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EXECUTION COPY

THIRD AMENDMENT TO CREDIT AGREEMENT

    This THIRD AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), made and entered into as of April 5, 2000,
is by and between MARTEN TRANSPORT, LTD., a Delaware corporation (the "Borrower"), the banks which are signatories hereto (individually, a "Bank" and, collectively, the "Banks"), and U.S. BANK
NATIONAL ASSOCIATION, a national banking association, as agent for the Banks (in such capacity, the "Agent").

RECITALS

    1.  The
Borrower and U.S. Bank National Association, in its capacity as a Bank and the Agent, entered into a Credit Agreement dated as of October 30, 1998, as
amended by that certain First Amendment to Credit Agreement dated as of January 3, 2000, and as amended by that certain Second Amendment to Credit Agreement dated as of January 19, 2000
(as amended, the "Credit Agreement"); and

    2.  The
Borrower desires to amend certain other provisions of the Credit Agreement, and the Banks and Agent have agreed to make such amendments, subject to the terms
and conditions set forth in this Amendment.

AGREEMENT

    NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto hereby covenant and agree to be bound as follows:

    Section 1.  Capitalized Terms.  Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to them in the Credit Agreement, unless the context shall otherwise require.

    Section 2.  Amendments.  The Credit Agreement is hereby amended as
follows:

    2.1  Indebtedness.  Section 6.13(c) is hereby amended in its entirety to read as follows:

    6.13(c)  Indebtedness
disclosed on Schedule 6.13 hereto, but not including any extension or refinancing thereof.

    2.2 Schedule 6.13
(Indebtedness) to the Credit Agreement is amended in its entirety in the form of Exhibit 2.2 attached hereto.

    Section 3.  Effectiveness of Amendments.  The amendments contained in this
Amendment shall become effective upon delivery by the Borrower of, and compliance by the Borrower with, the following:

    3.1 This Amendment duly executed by the Borrower.

    3.2 The Borrower shall have satisfied such other conditions as specified by the Agent and the Banks, including payment
of all unpaid legal fees and expenses incurred by the Agent through the date of this Amendment in connection with the Credit Agreement and any other instrument or agreement executed by the Borrower in
connection with this Amendment (collectively, the "Amendment Documents").

    Section 4.  Representations, Warranties, Authority, No Adverse Claim.  

    4.1  Reassertion of Representations and Warranties, No Default.  The Borrower
hereby represents that on and as of the date hereof and after giving effect to this Amendment (a) all of the representations and warranties contained in the Credit Agreement are true, correct
and complete in all respects as of the date hereof as though made on and as of such date, except for changes permitted by the terms of the Credit Agreement, and (b) there will exist no Default
or

Event
of Default under the Credit Agreement as amended by this Amendment on such date which has not been waived by the Agent and the Banks.

    4.2  Authority, No Conflict, No Consent Required.  The Borrower represents and
warrants that the Borrower has the power and legal right and authority to enter into the Amendment Documents and has duly authorized as appropriate the execution and delivery of the Amendment
Documents and other agreements and documents executed and delivered by the Borrower in connection herewith or therewith by proper corporate, and none of the Amendment Documents nor the agreements
contained herein or therein contravenes or constitutes a default under any agreement, instrument or indenture to which the Borrower is a party or a signatory or a provision of the Borrower's
Certificate of Incorporation, Bylaws or any other agreement or requirement of law in which the consequences of such default or violation could have a material adverse effect on the business,
operations, properties, assets or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole, or result in the imposition of any Lien on any of its property under any
agreement binding on or applicable to the Borrower or any of its property except, if any, in favor of the Agent on behalf of the Banks. The Borrower represents and warrants that no consent, approval
or authorization of or registration or declaration with any Person, including but not limited to any governmental authority, is required in connection with the execution and delivery by the Borrower
of the Amendment Documents or other agreements and documents executed and delivered by the Borrower in connection therewith or the performance of obligations of the Borrower therein described, except
for those which the Borrower has obtained or provided and as to which the Borrower has delivered certified copies of documents evidencing each such action to the Agent.

