Document:

Exhibit 10.5

AEP INDUSTRIES
INC.

Directors Stock Option Certificate

Under 2005 Stock Option Plan

For Options Granted After January 1, 2005

Date of
Grant:  
                         

Name of
Optionee:                            

Address of
Optionee:                            

Number of
Shares:                            

Price Per
Share:                            

This is to certify
that, effective on the date of grant specified above (which shall in no event
be after December 31, 2014), AEP Industries Inc. (the “Company”) has
granted to the above-named optionee (the “Optionee”) an option to purchase from
the Company, for the price per share set forth above, the number of shares of
Common Stock, $.01 par value of the Company (the “Stock”) set forth above pursuant
to the AEP Industries Inc. 2005 Stock Option Plan (the “Plan”). This option is
granted pursuant to Section 12 of the Plan as an automatic grant to
outside directors and shall be treated as a nonqualified Stock Option.

The terms and
conditions of the option granted hereby, in addition to the terms and
conditions contained in the Plan, are as follows:

The price at which each
share of Stock subject to this option may be purchased shall be the price set
forth above, subject to any adjustments which may be made pursuant to Section 9
hereof, provided that it shall in no event be less than the market value (as
determined pursuant to Section 4 hereof) per share of Stock on the date of
grant, and provided further that in the event that the Optionee owns on the
date of grant stock possessing more than 10% of the total combined voting power
of all classes of stock of the Company or of any Parent or Subsidiary
corporations (within the meaning of Sections 425(e) and (f) of the
Code and referred to herein as “Parent” and “Subsidiary”, respectively), the
price per share shall not be less than 110% of the market value per share of
Stock on the date of grant.

2.    Subject to the terms and conditions set
forth herein, this option may be exercised to purchase shares of Stock covered
by this option only in accordance with the following schedule:

 

	
  

  Exercise Period

  	
   

  	
  Cumulative Percentage of

  Aggregate Number of Shares

  of Stock Covered by Option

  Which May be Purchased

  	
   

  
	
  Within 1st year from date of grant:

  	
   

  	
  0

  	
  %

  
	
  Beginning one
  year from date of grant:

  	
   

  	
  20

  	
  %

  
	
  Beginning two
  years form date of grant:

  	
   

  	
  40

  	
  %

  
	
  Beginning three
  years from date of grant:

  	
   

  	
  60

  	
  %

  
	
  Beginning four
  years from date of grant:

  	
   

  	
  80

  	
  %

  
	
  Beginning five years from date of grant:

  	
   

  	
  100

  	
  %

  

 

less, in the case
of each exercise period, the number of shares of Stock, if any, previously
purchased hereunder. This option shall terminate and no shares of Stock may be
purchased hereunder more than ten years after the date of grant, provided that
if the Optionee owns on the date of grant stock possessing more than 10% of the
total combined voting power of all 

 

classes of stock
of the Company or of any Parent or Subsidiary, this option shall not be
exercisable after the fifth anniversary of the date of grant and shall be 100%
exercisable four years and nine months after the date of grant.

3.    Except as
provided in Section 7 hereof, this option may not be exercised unless the
Optionee is a member of the Board of Directors of the Company at the time of
such exercise or a period of one year following the termination of such service
other than cause.

4.    Subject to
the terms and conditions set forth herein, the Optionee may exercise this
option at any time as to all or any of the shares of Stock then purchasable in
accordance with Section 2 hereof by delivering to the Company written
notice specifying:

(i)                  the
number of whole shares of Stock to be purchased together with payment in full
(in a manner specified below) of the aggregate option price of such shares,
provided that this option may not be exercised for less than one hundred shares
of Stock or the number of shares of Stock remaining subject to option,
whichever is smaller;

(ii)                 the
name or names in which the stock certificate or certificates are to be
registered;

(iii)                the address to which dividends,
notices, reports, etc. are to be sent; and

(iv)                the Optionee’s social security
number.

Only one Stock certificate will be issued unless the
Optionee otherwise requests in writing. Payment shall be in cash, or by
certified or bank cashier’s check payable to the order of the Company, free
from all collection charges; provided, however, that payment may be made in
shares of Stock owned by the Optionee having a market value on the date of
exercise equal to the aggregate purchase price, or in a combination of cash and
Stock. For purposes of the Plan, the market value per share of Stock shall be
the last sale price regular way on the date of reference, or, in case no sale
takes place on such day, the average of the closing high bid and low asked prices
regular way, in either case on the principal national securities exchange on
which the stock is listed to admitted to trading, or if the Stock is not listed
or admitted to trading on any national securities exchange, the average of the
closing high bid and low asked prices of the Stock in the over-the-counter
market on such date, as reported on the National Association of Securities
Dealers Automated Quotation System (“NASDAQ”), or if there is no such price
reported on NASDAQ on such date, as furnished to the Committee by a New York
Stock Exchange member selected from time to time by the Committee for such
purpose. If there are no bid and asked prices reported on any such date, the
market value shall be determined by the Committee in accordance with the
regulations promulgated under Section 2031 of the Code, or by any other
appropriate method selected by the Committee. If the Optionee so requests,
shares of Stock purchased upon exercise of an option may be issued in the name
of the Optionee or another person, provided the Optionee pays all transfer and
documentary taxes, if any, resulting from such issuance. No Optionee shall be
entitled to any rights as a stockholder of the Company in respect of any shares
of Stock covered by this option until such shares of Stock shall have been paid
for in full and issued to the Optionee.

