibits </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Shareholder Return
Performance Related Stock Award Agreement, dated May&nbsp;1, 2015 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit&nbsp;99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment to the
Landstar System, Inc. Executive Incentive Compensation Plan, dated March&nbsp;17, 2015 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">LANDSTAR SYSTEM, INC.</TD></TR>
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<TD VALIGN="top">Date: March&nbsp;19, 2015</TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ L. Kevin Stout</TD></TR>
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<TD VALIGN="top">Name: L. Kevin Stout</TD></TR>
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<TD VALIGN="bottom">Title: Vice President and Chief Financial Officer</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d893748dex991.htm
<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Execution Copy </I></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TOTAL SHAREHOLDER RETURN </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PERFORMANCE RELATED STOCK AWARD AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Total Shareholder Return Performance Related Stock Award Agreement (the &#147;<B><U>Agreement</U></B>&#148;), dated May&nbsp;1, 2015 (the
&#147;<B><U>Grant Date</U></B>&#148;), is between Landstar System, Inc. (the &#147;<B><U>Company</U></B>&#148;) and James B. Gattoni (the &#147;<B><U>Executive</U></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B><U>Grant of Performance Related Stock Award</U>. </B>This Agreement is entered into pursuant to the Landstar System, Inc. 2011 Equity
Incentive Plan (the &#147;<B><U>Plan</U></B>&#148;), and evidences the grant of a Performance Related Stock Award pursuant to Section&nbsp;9 of the Plan in the form of 20,000 Restricted Stock Unit Awards (&#147;<B><U>PSUs</U></B>&#148;). The PSUs
and this Agreement are subject to the terms and provisions of the Plan. Capitalized terms that are not otherwise defined in this Agreement have the meanings ascribed to them in the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <B><U>Dividend Equivalents</U></B>. Dividend equivalents shall be credited to the PSUs each time that a dividend is paid on the
Company&#146;s Stock. The aggregate amount of such dividend equivalents so credited in respect of each such dividend shall be equal to the dividend paid on a share of Stock multiplied by the number of PSUs credited to the Executive under this
Agreement on the dividend record date. The dividend equivalents shall be converted into additional PSUs, rounded down to the nearest whole number, on the dividend payment date based upon the then Fair Market Value of the Stock, and such PSUs shall
be added to the PSUs credited to the Executive under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <B><U>Total Shareholder Return Vesting Requirement</U>.
</B>Subject to Section&nbsp;4, Section&nbsp;5 and Section&nbsp;6, the PSUs shall vest as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. <B><U>First
Tranche</U></B>. 6,666 PSUs (the &#147;<B><U>First Tranche</U></B>&#148;), adjusted to reflect dividends (if any) paid during the period beginning on the Grant Date and ending on April&nbsp;30, 2019 (the &#147;<B><U>First Performance
Period</U></B>&#148;), and as may be necessary to take into account capital adjustments described in Section&nbsp;5.3 of the Plan, shall vest on April&nbsp;30, 2019 (the &#147;<B><U>First Vesting Date</U></B>&#148;) based on the First Performance
Period TSR. The &#147;<B><U>First Performance Period TSR</U></B>&#148; shall be measured as the compound annual growth rate (&#147;<B><U>CAGR</U></B>&#148;) over the First Performance Period where (<U>i</U>)&nbsp;the beginning value is the average
Fair Market Value of a share of Stock for the period beginning on March&nbsp;1, 2015 and ending on April&nbsp;30, 2015 (the &#147;<B><U>Beginning Value</U></B>&#148;) and (<U>ii</U>)&nbsp;the ending value is the average Fair Market Value of a share
of Stock for the period beginning on March&nbsp;1, 2019 and ending on the First Vesting Date, adjusted to reflect dividends (if any) paid during the First Performance Period, and as may be necessary to take into account capital adjustments described
in Section&nbsp;5.3 of the Plan. The formula for determining the total number of PSUs in the First Tranche that may vest and become payable will equal the number of PSUs credited to the Executive under this Agreement with respect to the First
Tranche as of the First Vesting Date <I>times</I> the &#147;<B><U>Payout Percentage</U></B>&#148; set forth in the TSR Table below. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. <B><U>Second Tranche</U></B>. 6,667 PSUs (the &#147;<B><U>Second
Tranche</U></B>&#148;), adjusted to reflect dividends (if any) paid during the period beginning on the Grant Date and ending on April&nbsp;30, 2020 (the &#147;<B><U>Second Performance Period</U></B>&#148;), and as may be necessary to take into
account capital adjustments described in Section&nbsp;5.3 of the Plan, shall vest on April&nbsp;30, 2020 (the &#147;<B><U>Second Vesting Date</U></B>&#148;) based on the Second Performance Period TSR. The &#147;<B><U>Second Performance Period
