Third Amendment to the Salary Continuation Agreement
Third Amendment to the Salary Continuation Agreement
This Third Amendment to the Salary Continuation Agreement (“Third Agreement”) is entered into this 1st day of January, 2017 (“Effective Date”) by and among U.S. Xpress Enterprises, Inc. and Xxxx Xxxxx Xxxxx (collectively referred to as the “Parties”).
WHEREAS, on March 21, 2008, U.S. Xpress Enterprises, Inc., a Nevada corporation and Xxxxxxx X. Xxxxx, a resident of Xxxxxxxx County, Tennessee, entered into a Salary Continuation Agreement which provided for certain salary continuation and other benefits upon the disability or death of Xx. Xxxxx (the “Agreement”); and
WHEREAS, the Agreement provided that certain salary continuation and other benefits would be provided to Xxxxxxx X. Xxxxx’x surviving spouse upon his death; and
WHEREAS, Xxxxxxx X. Xxxxx died in 2011 and his surviving spouse, Xxxx Xxxxx Xxxxx, became the beneficiary and recipient of salary continuation and other benefits under the Agreement; and
WHEREAS, on January 27, 2012, U.S. Xpress Enterprises, Inc. and Xxxx Xxxxx Xxxxx, as “Beneficiary” under the Agreement, entered into an amendment of the Agreement which reduced the salary continuation benefits from ten to four years (the “First Amendment”); and
WHEREAS, on January 1, 2016, the parties agreed to amend the Agreement and continue the Agreement for one additional year (the “Second Amendment to the Salary Continuation Agreement”); and
WHEREAS, the Parties now wish to further amend the Agreement (as amended by the First Amendment) to continue the salary continuation benefits for one additional year.
NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter set forth, the Parties agree as follows:
U.S. Xpress Enterprises, Inc. will continue to pay Xxxx Xxxxx Xxxxx Fifty Percent (50%) of Xxxxxxx X. Xxxxx’x base salary (at the time of his death) until the sixth anniversary of his death.
IN WITNESS WHEREOF, the Parties have executed this Third Amendment as of the Effective Date.
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U.S. Xpress Enterprises, Inc. | |
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By: |
/s/ Xxx Xxxxxx |
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Xxx Xxxxxx |
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Chief Executive Officer |
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By: |
/s/ Xxxx Xxxxx Xxxxx |
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Xxxx Xxxxx Xxxxx (as Beneficiary) |