    4.3  No Adverse Claim.  The Borrower warrants, acknowledges and agrees that no
events have taken place and no circumstances exist at the date hereof which would give the Borrower a basis to assert a defense, offset or counterclaim to any claim of the Agent or the Banks with
respect to the Obligations or the Borrower's obligations under the Credit Agreement as amended by this Amendment.

    Section 5.  Affirmation of Credit Agreement, Further References.  The
Agent, the Banks, and the Borrower each acknowledge and affirm that the Credit Agreement, as hereby amended, is hereby ratified and confirmed in all respects and all terms, conditions and provisions
of the Credit Agreement, except as amended by this Amendment, shall remain unmodified and in full force and effect. All references in any document or instrument to the Credit Agreement are hereby
amended and shall refer to the Credit Agreement as amended by this Amendment. All of the terms, conditions, provisions, agreements, requirements, promises, obligations, duties, covenants and
representations of the Borrower under such documents and any and all other documents and agreements entered into with respect to the obligations under the Credit Agreement are incorporated herein by
reference and are hereby ratified and affirmed in all respects by the Borrower.

    Section 6.  Merger and Integration, Superseding Effect.  This Amendment,
from and after the date hereof, embodies the entire agreement and understanding between the parties hereto and supersedes and has merged into this Amendment all prior oral and written agreements on
the same subjects by and between the parties hereto with the effect that this Amendment, shall control with respect to the specific subjects hereof and thereof.

    Section 7.  Severability.  Whenever possible, each provision of this
Amendment and the other Amendment Documents and any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be interpreted in such manner as to be
effective, valid and enforceable under the applicable law of any jurisdiction, but, if any provision of this Amendment, the other Amendment Documents or any other statement, instrument or transaction
contemplated hereby or thereby or relating hereto or thereto shall be held to be prohibited, invalid or unenforceable under

2

the
applicable law, such provision shall be ineffective in such jurisdiction only to the extent of such prohibition, invalidity or unenforceability, without invalidating or rendering unenforceable the
remainder of such provision or the remaining provisions of this Amendment, the other Amendment Documents or any other statement, instrument or transaction contemplated hereby or thereby or relating
hereto or thereto in such jurisdiction, or affecting the effectiveness, validity or enforceability of such provision in any other jurisdiction.

    Section 8.  Successors.  The Amendment Documents shall be binding upon the
Borrower, the Banks, and the Agent and their respective successors and assigns, and shall inure to the benefit of the Borrower, the Banks, and the Agent and the successors and assigns of the Banks and
the Agent.

    Section 9.  Legal Expenses.  As provided in Section 9.2 of the
Credit Agreement, the Borrower agrees to reimburse the Agent, upon execution of this Amendment, for all reasonable out-of-pocket expenses (including attorney' fees and legal
expenses of Dorsey & Whitney LLP, counsel for the Agent) incurred in connection with the Credit Agreement, including in connection with the negotiation, preparation and execution of the
Amendment Documents and all other documents negotiated, prepared and executed in connection with the Amendment Documents, and in enforcing the obligations of the Borrower under the Amendment
Documents, and to pay and save the Agent and the Banks harmless from all liability for, any stamp or other taxes which may be payable with respect to the execution or delivery of the Amendment
Documents, which obligations of the Borrower shall survive any termination of the Credit Agreement.

    Section 10.  Headings.  The headings of various sections of this Amendment
have been inserted for reference only and shall not be deemed to be a part of this Amendment.

    Section 11.  Counterparts.  The Amendment Documents may be executed in
several counterparts as deemed necessary or convenient, each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and the same
document, and either party to the Amendment Documents may execute any such agreement by executing a counterpart of such agreement.