TSR</U></B>&#148; shall be measured as the CAGR for the Second Performance Period where (<U>i</U>)&nbsp;the beginning value is the Beginning Value and (<U>ii</U>)&nbsp;the ending value is the average Fair Market Value of a share of Stock for the
period beginning on March&nbsp;1, 2020 and ending on the Second Vesting Date, adjusted to reflect dividends (if any) paid during the Second Performance Period, and as may be necessary to take into account capital adjustments described in
Section&nbsp;5.3 of the Plan. The formula for determining the total number of PSUs in the Second Tranche that may vest and become payable will equal the number of PSUs credited to the Executive under this Agreement with respect to the Second Tranche
as of the Second Vesting Date <I>times</I> the &#147;Payout Percentage&#148; set forth in the TSR Table below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">c.
<B><U>Third Tranche</U></B>. 6,667 PSUs (the &#147;<B><U>Third Tranche</U></B>&#148;), adjusted to reflect dividends (if any) paid during the period beginning on the Grant Date and ending on April&nbsp;30, 2021 (the &#147;<B><U>Third Performance
Period</U></B>&#148;, and the First Performance Period with respect to the First Tranche, the Second Performance Period with respect to the Second Tranche and the Third Performance Period with respect to the Third Tranche shall be referred to as the
&#147;<B><U>Applicable Performance Period</U></B>&#148;), and as may be necessary to take into account capital adjustments described in Section&nbsp;5.3 of the Plan, shall vest on April&nbsp;30, 2021 (the &#147;<B><U>Third Vesting
Date</U></B>&#148;, and, for purposes of this Agreement, the First Vesting Date with respect to the First Tranche, the Second Vesting Date with respect to the Second Tranche and the Third Vesting Date with respect to the Third Tranche each
constitutes an &#147;<B><U>Applicable Vesting Date</U></B>&#148;) based on the Third Performance Period TSR. The &#147;<B><U>Third Performance Period TSR</U></B>&#148; shall be measured as the CAGR for the Third Performance Period where
(<U>i</U>)&nbsp;the beginning value is the Beginning Value and (<U>ii</U>)&nbsp;the ending value is the average Fair Market Value of a share of Stock for the period beginning on March&nbsp;1, 2021 and ending on the Third Vesting Date, adjusted to
reflect dividends (if any) paid during the Third Performance Period, and as may be necessary to take into account capital adjustments described in Section&nbsp;5.3 of the Plan. The formula for determining the total number of PSUs in the Third
Tranche that may vest and become payable will equal the number of PSUs credited to the Executive under this Agreement with respect to the Third Tranche as of the Third Vesting Date <I>times</I> the &#147;Payout Percentage&#148; set forth in the TSR
Table below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">d. <U><B>Catch Up Vesting</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">i. <B><U>First Tranche Initial Catch-Up Vesting Date</U></B>. If, on the first Vesting Date, the First Tranche does not vest
at the 150% Payout Percentage, the First Tranche, adjusted to reflect dividends (if any) through the Second Performance Period, and as may be necessary to take into account capital adjustments described in Section&nbsp;5.3 of the Plan, shall vest on
the Second Vesting Date (the &#147;<B><U>First Tranche Initial Catch-Up Vesting Date</U></B>&#148;) based on the Second Performance Period TSR, and the formula for determining the total number of PSUs in the First Tranche that may vest and become
payable as of the First Tranche Initial Catch-Up Vesting Date will equal the number of PSUs credited to the Executive under this Agreement with respect to the First Tranche as of the First Tranche Initial Catch-Up Vesting Date <I>times</I> the
&#147;Payout Percentage&#148; set forth in the TSR Table below, <I>minus</I> the number of PSUs that vested as of the First Vesting Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">ii. <B><U>First Tranche Final Catch-Up Vesting Date</U></B>. If, after operation
of Section&nbsp;3(a) and the forgoing Section&nbsp;3(d)(i), the First Tranche does not vest as of the First Tranche Initial Catch-Up Vesting Date at the 150% Payout Percentage, the First Tranche, adjusted to reflect dividends (if any) through the
Third Performance Period, and as may be necessary to take into account capital adjustments described in Section&nbsp;5.3 of the Plan, shall vest on the Third Vesting Date (the &#147;<B><U>First Tranche Final Catch-Up Vesting Date</U></B>&#148; and,
for purposes of this Agreement, the First Tranche Initial Catch-Up Vesting Date with respect to the First Tranche and the First Tranche Final Catch-Up Vesting Date with respect to the First Tranche each constitutes an &#147;<B><U>Applicable Vesting
Date</U></B>&#148;) based on the Third Performance Period TSR, and the formula for determining the total number of PSUs in the First Tranche that may vest and become payable as of the First Tranche Final Catch-Up Vesting Date will equal the number
