Good morning, ladies and gentlemen. I'm Frank Lonegro, President and Chief Executive Officer of Landstar System, Inc and a member of Landstar's board of directors. I'd like to welcome all of you to the 2026 Landstar System Annual Meeting of Stockholders. At this time, I would like to introduce the independent members of Landstar's Board of Directors who are here today, beginning with our Chairman of the Board, Diana Murphy. Additional members of our board with us today are Homaira Akbari, David Bannister, Barr Blanton, Melanie Hart, Jim Liang, George Scanlon, and Teresa White. I would also like to introduce Landstar's Executive Officers who are here today. Jim Applegate, Vice President and Chief Corporate Sales, Strategy, and Specialized Freight Officer. Rick Coro, Vice President and Chief Information Officer. Matt Dannegger, Vice President and Chief Field Sales Officer. Michael Kneller, Vice President, General Counsel, and Secretary.
Terri Lewis, Vice President and Chief Human Resources Officer. Matt Miller, Vice President and Chief Safety and Operations Officer, and Jim Todd, Vice President and Chief Financial Officer. In addition, in attendance are Jerry Delgado and Randy Green from KPMG LLP, the company's independent registered public accounting firm for the 2025 fiscal year. KPMG has also been nominated to serve as the company's independent registered public accounting firm for the 2026 fiscal year. After my report has been completed, there will be a question-and-answer period during which the representatives from KPMG will be available to answer questions. Please submit any questions for KPMG using the virtual meeting web portal. Beth VanDerbeck of The Carideo Group on behalf of Broadridge Financial Solutions is the company's inspector of election for this meeting.
Ms. VanDerbeck has signed an oath that she will faithfully execute her duties as the inspector for this election. She will also submit a certified report describing the results of the votes on all matters presented at this meeting. Ms. VanDerbeck has advised the company that a quorum is present. The meeting is lawfully and properly convened. We may proceed with this meeting. Ms. VanDerbeck has in her possession a list of the company stockholders as of the record date. It is available for inspection at this meeting and has been available for more than the last 10 days at the principal office of the company. Mike Kneller, Secretary of the company, has reported that on March 23rd, 2026, stockholders of record as of March 10, 2026, were mailed a notice and access card regarding the availability of proxy materials for the 2026 annual stockholders meeting.
Alternatively, stockholders who requested a full mailing were mailed a notice of the meeting together with a proxy, a proxy statement in the company's annual report for the 2025 fiscal year. An affidavit of an officer of Broadridge describing these mailings together with a copy of those documents will be filed with the minutes of this meeting. The matter set forth in the notice of this meeting will now be considered. Those stockholders who have returned their proxies should not vote through the virtual meeting web portal unless they wish to revoke their proxies. Anyone wishing to vote in person, including those who wish to revoke their proxies, should vote using the web portal. If you have filed a proxy with the company or with the inspector of election, your shares will be voted in accordance with the proxy.
If you did not indicate how you wish to vote on one or more proposals on a filed proxy, your shares will be voted in favor of proposals one, two, and three. We will present each of these matters to be voted upon, and voting will take place after they have been presented and discussed. The first matter to come before the meeting and be voted upon by stockholders is the election of directors. I recognize Matt Miller, Landstar's Chief Safety and Operations Officer.
I move that Homaira Akbari, David Bannister, Barr Blanton, Melanie Hart, Jim Liang, Frank Lonegro, Diana Murphy, George Scanlon, and Teresa White each be elected to serve a new term as a director on the Landstar Board of Directors.
I recognize Jim Applegate, Landstar's Chief Corporate Sales, Strategy, and Specialized Freight Officer.
I second the motion.
Are there any other nominations? Is there any discussion as to the nominees? There being no nominations or further discussion, I will entertain a motion that nominations for the election of directors be closed. I recognize Matt Miller.
I move that the nominations for election of directors be closed.
I recognize Jim Applegate.
I second the motion.
The second matter to be voted on is the ratification of the appointment of KPMG LLP as the independent registered public accounting firm for the company's 2026 fiscal year. The audit committee has selected KPMG, and the Board of Directors recommends that stockholders vote in favor of ratifying this appointment. In this role, KPMG will audit financial statements and perform other accounting services for the company for the fiscal year ending December 26, 2026, or until the audit committee, in its discretion, replaces them. I recognize Matt Miller.
I move that the stockholders ratify the appointment of KPMG LLP as the independent registered public accounting firm for the company's 2026 fiscal year.
I recognize Jim Applegate.
I second the motion.
The third matter to be considered by Landstar stockholders is the advisory vote to approve the company's executive compensation. I recognize Matt Miller.
I move that the stockholders vote for the approval on an advisory basis of the compensation paid by the company to its named executives, as discussed in the company's proxy statement for the 2026 annual meeting.
I recognize Jim Applegate.
I second the motion.
We shall now proceed with the voting. I declare the polls open at 9:05 A.M. today, May 5th, 2026, for each matter to be voted on at this meeting. Please submit any questions or comments on any of the following proposals using the virtual meeting web portal. Proposal number one: the election of directors. Proposal number two: the ratification of the appointment of KPMG LLP. Proposal number three: the advisory vote to approve Landstar's executive compensation. Seeing no questions or comments on any of the proposals made through the virtual meeting web portal, I now declare the polls closed at 9:06 A.M. today, May 5th, 2026, for each matter to be voted on at this meeting. I will now entertain a short Q&A from the audience. Please submit any questions using the virtual meeting web portal.
Seeing no questions or any other matters to be properly presented at this meeting, we will proceed to report on the results of the balloting. Ms. VanDerbeck, the Inspector of Election for this meeting, has reported the voting results on each proposal to me. The election to the board of each of Homaira Akbari, David Bannister, Barr Blanton, Melanie Hart, Jim Liang, Frank Lonegro, Diana Murphy, George Scanlon, and Teresa White has been approved. The ratification of the appointment of KPMG LLP as the company's independent registered public accounting firm for fiscal year 2026 has been approved. The resolution relating to the advisory vote to approve Landstar's executive compensation has been approved. Is there any other business to come before this meeting? If not, I will entertain a motion to adjourn. I recognize Matt Miller.
I move that the meeting be adjourned.
I recognize Jim Applegate.
I second the motion.
If there are no objections, this meeting is adjourned. Thank you very much for attending.
This concludes today's meeting. You may now disconnect.