LANDSTAR SYSTEM INC — Form 10-Q

Landstar System, Inc. hired William Clement as Vice President and Chief Commercial Officer, effective August 1, 2026, reporting to CEO Frank Lonegro. Total first-year compensation includes: base salary $450,000; target bonus 60% of base ($270,000); sign-on equity ($850,000 restricted stock + $400,000 PSUs); sign-on cash retention ($250,000 over 36 months); and one-time make-whole payment ($250,000). Additional benefits include severance (12 months salary if terminated without Cause within 5 years) and change-of-control protection (1x base + target bonus). The hire is a C-suite commercial operations appointment.