Second Amendment to the Salary Continuation Agreement between U.S. Xpress Enterprises and Anna Marie Quinn, dated January 1, 2016
Exhibit 10.29
SECOND AMEDMENT TO THE SALARY CONTINUATION AGREEMENT
This Second Amendment to the Salary Continuation Agreement (Second Amendment) is entered into this 1st day of January, 2016 (Effective Date) by and among U.S. Xpress Enterprises, Inc. and Anna Marie Quinn (collectively referred to as the Parties).
WHEREAS, on March 21, 2008, U.S. Xpress Enterprises, Inc., a Nevada corporation, and Patrick E. Quinn, a resident of Hamilton County, Tennessee, entered into a Salary Continuation Agreement which provided for certain salary continuation and other benefits upon the disability or death of Mr. Quinn (the Agreement); and
WHEREAS, the Agreement provided that certain salary continuation and other benefits would be provided to Patrick E. Quinns surviving spouse upon his death; and
WHEREAS, Patrick E. Quinn died in 2011 and his surviving spouse, Anna Marie Quinn, 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 Anna Marie Quinn, 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, 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 Anna Marie Quinn One Hundred Percent (100%) of Patrick E. Quinns base salary (at the time of his death) until the fifth anniversary of his death.
IN WITNESS WHEREOF, the Parties have executed this Second Amendment as of the Effective Date.
| U.S. Xpress Enterprises, Inc. | |
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| By: | /s/ Max Fuller |
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| Max Fuller |
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| Chief Executive Officer |
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| By: | /s/ Anna Marie Quinn |
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| Anna Marie Quinn (as Beneficiary) |