Phillips Adam Daniel 4

What Happened Adam Phillips, Chief Operating Officer of Marten Transport Ltd. (MRTN), had 1,131 shares withheld on February 20, 2026 to cover employee tax liabilities related to vested awards. The shares were withheld at $13.90 per share for a total value of $15,721. This was a tax-withholding disposition (Form 4 code F), not an open-market sale.

Key Details

• Transaction date: 2026-02-20; Filing date (Form 4): 2026-02-23 (timely filed).
• Withheld shares: 1,131 at $13.90 each = $15,721 (code F — tax withholding).
• These 1,131 shares were part of 2,596 shares that vested; the remainder of the vested shares were not withheld (Footnote F1).
• Shares owned after the transaction: not specified in this filing.
• Footnote F2 lists outstanding performance awards totaling 7,312 shares (4,098; 2,314; 600; 300) with vesting dates between 12/31/2026 and 12/31/2029.

Context Tax withholding of vested equity is a routine administrative transaction and does not necessarily signal insider buying or selling intent. The filing shows this was a cashless/tax-withholding disposition to satisfy tax obligations on previously reported vested awards (all vested shares were reported as they vested).