htld-20250327

false0000799233DEF 14AMichael J. GerdinTotal Shareholder ReturnNet IncomeOperating Ratio

Operating Ratio

(4) To calculate the compensation actually paid for our non-PEO NEOs, the following adjustments were made to SCT total compensation, calculated in accordance with the SEC methodology for determining compensation actually paid for each year shown:


Year	Average Summary Compensation Table Total for Non-PEO NEOs ($)	Deduct Stock and Option Awards Reported in the Summary Compensation Table ($)	Add YE Fair Value of Awards Granted During the Covered FY that are Outstanding and Unvested as of the End of the Covered FY ($)	Add Change in Fair Value as of the End of the Covered FY for Awards Granted in a Prior FY that are Outstanding and Unvested as of the Covered FY ($)	Add Vesting-Date Fair Value of Awards Granted During the Covered FY that Vested During the Covered FY ($)	Add Change in Fair Value as of the Vesting Date for Awards Granted in a Prior FY that Vested During the Covered FY ($)	Average Compensation Actually Paid to Non-PEO NEOs ($)
2024	365,517	(84,876)	—	—	84,876	(4,606)	360,911
2023	408,884	(22,967)	10,712	(2,160)	12,721	2,059	409,249
2022	340,087	(51,039)	12,886	—	40,119	—	342,053
2021	254,162	(2,511)	—	(320)	2,511	(1,831)	252,011
2020	301,232	(55,341)	22,625	(2,397)	31,179	17	297,315


The following non-PEO named executive officers are included in the average figures shown:
2024: Christopher A. Strain, Kent D. Rigdon, David P. Millis, Michael P. Donovan and Joshua S. Helmich.
2023: Christopher A. Strain, Kent D. Rigdon, David P. Millis, Todd A. Smith and Michael P. Donovan.
2022: Christopher A. Strain, Kent D. Rigdon, David P. Millis and Todd A. Smith.
2021: Christopher A. Strain, Kent D. Rigdon, David P. Millis and Jo A. Borden.
2020: Christopher A. Strain, Kent D. Rigdon, David P. Millis and Jo A. Borden.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by Registrant (X)

Filed by a party other than the Registrant ( )

Check the Appropriate Box:

( ) Preliminary Proxy Statement

( ) Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

(X) Definitive Proxy Statement

( ) Definitive Additional Materials

( ) Soliciting Material under §240.14a-12

HEARTLAND EXPRESS, INC.

(Name of Registrant as Specified in its Charter)

N/A

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):


(X)			No fee required.
( )			Fee paid previously with preliminary materials.
( )			Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

HEARTLAND EXPRESS, INC.

901 Heartland Way

North Liberty, Iowa 52317

NOTICE AND PROXY STATEMENT

FOR ANNUAL MEETING OF STOCKHOLDERS

TO BE HELD ON MAY 8, 2025

Dear Fellow Stockholders:

The 2025 Annual Meeting of Stockholders (the “Annual Meeting”) of Heartland Express, Inc., a Nevada corporation ("Heartland Express," the "Company," "we," "us" or "our"), will be held at our headquarters, 901 Heartland Way, North Liberty, Iowa, 52317, at 8:00 a.m. Central Daylight Time, on Thursday, May 8, 2025, for the following purposes:


1.			To consider and act upon a proposal to elect seven (7) directors of the Company.
2.			Ratify the appointment of Grant Thornton LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025.
3.			To conduct an advisory, non-binding vote on the Company's executive compensation.
4.			To consider and act upon such other matters as may properly come before the Annual Meeting and any adjournment thereof.

The foregoing matters are more fully described in the accompanying Proxy Statement.

The Board of Directors has fixed the close of business on March 10, 2025, as the record date for the determination of stockholders entitled to receive notice of, to participate in, and to vote at the Annual Meeting or any adjournment thereof. Shares of common stock may be voted at the Annual Meeting only if the holder is present at the Annual Meeting or by valid proxy. YOUR VOTE IS IMPORTANT. TO ENSURE YOUR REPRESENTATION AT THE ANNUAL MEETING, YOU ARE REQUESTED TO PROMPTLY DATE, SIGN, AND RETURN THE ACCOMPANYING PROXY IN THE ENCLOSED ENVELOPE. You may also vote on the Internet by completing the electronic voting instruction form found at www.proxyvote.com or by telephone using a touch-tone telephone and calling 1-800-690-6903. Returning your proxy now will not interfere with your right to participate in the Annual Meeting or to vote your shares at the Annual Meeting, if you wish to do so. The prompt return of your proxy may save the Company additional expenses of solicitation.

To obtain directions to the Annual Meeting, please call Mr. Joshua S. Helmich at (319) 645-7060.


			By Order of the Board of Directors,
			/s/ Michael J. Gerdin
			Michael J. Gerdin
			Chairman of the Board
			North Liberty, Iowa 52317
			March 28, 2025

PROXY STATEMENT

TABLE OF CONTENTS


GENERAL INFORMATION			1
PROXY STATEMENT			1
ANNUAL REPORT			3
PROPOSALS FOR ANNUAL MEETING
PROPOSAL 1			4
ELECTION OF DIRECTORS			4
CORPORATE GOVERNANCE AND THE BOARD OF DIRECTORS			6
Report of the Compensation Committee			11
Executive Officers			12
COMPENSATION DISCUSSION AND ANALYSIS			13
PAY VERSUS PERFORMANCE			19
SUMMARY OF CASH AND CERTAIN OTHER COMPENSATION PAID TO THE NAMED EXECUTIVE OFFICERS			23
DIRECTOR COMPENSATION			25
SECURITY OWNERSHIP OF PRINCIPAL STOCKHOLDERS, MANAGEMENT AND OTHERS			26
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS			28
PROPOSAL 2			28
RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			28
RELATIONSHIP WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			29
Audit and Risk Committee Report			30
PROPOSAL 3			31
NON-BINDING, ADVISORY VOTE ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS			31
PROPOSALS BY STOCKHOLDERS			31
OTHER MATTERS AND SIGNATURE			32

HEARTLAND EXPRESS, INC.

901 Heartland Way

North Liberty, Iowa 52317

PROXY STATEMENT

FOR ANNUAL MEETING OF STOCKHOLDERS

TO BE HELD MAY 8, 2025


GENERAL INFORMATION

This Proxy Statement (the "Proxy Statement") is furnished in connection with the solicitation of proxies from the stockholders of Heartland Express to be voted at the Annual Meeting, which will be held at our headquarters, 901 Heartland Way, North Liberty, Iowa 52317, Thursday, May 8, 2025, at 8:00 a.m. Central Daylight Time, and any adjournment thereof. THE ENCLOSED PROXY IS SOLICITED BY OUR BOARD OF DIRECTORS. All costs of the solicitation will be borne by the Company. The approximate date of mailing this Proxy Statement and the enclosed form of proxy is March 28, 2025.

We are using the SEC's Notice and Access model ("Notice and Access") that allows us to deliver proxy materials via the Internet. We believe Notice and Access provides stockholders with a convenient method to access the proxy materials and vote, while allowing us to conserve natural resources and reduce the costs of printing and distributing the proxy materials. A Notice of Availability of Proxy Materials (the "Notice") was first mailed on or about March 28, 2025, to stockholders of record at the close of business on March 10, 2025 (the "Record Date"). The Internet Notice will instruct you as to how you may access and review the proxy materials. The Proxy Statement, the proxy card, and our Annual Report for the year ended December 31, 2024 ("Annual Report") are first being made available to stockholders on or about March 28, 2025.

How to Read this Proxy Statement

This Proxy Statement contains the proposals to be considered by stockholders at the Annual Meeting, as well as important information concerning, among other things: our management and our Board of Directors; executive compensation; transactions between us and our officers, directors, and affiliates; the stock ownership of management and other large stockholders; the services provided to us by and fees of our independent registered public accounting firm; and instructions for stockholders who want to make proposals at the 2026 Annual Meeting. Each stockholder should read this information before completing and returning the enclosed proxy card.


PROXY STATEMENT

Why am I receiving this proxy statement?

Our Board of Directors (the "Board") has made available to you the Notice of Annual Meeting, this Proxy Statement, our Annual Report, proxy card, and voter instruction card (collectively, "Proxy Solicitation Materials") either on the Internet or by mail in connection with the Annual Meeting. The Company will bear all costs associated with this proxy solicitation. You are receiving this Proxy Statement because you owned shares of Heartland Express common stock at the close of business on the Record Date, and that entitles you to vote at the Annual Meeting. By use of a proxy, you can vote whether or not you participate in the Annual Meeting. This Proxy Statement describes the matters on which we would like you to vote and provides information on those matters so that you can make an informed decision.

What is Notice and Access and why did Heartland Express elect to use it?

We make the Proxy Solicitation Materials available to stockholders electronically via the Internet under the Notice and Access regulations of the SEC.

Most of our stockholders have received the Notice in lieu of receiving a full set of Proxy Solicitation Materials in the mail. The Notice includes information on how to access and review the Proxy Solicitation Materials, and how to vote, via the Internet. We believe this method of delivery will decrease costs, expedite distribution of Proxy Solicitation Materials to you, and reduce our environmental impact.

Stockholders who received the Notice but would like to receive a printed copy of the Proxy Solicitation Materials in the mail should follow the instructions in the Notice for requesting such materials.

What will I be voting on?

•Election of directors

•Ratification of the independent registered public accounting firm for 2025

•An advisory, non-binding vote, on executive compensation

How do I vote?

You can vote either at the Annual Meeting or by proxy. We urge you to vote by proxy even if you plan to participate in the Annual Meeting so that we will know as soon as possible that enough votes will be present for us to hold the meeting. If you participate in the meeting, you may vote at the meeting and your prior proxy will not be counted.

To vote your shares, follow the instructions in the Notice, voting instruction form, or the enclosed proxy card. Telephone and Internet voting is available to all registered and most beneficial holders.

Stockholders voting by proxy may use one of the following three options:

•fill out the enclosed voter instruction form or proxy card, sign it, and mail it in the enclosed postage-paid envelope;

•vote by Internet (if available, instructions are on the voter instruction form, proxy card, or Notice); or

•vote by telephone prior to the Annual Meeting (if available, instructions are on the voter instruction form, proxy card, or Notice).

If you hold your shares in "street name," please refer to the information forwarded by your bank, broker, or other holder of record to see the options available to you.

The telephone and Internet voting facilities for stockholders to vote prior to the Annual Meeting will close at 11:59 p.m. Eastern Daylight Time on May 7, 2025. If you vote by telephone or over the Internet prior to the Annual Meeting, you may incur costs, such as telephone and Internet access charges, for which you will be responsible. The telephone and Internet voting procedures are designed to authenticate stockholders and to allow you to confirm that your instructions have been properly recorded.

Can I change my proxy vote?

Yes. Any stockholder giving a proxy vote has the power to revoke it at any time before it is exercised by:

•revoking it by written notice to Mr. Joshua S. Helmich, our Secretary, at the address on the cover of this Proxy Statement;

•delivering a later-dated proxy (including a telephone or Internet vote); or

•voting in person at the meeting.