5.    As soon as
practicable after the Company receives payment for shares of Stock covered by
this option, it shall deliver a certificate or certificates representing the
shares of Stock so purchased to the Optionee or his designee. Such certificate
shall be registered in the name of the Optionee, or in such other name or names
as the Optionee shall request.

6.    This option
is personal to the Optionee and during the Optionee’s lifetime may be exercised
only by the Optionee. This option shall not be transferable other than by will
or the laws of descent and distribution.

7.    This option
does not confer on the Optionee any right to continue in the employ of the
Company or interfere in any way with the right of the Company to determine the
terms of the Optionee’s employment.

8.    In the
event of a reorganization, recapitalization, stock split, stock dividend,
combination of shares, merger, consolidation, rights offering, or any other
change in the corporate structure or shares of the Company, the Committee shall
make such adjustments, if any, as it deems appropriate in the number and kind
of shares covered by this option, or in the option price per share hereunder,
or both.

9.    This option
shall be subject to the requirement that if at any time the Board of Directors
shall determine that the registration, listing or qualification of the shares
of Stock covered hereby upon any securities exchange or under any Federal or
State law, or the consent or approval of any governmental regulatory body is
necessary or desirable as a condition of, or in connection with, the granting
of this option or the purchase of shares of Stock hereunder, this option may
not be exercised unless and until such registration, listing, qualification,
consent or approval shall have been effected or 

 

obtained free of
any conditions not acceptable to the Board of Directors. The Committee may
require that the person exercising this option shall make such representations
and agreements and furnish such information as it deems appropriate to assure
compliance with the foregoing or any other applicable legal requirements.

10.  This option
and the terms and conditions herein set forth are subject in all respects to
the terms and conditions of the Plan, which shall be controlling. All
interpretations or determinations of the Committee shall be binding and
conclusive upon the Optionee and his legal representatives on any question
arising hereunder or under the Plan.

11.  By
acceptance of this option, the Optionee agrees that in the event the Optionee
sells or otherwise disposes of any shares of Stock subject to this option on or
prior to (i) the date two years from the date of the grant of this option,
or (ii) the date one year from the date of the transfer of any of such
shares to him pursuant to the exercise of this option or any portion thereof,
the Optionee shall promptly upon the occurrence of any such event (x) give
notice to the Company of the occurrence thereof, which notice shall specify the
manner in which such shares of Stock were sold or disposed of and the
consideration received therefor, and (y) furnish to the Company such other
information as may reasonably be requested by the Company.

12.  All notices
hereunder to the Company shall be delivered or mailed to the following address:

AEP Industries
Inc.

Attention:  Secretary, Stock Option
Committee

125 Phillips Avenue

South Hackensack, New Jersey  07606

Such address for
the service of notices may be changed at any time provided notice of such
change is furnished in advance to the Optionee.

13.  All notices
hereunder to the Optionee shall be delivered or mailed to the address set forth
on page 1 hereof. Such address for the service of notices may be changed
at any time provided notice of such change is furnished in advance to the
Company.

	
  

  	
   

  	
   

  	
   

  	
  AEP INDUSTRIES INC.

  
	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  SecretaryExhibit
10.1

 

Marten Transport,
Ltd.

Named Executive Officers’ Compensation Summary

 

On May 4, 2006, Marten Transport, Ltd.’s (the “Company’s”) Compensation
Committee approved a 10% increase to the base salary, retroactive to April 1,
2006, for the Company’s “named executive officers” (defined in Regulation S-K
Item 402(a)(3)), except for James J. Hinnendael, the Company’s Chief Financial
Officer. Effective April 1, 2006, the named executive officers are scheduled to
receive the following annual base salaries in their current positions:

 

	
  Name and Current Position

  	
   

  	
  Base Salary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Randolph L. Marten

  (Chairman, President and Chief Executive Officer)

  	
   

  	
  $

  	
  440,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  James J. Hinnendael

  (Chief Financial Officer)

  	
   

  	
  $

  	
  175,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Robert G. Smith

  (Chief Operating Officer)

  	
   

  	
  $

  	
  221,753

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Timothy P. Nash

  (Executive Vice President of Sales and Marketing)

  	
   

  	
  $

  	
  221,753

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Donald J. Hinson

  (Vice President of Operations)

  	
   

  	
  $

  	
  175,049

  	
   

  

 

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