SEC Form DEFM14A filed by U.S. Xpress Enterprises Inc.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Securities Exchange Act of 1934
from U.S. Xpress’ Co-Founder and Executive Chairman
and U.S. Xpress’ Lead Independent Director
|
/s/ Max Fuller
Max Fuller
Co-Founder and Executive Chairman |
| |
/s/ John Rickel
John Rickel
Lead Independent Director Chairman, Special Committee |
|
4080 Jenkins Road
Chattanooga, TN 37421
Date and Time
|
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Location
|
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Who Can Vote
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June 29, 2023 9:00 a.m., Eastern time |
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U.S. Xpress Enterprises, Inc.
4080 Jenkins Road Chattanooga, Tennessee 37421 |
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Stockholders as of May 23, 2023
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Proposals
|
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Special
Committee’s Recommendation |
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Page
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1
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Merger Proposal. To approve the Agreement and Plan of Merger, dated as of March 20, 2023, by and among U.S. Xpress, Knight-Swift Transportation Holdings Inc. (“Knight-Swift”) and Liberty Merger Sub Inc. (“Merger Subsidiary”), as it may be amended from time to time (the “Merger Agreement”) and the merger of Merger Subsidiary with and into U.S. Xpress, with U.S. Xpress surviving the merger (which we refer to as the “Merger”) as an indirect subsidiary of Knight-Swift.
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FOR
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31
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2
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Charter Amendment Proposal. To approve an amendment (which we refer to as the “Charter Amendment”) to the Company’s Third Amended and Restated Articles of Incorporation (the “Charter”).
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FOR
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102
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3
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Majority-of-the-Minority Approval Proposal. To separately approve the Merger, by the affirmative vote of the holders of a majority of the voting power of the outstanding shares of U.S. Xpress stock (voting together as a single class) held by the holders of U.S. Xpress stock other than the Rollover Stockholders and the other Excluded Stockholders, with each share of U.S. Xpress stock counted equally with one vote per share for this purpose.
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FOR
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103
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4
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Advisory Compensation Proposal. To approve, by a non-binding, advisory vote, the compensation arrangements that will or may become payable to our named executive officers in connection with the Merger.
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FOR
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104
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5
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Adjournment Proposal. To approve the adjournment of the Special Meeting from time to time, if necessary or appropriate (as determined by the Board or the chairperson of the meeting, in each case, acting at the direction of the Special Committee), including to solicit additional proxies to vote in favor of the proposal to approve the Merger Proposal, the Charter Amendment Proposal and/or the Majority-of-the-Minority Approval Proposal in the event that there are insufficient votes at the time of the Special Meeting to establish a quorum or approve the Merger Proposal, the Charter Amendment Proposal and/or the Majority-of-the-Minority Approval Proposal.
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FOR
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105
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Executive Vice President, Chief Legal Officer and Secretary
CHATTANOOGA, TENNESSEE
May 24, 2023
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| | | | | 115 | | | |
| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | |
| | |
FV/ 2024E
Adj. EBITDA |
| |||
U.S. Xpress
|
| | | | 4.2x | | |
Knight-Swift Transportation Holdings Inc.
|
| | | | 5.9x | | |
Schneider National, Inc.
|
| | | | 4.6x | | |
Werner Enterprises, Inc.
|
| | | | 5.3x | | |
Heartland Express, Inc.
|
| | | | 5.1x | | |
Marten Transport, Ltd.
|
| | | | 5.5x | | |
P.A.M. Transportation Services Inc.
|
| | | | 4.0x | | |
Covenant Logistics Group, Inc.
