<SEC-DOCUMENT>0001437749-22-023227.txt : 20221108
<SEC-HEADER>0001437749-22-023227.hdr.sgml : 20221108
<ACCEPTANCE-DATETIME>20220929151426
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001437749-22-023227
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARTEN TRANSPORT LTD
		CENTRAL INDEX KEY:			0000799167
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				391140809
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		129 MARTEN ST
		CITY:			MONDOVI
		STATE:			WI
		ZIP:			54755
		BUSINESS PHONE:		7159264216

	MAIL ADDRESS:	
		STREET 1:		3400 PLAZA VII
		STREET 2:		45 SOUTH SEVENTH ST
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html><head>
	<title>mrtn20220928_corresp.htm</title>

	<!-- Generated by ThunderDome Portal - 9/28/2022 11:14:04 PM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no">
</head>
<body style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; padding: 0in 0.1in; cursor: auto;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Correspondence</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">September 29, 2022</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Securities and Exchange Commission</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Division of Corporation Finance</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Disclosure Review Program</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">100 F Street, N.E.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Washington, DC 20549</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Re: Securities and Exchange Commission Staff Comments dated September 16, 2022</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>regarding Marten Transport, Ltd.</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Definitive Proxy Statement on Schedule 14A</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Filed March 14, 2022 </b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>File No. 000-15010</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Ladies and Gentlemen:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">We are submitting this letter on behalf of Marten Transport, Ltd. (the &#8220;<b>Company</b>&#8221;, &#8220;<b>we</b>&#8221;, or &#8220;<b>our</b>&#8221;) in response to comments from the staff (the &#8220;<b>Staff</b>&#8221;) of the Securities and Exchange Commission (the &#8220;<b>Commission</b>&#8221;) received by electronic mail dated September 16, 2022, relating to the Company&#8217;s Definitive Proxy Statement on Schedule 14A submitted to the Commission on March 14, 2022. The numbered paragraphs below correspond to the numbered comments in the Staff&#8217;s letter, and the Staff&#8217;s comments are presented in bold.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Our responses are as follows:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><u>Definitive Proxy Statement on Schedule 14A filed March 14, 2022</u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><u>General</u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">

		<tr>
			<td style="vertical-align:top;width:0.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">1.</p>
			</td>
			<td style="vertical-align:top;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Please expand your discussion to address the circumstances under which you would consider having the Chair and CEO roles filled by a single individual, when shareholders would be notified of any such change, and whether you will seek prior input from shareholders.</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:middle;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:middle;width:44.9%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:middle;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:middle;width:44.9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Company&#8217;s Response:</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:middle;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:middle;width:44.9%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:middle;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:middle;width:44.9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">In all future Definitive Proxy Statements on Schedule 14A, in addition to any material developments to our risk oversight structure, we will expand our discussion to address the circumstances under which we would consider having the Chair and CEO roles filled by a single individual, when shareholders would be notified of any such change, and whether we will seek prior input from shareholders.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:middle;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:middle;width:44.9%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:0.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">2.</p>
			</td>
			<td style="vertical-align:middle;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:middle;width:44.9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Please expand upon the role that your lead independent director plays in the leadership of the board. For example, please enhance your disclosure to address whether or not your lead independent director may:</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;text-indent:-18pt;"><b>&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;represent the board in communications with shareholders and other stakeholders;</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;text-indent:-18pt;"><b>&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;require board consideration of, and/or override your CEO on, any risk matters; or</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;text-indent:-18pt;"><b>&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provide input on design of the board itself.</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:middle;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:middle;width:44.9%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:middle;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:middle;width:44.9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Company&#8217;s Response:</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:middle;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:middle;width:44.9%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:middle;width:0.9%;">&nbsp;</td>
			<td style="vertical-align:middle;width:44.9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">In all future Definitive Proxy Statements on Schedule 14A, in addition to any material developments to our risk oversight structure, we will expand upon the role that our lead independent director plays in the leadership of the board. We will enhance our future disclosure to address whether or not our lead independent director may represent the board in communications with shareholders and other stakeholders, require board consideration of, and/or override our CEO on, any risk matters, or provide input on design of the board itself.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">

		<tr>
			<td style="vertical-align:top;width:0.7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">3.</p>
			</td>
			<td style="vertical-align:top;width:0.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Please expand upon how your board administers its risk oversight function. For example, please disclose:</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;text-indent:-18pt;"><b>&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the timeframe over which you evaluate risks (e.g., short-term, intermediate-term, or long-term) and how you apply different oversight standards based upon the immediacy of the risk assessed;</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;text-indent:-18pt;"><b>&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether you consult with outside advisors and experts to anticipate future threats and trends, and how often you re-assess your risk environment;</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;text-indent:-18pt;"><b>&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;how the board interacts with management to address existing risks and identify significant emerging risks; and</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;text-indent:-18pt;"><b>&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether you have a Chief Compliance Officer and to whom this position reports.</b></p>
			</td>
		</tr>

</table>

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

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

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

<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">

		<tr>
			<td style="vertical-align:top;width:0.7%;">&nbsp;</td>
			<td style="vertical-align:top;width:0.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Company&#8217;s Response:</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:0.7%;">&nbsp;</td>
			<td style="vertical-align:middle;width:0.8%;">&nbsp;</td>
			<td style="vertical-align:middle;width:44.8%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:0.7%;">&nbsp;</td>
			<td style="vertical-align:top;width:0.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">In all future Definitive Proxy Statements on Schedule 14A, in addition to any material developments to our risk oversight structure, we will expand upon how our board administers its risk oversight function. In the future, we will disclose the timeframe over which we evaluate risks and how we apply different oversight standards based upon the immediacy of the risk assessed, whether we consult with outside advisors and experts to anticipate future threats and trends, and how often we re-assess our risk environment, how the board interacts with management to address existing risks and identify significant emerging risks, and whether we have a Chief Compliance Officer and to whom this position reports.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:0.7%;">&nbsp;</td>
			<td style="vertical-align:middle;width:0.8%;">&nbsp;</td>
			<td style="vertical-align:middle;width:44.8%;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Thank you for your review of the submission. If you should have any questions regarding the response letter, please contact Pat Pazderka of Fox Rothschild LLP, our outside legal counsel, at (612) 607-7557.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">

		<tr>
			<td style="vertical-align:middle;width:12.2%;">&nbsp;</td>
			<td style="vertical-align:middle;width:12.2%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Sincerely,</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:auto;">&nbsp;</td>
			<td style="vertical-align:middle;width:auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:auto;">&nbsp;</td>
			<td style="vertical-align:middle;width:auto;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Marten Transport, Ltd.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:auto;">&nbsp;</td>
			<td style="vertical-align:middle;width:auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:auto;">&nbsp;</td>
			<td style="vertical-align:middle;width:auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:auto;">&nbsp;</td>
			<td style="vertical-align:middle;width:auto;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Timothy M. Kohl</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:auto;">&nbsp;</td>
			<td style="vertical-align:middle;width:auto;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Chief Executive Officer</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pat Pazderka, Fox Rothschild LLP</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="LAST-PAGE-BREAK">
<div class="PGFTR">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>
</div>


</body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