If you hold your shares in "street name," please refer to the information forwarded by your bank, broker, or other holder of record for procedures on revoking or changing your proxy.

How many votes do I have?

You will have one vote for each share of Heartland Express common stock that you owned at the close of business on March 10, 2025.

How many shares are entitled to vote?

There were 78,529,641 shares of Heartland Express common stock outstanding and 67,125 shares granted, but not vested, under the Heartland Express, Inc. 2021 Restricted Stock Award Plan (the “Restricted Stock Plan”) as of the Record Date that are entitled to vote at the meeting. Each share is entitled to one vote. We have no other class of stock outstanding. There is no cumulative voting.

How many votes must be present to hold the meeting?

In order to transact business at the Annual Meeting, a quorum must be present. A quorum is present if forty percent (40%) of the issued and outstanding shares of Common Stock as of the Record Date are represented at the Annual Meeting in person or by proxy. Shares that are entitled to vote but that are not voted at the direction of the holder (called "abstentions") and shares that are not voted by a broker or other record holder due to the absence of instructions from the beneficial owner (called "broker non-votes") will be counted for the purpose of determining whether a quorum is present.

How many votes are needed for the proposals to pass and how are votes tabulated?

The election of directors (Proposal 1) requires an affirmative vote of a plurality of the votes cast, which means that with respect to Proposal 1, the seven director nominees receiving the highest number of votes for their election will be elected. The ratification of our independent registered public accounting firm for 2025 (Proposal 2), and the vote on executive compensation (Proposal 3), will require the affirmative vote of a majority of the votes cast at the meeting. For purposes of determining the number of votes cast with respect to a particular matter, only those cast "For" or "Against" are included. If you are a holder of record (that is, your shares are registered in your own name with our transfer agent), and no direction is specified on your proxy card, the proxy will be voted "For" Proposals 1, 2 and 3, and at the discretion of the proxy holders, upon such other matters as may properly come before the meeting or any adjournment thereof. Proxies marked "Abstain" and broker non-votes are counted only for purposes of determining whether a quorum is present at the meeting. With respect to the vote on executive compensation (Proposal 3) this vote is non-binding on the Board. Although non-binding, the Board will review and consider the voting results when evaluating our executive compensation program.

A vote to "abstain" on the election of directors will have no effect on the outcome. A vote to "abstain" on the other proposals will also have no effect on the outcome.

If you vote "abstain," your shares will be counted as present for purposes of determining whether enough votes are present to hold the Annual Meeting.

Votes cast at the Annual Meeting will be tabulated by the Inspector of Elections and the results of all items voted upon will be announced at the Annual Meeting.

What if I don't return my proxy card and don't participate in the Annual Meeting?

If you are a holder of record and you do not vote your shares, your shares will not be voted.

If you hold your shares in "street name," and you do not give your bank, broker, or other holder of record specific voting instructions for your shares, your record holder can vote your shares on the ratification of the independent registered public accounting firm. However, your record holder cannot vote your shares without your specific instructions on the election of directors and the advisory approval of executive compensation.

For the proposals on which a broker cannot vote without your instruction, if you do not provide voting instructions to your broker, the votes will be considered "broker non-votes" and will not be counted in determining the outcome of the vote. "Broker non-votes" will be counted as present for purposes of determining whether enough votes are present to hold the Annual Meeting.

What happens if a nominee for director declines or is unable to accept election?

If you vote by proxy, and if unforeseen circumstances make it necessary for the Board to substitute another person for a nominee, we will vote your shares for that other person.


ANNUAL REPORT

Will I receive a copy of the Heartland Express Annual Report?

The information included in this Proxy Statement should be reviewed in conjunction with the Consolidated Financial Statements, Notes to Consolidated Financial Statements, Reports of our Independent Registered Public Accounting Firm, and other information included in our 2024 Annual Report to Stockholders that was made available on or about March 28, 2025, together with the Notice, to all stockholders of record as of the Record Date. A copy of our 2024 Annual Report is available free of charge on the "Investors" section of our corporate website at www.heartlandexpress.com. The information on our corporate website is not, and shall not be deemed to be, a part of this Proxy Statement nor, by reference or otherwise, incorporated into any other filings we make with the SEC. Except to the extent it is incorporated by specific reference, our 2024 Annual Report is not incorporated into this Proxy Statement and is not considered to be part of the Proxy Solicitation Materials.

PROPOSAL 1

ELECTION OF DIRECTORS

At the Annual Meeting, the stockholders will elect seven (7) directors to serve on the Board until the 2026 Annual Meeting or until their successors are duly elected and qualified. Upon the recommendation of the Nominating and Governance Committee of the Board, our Board has nominated for election as directors the following seven individuals, each of whom is presently serving as a director, except for Amanda M. Hupfeld: Mr. Michael J. Gerdin, Dr. Benjamin J. Allen, Mr. James G. Pratt, Ms. Brenda S. Neville, Mr. David P. Millis, Dr. Brenda M. Lantz, and Ms. Amanda M. Hupfeld.

Information Concerning Directors

Information concerning the names, ages, positions with the Company, tenure as a director, and business experience of the nominees for directors is set forth below.


NAME	AGE	POSITION	DIRECTOR SINCE
Mr. Michael J. Gerdin	55	Chairman of the Board, Chief Executive Officer, President and Director	1996
Dr. Benjamin J. Allen	78	Director	1995
Mr. James G. Pratt	76	Director	2006
Ms. Brenda S. Neville	62	Director	2017
Mr. David P. Millis	64	Director and Millis Transfer President	2020
Dr. Brenda M. Lantz	56	Director	2023
Ms. Amanda M. Hupfeld	51	Nominee for Director	-

Director Qualifications

NAME

Mr. Michael J. Gerdin

Dr. Benjamin J. Allen

Mr. James G. Pratt

Ms. Brenda S. Neville

Mr. David P. Millis

Dr. Brenda M. Lantz

Ms. Amanda M. Hupfeld

Qualification:

Public Company Officer or Key Employee

Financial Reporting

Industry

Environmental

Risk Management

Information Security

Governance

Mr. Michael J. Gerdin has served as Chief Executive Officer and Chairman of the Board since 2011. Mr. Gerdin does not serve on any committees of the Board. He was appointed President in 2006. Mr. Gerdin served as the Company's Vice President of Regional Operations from 2001 until 2006. From 1998 to 2001, he was President of A & M Express, Inc., a wholly-owned subsidiary of the Company. From 1983 until 1998, Mr. Gerdin held a variety of positions within the Company, including positions in the operations, sales, safety, maintenance and driver recruiting departments. Mr. Gerdin previously served on the Board of Directors of the Iowa Motor Truck Association, an educational and advocacy group for the trucking industry. Mr. Gerdin served as a director of West Bancorporation and West Bank, a wholly owned subsidiary of West Bancorporation, Inc., from 2013 to 2023. Mr. Gerdin serves on the Iowa State University College of Business Dean's Advisory Council. Under his leadership as CEO the Company has grown from $529 million in annual revenue to $1.0 billion. The selection of Mr. Gerdin was based upon, among other things, his 41 years of industry experience and expertise, in addition to his exemplary leadership during a period of growth and in all roles in which he has served as an employee and director of the Company.

Dr. Benjamin J. Allen has served as a director since 1995 and is Chairperson of the Compensation Committee and a member of the Audit and Risk Committee. Dr. Allen served as interim president of Iowa State University (a public university) from May 2017 to November 2017. Dr. Allen served as the President of the University of Northern Iowa (a public university) from 2006 to June 2013. Dr. Allen was the Vice President for Academic Affairs and Provost at Iowa State University from 2002 through 2006. He also served as a Distinguished Professor in Business at Iowa State University, a position to which he was originally

appointed in 1988. In addition, Dr. Allen served as Dean of the College of Business at Iowa State University from 1994 to 2001 and as the Interim Vice President for External Affairs of Iowa State University in 2001 and 2002. He earned his B.S. degree in business economics at Indiana University and his Ph.D. degree in economics at the University of Illinois. He taught and conducted research in the area of transportation economics and management for more than 25 years. He has gained a thorough understanding of the Company and the industry in his role as a director for the past 30 years. His experiences in leadership positions at two of Iowa's major universities are highly valuable in the performance of his duties on board committees.

Mr. James G. Pratt has served as a director since 2006 and is Chairperson of the Audit and Risk Committee and is Vice Chairperson of the Compensation Committee. Mr. Pratt retired in 2012 after 30 years of employment with Hills Bank and Trust Company, a bank providing consumer and commercial services, with several branches in Iowa, and Hills Bancorporation, the holding company for Hills Bank and Trust Company. Prior to his retirement, Mr. Pratt served as the Senior Vice President and Chief Financial Officer of Hills Bank and Trust Company in Hills, Iowa, positions he held since 1986. In addition, he served as the Treasurer of Hills Bancorporation, an SEC reporting one-bank holding company with over $2 billion in assets, since 1983, and Secretary of Hills Bancorporation since 2004. Mr. Pratt is an inactive holder of the certified public accountant certification. Before joining Hills Bank and Trust Company in 1982 he was employed by Ernst & Ernst, now Ernst & Young (a professional services company), and McGladrey & Pullen, now RSM (an accounting and consulting firm). Mr. Pratt brings to our Board extensive knowledge of finance, as well as significant experience in the oversight of the operations of a successful and disciplined banking enterprise. He makes a highly valuable contribution to the oversight of risk management and financial matters. Mr. Pratt has made significant contributions to the Audit and Risk Committee in his leadership role as its Chair.

Ms. Brenda S. Neville has served as a director since 2017 and is Chairperson of the Nominating and Governance Committee. Ms. Neville is the President and Chief Executive Officer of the Iowa Motor Truck Association (IMTA). Prior to being named President of IMTA in 2008, Ms. Neville was named Vice President and retained the position for 12 years. In the 38 years that Ms. Neville has been with IMTA she has been a strong advocate for Iowa's trucking industry both on the state and national level, as well as providing assistance and expertise in public policy development and trucking industry specific research. IMTA is a statewide trade association that is headquartered in Des Moines, Iowa and represents approximately 700 member companies, as well as a number of different divisions that are affiliated with the trucking, towing and transportation industry. Ms. Neville is a current board member of Trucking Association Executive Council (TAEC)/Federation of the American Trucking Associations (ATA), advisory member for Iowa Freight Management Council and a committee member on the ATA Technology & Engineering Policy, ATA Automated Trucking Policy, ATA Image & Communications, and ATA Nominating and Bylaws Committees. Ms. Neville is a 1985 graduate of University of Northern Iowa with a B.S. in Business/Marketing. Ms. Neville also holds a Certification in Institutes of Organizational Management (IOM) from University of Oklahoma/US Chamber of Commerce and a Certification in Association Management (CAE) both of which she obtained in 1993. Ms. Neville's qualifications to serve on our Board include her extensive background as an advocate for the trucking industry both at a state and national level, as well as her experience in the oversight of the operations of a non-profit trade association promoting the success of the trucking industry.