|
| | | | 4.2x | | |
| | |
Implied Per Share
Equity Value (rounded to the nearest $0.05) |
| |||||||||
| | |
Low
|
| |
High
|
| ||||||
FV / 2024E Adj. EBITDA
|
| | | $ | 1.50 | | | | | $ | 6.65 | | |
| | |
Calendar year ended December 31(5)
|
| |||||||||||||||||||||||||||||||||||||||
| | |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 1,981 | | | | | $ | 2,116 | | | | | $ | 2,253 | | | | | $ | 2,369 | | | | | $ | 2,403 | | | | | $ | 2,415 | | | | | $ | 2,475 | | |
EBITDA(1)
|
| | | $ | 71 | | | | | $ | 142 | | | | | $ | 184 | | | | | $ | 220 | | | | | $ | 177 | | | | | $ | 162 | | | | | $ | 189 | | |
Less: D&A(2)
|
| | | $ | (81) | | | | | $ | (99) | | | | | $ | (103) | | | | | $ | (107) | | | | | $ | (111) | | | | | $ | (115) | | | | | $ | (119) | | |
Operating Income
|
| | | $ | (9) | | | | | $ | 42 | | | | | $ | 81 | | | | | $ | 114 | | | | | $ | 66 | | | | | $ | 47 | | | | | $ | 70 | | |
Less: Taxes
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | (13) | | | | | $ | (20) | | |
EBIAT(3)
|
| | | $ | (9) | | | | | $ | 42 | | | | | $ | 81 | | | | | $ | 114 | | | | | $ | 66 | | | | | $ | 34 | | | | | $ | 50 | | |
Plus: D&A
|
| | | $ | 81 | | | | | $ | 99 | | | | | $ | 103 | | | | | $ | 107 | | | | | $ | 111 | | | | | $ | 115 | | | | | $ | 119 | | |
Less: Net Capital Expenditures
|
| | | $ | (32) | | | | | $ | (87) | | | | | $ | (90) | | | | | $ | (109) | | | | | $ | (79) | | | | | $ | (99) | | | | | $ | (99) | | |
Change in Net Working Capital
|
| | | $ | 15 | | | | | $ | (12) | | | | | $ | (14) | | | | | $ | (4) | | | | | $ | (18) | | | | | $ | (2) | | | | | $ | (3) | | |
Unlevered Free Cash Flow(4)
|
| | | $ | 54 | | | | | $ | 43 | | | | | $ | 80 | | | | | $ | 107 | | | | | $ | 79 | | | | | $ | 48 | | | | | $ | 68 | | |
| | |
Calendar year ended December 31(1)
|
| |||||||||||||||||||||||||||||||||||||||
| | |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 2,015 | | | | | $ | 2,194 | | | | | $ | 2,331 | | | | | $ | 2,393 | | | | | $ | 2,424 | | | | | $ | 2,435 | | | | | $ | 2,496 | | |
EBITDA
|
| | | $ | 137 | | | | | $ | 207 | | | | | $ | 260 | | | | | $ | 248 | | | | | $ | 231 | | | | | $ | 207 | | | | | $ | 224 | | |
Less: D&A
|
| | | $ | (98) | | | | | $ | (99) | | | | | $ | (103) | | | | | $ | (107) | | | | | $ | (111) | | | | | $ | (115) | | | | | $ | (119) | | |
Operating Income
|
| | | $ | 37 | | | | | $ | 106 | | | | | $ | 155 | | | | | $ | 140 | | | | | $ | 118 | | | | | $ | 90 | | | | | $ | 103 | | |
Less: Taxes
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | (25) | | | | | $ | (29) | | |
EBIAT
|
| | | $ | 37 | | | | | $ | 106 | | | | | $ | 155 | | | | | $ | 140 | | | | | $ | 118 | | | | | $ | 65 | | | | | $ | 74 | | |
Plus: D&A
|
| | | $ | 98 | | | | | $ | 99 | | | | | $ | 103 | | | | | $ | 107 | | | | | $ | 111 | | | | | $ | 115 | | | | | $ | 119 | | |
Less: Net Capital Expenditures
|
| | | $ | (64) | | | | | $ | (87) | | | | | $ | (90) | | | | | $ | (109) | | | | | $ | (79) | | | | | $ | (99) | | | | | $ | (99) | | |
Change in Net Working Capital
|
