On June 1, 2022, Landstar System, Inc. announced that Federico (“Fred”) L. Pensotti will depart from the Company as Vice President and Chief Financial Officer, effective July 1, 2022, to pursue another professional opportunity. Mr. Pensotti has served as principal financial officer and principal accounting officer of the Company. In connection with his departure, Mr. Pensotti will receive the separation benefits payable under and in accordance with the letter agreement between the Company and Mr. Pensotti, dated May 20, 2021, which was included as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed on July 30, 2021.

Also on June 1, 2022, the Company announced the promotion of James P. Todd to Vice President and Chief Financial Officer of the Company, effective July 1, 2022. Mr. Todd was also appointed the Company's principal financial officer and principal accounting officer by Landstar's Board of Directors in connection with his promotion. Mr. Todd, 35, has served as Vice President and Corporate Controller of Landstar System Holdings, Inc. since February 2015. Mr. Todd served as Director and Assistant Corporate Controller of Landstar System Holdings, Inc. from October 2013 to January 2015. He also served as principal accounting officer of the Company from November 2020 to May 2021. In connection with his promotion, Mr. Todd's annual salary will increase to $340,000 and he will be eligible for an annual bonus under the Company's Executive Incentive Compensation Plan with a “threshold” target bonus percentage of 50% of his annual base salary.