    Section 12.  Governing Law.  THE AMENDMENT
DOCUMENTS SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAW PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS,
THEIR HOLDING COMPANIES AND THEIR AFFILIATES.

(THE
REMAINDER OF THIS PAGE LEFT BLANK INTENTIONALLY.)

3

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date and year first above written.

	 	 	MARTEN TRANSPORT, LTD.
	 

 	 
 	 

By: 

	 

 	 
 	 

Title: 

	 

 	 
 	 

Address:	 
 	 

129 Marten Street

Mondovi, Wisconsin 54755
	 
 Revolving Commitment Amount:	 
 	 

U.S. BANK NATIONAL ASSOCIATION

In its individual corporate capacity and as Agent
	 

$40,000,000	 
 	 

By: 

	 

 	 
 	 

Title: 

	 

 	 
 	 

Address:	 
 	 

601 Second Avenue South, MPFP0602

Minneapolis, MN 55402-4302

ATTN: Michael J. Reymann
	 
 Revolving Commitment Amount:	 
 	 

THE NORTHERN TRUST COMPANY
	 

$10,000,000	 
 	 

By: 

	 

 	 
 	 

Title: 

	 

 	 
 	 

Address:	 
 	 

50 South LaSalle Street

Chicago, IL 60675

ATTN: Daniel Hintzen

4

 

EXHIBIT 2.2 TO

THIRD AMENDMENT TO CREDIT AGREEMENT

Schedule 6.13

  MARTEN TRANSPORT, LTD.
   SCHEDULE OF INDEBTEDNESS
 AS OF 3/31/00  

	Payee

	 	Loan Number
	 	3/31/00 Balance
	 
	U.S. Bank—Minneapolis	 	199059	 	161,244.04	 
	U.S. Bank—Minneapolis	 	199061	 	304,859.26	 
	U.S. Bank—Minneapolis	 	199062	 	300,218.76	 
	U.S. Bank—Minneapolis	 	199063	 	441,171.58	 
	U.S. Bank—Minneapolis	 	199068	 	650,459.15	 
	U.S. Bank—Minneapolis	 	199070	 	1,367,323.19	 
	 	 	 	 	
	 
	U.S. Bank Subtotal	 	 	 	3,225,275.98	 
	 

BANK OF AMERICA	 
 	 

9	 
 	 

144,531.80	 
 
	BANK OF AMERICA	 	10	 	176,684.44	 
	BANK OF AMERICA	 	12	 	706,266.80	 
	BANK OF AMERICA	 	14	 	1,018,426.26	 
	BANK OF AMERICA	 	15	 	343,248.77	 
	 	 	 	 	
	 
	Bank of America Subtotal	 	 	 	2,389,158.07	 
	 

The Prudential Insurance Company of America	 
 	 

 	 
 	 

40,000,000.00	 
*
	 	 	 	 	
	 
	TOTAL INDEBTEDNESS	 	 	 	45,614,434.05	 
	 	 	 	 	
	 

	*
	PRO
FORMA BALANCE

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  REQUEST FOR PURCHASE
   MARTEN TRANSPORT, LTD.  

    Reference is made to the Note Purchase and Private Shelf Agreement (the "Agreement"), dated as of October 30, 1998, between Marten Transport, Ltd., a
Delaware corporation (the "Company"), on the one hand, and The Prudential Insurance Company of
America ("Prudential") and each Prudential Affiliate which becomes party thereto, on the other hand. Capitalized terms used and not otherwise defined herein shall have the
respective meanings specified in the Agreement.