| | | $ | 0 | | | | | $ | (16) | | | | | $ | (10) | | | | | $ | 12 | | | | | $ | (19) | | | | | $ | 6 | | | | | $ | (3) | | |
Unlevered Free Cash Flow
|
| | | $ | 71 | | | | | $ | 102 | | | | | $ | 157 | | | | | $ | 150 | | | | | $ | 131 | | | | | $ | 87 | | | | | $ | 92 | | |
| | |
Calendar year ended December 31(1)
|
| |||||||||||||||||||||||||||||||||||||||
| | |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 2,015 | | | | | $ | 2,194 | | | | | $ | 2,331 | | | | | $ | 2,393 | | | | | $ | 2,424 | | | | | $ | 2,435 | | | | | $ | 2,496 | | |
EBITDA
|
| | | $ | 137 | | | | | $ | 207 | | | | | $ | 260 | | | | | $ | 248 | | | | | $ | 231 | | | | | $ | 207 | | | | | $ | 224 | | |
Less: D&A
|
| | | $ | (98) | | | | | $ | (99) | | | | | $ | (103) | | | | | $ | (107) | | | | | $ | (111) | | | | | $ | (115) | | | | | $ | (119) | | |
Operating Income
|
| | | $ | 37 | | | | | $ | 106 | | | | | $ | 155 | | | | | $ | 140 | | | | | $ | 118 | | | | | $ | 90 | | | | | $ | 103 | | |
| | |
Calendar year ended December 31(1)
|
| |||||||||||||||||||||||||||||||||||||||
| | |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |||||||||||||||||||||
Less: Taxes
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | (25) | | | | | $ | (29) | | |
EBIAT
|
| | | $ | 37 | | | | | $ | 106 | | | | | $ | 155 | | | | | $ | 140 | | | | | $ | 118 | | | | | $ | 65 | | | | | $ | 74 | | |
Plus: D&A
|
| | | $ | 98 | | | | | $ | 99 | | | | | $ | 103 | | | | | $ | 107 | | | | | $ | 111 | | | | | $ | 115 | | | | | $ | 119 | | |
Less: Net Capital Expenditures
|
| | | $ | (127) | | | | | $ | (127) | | | | | $ | (125) | | | | | $ | (126) | | | | | $ | (124) | | | | | $ | (125) | | | | | $ | (125) | | |
Change in Net Working Capital
|
| | | $ | 0 | | | | | $ | (16) | | | | | $ | (10) | | | | | $ | 12 | | | | | $ | (19) | | | | | $ | 6 | | | | | $ | (3) | | |
Unlevered Free Cash Flow
|
| | | $ | 8 | | | | | $ | 62 | | | | | $ | 122 | | | | | $ | 133 | | | | | $ | 86 | | | | | $ | 60 | | | | | $ | 65 | | |
| | |
Calendar year ended December 31(1)
|
| |||||||||||||||||||||||||||||||||||||||
| | |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 2,015 | | | | | $ | 2,170 | | | | | $ | 2,306 | | | | | $ | 2,352 | | | | | $ | 2,403 | | | | | $ | 2,415 | | | | | $ | 2,475 | | |
EBITDA
|
| | | $ | 120 | | | | | $ | 165 | | | | | $ | 217 | | | | | $ | 202 | | | | | $ | 192 | | | | | $ | 174 | | | | | $ | 201 | | |
Less: D&A
|
| | | $ | (98) | | | | | $ | (99) | | | | | $ | (103) | | | | | $ | (107) | | | | | $ | (111) | | | | | $ | (115) | | | | | $ | (119) | | |
Operating Income
|
| | | $ | 21 | | | | | $ | 64 | | | | | $ | 112 | | | | | $ | 93 | | | | | $ | 79 | | | | | $ | 58 | | | | | $ | 81 | | |
Less: Taxes
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | (16) | | | | | $ | (23) | | |
EBIAT
|
| | | $ | 21 | | | | | $ | 64 | | | | | $ | 112 | | | | | $ | 93 | | | | | $ | 79 | | | | | $ | 42 | | | | | $ | 58 | | |
Plus: D&A
|
| | | $ | 98 | | | | | $ | 99 | | | | | $ | 103 | | | | | $ | 107 | | | | | $ | 111 | | | | | $ | 115 | | | | | $ | 119 | | |
Less: Net Capital Expenditures
|
