SCHEDULE: Heartland Express Major Shareholder Update

Key individuals and trusts associated with Heartland Express have updated their beneficial ownership stakes, collectively holding significant control.

Summary

• Ann S. Gerdin and the Ann S. Gerdin Revocable Trust each beneficially own 16,401,352 shares of Heartland Express Common Stock, representing 21.2% of the class.
• Julie J. Durr beneficially owns 26,942,056 shares, equating to 34.8% of the class, with sole voting and dispositive power over 1,252,924 shares and shared power over 25,689,132 shares.
• Angela K. Janssen beneficially owns 27,436,618 shares, representing 35.4% of the class, with sole voting and dispositive power over 1,738,673 shares and shared power over 25,697,945 shares.
• The percentages of ownership are based on 77,408,229 shares of Common Stock outstanding as of August 6, 2025.
• Power of Attorney documents have been granted to Michael Gerdin, Chris Strain, and Adam Lamos to execute and file SEC Forms 3, 4, 5, 13D, and 13G on behalf of the reporting persons.

Sentiment

Score: 5

Explanation: Neutral, as this filing primarily provides an update on beneficial ownership, which is a routine disclosure and does not contain new operational or financial performance data.

Positives

• The significant beneficial ownership by key individuals and family trusts indicates strong insider alignment with the company's long-term interests.
• The filing provides increased transparency regarding the ownership structure of Heartland Express.

Risks

• The Power of Attorney includes an indemnification clause protecting the attorneys-in-fact from losses related to inaccurate or incomplete information provided by the undersigned, except in cases of bad faith or willful misconduct by the attorney-in-fact.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future financial performance or strategic direction.

Industry Context

This filing is a routine disclosure of beneficial ownership and does not provide insights into broader industry trends or competitive positioning within the trucking and transportation sector.

Corporate Governance

Related Party Transactions

• The beneficial ownership structure involves various family trusts (Ann S. Gerdin Revocable Trust, Julie J. Durr Revocable Trust, Angela K. Janssen Revocable Trust, 2007 Gerdin Heartland Trust, 2009 Gerdin Heartland Trust) and a family limited partnership (Gerdin Family Investments, LP), indicating significant related-party holdings and shared control.

Stakeholder Impact

• Shareholders gain clarity on the significant ownership stakes held by key insiders and family entities, which can be viewed as a positive for long-term stability and alignment of interests.

Next Steps

• Attorneys-in-fact will continue to execute and file required SEC forms (3, 4, 5, 13D, 13G) on behalf of the reporting persons as needed.

Key Dates

Recommendation

This filing is a routine update on beneficial ownership by key insiders and family trusts. It does not contain new financial performance, strategic developments, or operational news that would alter the investment thesis for Heartland Express. The significant insider ownership indicates alignment of interests but provides no new catalyst for a 'buy' or 'sell' recommendation.

Keywords

Heartland Express, HLI, SEC filing, Schedule 13G, beneficial ownership, insider holdings, corporate governance, trucking, transportation, logistics