    Pursuant
to Paragraph 2B(3) of the Agreement, the Company hereby makes the following Request for Purchase:

     1. Aggregate
principal amount of the Notes covered hereby (the "Notes")      $10,000,000

     2. Individual
specifications of the Notes:

	Principal Amount
	 	Final Maturity Date
	 	Principal Prepayment Dates and Amounts
	 	Interest Payment Period

	$	10,000,000	 	April 6, 2010	 	$1,428,571.43 on April 6 in each of the years 2004, 2005, 2006, 2007, 2008, 2009 and 2010	 	Quarterly

     3. Use
of proceeds of the Notes: Refinance Existing Indebtedness

     4. Proposed
day for the closing of the purchase and sale of the Notes: April 6, 2000

     5. The
purchase price of the Notes is to be transferred to:

	Name and Address

and ABA Routing Number of Bank
	 	Number of Account

	U.S. Bank	 	Marten Transport Ltd.
	 

ABA No.	 
 	 

Account No.

     6. The
Company certifies (a) that the representations and warranties contained in paragraph 8 of the Agreement are true on and as of the date of this
Request for Purchase except to the extent of changes caused by the transactions contemplated in the Agreement and (b) that there exists on the date of this Request for Purchase no Event of
Default or Default.

     7. The
Issuance Fee to be paid pursuant to the Agreement will be paid by the Company on the closing date.

	Dated: March 27, 2000	 	MARTEN TRANSPORT, LTD.
	 

 	 
 	 
By:	 
 	 

 
	 	 	 	 	

	 	 	Title:	 	Vice President

1

 

  CONFIRMATION OF ACCEPTANCE
   MARTEN TRANSPORT, LTD.  

    Reference is made to the Note Purchase and Private Shelf Agreement (the "Agreement"), dated as of October 30, 1998 between Marten Transport, Ltd., a
Delaware corporation (the "Company"), on the one hand, and The Prudential Insurance Company of
America ("Prudential") and each Prudential Affiliate which becomes party thereto, on the other hand. All terms used herein that are defined in the Agreement have the respective
meanings specified in the Agreement.

    Prudential
or the Prudential Affiliate which is named below as a Purchaser of Notes hereby confirms the representations as to such Notes set forth in paragraph 9 of the
Agreement, and agrees to be bound by the provisions of paragraphs 2B(5) and 2B(7) of the Agreement relating to the purchase and sale of such Notes and by the provisions of the penultimate sentence of
paragraph 11A of the Agreement.

    Pursuant
to paragraph 2B(5) of the Agreement, an Acceptance with respect to the following Accepted Notes is hereby confirmed:

	I.
	Accepted
Notes: Aggregate principal amount $10,000,000

	(A	)	(a)	 	Name of Purchaser: The Prudential Insurance Company of America
	 	 	(b)	 	Principal amount: $10,000,000
	 	 	(c)	 	Final maturity date: April 6, 2010
	 	 	(d)	 	Principal prepayment dates and amounts: $1,428,571.43 on April 6 annually in the years 2004, 2005, 2006, 2007, 2008, 2009 and 2010
	 	 	(e)	 	Interest rate: 8.57%
	 	 	(f)	 	Interest payment period: Quarterly
	 	 	(g)	 	Payment and notice instructions: As set forth on attached Purchaser Schedule

	II.
	Closing
Day: April 6, 2000

	Dated: April 6, 2000	 	MARTEN TRANSPORT, LTD.
	 

 	 
 	 
By:	 
 	 

 
	 	 	 	 	

	 	 	Title:	 	Vice President
	 

 	 
 	 
 THE PRUDENTIAL INSURANCE

  COMPANY OF AMERICA
	 

 	 
 	 
By:	 
 	 

 
	 	 	 	 	
 Vice President

1

 

  MARTEN TRANSPORT, LTD.
   SENIOR SERIES B NOTE  

No. 2000
B-1

ORIGINAL PRINCIPAL AMOUNT: $10,000,000

ORIGINAL ISSUE DATE: April 6, 2000

INTEREST RATE: 8.57% per annum

INTEREST PAYMENT DATES: January 6, April 6, July 6 and October 6 of each year

FINAL MATURITY DATE: April 6, 2010

PRINCIPAL PREPAYMENT DATES AND AMOUNTS: $1,428,571.43 on April 6 in each of the years 2004, 2005, 2006, 2007, 2008, 2009 and 2010