| | | $ | (64) | | | | | $ | (87) | | | | | $ | (90) | | | | | $ | (109) | | | | | $ | (79) | | | | | $ | (99) | | | | | $ | (99) | | |
Change in Net Working Capital
|
| | | $ | 0 | | | | | $ | (16) | | | | | $ | (10) | | | | | $ | 12 | | | | | $ | (19) | | | | | $ | 7 | | | | | $ | (3) | | |
Unlevered Free Cash Flow
|
| | | $ | 54 | | | | | $ | 60 | | | | | $ | 114 | | | | | $ | 103 | | | | | $ | 92 | | | | | $ | 64 | | | | | $ | 75 | | |
Name
|
| |
Company
Restricted Shares (#) |
| |
Company
RSUs (#) |
| |
Company
PSUs (#) |
| |
Company
Options (#) |
| |
Estimated
Value ($)(1) |
| |||||||||||||||
Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
William E. Fuller
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Eric Peterson
|
| | | | 143,479 | | | | | | 33,359 | | | | | | 76,681 | | | | | | 63,727 | | | | | | 1,559,142 | | |
Max L. Fuller
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joel Gard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jason Grear
|
| | | | 47,144 | | | | | | — | | | | | | 25,346 | | | | | | — | | | | | | 445,814 | | |
Justin Harness
|
| | | | 115,405 | | | | | | — | | | | | | 54,713 | | | | | | — | | | | | | 1,046,226 | | |
Nathan Harwell
|
| | | | 92,098 | | | | | | — | | | | | | 43,353 | | | | | | — | | | | | | 883,024 | | |
Bryan Johnson
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jacob Lawson
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Amanda Thompson
|
| | | | 85,366 | | | | | | — | | | | | | 39,322 | | | | | | — | | | | | | 766,831 | | |
Non-Employee Directors(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jon Beizer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Edward “Ned” Braman
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jennifer Buckner
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Ducker
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dennis Nash
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John Rickel
|
| | | | — | | | | | | 5,263 | | | | | | — | | | | | | — | | | | | | 32,367 | | |
Named Executive Officer
|
| |
Cash ($)(1)
|
| |
Equity ($)(2)
|
| |
Perquisites/
Benefits ($)(3) |
| |
Tax
Reimbursement ($)(4) |
| |
Total ($)(5)
|
| |||||||||||||||
William E. Fuller
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Eric Peterson
|
| | | | 2,388,750 | | | | | | 1,559,142 | | | | | | 66,177 | | | | | | 133,107 | | | | | | 4,417,176 | | |
Max L. Fuller
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Named Executive Officer
|
| |
Severance ($)
|
| |
Target
Bonus ($) |
| ||||||
William E. Fuller
|
| | | | — | | | | | | — | | |
Eric Peterson
|
| | | | 2,021,250 | | | | | | 367,500 | | |
Max L. Fuller
|
| | | | — | | | | | | — | | |
Named Executive Officer
|
| |
Company
Restricted Shares (#) |
| |
Company
Restricted Shares ($) |
| |
Company
RSUs (#)(A) |
| |
Company
RSUs ($) |
| |
Company
PSUs (#) |
| |
Company
PSUs ($) |
| |
Company
Options (#)(B) |
| |
Company
Options ($)(B) |
| ||||||||||||||||||||||||
William E. Fuller
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Eric Peterson
|