Mr. David P. Millis has served as a director since 2020. Mr. Millis is an employee director of the Company. Mr. Millis does not serve on any committees of the Board. Mr. Millis is the President of Millis Transfer, LLC ("Millis Transfer") a subsidiary of the Company, where over the last 49+ years he has worked in nearly every area of the organization, from truck wash to President. He has held top leadership roles focused on Accounting/Finance, Administration, and Operations before being named President in 1992. Mr. Millis is a third generation family member to lead Millis Transfer. The selection of Mr. Millis to serve as a director was based upon, among other things, his significant industry knowledge and expertise that we believe strengthens and expands the expertise of the Board.

Dr. Brenda M. Lantz has served as a director since October 2023 and is Vice Chairperson of the Nominating and Governance Committee and is a member of the Compensation Committee. Dr. Lantz is the Associate Director of North Dakota State University's Upper Great Plains Transportation Institute (the "UGPTI") as well as the Program Director for the Commercial Vehicle Safety Center (the "CVSC") at UGPTI. As Associate Director, Dr. Lantz, helps lead the UGPTI’s research, education, and outreach activities. She assists in managing and promoting the institute while working to improve coordination among the institute’s centers and encouraging synergy among staff. As Program Director of the CVSC, Dr. Lantz serves as a point of contact for universities, law enforcement, and other agencies seeking assistance to establish partnerships to improve commercial vehicle safety in the U.S. Western region. She also conducts safety-related research and analysis. Dr. Lantz holds a Master’s degree in Statistics from North Dakota State University, and a Ph.D. in Business Administration, Supply Chain and Information Systems, from the Pennsylvania State University. She has more than 31 years of experience in transportation research, primarily in the commercial vehicle safety field, and has worked extensively with both government and private industry agencies. Dr. Lantz's qualifications to serve on our Board include her extensive leadership background as an advocate for commercial vehicle safety, including safety-related research and analysis, education and outreach.

Ms. Amanda M. Hupfeld is presented as a nominee to serve as a director. Ms. Hupfeld is the Chief Financial Officer of LimoLink Incorporated, a worldwide chauffeured transportation services organization. Ms. Hupfeld has served as LimoLink Chief Financial Officer since 2007 and has been a director of LimoLink since 2009. Ms. Hupfeld's experience includes all aspects of the day-to-day corporate management with a focus on both short-term and long-term strategic planning. Her responsibilities include the oversight of financial reporting, budgeting, risk management, information technology and tax compliance. Ms. Hupfeld is a director and audit committee chairperson of F&M Bank, a regional bank with branch locations in Iowa and Minnesota. Prior to joining LimoLink, Ms. Hupfeld worked for McLeod USA where she held progressive accounting roles from 2001-2007, culminating in Corporate Controller. While at McLeod USA Ms. Hupfeld was responsible for the preparation of SEC filings along with the oversight of the financial statement audits including coordination with external auditors. Ms. Hupfeld was employed by PricewaterhouseCoopers, LLP from 1996 to 2001 as a certified public accountant. Ms. Hupfeld's qualifications to serve on our Board include her previous experience as a certified public accountant in public accounting followed by expansive financial leadership experience inclusive of financial reporting oversight for public and private companies along with various progressive leadership roles including being an executive officer.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE "FOR" THE NOMINEES FOR DIRECTOR PRESENTED IN PROPOSAL 1.

CORPORATE GOVERNANCE AND THE BOARD OF DIRECTORS

Meetings and Director Compensation

The Board's meetings are regularly scheduled. The Board held a total of four regularly scheduled meetings during the last fiscal year. Each of the then-current directors attended 100% of the regular meetings of the Board. Committee members attended 100% of the meetings held by all of the committees of the Board of which each such director is a member. We have no formal policy regarding attendance by its directors at annual meetings of stockholders. All of our then-current directors attended the 2024 Annual Meeting.

Independent Directors

Of the six members currently serving on the Board, the Board has determined that Dr. Benjamin J. Allen, Mr. James G. Pratt, Ms. Brenda S. Neville, and Dr. Brenda M. Lantz are "independent directors" as defined in the applicable NASDAQ Stock Market ("NASDAQ") listing standards and also meet the additional independence standards and other requirements for audit committee membership set forth by NASDAQ and SEC rules. If elected to the Board, nominee Amanda M. Hupfeld also would be an “independent director” as defined in the applicable NASDAQ listing standards and would meet the additional independence standards and other requirements for audit committee membership set forth by NASDAQ and SEC rules.

The Board uses the independence standards set forth in the NASDAQ Rule 5605(a)(2) and Rule 10A-3(b)(1) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for determining whether a director is independent.

Board Leadership Structure

Mr. Michael J. Gerdin serves as our Chief Executive Officer and Chairman of the Board. Mr. Gerdin is the direct link between senior management and the Board and provides critical insight and perspective to the Board, as well as feedback to senior management, based on his substantial experience in the industry and his direct involvement with the Company's daily operations. Mr. Gerdin, our Chief Operating Decision Maker ("CODM"), is involved in the day-to-day operations and has provided consistent leadership of key strategic objectives in his past and current positions. Historically, the Board has believed that given the size of the Company, the combination of the Chief Executive Officer and Chairman of the Board positions was the most appropriate and suitable structure for proper and efficient Board functioning and communication. The Board has determined that the continued combination of these roles, balanced by our majority independent Board, fully independent Board committees, and other strong governance practices, continues to be appropriate. Mr. Gerdin's long-tenured service to the Company, combined with his large beneficial stockholdings, demonstrate to our stockholders Mr. Gerdin’s commitment to our growth and success.

Risk Oversight

The Board oversees an enterprise-wide approach to risk management, designed to support the achievement of organizational objectives, including strategic objectives, to improve long-term organizational performance and enhance stockholder value. In its risk oversight role, our Board considers and confers with management, including our CODM, about our current risk administration and any emerging risks. Typically, management identifies, measures, and analyzes risks inherent to our business,

operations, and industry. Pursuant to the Board’s instruction, management regularly reports on applicable risks to the relevant committee or the full Board. A fundamental part of risk management is not only understanding the risks we face and what steps management is taking to manage those risks, but also understanding what level of risk is appropriate for the Company. The Board addresses this responsibility as part of its periodic Board Meetings, including with outside advisors as appropriate. During the last fiscal year the Board held a total of four regularly scheduled meetings. The primary areas of risk assessment include financial and accounting risk, legal and compliance risk, risks relating to technology and cybersecurity, operational and strategic risk, and regulatory compliance risks. The involvement of the full Board in setting the Company’s business strategy is a key part of its assessment of management’s appetite for risk and also a determination of what constitutes an appropriate level of risk. The Board has designated the Audit and Risk Committee as the committee responsible for risk management, and receives reports from the Audit and Risk Committee on particular areas of concern at our periodic Board meetings. The Audit and Risk Committee particularly focuses on financial risk, including internal controls, and receives an annual risk assessment report from the Company’s independent registered public accounting firm. The Audit and Risk Committee also participates in an annual risk assessment process with management, and may recommend that the Board assign responsibility for particular risks to other Board committees. The Company does not have a Chief Compliance Officer, however the Audit and Risk Committee has primary responsibilities for reviewing the risks facing the Company and for the effectiveness of the Company's system for monitoring compliance with laws, regulations, and the Company's business conduct polices, and oversees management's investigation and follow-up on any fraudulent acts, accounting irregularities, or compliance issues as part of the annual risk assessment with Company management. In addition, the Audit and Risk Committee Chair reviews the internal control testing results with management on a quarterly basis. Finally, the Compensation Committee reviews any risks associated with the Company’s compensation design and practices.

The Board is focused on the Company's corporate governance practices and values independent board oversight as an essential component of strong corporate performance to enhance stockholder value. All of the members of the Board's Audit and Risk, Compensation, and Nominating and Governance Committees are independent directors. We will continue to re-examine our corporate governance policies and leadership structures on an ongoing basis to ensure that they continue to meet our needs.

As required by SEC rules, we have assessed the risks that could arise from its compensation policies for all employees, including employees who are not officers, and we have concluded that such policies are not reasonably likely to have a materially adverse effect on the Company.

Committees of the Board and Other Corporate Governance Matters

The Board has a standing Audit and Risk Committee, Compensation Committee, and Nominating and Governance Committee. All three committees are composed entirely of independent directors.

Audit and Risk Committee. The Audit and Risk Committee presently consists of Mr. James G. Pratt (Chairperson) and Dr. Benjamin J. Allen, both of whom satisfy the independence and audit committee membership criteria of NASDAQ. The NASDAQ rules require an audit committee to be composed of at least three independent directors. Since the passing of Mr. Michael J. Sullivan, who served on our Board and as a member of the Audit and Risk Committee, the Company has relied on the cure period set forth in NASDAQ Rule 5605(c)(4)(B) with respect to Audit Committee membership. If Ms. Hupfeld is elected to the Board, she would be appointed to the Audit and Risk Committee and the Company would be in compliance with the applicable NASDAQ rules within the cure period. The Board has designated Mr. James G. Pratt as the Company's "audit committee financial expert," as defined by the SEC and NASDAQ rules. The Audit and Risk Committee's primary duties include maintaining communication between the Board, our independent registered public accounting firm and our executive officers and accounting personnel with respect to financial affairs in general, including financial statements and audits, the adequacy and effectiveness of the internal accounting controls and systems and the retention and termination of the independent registered public accounting firm. The Audit and Risk Committee also reviews quarterly financial and operating results of the Company, through meetings and conference calls, with management, our independent registered public accounting firm, and, when appropriate, our securities counsel. The Audit and Risk Committee is the committee responsible for risk management as described in Risk Oversight in this Proxy Statement, including risks surrounding technology and cybersecurity, and oversight of internal controls and reporting systems. The Board has adopted a charter for the Audit and Risk Committee, which sets forth the purpose and responsibilities of the Audit and Risk Committee in detail. A copy of the charter is available on the "Investors" section of our website at www.heartlandexpress.com. The Audit and Risk Committee met six times during fiscal year 2024. Either the Audit and Risk Committee or the Audit and Risk Committee Chairperson also met with representatives of the independent registered public accounting firm without management or other persons present five times during 2024.

Compensation Committee. The Compensation Committee presently consists of Dr. Benjamin J. Allen (Chairperson), Mr. James G. Pratt (Vice Chairperson), and Dr. Brenda M. Lantz, all of whom satisfy the independence criteria of NASDAQ. In determining the independence of our Compensation Committee members, the Board considered several relevant factors,

including but not limited to each director's source of compensation and affiliations. Specifically, each member of the Compensation Committee (i) is independent under NASDAQ Rule 5605(a)(2), (ii) meets the criteria set forth in Rule 10C-1(b)(1) under the Exchange Act, (iii) did not directly or indirectly accept any consulting, advisory, or other compensatory fee from the Company, and (iv) as determined by our Board, is not affiliated with the Company, any Company subsidiary or any affiliate of a Company subsidiary, and does not have any other relationship which would impair each respective member's judgment as a member of the Compensation Committee. In 2024, none of our Compensation Committee members had any business or personal relationship with any compensation consultant, legal consultant, or other advisor that was selected by or provided advice to the Compensation Committee.