of PSUs credited to the Executive under this Agreement with respect to the First Tranche as of the First Tranche Final Catch-Up Vesting Date <I>times</I> the &#147;Payout Percentage&#148; set forth in the TSR Table below, <I>minus</I> the number of
PSUs with respect to the First Tranche that vested as of the First Vesting Date and the First Tranche Initial Catch-Up Vesting Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">iii. <B><U>Second Tranche Catch-Up Vesting Date</U></B>. If, on the Second Vesting Date, the Second Tranche does not vest at
the 150% Payout Percentage, the Second Tranche, adjusted to reflect dividends (if any) through the Third Performance Period, and as may be necessary to take into account capital adjustments described in Section&nbsp;5.3 of the Plan, shall vest on
the Third Vesting Date (the &#147;<B><U>Second Tranche Catch-Up Vesting Date</U></B>&#148; and, for purposes of this Agreement, the Second Tranche Catch-Up Vesting Date with respect to the Second Tranche constitutes an &#147;<B><U>Applicable Vesting
Date</U></B>&#148;) based on the Third Performance Period TSR, and the formula for determining the total number of PSUs in the Second Tranche that may vest and become payable as of the Second Tranche Catch-Up Vesting Date will equal the number of
PSUs credited to the Executive under this Agreement with respect to the Second Tranche as of the Second Tranche Catch-Up Vesting Date <I>times</I> the &#147;Payout Percentage&#148; set forth in the TSR Table below, <I>minus</I> the number of PSUs
with respect to the Second Tranche that vested as of the Second Vesting Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">e. <B><U>TSR Table</U></B>. The following
TSR Table shall be used for purposes of this Agreement, with straight line interpolation between performance levels: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="80%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt" BGCOLOR="#e5e5e5">Performance Level</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e5" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">If Total
Shareholder</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Return CAGR is:</P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e5" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt" BGCOLOR="#e5e5e5">Then the Payout Percentage is:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">Maximum</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">12.0% or greater</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8pt">150%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt">Target</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">10.0%</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">100%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">Threshold</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">8.0%</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8pt">50%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt">&lt;Threshold</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Less than 8.0%</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">0%</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <B><U>Continuous Employment Requirement</U></B>. Except as otherwise determined by the
Committee, or except as otherwise provided in Section&nbsp;5 or Section&nbsp;6, the PSUs shall vest only if the Executive is continuously employed by the Company from the Grant Date through the Applicable Vesting Date. Except as otherwise determined
by the Committee, or except as otherwise provided in Section&nbsp;5 or Section&nbsp;6, any PSUs that have not vested as of the date the Executive&#146;s employment terminates shall be immediately forfeited and the Executive shall have no further
rights under this Agreement following the date as of which the Executive&#146;s employment terminates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <B><U>Death or
Disability</U></B>. In the event the Executive&#146;s employment terminates as a result of the Executive&#146;s death or disability prior to the Change in Control Vesting Date, the Applicable Vesting Date for purposes of Section&nbsp;3 in respect of
the First Tranche, Second Tranche and Third Tranche shall be the date on which the Executive&#146;s employment terminates (the &#147;<B><U>Death or Disability Vesting Date</U></B>&#148;). In any such event, the formula for determining the total
number of PSUs that may vest and become payable with respect to each of the First Tranche, Second Tranche and Third Tranche, as applicable, will equal (<U>x</U>)&nbsp;the number of PSUs credited to the Executive under this Agreement with respect to
such tranche as of the Death or Disability Vesting Date <I>times</I> the Payout Percentage set forth in the TSR Table set forth in Section&nbsp;3 (<U>provided</U> that the average Fair Market Average for the trailing 60-day period ending on the
Death or Disability Vesting Date shall be used to determine the Company&#146;s Fair Market Value as of the Applicable Vesting Date instead of the average Fair Market Value of a share of Stock for the period beginning on March&nbsp;1 and ending on
the Applicable Vesting Date), <I>multiplied</I> by (<U>y</U>)&nbsp;a fraction, the numerator of which is the number of days from the Grant Date through the Death or Disability Vesting Date and the denominator of which is the number of days in the