| | | | 143,479 | | | | | | 882,396 | | | | | | 33,359 | | | | | | 205,158 | | | | | | 76,681 | | | | | | 471,588 | | | | | | — | | | | | | — | | |
Max L. Fuller
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Class A Common Stock(1)
|
| |
Class B Common Stock(2)
|
| | | | | | | ||||||||||||||||||
Name and Address of Beneficial Owners(3)
|
| |
Amount and
Nature of Beneficial Ownership |
| |
Percent of
Class(4) |
| |
Amount and
Nature of Beneficial Ownership |
| |
Percent of
Class(4) |
| |
% of Total
Voting Power(4) |
| |||||||||||||||
Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
William E. Fuller(5)
|
| | | | 929,816 | | | | | | 2.3% | | | | | | 4,451,410 | | | | | | 33.9% | | | | | | 21.8% | | |
Eric Peterson(6)
|
| | | | 692,226 | | | | | | 1.7% | | | | | | — | | | | | | — | | | | | | * | | |
Max L. Fuller(7)
|
| | | | 1,938,215 | | | | | | 4.7% | | | | | | 8,661,754 | | | | | | 66.1% | | | | | | 42.5% | | |
Directors (Non-Officers) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jon Beizer(8)
|
| | | | 97,134 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Edward “Ned” Braman(9)
|
| | | | 80,134 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Jennifer Buckner(10)
|
| | | | 35,780 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Michael Ducker(11)
|
| | | | 45,461 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Dennis Nash(12)
|
| | | | 50,134 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
John Rickel(13)
|
| | | | 132,634 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
All director and executive officers as a group (13 persons)(14)
|
| | | | 4,531,250 | | | | | | 11.1% | | | | | | 13,113,164 | | | | | | 100.0% | | | | | | 65.8% | | |
Holders of More than 5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Parties subject to the Voting Agreement and Support Agreement(15) (16)
|
| | | | 2,868,031 | | | | | | 7.0% | | | | | | 13,113,164 | | | | | | 100.0% | | | | | | 64.3% | | |
Aristotle Capital Boston, LLC(17)
|
| | | | 3,055,712 | | | | | | 7.5% | | | | | | — | | | | | | — | | | | | | 2.9% | | |
T. Rowe Price Investment Management, Inc.(18)
|
| | | | 2,753,550 | | | | | | 6.7% | | | | | | — | | | | | | — | | | | | | 2.6% | | |
GAMCO Investors, Inc.(19)
|
| | | | 2,125,425 | | | | | | 5.2% | | | | | | | | | | | | | | | | | | 2.0% | | |
48 Wall Street, 22nd Floor
New York, New York 10005
[email protected]
Call Collect: 212-269-5550
or
Toll-Free: 866-227-7300
|
ARTICLE I
DEFINITIONS & INTERPRETATIONS |
| ||||||
| | | | | A-2 | | | |
| | | | | A-13 | | | |
| | | | | A-15 | | | |
| | | | | A-17 | | | |
|
ARTICLE II
THE MERGER |
| ||||||
| | | | | A-17 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-19 | | | |
| | | | | A-19 | | | |
| | | | | A-20 | | | |
| | | | | A-21 | | | |
| | | | | A-23 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
|
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE COMPANY |
| ||||||
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-25 | | | |
| | | | | A-25 | | | |
| | | | | A-26 | | | |
| | | | | A-26 | | | |
| | | | | A-27 | | | |
| | | | | A-28 | | | |
| | | | | A-29 | | | |
| | | | | A-29 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | |
| | | | | A-33 | | | |
| | | | | A-35 | | | |
| | | | | A-36 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
|
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB |
| ||||||
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
|
ARTICLE V
INTERIM OPERATIONS OF THE COMPANY |
| ||||||
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-44 | | | |
| | | | | A-44 | | | |
|
ARTICLE VI
ADDITIONAL COVENANTS |
| ||||||
| | | | | A-47 | | | |
| | | | | A-48 | | | |
| | | | | A-50 | | | |
| | | | | A-51 | | | |
| | | | | A-52 | | | |
| | | | | A-52 | | | |
| | | | | A-53 | | | |
| | | | | A-53 | | | |
| | | | | A-53 | | | |
| | | | | A-55 | | | |
| | | | | A-57 | | | |
| | | | | A-57 | | | |
| | | | | A-57 | | |
| | | | | A-58 | | | |
| | | | | A-58 | | | |
| | | | | A-58 | | | |
| | | | | A-58 | | | |
| | | | | A-58 | | | |
| | | | | A-58 | | | |
|
ARTICLE VII
CONDITIONS TO THE MERGER |
| ||||||
| | | | | A-59 | | | |
| | | | | A-59 | | | |
| | | | | A-60 | | | |
|
ARTICLE VIII
TERMINATION |
| ||||||
| | | | | A-60 | | | |
| | | | | A-61 | | | |
| | | | | A-62 | | | |
|
ARTICLE IX
GENERAL PROVISIONS |
| ||||||
| | | | | A-63 | | | |
| | | | | A-63 | | | |
| | | | | A-64 | | | |
| | | | | A-65 | | | |
| | | | | A-65 | | | |
| | | | | A-65 | | | |
| | | | | A-65 | | | |
| | | | | A-65 | | | |
| | | | | A-65 | | | |
| | | | | A-66 | | | |
| | | | | A-66 | | | |
| | | | | A-67 | | | |
| | | | | A-67 | | | |
| | | | | A-67 | | | |
| | | | | A-67 | | | |
| EXHIBITS | | | | | | | |
| Exhibit A – Company Charter Amendment Certificate | | | | | | | |
| Exhibit B – Surviving Corporation Articles of Incorporation | | | | | | | |
| Exhibit C – Surviving Corporation Bylaws | | | | | | | |
DEFINITIONS & INTERPRETATIONS
Term
|
| |
Section Reference
|
|
Additional Approval Condition | | |
3.4(b)
|
|
Agreement | | |
Preamble
|
|
Alternative Acquisition Agreement | | |
5.4(a)
|
|
Anti-Bribery Laws | | |
3.22(c)
|
|
Articles of Merger | | |
2.4(a)
|
|
Certificates | | |
2.9(c)(i)
|
|
Charter Amendment Effective Time | | |
2.3
|
|
Closing | | |
2.5
|
|
Closing Date | | |
2.5
|
|
Company | | |
Preamble
|
|
Company Charter Amendment Certificate | | |
2.1
|
|
Company Disclosure Letter | | |
1.4
|
|
Company Intellectual Property | | |
3.17(b)
|
|
Company Leased Real Property | | |
3.15(b)
|
|
Company Option | | |
2.8(c)(i)
|
|
Company Owned Real Property | | |
3.15(a)
|
|
Company PSU | | |
2.10(c)(i)
|
|
Term
|
| |
Section Reference
|
|
Company Recommendation | | |
3.3(a)
|
|
Company Recommendation Change | | |
5.4(c)(i)
|
|
Company RSU | | |
2.10(a)(i)
|
|
Company SEC Reports | | |
3.8(d)
|
|
Company Securities | | |
3.7(b)
|
|
Company Special Committee | | |
Recitals
|
|
Company Stockholder Meeting | | |
6.4(a)
|
|
Converted PSU Award | | |
2.10(c)(ii)
|
|
Converted Restricted Share Award | | |
2.10(b)
|
|
Converted RSU Award | | |
2.10(a)(ii)
|
|
Copyrights | | |
1.1(kkk)
|
|
Covenant Exceptions | | |
5.1(a)
|
|
Data Privacy/Security Requirements | | |
3.17(g)
|
|
Effect | | |
1.1(x)
|
|
Effective Time | | |
2.4(b)
|
|