The primary responsibilities of the Compensation Committee are to review the compensation policies of the Company, assess any risks relating to the Company's compensation design and practices, and to periodically make salary recommendations to the Board or approve compensation changes for all Named Executive Officers. The Board has adopted a charter for the Compensation Committee, which sets forth the purpose and responsibilities of the Compensation Committee in detail. The Compensation Committee reviews and reassesses the adequacy of its charter on an annual basis and recommends changes to the Board when appropriate. A copy of the charter is available on the "Investors" section of our website at www.heartlandexpress.com. The Compensation Committee met five times during fiscal year 2024. A description of the functions of the Compensation Committee is included in "Compensation Discussion and Analysis - Overview."

Nominating and Governance Committee. The Nominating and Governance Committee presently consists of Ms. Brenda S. Neville (Chairperson) and Dr. Brenda M. Lantz (Vice Chairperson), both of whom satisfy the independence criteria of NASDAQ. Mr. Sullivan also served on the Nominating and Governance Committee prior to his passing. The primary responsibilities of the Nominating and Governance Committee are to identify and recommend to the Board for nomination individuals qualified to serve as directors and monitor the Board composition to ensure the needs of the Board are met by current members. The Nominating and Governance Committee will consider recommendations from many sources, including stockholders, regarding possible director candidates. Guidelines regarding the qualifications of candidates for directors, including stockholder proposed candidates, insofar as they apply to non-employees, generally favor individuals who have managed relatively large, complex business, educational, or other organizations or who, in a professional or business capacity, are accustomed to dealing with complex business or financial problems. In addition to these guidelines, the Committee will also evaluate whether the candidate's skills are complementary to the existing Board members' skills, and the Board's needs for operational, management, financial, and other expertise. With regard to specific qualities and skills, the Nominating and Governance Committee believes it is necessary that: (i) at least a majority of the members of the Board of Directors qualify as independent under NASDAQ rules; (ii) at least three members of the Board of Directors satisfy the additional independence and other requirements for audit committee membership; and (iii) at least one member of the Board that is identified to serve on the Audit and Risk Committee, has sufficient knowledge, experience, and training concerning accounting and financial matters so as to qualify as an “audit committee financial expert” within the meaning of applicable SEC and NASDAQ rules. The Nominating and Governance Committee met seven times during fiscal year 2024.

The Board has adopted a charter for the Nominating and Governance Committee, which sets forth the duties and responsibilities of the Nominating and Governance Committee and grants the authority necessary to perform its oversight responsibility.

Corporate governance oversight responsibilities include:

•monitoring corporate governance trends and best practices;

•annually reviewing the makeup of the Board to assure appropriate skills and backgrounds are represented;

•reassessing the governance structure and policies;

•developing meeting schedules and planning board activities; and

•reviewing meeting attendance.

Nominating oversight responsibilities include:

•assisting the Board by identifying, screening, and recommending qualified candidates to serve as directors of the Company;

•considering the diversity of the Board and seeking out diverse candidates when searching for director nominees;

•advising the Board with respect to the size, structure, composition, and procedures of each Board committee;

•adopting and revising, from time to time, corporate governance guidelines applicable to the Company; and

•serving in an advisory capacity to the Board on matters of organization and the conduct of Board activities.

Membership on the Nominating and Governance Committee is limited to directors that are independent as defined under the listing standards of NASDAQ and free of any relationship or affiliation with the Company, a subsidiary of the Company, or an affiliate of a subsidiary of the Company that, in the Board’s discretion, would interfere with a member’s independent judgment. Members must be a “nonemployee director” as defined in Section 16 of the Exchange Act.

A copy of the charter is available on the "Investors" section of our website at www.heartlandexpress.com.

It is generally the policy of the Nominating and Governance Committee to consider stockholder recommendations of proposed director nominees if such recommendations are consistent with the guidelines discussed above and timely received. Such recommendations must be received by the Secretary of the Company at 901 Heartland Way, North Liberty, Iowa 52317, for consideration by the Nominating and Governance Committee at least 120 days prior to the first anniversary of the mailing date of the proxy statement for the prior year's Annual Meeting, November 28, 2025, for director candidates to be considered for nomination for election at the 2026 Annual Meeting. In addition, any stockholder director nominee recommendation must include the following information:

•the proposed nominee's name, qualifications, and the reason for such recommendation;

•any diversity information about the proposed nominee the stockholder(s) desire to provide;

•the name and record address of the stockholder(s) proposing such nominee;

•the number of shares of our common stock that are beneficially owned by such stockholder(s); and

•a description of any financial or other relationship between the stockholder(s) and such nominee or between the nominee and the Company including any of our subsidiaries.

In order to be considered by the Board, any candidate proposed by one or more stockholders will be required to submit appropriate biographical and other information with detail equivalent to that required of all other director candidates.

Human Rights Mission. The Board has adopted a "Human Rights Mission". This document portrays our commitment to human rights through anti-discrimination and anti-harassment policies, reinforcing advancement through qualifications, performance, skills, and experience, workplace safety and health, and prohibitions on forced labor and human trafficking. Heartland's human rights efforts are endorsed and overseen by senior management throughout the Company.

Stockholder Communications. Stockholders may send communications to any director in writing by sending them to the director in care of the Secretary of Heartland Express at 901 Heartland Way, North Liberty, Iowa 52317. The Secretary will forward all such written communications to the director to whom it is addressed.

Code of Ethics. The Board has adopted a code of ethics known as the "Code of Business Conduct and Ethics" that applies to all of our employees including the principal executive officer, principal financial officer, controller, and persons performing similar functions. In addition, we have adopted a code of ethics known as "Code of Ethics for Senior Financial Officers" that applies to our senior financial officers, including our chief executive officer, chief financial officer and treasurer, controller, and other senior financial officers performing similar functions who have been identified by the chief executive officer. Such code constitutes a "code of ethics" within the meaning of Item 406(b) of Regulation S-K.

Anti-Corruption. The Board has also adopted an "Anti-Corruption Policy". This document portrays our commitment to conducting our business in accordance with applicable laws, rules and regulations and the highest standards of business conduct. In all of its operations, the Company seeks to avoid even the appearance of impropriety with respect to the actions of any of its officers, directors, employees, agents or representatives. This policy prohibits corrupt payments in all circumstances, whether in dealings with government officials or individuals in the private sector.

Environmental and Sustainability. The Board has also adopted an "Environmental and Sustainability Mission". This document portrays our commitment to the environment and sustainability through our long track record of successful business practices. Through maintaining young tractor fleet age, equipment designs, equipment replacement strategies, idle reduction techniques, battery usage, and practices at each of our terminals, including water recycling and green heating and cooling initiatives at our corporate headquarters, we are focused on reducing waste and conserving energy. Our sustainability efforts are endorsed and overseen by senior management throughout the Company. Our efforts have been recognized by the US EPA SmartWay Excellence Award in 7 of the last 10 years of award consideration. Furthermore, we have been recognized as a SmartWay High Performer eight times.

Clawback Policy. Our Clawback Policy covers our current and former officers subject to Section 16 of the Exchange Act and any other senior executive otherwise designated by the Compensation Committee or the Board, including all of our Named Executive Officers (each a “Covered Executive”). Under the Clawback Policy, the Board must seek recovery of any

erroneously awarded incentive-based compensation received by current and former officers subject to Section 16 of the Exchange Act in the event of a required accounting restatement of the Company’s financial results.

Additionally, the Clawback Policy permits the Board to seek recovery of equity compensation, severance compensation, and cash incentive-based compensation previously paid to a Covered Executive if the Board determines that (i) the Company is required to undertake an accounting restatement due to the Company’s material noncompliance, as a result of misconduct by a Covered Executive, with any financial reporting requirement under the U.S. federal securities laws, (ii) a Covered Executive engages in misconduct, or (iii) a Covered Executive breaches in any material respect a restrictive covenant set forth in any agreement between the Covered Executive and the Company, including but not limited to, a breach in any material respect of a confidentiality provision

Anti-Hedging and Pledging Policy. Our anti-hedging and pledging policy prohibits our directors, CEO, CFO, and all other persons subject to the reporting requirements of Section 16 of the Exchange Act (including our other Named Executive Officers), from (i) hedging their ownership positions in our Common Stock (including, but not limited to, short-selling, options, puts and calls, as well as derivatives such as swaps, forwards, and futures), (ii) pledging our Common Stock as collateral for loans, and (iii) purchasing our Common Stock on margin. There is no hardship exception to our anti-hedging and pledging policy.

The Human Rights Mission, Code of Ethics, Anti-Corruption Policy, Environmental and Sustainability Mission, Clawback Policy, and Anti-Hedging and Pledging Policy are part of the "Heartland Express Governance Structure & Policies" available on our website at www.heartlandexpress.com (and in print to any stockholder who requests them).

Insider Trading Policy. The Company has an insider trading policy governing the purchase, sale, gifting, and other dispositions of the Company’s securities that applies to all Company personnel, including directors, officers, employees, and other covered persons. In addition to our insider trading policy, the Company also follows procedures for the repurchase of its securities. The Company believes that its insider trading policy and repurchase procedures are reasonably designed to promote compliance with insider trading laws, rules and regulations, and NASDAQ listing standards applicable to the Company. A copy of our insider trading policy was filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2024.

Stock Ownership and Holding Guidelines. We have stock ownership and holding guidelines to more fully align the interests of our directors and Named Executive Officers with those of our stockholders.

Equity Grant Practices. Although we have not adopted a formal policy pertaining to the timing of stock grants to our named executive officers, it is our practice not to time the grant of equity awards in relation to the release of material non-public information. Similarly, the Company does not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.

Compensation Committee Interlocks and Insider Participation

In 2024, our Compensation Committee was comprised of Dr. Benjamin J. Allen (Chairperson), Mr. James G. Pratt, and Dr. Brenda M. Lantz. No member of the Compensation Committee is or has been an officer or employee of the Company, or has or had any relationship with the Company requiring disclosure under Item 404 of SEC Regulation S-K. During 2024, none of our executive officers served as a member of the compensation committee (or other committee performing equivalent functions) of any entity, one of whose executive officers served on our Compensation Committee or as a director of the Company.

All compensation decisions affecting our executive officers are approved by the Compensation Committee of the Board. The Committee deliberates and votes upon the compensation to be paid to each of the current Named Executive Officers. The Committee receives recommendations from the Chief Executive Officer regarding the compensation of our Named Executive Officers (other than the Chief Executive Officer).