Applicable Performance Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <B><U>Change in Control</U></B>. Subject to the Executive&#146;s continued employment through the date
such Change in Control occurs, in the event of a Change in Control that occurs prior to the Death or Disability Vesting Date, the Applicable Vesting Date for purposes of Section&nbsp;3 in respect of the First Tranche, Second Tranche and Third
Tranche shall be the date on which the Change in Control occurs (the &#147;<B><U>Change in Control Vesting Date</U></B>&#148;). In any such event, the formula for determining the total number of PSUs that may vest and become payable with respect to
each of the First Tranche, Second Tranche and Third Tranche, as applicable, will equal (<U>x</U>)&nbsp;the number of PSUs credited to the Executive under this Agreement with respect to such tranche as of the Change in Control Vesting Date
<I>times</I> the Payout Percentage set forth in the TSR Table set forth in Section&nbsp;3 (<U>provided</U> that the Change in Control Price shall be used to determine the Company&#146;s Fair Market Value as of the Applicable Vesting Date instead of
the average Fair Market Value of a share of Stock for the period beginning on March&nbsp;1 and ending on the Applicable Vesting Date) <I>multiplied</I> by (<U>y</U>)&nbsp;a fraction, the numerator of which is the number of days from the Grant Date
through the Change in Control Vesting Date and the denominator of which is the number of days in the Applicable Performance Period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <B><U>Expiration</U></B>. Notwithstanding anything in this Agreement to the contrary, any PSUs
that do not vest as of the earlier to occur of (<U>i</U>)&nbsp;April&nbsp;30, 2021, (<U>ii</U>)&nbsp;the Death or Disability Vesting Date and (<U>iii</U>)&nbsp;the Change in Control Vesting Date (the &#147;<B><U>Expiration Date</U></B>&#148;) shall
expire as of the Expiration Date and the Executive shall have no further rights under this Agreement following the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.
<B><U>Payment</U>. </B>As soon as practicable after the date as of which the applicable tranche vests (but in no event later than March&nbsp;15 of the year following such date), a number of shares of Stock represented by the PSUs that have become
vested with respect to such tranche shall be issued to the Executive, subject to any withholding for taxes; <U>provided however</U>, that in the event of a Change in Control, PSUs shall either (<U>i</U>)&nbsp;be paid in shares of Stock or
(ii)&nbsp;be cancelled in exchange for an immediate payment in cash of an amount based upon the Change in Control Price, in the discretion of the Committee. If the Executive dies before the payment due hereunder is made, such payment shall be made
to the Executive&#146;s beneficiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <B><U>Shareholder Rights</U>. </B>The Executive shall have no rights as a shareholder with
respect to shares of Stock to which this grant relates. Except as provided in the Plan or in this Agreement, no adjustment shall be made, for dividends or other rights for which the record date occurs while the PSUs are outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <B><U>Amendment of Agreement</U>.</B> The Committee has the right, in its sole discretion, to alter or amend this Agreement 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 the Executive&#146;s rights under this Agreement without the Executive&#146;s consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <B><U>Transferability</U></B>. The Executive may not, at any time prior to the Applicable Vesting Date, assign, alienate, pledge, attach,
sell or otherwise transfer or encumber the PSUs and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance will be void and unenforceable for all purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <B><U>Clawback</U></B>. If the Company is required to restate its financial results due to material noncompliance with any financial
reporting requirement under the securities laws, the Committee may, in its discretion after considering the costs and benefits of doing so, recover all or a portion of any shares of Stock delivered to the Executive that is related to the PSUs during
the three-year period preceding the date on which the Company files the restatement of such financial statement(s) with the Securities and Exchange Commission, to the extent the value of such shares exceeds the value that the Committee determines
would have been payable in respect of the PSUs had the revised financial statement(s) reflected in the restatement been applied to determine such amount or value. In the alternative, subject to applicable law, the Committee may seek such excess
compensation by requiring the Executive to pay such value to the Company; by set-off; by reducing future compensation; or by such other means or combination of means as the Committee determines to be appropriate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <B><U>Committee Authority</U>. </B>The Committee shall have complete discretion in the