    FOR
VALUE RECEIVED, the undersigned, Marten Transport, Ltd. (herein called the "Company"), a corporation organized and existing
under the laws of the State of Delaware, hereby promises to pay to The Prudential Insurance Company of America, or registered assigns, the principal sum
of TEN MILLION DOLLARS, payable on the Principal Prepayment Dates and in the amounts specified above, and on the Final Maturity Date specified above in an amount equal to the unpaid balance of the
principal hereof, with interest (computed on the basis of a 360-day year—30-day month) (a) on the unpaid balance thereof at the Interest Rate per annum
specified above, payable on each Interest Payment Date specified above and on the Final Maturity Date specified above, commencing with the Interest Payment Date next succeeding the date hereof, until
the principal hereof shall have become due and payable, and (b) on any overdue payment (including any overdue prepayment) of principal, any overdue payment of Yield Maintenance Amount and any
overdue payment of interest, payable on each Interest Payment Date as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the
greater of (i) 2% over the Interest Rate specified above or (ii) 2% over the rate of interest publicly announced by Morgan Guaranty Trust Company of New York from time to time in New
York City as its Prime Rate.

    Payments
of principal, Yield Maintenance Amount, if any, and interest are to be made at the main office of Bank of New York in New York City or at such other place as the holder
hereof shall designate to the Company in writing, in lawful money of the United States of America.

    This
Note is one of a series of Senior Notes (herein called the "Notes") issued pursuant to a Note Purchase and Private Shelf Agreement, dated as of October 30, 1998 (herein
called the "Agreement"), between the Company, on the one hand, and The Prudential Insurance Company of America and each Prudential Affiliate (as defined in the Agreement) which becomes party thereto,
on the other hand, and is entitled to the benefits thereof.

    This
Note is subject to optional prepayment, in whole or from time to time in part, on the terms specified in the Agreement.

    This
Note is a registered Note and, as provided in the Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder's attorney duly authorized in writing, a new Note for the then outstanding principal amount will be issued to, and registered in
the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of
receiving payment and for all other purposes, and the Company shall not be affected by any notice to the contrary.

    In
case an Event of Default shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner and with the effect provided in
the Agreement.

    This
Note is intended to be performed in the State of Illinois and shall be construed and enforced in accordance with the internal laws and decisions (as opposed to the conflicts of
law provisions) of such State.

	 	 	MARTEN TRANSPORT, LTD.
	 

 	 
 	 
By:	 
 	 

 
	 	 	 	 	

	 	 	Title:	 	Vice President of Finance

 

  MARTEN TRANSPORT, LTD.
   CERTIFICATE AS TO REPRESENTATIONS, DEFAULTS, ETC.  

    Marten Transport, Ltd., a Delaware corporation (herein called the "Company"), does hereby certify, pursuant to Section 3A of the Note Purchase
and Private Shelf Agreement dated as of October 30, 1998 (the "Note Agreement") between the Company and The Prudential Insurance Company of America and each Prudential Affiliate which becomes a
party thereto, as follows:

     1. The
representations and warranties contained in Paragraph 8 of the Note Agreement are true on and as of the date hereof (except to the extent of changes
caused by the transactions contemplated by the Note Agreement).

     2. There
exists on the date hereof no Event of Default or Default as specified in paragraph 7 of the Note Agreement.

    IN
WITNESS WHEREOF, I have hereunto set my hand and the seal of the Company this 6th day of April, 2000.

	 	 	MARTEN TRANSPORT, LTD.
	 