Compensation Committee Report

Report of the Compensation Committee. In performing its duties, the Compensation Committee, as required by applicable rules and regulations promulgated by the SEC, issues a report recommending to the Board that our Compensation Discussion and Analysis be included in this Proxy Statement. The Report of the Compensation Committee follows.

The Report of the Compensation Committee shall not be deemed to be "soliciting material" or to otherwise be considered "filed" with the SEC, nor shall this report be subject to Regulation 14A or Regulation 14C (other than as indicated) or to the liabilities set forth in Section 18 of the Exchange Act. This report of the Compensation Committee also shall not be deemed to be incorporated by reference into any prior or subsequent filing with the SEC made by us under the Securities Act of 1933 or the Exchange Act, notwithstanding any general statement contained in any such filings incorporating this Proxy Statement by reference, except to the extent we incorporate such report by specific reference or treat it as soliciting material.

Report of the Compensation Committee

The Compensation Committee of the Board of Directors of Heartland Express, Inc. has reviewed and discussed the Compensation Discussion and Analysis contained in this Proxy Statement with management. Based on that review and discussion, the Compensation Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Proxy Statement and that the information contained in this report be incorporated by reference into the Heartland Express, Inc. Annual Report on Form 10-K for the year ended December 31, 2024.


			By the Members of the Compensation Committee:
						Dr. Benjamin J. Allen (Chairperson)
						James G. Pratt (Vice Chairperson)
						Dr. Brenda M. Lantz

Executive Officers

For the year ended December 31, 2024, our named executive officers (collectively, the “Named Executive Officers” or “NEOs”) were as follows:


2024 NAMED EXECUTIVE OFFICERS
NAME	AGE	POSITION
Mr. Michael J. Gerdin	55	Chairman of the Board, Chief Executive Officer, President, and Director
Mr. Christopher A. Strain	50	Vice President of Finance, Treasurer, and Chief Financial Officer
Mr. Kent D. Rigdon	61	Chief Operating Officer
Mr. David P. Millis	64	Director and Millis Transfer President
Mr. Joshua S. Helmich	49	Secretary of Heartland Express and Senior Vice President and Chief Financial Officer of Contract Freighters
Mr. Michael P. Donovan	66	Former Chief Operating Officer of Smith Transport (Retired effective August 2, 2024)

Set forth below is biographical information regarding our current executive officers, other than Mr. Michael J. Gerdin and Mr. David P. Millis, whose biographical information is set forth in "Proposal 1 - Election of Directors."

Mr. Christopher A. Strain, age 50, has served as our Vice President of Finance, Treasurer, and Chief Financial Officer since November 2017. From May 2015 to October 2017 he served as Vice President, Controller, and Secretary. He held the position of Secretary from November 2017 to May 2020. Mr. Strain has served in our accounting and finance department since 2007. Prior to joining the Company, Mr. Strain was employed by Deloitte & Touche, LLP, from 1997 to 2007 as a certified public accountant. Mr. Strain is currently an inactive holder of the certified public accountant certification.

Mr. Kent D. Rigdon, age 61, has served as our Chief Operating Officer since July 2022. From May 2014 to June 2022 he served as Vice President of Sales. Mr. Rigdon has served in the Operations and Sales departments since 2002. Including experience with another company, Mr. Rigdon has 35 years of experience in the transportation industry.

Mr. Joshua S. Helmich, age 49, has served as Secretary of Heartland Express and Senior Vice President and Chief Financial Officer of Contract Freighters, Inc. ("CFI"), a subsidiary of the Company acquired in August 2022, since December 2023. Prior to his role at CFI, Mr. Helmich served as Vice President, Controller, and Secretary of Heartland Express from May 2020 to December 2023. Mr. Helmich was our Vice President and Controller from May 2018 to May 2020. Mr. Helmich has served in our accounting and finance department since 2015. Prior to joining the Company, Mr. Helmich was employed by Target from 2003 to 2015. Mr. Helmich was employed by Deloitte & Touche, LLP, from 1999 to 2003 as a certified public accountant. Mr. Helmich is currently an inactive holder of the certified public accountant certification.

Biographical information of other employees subject to the reporting requirements of Section 16 of the Exchange Act is set forth below.

Mr. Todd A. Trimble, age 54, has served as our Vice President of Safety and Security since July 2022. From October 2019 to June 2022 he served as Vice President of Southern Operations. From November 2016 to September 2019 he served as Vice President of Midwestern Operations. From October 2015 to October 2016 he served as Vice President of Operations. From 2006 to September 2015 he served as Vice President of Regional Operations. Mr. Trimble has served in our Safety and Operations departments since 1993.

Mr. K. Eric Eickman, age 53, has served as our Vice President of Information Technology since November 2016. Mr. Eickman has served in various departments in the Company since 1995. Mr. Eickman is currently an inactive holder of the certified public accountant certification.

COMPENSATION DISCUSSION AND ANALYSIS

Executive Compensation Overview

We have historically been one of the most profitable, least leveraged, and best safety and service companies in our industry. The challenging freight environment during 2024 and 2023, combined with the May 31, 2022 acquisition of Smith Transport, Inc. ("Smith Transport") and August 31, 2022 acquisition of Contract Freighters, Inc. ("CFI"), have pressured our financial results to a level below our historical results and management expectations, and also resulted in the incurrence of debt. However, the acquisitions have also allowed us to deliver $1.0 billion and $1.2 billion of operating revenues during 2024 and 2023, a significant increase from $607.0 million in 2021. Our safety and service have allowed us to build solid, long-term relationships with our customers, which has yielded numerous customer service and safety awards. We have accomplished this while adhering to a conservative compensation philosophy compared to the general group of public truckload carriers and hiring executives that are motivated to continue these achievements. The following are highlights of our compensation practices and policies:

•conservative pay policy limiting compensation features which could incentivize undue risk;

•double trigger change in control provisions in the Restricted Stock Plan;

•anti-hedging and pledging policy;

•annual say-on-pay votes by stockholders;

•a low CEO pay ratio;

•CEO compensation consists of salary only given the alignment with stockholders' interests through his significant stock ownership;

•appropriate balance of compensation to discourage short-term risk taking at the expense of long-term results;

•conservative use of equity grants;

•significant stock ownership and holding guidelines for Named Executive Officers;

•no employment contracts with Named Executive Officers;

•no severance obligations to Named Executive Officers;

•no tax gross-ups on any components of compensation; and

•no re-pricing or back-dating of stock options or similar awards.

The Compensation Committee is responsible for reviewing and making recommendations to the Board with respect to the general executive compensation policies, including making recommendations to the Board regarding salary, bonus, and incentive compensation. The Compensation Committee consists of three directors, all of whom are independent under applicable NASDAQ and SEC rules. The Compensation Committee may designate one or more of its members to perform certain of its duties on its behalf, subject to reporting or ratification by the Compensation Committee as it shall direct. The Compensation Committee receives recommendations from our Chief Executive Officer regarding the compensation of our Named Executive Officers (other than the Chief Executive Officer).

Our executive compensation policies are designed to achieve our primary objectives:

•attract and retain well-qualified executives who will lead us and inspire superior performance;

•provide incentives for achievement of foundational company goals and individual performance;

•provide incentives to align management actions with achievement of long-term stockholder return and value creation through profitable growth; and

•reward executive officers for creation of stockholder value through profitable growth and value creation with consideration of individual performance and years of contributions.

Elements of Compensation

The components of compensation are intended to accomplish one or more of the compensation objectives discussed above. We have traditionally relied on base salaries as the primary source of compensation because it provides our Named Executive Officers with stability, allowing them to focus on business objectives and creating stockholder value. Equity–based incentives have been utilized periodically and are discretionary. The payment of such elements is based upon the economic environment and the company operating results. We do not implement compensation elements for the Named Executive Officers and all other employees that would create incentives to take undue risks. We have traditionally hired self-motivated employees who are driven by the successes and achievements of the organization.

Base Salary and Benefits. Pursuant to the objectives of attracting and retaining officers with exceptional abilities and talent, annual base salaries are set to provide competitive levels of compensation and reward Named Executive Officers for the

Company's performance. The Compensation Committee considers each officer's performance, current compensation, and responsibilities in setting each officer's base salary. Historically, the Compensation Committee has considered the form and level of compensation disclosed by other publicly traded truckload carriers, certain other transportation companies, and Iowa-headquartered publicly traded companies outside of the transportation industry of similar size and market capitalization. The Compensation Committee has established a defined peer group for compensation purposes, including evaluating Chief Executive Officer and Chief Financial Officer compensation. The Compensation Committee uses the peer group companies as reference points in its overall assessment of the competitiveness of our executives' salaries and total compensation based upon framework, design and total compensation within the peer group. However, the Compensation Committee does not set compensation elements to meet specific benchmarks as compared to the peer group companies. The peer group is made up of six publicly traded truckload carriers with revenues ranging from approximately $0.7 billion to $7.4 billion. The companies were selected for inclusion in our peer group based on their business profiles being similar to ours. We believe we compete with these and other similar companies for executive talent and stockholder investments. The companies in our peer group consist of the following (collectively, the “Peer Group”):

•Covenant Logistics Group, Inc.

•Knight-Swift Transportation Holdings Inc.

•Marten Transport, Ltd.

•P.A.M Transportation Services, Inc.

•Schneider National, Inc.

•Werner Enterprises, Inc.

Long-Term Equity-Based Incentives. A portion of potential compensation is also linked to company performance through equity-based compensation awards, historically in the form of restricted stock awards, which are granted from time to time. Participants in the equity plans have historically included the Named Executive Officers and other key personnel. In May 2021, at the 2021 Annual Meeting of Stockholders, the Heartland Express, Inc. Restricted Stock Plan was approved by over 99% of the votes cast. The Restricted Stock Plan allows the Compensation Committee to grant equity awards to our employees and Directors, except for the immediate family members of Ms. Ann S. Gerdin, the widow of the late Mr. Russell A. Gerdin. The Restricted Stock Plan also includes double trigger change in control provisions.

Stock awards under the Restricted Stock Plan are designed to:

•more closely align Named Executive Officer and stockholder interests;

•reward key employees for building stockholder value;

•reward long-tenured drivers and other employees for their contributions over their years of service; and

•encourage long-term investment in the Company by the Named Executive Officers.

The Compensation Committee believes that stock ownership by management is beneficial to stockholders. Through the Restricted Stock Plan, we seek to provide Named Executive Officers and other key employees with incentive to maximize long-term stockholder value, with grants of restricted stock awards from time to time. For purposes of making awards, the Compensation Committee considers the following factors individually or collectively: (1) the Company's operating performance, (2) the executive officer's team-building skills, (3) the executive officer's individual performance and responsibilities, (4) the executive officer's past performance and contributions towards our goals and objectives, (5) tenure with the Company, and (6) the executive officer's potential with the Company. The Compensation Committee believes Mr. Gerdin's significant beneficial ownership of our common stock aligns his interests with those of our other stockholders and therefore has not historically granted equity awards to Mr. Gerdin.