exercise of its rights, powers, and duties under this Agreement, and as set forth in the Plan. Any interpretation or construction of any provision of, and the determination of any question arising under, this Agreement shall be made by the Committee
in its discretion. This Agreement is intended to grant the PSUs upon the terms and conditions authorized by the Plan, including, without limitation, the clawback provision set forth in section 13.4 of the Plan and the tax withholding provision set
forth in Section&nbsp;13.3 of the Plan. Any provisions of this Agreement that cannot be so administered, interpreted, or construed shall be disregarded. In the event that any provision of this Agreement is held invalid or unenforceable, such
provision shall be considered separate and apart from the remainder of this Agreement, which shall remain in full force and effect. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%"></TD>
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<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD WIDTH="42%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">LANDSTAR SYSTEM, INC.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">THE EXECUTIVE</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ David G. Bannister</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="font-size:3pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ James B. Gattoni</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Name: David G. Bannister</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">James B. Gattoni</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Title: Chair of the Compensation Committee</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<DOCUMENT>
<TYPE>EX-99.2
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<FILENAME>d893748dex992.htm
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<TEXT>
<HTML><HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Execution Copy </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT TO THE LANDSTAR SYSTEM, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXECUTIVE INCENTIVE COMPENSATION PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This amendment (this &#147;<U>Amendment</U>&#148;) to the Landstar System, Inc. Executive Incentive Compensation Plan (the
&#147;<U>Plan</U>&#148;), is hereby adopted by the Compensation Committee (the &#147;<U>Committee</U>&#148;) of the Board of Directors of Landstar System Inc. (the &#147;<U>Company</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company maintains the Plan to enable the Company and its subsidiaries to attract, retain, motivate and reward the best qualified
executive officers and key employees by providing them with the opportunity to earn competitive compensation directly linked to the Company&#146;s performance; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Committee has determined that it is in the best interests of the Company to amend the Plan to provide that certain payments made
under the Plan, or portions of any such payments, be subject to recovery or &#147;clawback&#148; by the Company if the Company is required to restate its financial results due to material noncompliance with any financial reporting requirement under
the securities laws; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;6(b) of the Plan authorizes the Committee to amend the Plan; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, Section 6 of the Plan is hereby amended to add a new clause (k) that reads as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(k) <I><U>Clawback</U>.</I>&nbsp;If the Company is required to restate its financial
results due to material noncompliance with any financial reporting requirement under the securities laws, the Committee may, in its discretion after considering the costs and benefits of doing so, recover that portion of any bonus paid under the
Plan to any current or former executive officer during the three-year period preceding the date on which the Company files the restatement of such financial statement(s) with the Securities and Exchange Commission, which portion exceeds the amount
or value that the Committee determines would have been payable or received in respect of such bonus had the revised financial statement(s) reflected in the restatement been applied to determine such bonus. Subject to applicable law, the Committee
may seek such excess compensation by requiring the executive officer to pay such amount to the Company; by set-off; by reducing future compensation; or by such other means or combination of means as the Committee determines to be appropriate.&#148;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as expressly provided herein, this Amendment is not intended to amend any other provision of the Plan. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Committee has caused this Amendment to be duly executed effective as of
March&nbsp;17, 2015. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">LANDSTAR SYSTEM, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ David G. Bannister</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title: Chairman of the Compensation Committee</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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