 	 
 	 

By:	 
 	 

 
	 	 	 	 	

	 	 	Title:	 	Vice President

 

  OFFICER'S CERTIFICATE  

This
Officer's Certificate is made by Franklin J. Foster, in his capacity as Vice President of Marten Transport, Ltd., a Delaware corporation
("Marten"), in connection with that certain Note Purchase and Private Shelf Agreement between Marten and The Prudential Life Insurance Company of
America ("Prudential") dated as of October 30, 1998 ("Agreement") whereby Marten will on
April 6, 2000 issue its Senior Notes for $10,000,000 to Prudential (the "Notes"). All capitalized terms used herein but not defined herein shall
have the definition prescribed for such term as set forth in the Agreement.

The
undersigned does hereby certify to Oppenheimer Wolff & Donnelly LLP that:

	1.
	Marten
has no Subsidiaries; and

	2.
	The
execution, delivery, offering, issuance and sale of the Notes and compliance with the Agreement and the Notes do not conflict with, or result in a breach of the terms,
conditions or provisions of, or constitute a default under, or result in any violation of, or result in the creation of any Lien upon any of the properties or assets of Marten pursuant to, or require
any authorization, consent, approval, exemption or other action by notice to or filing with any court, administrative or governmental body or other person pursuant to any agreement, instrument, order,
judgment or decree to which Marten is a party or otherwise subject, except to the extent the Credit Agreement between U.S. Bank National Association, The Northern Trust Company and Marten, dated as of
October 30, 1998, as amended, which has been disclosed to you, may so conflict.

This
Officer's Certificate is executed as of April 6, 2000.

	 	 	MARTEN TRANSPORT, LTD.
	 

 	 
 	 

By:	 
 	 

	 	 	Printed name:	 	Franklin J. Foster

	 	 	Title:	 	Vice President of Finance

 

  CERTIFICATE OF SECRETARY
   MARTEN TRANSPORT, LTD.  

    The undersigned certifies that he is the Secretary of Marten Transport, Ltd., a Delaware corporation (the "Corporation"), and as such, he is authorized
to execute and deliver this Certificate on behalf of the Corporation pursuant to Paragraph 3A(iv) of that certain Note Purchase and Private Shelf Agreement dated as of October 30,
1998 (the "Note Agreement") between the Corporation and The Prudential Insurance Company of America.

	(a)
	The
Certificate of Incorporation of the Corporation has not been amended or revised since October 30, 1998.

	(b)
	The
By-laws of the Corporation have not been amended or revised since October 30, 1998.

	(c)
	Attached
hereto as Exhibit A is a true and correct copy of the Corporation's Board of Directors dated
April   , 2000. Such resolutions have not been rescinded, amended or modified, and are in full force and effect on the date hereof.

	(d)
	Attached
hereto as Exhibit B is a good standing certificate for the Corporation from the Secretary of State of Wisconsin.

	(e)
	The
following named persons were duly elected to, and are validly acting in, the office (or capacity) listed opposite their respective names, and their respective specimen
signatures set forth below are genuine:

	Name
	 	Title
	 	Signature

	Darrell D. Rubel	 	Executive Vice President, Chief Financial Officer and Treasurer	 	  
	 	 	 	 	

	Franklin J. Foster	 	Vice President of Finance	 	 
	 	 	 	 	

	Thomas A. Letscher	 	Secretary	 	 
	 	 	 	 	

    IN WITNESS WHEREOF, the undersigned has executed this Certificate and caused this Certificate to be delivered this 6th
day of April, 2000.

	 	 	
 Thomas A. Letscher

Secretary

QuickLinks

REQUEST FOR PURCHASE MARTEN TRANSPORT, LTD.

CONFIRMATION OF ACCEPTANCE MARTEN TRANSPORT, LTD.

MARTEN TRANSPORT, LTD. SENIOR SERIES B NOTE

MARTEN TRANSPORT, LTD. CERTIFICATE AS TO REPRESENTATIONS, DEFAULTS, ETC.

OFFICER'S CERTIFICATE

CERTIFICATE OF SECRETARY MARTEN TRANSPORT, LTD.

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