Stock Ownership and Holding Guidelines. We have stock ownership and holding guidelines to more fully align the interests of our Named Executive Officers with those of our stockholders. The Named Executive Officer stock ownership guidelines require the Chief Executive Officer to own a multiple of five times base salary while the other Named Executive Officers have required stock ownership of a multiple of one times base salary. All Named Executive Officers have eight years from 2021 to reach the required stock ownership.

Tuition Plan. We maintain a tuition award program for the children of all our legacy Heartland full-time office and shop employees, including executive officers. Eligibility for benefits under the Tuition Plan requires a minimum of five years of service with the Company for partial benefits to begin and ten years of service for full vesting. Annual cash contributions to fund the program are based upon our performance. Cash contributions, once made, are designated as restricted cash earmarked to pay future benefits to our employees. During 2024, we contributed $330,000 to the program, based upon our 2023 performance. Subject to certain limitations, the maximum benefit for employees hired prior to August 2001 is tuition, room and board while the benefit for employees hired after is limited to tuition. As a result of date of hire, the benefit to Mr. Helmich and

Mr. Strain was limited to tuition only while Mr. Rigdon and Mr. Gerdin includes tuition, room and board. Plan payments to our Named Executive Officers are included in the All Other Compensation column of the Summary Compensation Table.

Retirement Plans. We had five qualified 401(k) savings plans during 2024, the Heartland Express Plan, the Millis Transfer Plan, the Smith Transport 401(k) Plan, the Smith Transport Profit Sharing Plan, and the CFI 401(k) Plan. The Heartland Express Plan covered all of the respective employees of Heartland, excluding Millis Transfer, Smith Transport, and CFI employees, including highly compensated employees of Heartland on a limited basis. However, highly compensated employees covered by the Heartland Express Plan are not eligible to receive any employer profit sharing or matching contributions as these employees are eligible for the Deferred Compensation Plan. Highly compensated employees are defined by the Internal Revenue Code of 1986, as amended (the "Code"). Our Named Executive Officers, except Mr. Millis, Mr. Helmich, and Mr. Donovan were eligible to participate in the Heartland Express Plan but were not eligible to receive, and did not receive, any employer profit sharing or matching contributions during 2024. Highly compensated employees, including Mr. Millis and Mr. Donovan were covered by the respective Millis Transfer Plan or Smith Transport 401(k) Plan. They were eligible to participate on an unlimited basis, including matching contributions, but were excluded from participation in the non-qualified deferred compensation plan. Mr. Helmich participated in the CFI 401(k) Plan, including matching contributions, as well as the deferred compensation plan having participation established from his employment at Heartland Express.

Effective January 1, 2025 the Heartland Express Plan, the Millis Transfer Plan, the Smith Transport 401(k) Plan, and the CFI 401(k) Plan were combined into a single existing plan. All plan participants are eligible to participate in the plan, including employer matching contributions. Highly compensated employees' participation is on a limited basis.

Deferred Compensation Plan. We have a non-qualified deferred compensation plan ("DC Plan") for employees of Heartland Express, Inc., primarily for those with limited participation in our qualified retirement plan due to being highly compensated employees as determined by Code limitations. The DC Plan participation excluded employees at Millis Transfer, Smith Transport and CFI during 2024. We offer the DC Plan to allow employees to set aside a portion of their income for retirement on a pre-tax basis. The DC Plan is unfunded for tax purposes and for purposes of ERISA. The Named Executive Officers other than Mr. Millis and Mr. Donovan were eligible to participate in the DC Plan. We also have the ability to make contributions to the DC Plan, which are discretionary. Discretionary contributions made for Named Executive Officers are subject to the approval of the Compensation Committee. There were no discretionary Company contributions made to the DC Plan during 2024. Employees are fully vested in amounts they contribute to the plan but discretionary contributions are unvested and are subject to forfeiture until the employee reaches the age of fifty-five, at which time these contributions vest over the next ten years. Discretionary contributions fully vest in the event of death, disability, or change in control, if not otherwise fully vested. Contributions under the DC Plan are intended to attract and retain qualified executives and to reward our executives for contributions to Company performance. Effective January 1, 2025 all highly compensated employees became eligible to participate in the DC Plan.

Participants may elect to defer up to 100% of their salary, and any cash bonus, if applicable, to the DC Plan. The election to defer compensation under the DC Plan is irrevocable for each plan year as of the beginning of each plan year. Participant contributions are made into a trust account for the purpose of administering and providing for payment of the deferred compensation under this plan. The investment of contributions are self-directed by participants within an established array of money market, equity funds, fixed income mutual funds or individual stocks at the participant's direction. Investment in Heartland Express, Inc. stock is prohibited under the DC Plan. We do not pay interest or other earnings on the invested contributions. Earnings are generated by the investments selected by the participants. Therefore, earnings on the respective accounts are not deemed to be above-market value. The aggregate earnings on these investments, by each Named Executive Officer who is a participant in the DC Plan, are included in the Nonqualified Deferred Compensation table set forth herein and are attributable to the specific investments selected by each participant. Participants may change the designation of their salary deferral percentage at such times as mutually agreed by the parties but the change is only effective at the beginning of each plan year. Participants can change their investment designation on a daily basis. Participants elect in advance of the deferral of their compensation when the funds will be distributable. The aggregate vested balances of the participants are distributable, when any of the following occur, based on the participants' individual election: six months following the participant's termination of employment; a change in control (as discussed below in "Compensation Discussion and Analysis - Potential Payments upon Change in Control"); the participant's death or disability; or obtaining retirement age. The DC Plan provides for distributions to be made in either a lump sum amount or installments at the election of the participant.

Compensation Elements of Acquired Entities. Elements of compensation for employees of acquired entities may have different legacy features as compared to Heartland Express. Specifically, discretionary and short-term cash bonuses exist at recently acquired companies. These elements are under review to identify and implement consistent compensation components that efficiently and effectively achieve our primary compensation policy objectives as discussed throughout this section of Elements of Compensation. Discretionary features may be expanded or eliminated to better meet the compensation objectives.

Compensation Paid to Our Named Executive Officers During 2024

A summary of the Compensation Committee's considerations for setting the compensation for 2024 earned by or paid to those persons who were at any time during 2024 our Named Executive Officers are set forth below. The Compensation Committee evaluates and sets the compensation of the Chief Executive Officer differently than it does the other Named Executive Officers.

Compensation of the Chief Executive Officer. Mr. Michael J. Gerdin serves as the Chief Executive Officer. The Compensation Committee recognized Mr. Gerdin's substantial responsibility and continued contribution to our operating performance, operating margin, revenue, net income, and attainment of our goals. The Compensation Committee believed that Mr. Gerdin's salary was reasonable compared to similarly situated executives within our Peer Group, and that as a direct and indirect holder of a significant amount of our common stock, Mr. Gerdin receives an incentive through exposure to the market value of our common stock and the receipt of any cash dividends payable in respect of the Company's common stock. Mr. Gerdin's ownership interest has the effect of maintaining a direct link between to the Company's performance and Mr. Gerdin's wealth before consideration of the elements of his compensation. Mr. Gerdin received no additional equity compensation and the only non-equity compensation received was through the Tuition Plan.

Compensation of The Other Named Executive Officers. The other Named Executive Officers are compensated through salary and periodically through incentive compensation and equity grants. The Compensation Committee relies on the business experience of its members, the historical compensation levels of the Named Executive Officers, and its general understanding of compensation levels within our Peer Group to determine the compensation levels for Named Executive Officers. The Chief Executive Officer recommends to the Compensation Committee the compensation levels and forms for the other Named Executive Officers. The form of compensation for 2024 was consistent with past years, with compensation consisting primarily of base salary, with the exception of individuals whose employment with the Company began as the result of an acquisition. These individuals may have unique pay features in addition to base salary not recently utilized as components of compensation to Named Executive Officers. Mr. Millis's pay consists of company 401(k) contributions and a discretionary cash bonus component established prior to the Company's acquisition of Millis Transfer. Mr. Donovan's pay consisted of discretionary cash bonus and auto allowance components established prior to the Company's acquisition of Smith Transport. These pay features represent a continuation of inherited compensation components. We pay base salaries that we believe are competitive in comparison to industry standards and the local business environment. In addition, we rely on conservative operating principles and generally do not implement compensation elements for Named Executive Officers or other employees that would create incentives to take undue risks. For each of the Named Executive Officers, the Compensation Committee considered, among other things, the financial and operating results during 2023, the duties and responsibilities of each executive, restricted stock awards previously granted under the Restricted Stock Plan and the length of time each executive has been with the Company, as further described in Named Executive Officer's biography found in "Corporate Governance and the Board of Directors - Named Executive Officers."

The base salaries of our Named Executive Officers during 2024 were as follows:


Name and Principal Position			Annualized Salary ($)(1)
Mr. Michael J. Gerdin, Chief Executive Officer, Chairman, President, and Director			1,050,000
Mr. Christopher A. Strain, Vice President of Finance, Treasurer, and Chief Financial Officer			364,000
Mr. Kent D. Rigdon, Chief Operating Officer			327,600
Mr. David P. Millis, Director and Millis Transfer President			190,424
Mr. Michael P. Donovan, Former Chief Operating Officer of Smith Transport (2)			286,000
Mr. Joshua S. Helmich, Secretary of Heartland Express and Senior Vice President and Chief Financial Officer of Contract Freighters (3)			286,000


(1)			Any differences between salary reported below and salary rates reported elsewhere in this Proxy Statement are attributable to payroll timing differences.
(2)			Mr. Donovan retired effective August 2, 2024.
(3)			Mr. Helmich first became a Named Executive Officer in 2024.

Except as provided by the terms of the DC Plan and award notices under the Restricted Stock Plan, there are generally no employment contracts, termination of employment agreements, change in control agreements, or other arrangements with our executive officers, including our Named Executive Officers, that provide for payment or benefits to any executive officer at, following, or in connection with a change in control of the Company, a change in an executive officer's responsibilities, or an executive officer's termination of employment, including resignation, severance, retirement, or constructive termination. Employer contributions under the DC Plan immediately vest in the event of a change in control of the Company. Awards granted under the Restricted Stock Plan includes double trigger provisions, whereupon within a period of twenty-four (24) months following the consummation of a change in control vesting only occurs if the participant's employment or services is terminated without cause or for good reason. See "Compensation Discussion and Analysis - Potential Payments upon Change in Control" for additional details. We did not make any contributions under the 401(k) Heartland Express Plan or DC Plan to our Named Executive Officers in 2024. Mr. Millis participated in the Millis Transfer Plan and was eligible to receive 401(k) matching contributions, but was excluded from participation in the DC Plan. Mr. Donovan was eligible but did not participate in the Smith Transport 401(K) Plan. Mr. Helmich participated in the CFI 401(k) Plan, including matching contributions, as well as the DC Plan plan having participation established from his employment at Heartland Express. See "Summary Compensation Table" for matching contributions.