Electronic Delivery | | |
9.13
|
|
Enforcement Expenses | | |
8.3(d)
|
|
Ex-Im Laws | | |
3.22(c)
|
|
Exchange Fund | | |
2.9(b)
|
|
Excluded Arrangements | | |
6.10(a)
|
|
FHWA | | |
3.21(b)
|
|
Financing | | |
6.5(a)
|
|
FMCSA | | |
3.21(b)
|
|
Indemnified Party Proceeding | | |
6.9(b)
|
|
Indemnified Persons | | |
6.9(a)
|
|
Labor Agreements | | |
3.20(a)
|
|
Leased Real Property Leases | | |
3.15(b)
|
|
Marks | | |
1.1(kkk)
|
|
Maximum Premium | | |
6.9(b)
|
|
Merger | | |
Recitals
|
|
Merger Sub | | |
Preamble
|
|
Merger Sub Stockholder Approval | | |
6.16
|
|
Net Debt | | |
5.2(h)(i)
|
|
New Plans | | |
6.9(a)
|
|
Notice Period | | |
5.4(d)(ii)(3)
|
|
Old Plans | | |
6.9(a)
|
|
Owned Company Shares | | |
2.9(a)(ii)
|
|
Parent | | |
Preamble
|
|
Party or Parties | | |
Preamble
|
|
Patents | | |
1.1(kkk)
|
|
Payment Agent | | |
2.9(a)
|
|
Per Share Price | | |
2.9(a)(iii)
|
|
Term
|
| |
Section Reference
|
|
Proxy Holder | | |
Recitals
|
|
Proxy Statement | | |
6.3(a)
|
|
Required Permits | | |
3.20(c)
|
|
Restraint | | |
7.1(b)
|
|
Rollover Agreement | | |
Recitals
|
|
Rollover Shares | | |
Recitals
|
|
Statutory Charter Amendment Stockholder Approvals | | |
3.4(a)
|
|
Statutory Merger Stockholder Approval | | |
3.4(a)
|
|
Statutory Stockholder Approvals | | |
3.4(a)
|
|
Support Agreement | | |
Recitals
|
|
Surviving Corporation | | |
Recitals
|
|
Tail Policy | | |
6.9(b)
|
|
Termination Date | | |
8.1(b)
|
|
Trade Secrets | | |
1.1(kkk)
|
|
Transaction Matters | | |
9.11(a)
|
|
Uncertificated Shares | | |
2.9(c)(ii)
|
|
Union | | |
3.20(a)
|
|
Vested Company PSU | | |
2.10(c)(i)
|
|
Vested Company RSU | | |
2.10(a)(i)
|
|
THE MERGER
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB
INTERIM OPERATIONS OF THE COMPANY
ADDITIONAL COVENANTS
CONDITIONS TO THE MERGER
TERMINATION
GENERAL PROVISIONS
2002 West Wahalla Lane
Phoenix, Arizona 85027
Attention: Todd F. Carlson, General Counsel and Secretary
411 South 13th Street, Second Floor
Lincoln, NE 68508
One New York Plaza
New York, NY 10004
4080 Jenkins Road
Chattanooga, TN 37421
1180 Peachtree Street, NE
Suite 1600
Atlanta, GA 30309
ARTICLES OF INCORPORATION
OF
U.S. XPRESS ENTERPRISES, INC.
NAME
REGISTERED OFFICE
AUTHORIZED CAPITAL STOCK
DIRECTORS
LIMITATION OF LIABILITY
INDEMNIFICATION
AMENDMENT
BYLAWS
OF
U.S. XPRESS ENTERPRISES, INC.
OFFICES
MEETINGS OF THE STOCKHOLDERS
BOARD OF DIRECTORS
OFFICERS
STOCK CERTIFICATES AND THEIR TRANSFER
INDEMNIFICATION OF DIRECTORS AND OFFICERS
GENERAL PROVISIONS
4080 Jenkins Road
Chattanooga, TN 37421
Attention: Nathan Harwell, EVP, Chief Legal Officer and Corporate Secretary
Email:
1180 Peachtree Street, NE
Suite 1600
Atlanta, GA 30309
Attention: Erik Belenky; Keith Townsend
Email:
2002 West Wahalla Lane
Phoenix, Arizona 85027
Attention: Todd F. Carlson, General Counsel and Secretary
Email:
9555 Hillwood Drive, 2nd Floor
Las Vegas, NV 89134
Attention: Gian Brown
Email:
2002 West Wahalla Lane
Phoenix, Arizona 85027
Attention: Todd F. Carlson, General Counsel and Secretary
Email:
U.S. Xpress Enterprises, Inc.
4080 Jenkins Road
Chattanooga, Tennessee 37421