The Role of Stockholder Say-on-Pay Vote. At our 2024 Annual Meeting, the stockholders had the opportunity to cast an advisory vote on the compensation of the executive officers (a "say-on-pay" proposal) as disclosed in our proxy statement for that meeting. Stockholders approved the say-on-pay proposal by the affirmative vote of 89.7% of the votes cast on that proposal. The Compensation Committee believes this affirms stockholders' strong support of our approach to executive compensation and did not change its approach to executive compensation following this advisory stockholder vote. A say-on-pay advisory vote has been included as Proposal 3 for the Annual Meeting. Accordingly, the Compensation Committee will continue to consider the outcome of the say-on-pay proposals when making future compensation decisions for the Named Executive Officers.

During the 2023 Annual Meeting, our stockholders also had the opportunity to cast an advisory vote (a "say-on-frequency" proposal) on how often we should include a say-on-pay proposal in its proxy statements for future annual meetings. Stockholders had the choice of voting to have the say-on-pay vote every year, every two years, or every three years. The Board recommended holding a say-on-pay vote every year. The frequency receiving the highest number of votes was every year and therefore, the say-on-pay vote will take place each year until the next vote on say-on-frequency, which will take place at our 2029 Annual Meeting.

Compensation Decisions with Respect to 2025. The Compensation Committee annually reviews and considers increases in the base salaries of the Named Executive Officers, as well as the possibility of granting restricted stock awards, based on performance, current compensation, and responsibilities, as described above. On January 1, 2025, the Compensation Committee recognized the contributions of Mr. Strain, Mr. Rigdon, and Mr. Helmich by granting them each 1,000 shares each from the Stock Award plan. Of the 1,000 restricted shares granted to each of the aforementioned Named Executive Officers, 250 shares immediately vested, 250 shares will vest on April 1, 2025, 250 shares will vest on July 1, 2025, and 250 shares will vest on October 1, 2025. As of March 28, 2025, the Compensation Committee had not considered any other changes to the salaries of or equity grants to the Named Executive Officers for 2025. Nevertheless, the Compensation Committee may consider such changes or grants in the future.

Potential Payments upon Change in Control. As noted above, we generally do not have any employment contracts, termination of employment agreements, change in control agreements, or other arrangements with any of the Named Executive Officers. However, as discussed above, under certain circumstances in which there is a change in control of the Company, employer contributions to the DC Plan immediately become fully vested, and unvested stock under the Restricted Stock Plan includes double trigger change in control provisions. In addition, under the DC Plan upon a change in control, employees can change elections on the timing of distributions, which could result in immediate payment of all contributions.

The estimated value of restricted stock granted under the Restricted Stock Plan and contributions under the DC Plan that would have vested for the Named Executive Officers who were serving as of December 31, 2024, under the respective acceleration scenarios described above is set forth in the table below. The value for the accelerated restricted stock is zero as there was no

unvested restricted shares as of December 31, 2024. Payments upon a change in control under the DC Plan may be made in installments or a lump sum at the election of the participant.


Name	Value of Accelerated Restricted Stock ($)	Value of Accelerated Contributions to Non-Qualified Deferred Compensation Plan ($) (1)
Mr. Michael J. Gerdin	—	226,942
Mr. Christopher A. Strain	—	666,517
Mr. Kent D. Rigdon	—	837,773
Mr. David P. Millis	—	—
Mr. Joshua S. Helmich	—	239,220


(1)			This column represents the aggregate vested and unvested deferred compensation account balance at December 31, 2024

Chief Executive Officer Pay Ratio. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), the Securities and Exchange Commission adopted a rule requiring annual disclosure of the ratio of the median employee's annual total compensation to the total annual compensation of the Chief Executive Officer ("CEO").

The CEO to median employee pay ratio is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K. In 2023 we identified the median employee by examining the total annual compensation for all individuals, except the CEO, who were employed by us and our consolidated subsidiaries as of December 31, 2023, the last day of our fiscal year. For 2024, we used the same median employee, as there has been no change in our employee population or employee compensation arrangements that we believe would significantly impact the pay ratio disclosure. We did not make any assumptions, adjustments, or estimates with respect to total cash compensation, except to annualize the compensation for full-time and part-time employees that were not employed by us for all of 2024.

Mr. Gerdin, the CEO, had 2024 annual total compensation of $1,070,507 as reflected in the Summary Compensation Table included in this proxy statement. The median employee's annual total compensation for 2024 was $55,271. As a result, we estimate that Mr. Gerdin's 2024 annual total compensation was approximately 19 times that of our median employee.

PAY VERSUS PERFORMANCE

The following is a tabular presentation of pay vs performance presenting certain information regarding the compensation earned by the Chief Executive Officer (our Principal Executive Officer (or "PEO")) and the Named Executive Officers (or "NEO's"), and comparing such information to a "total shareholder return" (or "TSR") measure.


Year	Summary Compensation Table Total for PEO(1) ($)	Compensation Actually Paid to PEO(2) ($)	Average Summary Compensation Table Total Non-PEO NEO's(3) ($)	Average Compensation Actually Paid to Non-PEO NEO's(4) ($)	Value of Initial Fixed $100 Investment Based On:		Net Income (in millions)(7)($)	Operating Ratio(8) (%)
					TSR(5) ($)	Peer Group TSR(6) ($)
2024	1,070,507	1,070,507	365,517	360,911	56.33	146.78	$(29.7)	101.9%
2023	1,012,483	1,012,483	408,884	409,249	71.11	152.09	14.8	96.5%
2022	839,665	839,665	340,087	342,053	76.09	138.87	133.6	80.5%
2021	797,900	797,900	254,162	252,011	82.99	155.32	79.3	82.6%
2020	820,753	820,753	301,232	297,315	86.34	112.49	70.8	85.5%


(1)			Reflects compensation amounts reported in the Summary Compensation Table (the “SCT”) for our PEO, Michael J. Gerdin, for the respective years shown.
(2)			For 2024, 2023, 2022, 2021, and 2020, the only compensation received by Mr. Gerdin was reported in the “Salary” and “All Other Compensation” columns of the SCT and Mr. Gerdin does not receive any stock awards from the Company. Therefore, no adjustments were made to determine the compensation actually paid to Mr. Gerdin.
(3)			The following non-PEO named executive officers are included in the average figures shown:
			2024: Christopher A. Strain, Kent D. Rigdon, David P. Millis, Michael P. Donovan and Joshua S. Helmich.
			2023: Christopher A. Strain, Kent D. Rigdon, David P. Millis, Todd A. Smith and Michael P. Donovan.
			2022: Christopher A. Strain, Kent D. Rigdon, David P. Millis and Todd A. Smith.
			2021: Christopher A. Strain, Kent D. Rigdon, David P. Millis and Jo A. Borden.
			2020: Christopher A. Strain, Kent D. Rigdon, David P. Millis and Jo A. Borden.
(4)			To calculate the compensation actually paid for our non-PEO NEOs, the following adjustments were made to SCT total compensation, calculated in accordance with the SEC methodology for determining compensation actually paid for each year shown:


Year	Average Summary Compensation Table Total for Non-PEO NEOs ($)	Deduct Stock and Option Awards Reported in the Summary Compensation Table ($)	Add YE Fair Value of Awards Granted During the Covered FY that are Outstanding and Unvested as of the End of the Covered FY ($)	Add Change in Fair Value as of the End of the Covered FY for Awards Granted in a Prior FY that are Outstanding and Unvested as of the Covered FY ($)	Add Vesting-Date Fair Value of Awards Granted During the Covered FY that Vested During the Covered FY ($)	Add Change in Fair Value as of the Vesting Date for Awards Granted in a Prior FY that Vested During the Covered FY ($)	Average Compensation Actually Paid to Non-PEO NEOs ($)
2024	365,517	(84,876)	—	—	84,876	(4,606)	360,911
2023	408,884	(22,967)	10,712	(2,160)	12,721	2,059	409,249
2022	340,087	(51,039)	12,886	—	40,119	—	342,053
2021	254,162	(2,511)	—	(320)	2,511	(1,831)	252,011
2020	301,232	(55,341)	22,625	(2,397)	31,179	17	297,315


(5)			The total shareholder returns assumes that $100 was invested on December 31, 2019 in the Company and that dividends were reinvested when and as paid.


(6)			The Peer Group TSR assumes that $100 was invested on December 31, 2019 in the Peer Group made up of the six companies listed in the Compensation Discussion and Analysis section of this proxy statement (Covenant Logistics Group, Inc., Knight-Swift Transportation Holdings Inc., Marten Transport, Ltd., P.A.M Transportation Services, Inc., Schneider National, Inc., and Werner Enterprises, Inc.) and that dividends were reinvested when and as paid. In 2022, we used a peer group consisting of Covenant Logistics Group, Inc., Knight-Swift Transportation Holdings Inc., Marten Transport, Ltd., P.A.M Transportation Services, Inc., U.S. Xpress Enterprises, Inc., and Werner Enterprises, Inc. (collectively, the “Former Peer Group”). We substituted Schneider National, Inc. for U.S. Xpress Enterprises, Inc. because U.S. Xpress Enterprises, Inc. was acquired by Knight-Swift Transportation Holdings Inc. in July 2023 and is therefore no longer a public company. The TSR for the Former Peer Group was $115.69 for 2020, $160.35 for 2021, and $142.26 for 2022. It is impracticable to calculate the TSR for the Former Peer Group for 2023 and 2024 as information regarding U.S. Xpress Enterprises, Inc. for those years is not available as it is no longer a public company.
(7)			Reflects Net Income in the Company’s Consolidated Statements of Comprehensive Income included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2024, 2023, 2022, 2021, and 2020.
(8)			Our company-selected measure is Operating Ratio, which is described below.

The relationship between the compensation actually paid to the PEO and the average compensation actually paid to the non-PEO NEOs and the cumulative total shareholder return of the Company and the Peer Group for 2024, 2023, 2022, 2021, and 2020 is represented by the graph below:

Proxy Graph - Compensation Actually Paid Versus Total Shareholder Return.jpg

The relationship between the compensation actually paid to the PEO and the average compensation actually paid to the non-PEO NEOs and the Company’s net income for 2024, 2023, 2022, 2021, and 2020 is represented by the graph below:

Proxy Graph - Compensation Actually Paid Versus Net Income.jpg

The relationship between the compensation actually paid to the PEO and the average compensation actually paid to the non-PEO NEOs and the Company’s Operating Ratio for 2024, 2023, 2022, 2021, and 2020 is represented by the graph below:

Proxy Graph - Compensation Actually Paid Versus Operating Ratio.jpg

Tabular Disclosure of the Most Important Measures to Link Compensation Actually Paid for 2024 to Company Performance

The following three financial metrics were the most important measures used to link compensation actually paid for 2024 to Company Performance. Please see the Compensation Discussion and Analysis section for a further description of the metrics used in the Company's executive compensation program.


Total Shareholder Return - Key metric in determining salary and equity awards. This metric, which compares Company TSR to the TSR of comparable publicly traded peers operating in the transportation industry. The Compensation Committee utilizes this metric for decisions on base salary and equity awards as discussed in the “Compensation Discussion and Analysis.

Net Income - Key metric in determining salary and equity awards.

Operating Ratio - Key metric in determining salary and equity awards and is defined as operating expenses as a percentage of operating revenues. The Compensation Committee believes that this metric represents the overall operating effectiveness of the Company, as compared to other publicly traded trucking companies, and is an important measure to be considered when making decisions on salary and equity awards.

SUMMARY OF CASH AND CERTAIN OTHER COMPENSATION

PAID TO THE NAMED EXECUTIVE OFFICERS

Summary Compensation Table

The following table sets forth information concerning the total compensation for the fiscal year 2024 awarded to, earned by, or paid to those persons who were our Named Executive Officers. There was no other compensation paid to our Named Executive Officers other than as detailed below.


Name and Principal Position	Year	Salary ($)(1)	Bonus ($)	Stock Awards ($)(2)	All Other Compensation ($)	Total ($)
Mr. Michael J. Gerdin, Chief Executive Officer, Chairman, President and Director	2024	1,050,410	—	—	20,097 (3)	1,070,507
	2023	980,577	—	—	31,906 (3)	1,012,483
	2022	830,770	—	—	8,895 (3)	839,665
Mr. Christopher A. Strain, Vice President of Finance, Treasurer, and Chief Financial Officer	2024	364,170	—	—	8,729 (3)	372,899
	2023	331,160	—	—	—	331,160
	2022	295,115	—	104,160	—	399,275
Mr. Kent D. Rigdon, Chief Operating Officer	2024	327,840	—	—	15,492 (3)	343,332
	2023	314,630	—	—	19,810 (3)	334,440
	2022	292,865	—	—	19,184 (3)	312,049
Mr. David P. Millis, Director and Millis Transfer President	2024	190,824	—	98,218	6,610 (5)	295,652
	2023	176,965	28,560 (4)	114,837	8,123 (5)	328,485
	2022	131,800	55,400 (4)	99,994	4,905 (5)	292,099
Mr. Michael P. Donovan, Former Chief Operating Officer of Smith Transport (6)	2024	176,000	—	326,162	14,769 (7)	516,931
	2023	277,115	75,000 (4)	—	24,000 (7)	376,115

Mr. Joshua S. Helmich, Secretary of Heartland Express and Senior Vice President and Chief Financial Officer of Contract Freighters (8)	2024	286,180	—	—	12,589 (9)	298,769


(1)			Any differences between salary reported below and salary rates reported elsewhere in this Proxy Statement are attributable to payroll timing differences.
(2)			This column represents the aggregate grant date fair value of restricted stock grants computed in accordance with the Financial Accounting Standards Board authoritative guidance on stock-based compensation, FASB ASC Topic 718. The amount reflects the accounting expense to be recognized over the vesting period of the restricted stock award, and does not necessarily correspond to the actual value that will be recognized by the Named Executive Officer.
(3)			Amounts reflect payments made under our Tuition Plan as discussed in the Compensation Discussion and Analysis.
(4)			Prior to 2024, Mr. Millis and Mr. Donovan's compensation included discretionary cash bonuses as a component of their compensation. These bonuses were compensation components established prior to the Company acquiring Millis Transfer and Smith Transport. No Named Executive Officers received cash bonuses in 2024.
(5)			Represents Company contributions to Mr. Millis under the Millis Transfer 401(k) Plan.
(6)			Mr. Donovan was not a Named Executive Officer in 2022. Mr. Donovan retired effective August 2, 2024.
(7)			Represents an automobile allowance that was established prior to the Company acquiring Smith Transport. Mr. Donovan is the only Named Executive Officers that received an automobile allowance.
(8)			Mr. Helmich was not a Named Executive Officer in 2023 and 2022.
(9)			Represents payments under our Tuition Plan and Company contributions to Mr. Helmich under the CFI 401(k) Plan.

Narrative to Summary Compensation Table

See "Compensation Discussion and Analysis" for a complete description of the compensation plans pursuant to which the amounts listed under the Summary Compensation Table were paid or awarded and the criteria for such award or payment.

Grants of Plan-Based Awards

The following table sets forth information concerning each grant of an award made to the Named Executive Officers during the fiscal year ended December 31, 2024. The awards detailed in the table below were discretionary and were not related to any performance-based criteria that would change the amount of the award.


Name	Grant Date	All Other Stock Awards: Number of Shares of Stock (#)	Grant Date Fair Value of Stock Awards ($) (1)
Mr. Michael J. Gerdin	—	—	—
Mr. Christopher A. Strain	—	—	—
Mr. Kent D. Rigdon	—	—	—
Mr. David P. Millis	December 19, 2024	8,489 (2)	98,218 (3)
Mr. Michael P. Donovan	August 2, 2024	26,261 (4)	326,162 (5)
Mr. Joshua S. Helmich	—	—	—


(1)			This column represents the aggregate grant date fair value of restricted stock grants computed in accordance with the Financial Accounting Standards Board authoritative guidance on stock-based compensation, FASB ASC Topic 718.
(2)			Represents the number of shares under new awards granted during 2024. All of the shares vested on December 19, 2024.
(3)			The amount was determined based on the market closing price of the stock on the December 19, 2024 grant date, which was $11.57 per share.
(4)			Represents the number of shares under new awards granted during 2024. All of the shares vested on August 2, 2024.
(5)			The amount was determined based on the market closing price of the stock on the August 2, 2024 grant date, which was $12.42 per share.

Outstanding Equity Awards at Fiscal Year-End

There were no outstanding equity grants held as of December 31, 2024 by the Named Executive Officers.

Stock Vested

The following table sets forth information concerning the values realized upon vesting of restricted stock for the fiscal year ended December 31, 2024. The stock awards were contingent upon the recipient’s continued employment through each vesting date.


	Stock Awards Vested
Name	Number of Shares Acquired on Vesting (#)	Value Realized on Vesting ($)
Mr. Michael J. Gerdin	—	—
Mr. Christopher A. Strain	—	—
Mr. Kent D. Rigdon	—	—
Mr. David P. Millis	12,245 (1)	141,149
Mr. Todd A. Smith	—	—
Mr. Michael P. Donovan	36,261 (2)	456,362


(1)			Represents 3,756 shares of stock vested on May 15, 2024 and 8,489 shares of stock vested on December 19, 2024, upon achieving service requirements. The value realized on vesting was based on the closing price of $11.43 on May 15, 2024 and $11.57 on December 19, 2024, the respective vesting dates.
(2)			Represents 10,000 shares of stock vested on February 1, 2024 and 26,261 shares of stock vested on August 2, 2024, upon achieving service requirements. The value realized on vesting was based on the closing price of $13.02 on February 1, 2024 and $12.42 on August 2, 2024, the respective vesting dates.

Nonqualified Deferred Compensation

The following table provides information with respect to the DC Plan as discussed in "Compensation Discussion and Analysis - Elements of Compensation - Deferred Compensation Plan." The amounts shown include compensation earned and deferred in current and prior years, and earnings on, or distributions of, such amounts.


Name	Executive Employee Contributions in 2024 ($)	Aggregate Earnings in 2024 ($) (1)	Aggregate Withdrawals/Distributions ($)	Aggregate Balance at December 31, 2024 ($) (2)
Mr. Michael J. Gerdin	—	3,773	—	226,942
Mr. Christopher A. Strain	47,320	48,888	—	666,517
Mr. Kent D. Rigdon	39,000	135,123	—	837,773
Mr. David P. Millis	—	—	—	—
Mr. Michael P. Donovan	—	—	—	—
Mr. Joshua S. Helmich	22,894	36,281	—	239,220


(1)			Amounts reported in this column are not reported as compensation for 2024 in the Summary Compensation Table.
(2)			Amounts reported in this column were not reported as compensation in the Summary Compensation Table for previous years, except for amounts attributable to employer discretionary contributions. No such contributions were made in 2024.

Narrative to Nonqualified Deferred Compensation

A complete description of the DC Plan is included in "Compensation Discussion and Analysis - Elements of Compensation - Deferred Compensation Plan." Under the terms of the DC Plan, in the event of a change of control of the Company, the employer contributions to this plan immediately become fully vested as described in "Compensation Discussion and Analysis - Potential Payments upon Change in Control."

Director Compensation

The following table provides information concerning the compensation of all directors for the fiscal year ended December 31, 2024. Mr. Gerdin and Mr. Millis do not receive compensation as directors that is separate from their compensation as employees of the Company.


Name	Fees Earned or Paid in Cash ($)	Stock Awards ($)	Total ($)
Dr. Benjamin J. Allen	66,250	—	66,250
Mr. James G. Pratt	71,750	—	71,750
Ms. Brenda S. Neville	63,250	—	63,250
Mr. Michael J. Sullivan (passed away September 2024)	45,000	—	45,000
Dr. Brenda M. Lantz	59,250	—	59,250

Narrative to Director Compensation Table

All non-employee directors are paid an annual cash retainer of $45,000, paid in quarterly installments of $11,250. Non-employee directors are paid additional compensation of $1,500 and $750 based on attendance at each regular board and committee meeting, respectively. Mr. Pratt is the Audit and Risk Committee chairperson and earned an additional $12,500 in 2024 for his service in this position. Dr. Allen, the Compensation Committee chairperson, earned an additional $7,000 in 2024 for his service in this position. Ms. Neville is the Nominating and Governance Committee chairperson and earned an additional $7,000 in 2024 for her service in this position.

The Restricted Stock Plan allows for stock awards to directors. Awards under the Restricted Stock Plan are designed to more closely align director and stockholder interests. We have stock ownership and holding guidelines to more fully align the interests of our directors with those of our stockholders. The director stock ownership guidelines require directors to own a multiple of three times the base annual cash retainer within four years. All directors are also reimbursed for expenses incurred related to travel associated with board meetings.

SECURITY OWNERSHIP OF PRINCIPAL STOCKHOLDERS, MANAGEMENT AND OTHERS

The following table sets forth, as of March 10, 2025, the number and percentage of outstanding shares of common stock beneficially owned by each person known to beneficially own more than 5% of such stock, by each director and Named Executive Officers, and by all directors and executive officers as a group. The percent of ownership is based on 78,596,766 diluted shares of common stock outstanding as of March 10, 2025. Ms. Ann S. Gerdin and direct family members (Mr. Michael J. Gerdin, Ms. Angela K. Janssen, and Ms. Julie K. Durr), the "Gerdin Family" collectively own through respective direct ownership or various trusts controlled by the Gerdin Family beneficially own 44% of outstanding shares.

SECURITY OWNERSHIP OF PRINCIPAL STOCKHOLDERS AND MANAGEMENT

Title of Class

Name and Address of Beneficial Owner

Amount and Nature of Beneficial Ownership

Percent of Class

Mr. Michael J. Gerdin, Chief Executive Officer, Chairman, President and Director

Common Stock

SEC Form DEF 14A filed by Heartland Express Inc.