William Eric Fuller - Jun 30, 2023 Form 4 Insider Report for US XPRESS ENTERPRISES INC (USX)

Signature
/s/ William Eric Fuller, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC
Stock symbol
USX
Transactions as of
Jun 30, 2023
Transactions value $
-$18,965,757
Form type
4
Date filed
7/5/2023, 06:34 PM
Previous filing
Mar 16, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction USX Class B Common Stock Other -53.3K -6.29% 795K Jun 30, 2023 Direct F1, F2
transaction USX Class B Common Stock Disposed to Issuer -$4.89M -795K -100% $6.15 0 Jul 1, 2023 Direct F2, F3
transaction USX Class A Common Stock Other -114K -15.46% 622K Jun 30, 2023 Direct F2, F4
transaction USX Class A Common Stock Disposed to Issuer $0 -460K -73.9% $0.00 162K Jul 1, 2023 Direct F2, F5
transaction USX Class A Common Stock Disposed to Issuer -$999K -162K -100% $6.15 0 Jul 1, 2023 Direct F2, F6
transaction USX Class B Common Stock Other -917K -46% 1.08M Jun 30, 2023 Co-Trustee F7, F8
transaction USX Class B Common Stock Disposed to Issuer -$6.62M -1.08M -100% $6.15 0 Jul 1, 2023 Co-Trustee F3, F8
transaction USX Class B Common Stock Other -560K -34.77% 1.05M Jun 30, 2023 Managing General Partner F9, F10
transaction USX Class B Common Stock Disposed to Issuer -$6.46M -1.05M -100% $6.15 0 Jul 1, 2023 Managing General Partner F3, F10
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

William Eric Fuller is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 On July 1, 2023, pursuant to the Agreement and Plan of Merger, dated March 20, 2023 (the "Merger Agreement"), by and among the issuer, Knight-Swift Transportation Holdings, Inc. ("Parent"), and Liberty Merger Sub Inc. ("Merger Subsidiary"), Merger Subsidiary merged with and into the issuer (the "Merger"), with the issuer surviving the Merger as an indirect wholly-owned subsidiary of Parent. In connection with the Merger, on June 30, 2023, Mr. Eric Fuller contributed 53,331 shares of Class B common stock to Liberty Holdings Topco LLC, a subsidiary of Parent ("Holdings"), in exchange for an equal number of units in Holdings.
F2 Shares held by Mr. Eric Fuller.
F3 Pursuant to the Merger Agreement, at the effective time of the Merger, the shares of Class B common stock were cancelled and converted into the right to receive $6.15 in cash (the "Merger Consideration").
F4 In connection with the Merger, on June 30, 2023, Mr. Eric Fuller contributed 113,826 shares of Class A common stock to Holdings, in exchange for an equal number of units in Holdings.
F5 In connection with the closing of the Merger, Mr. Eric Fuller resigned from all positions with the issuer and the 460,010 shares of Class A restricted stock then-held by Mr. Eric Fuller were forfeited for no consideration or payment.
F6 Pursuant to the Merger Agreement, at the effective time of the Merger, the shares of Class A common stock were cancelled and converted into the Merger Consideration.
F7 In connection with the Merger, on June 30, 2023, the Max L. Fuller 2008 Irrevocable Trust FBO William E. Fuller (the "Trust") contributed 916,993 shares of Class B common stock to Holdings, in exchange for an equal number of units in Holdings.
F8 Shares held by the Trust of which Mr. Eric Fuller is a co-trustee, along with his mother, Ms. Janice Fuller. Mr. Eric Fuller and Ms. Janice Fuller have shared dispositive power with respect to shares held in the Trust, and Mr. Eric Fuller has sole voting power.
F9 In connection with the Merger, on June 30, 2023, the Max Fuller Limited Partnership contributed 559,677 shares of Class B common stock to Holdings, in exchange for an equal number of units in Holdings.
F10 Shares held by the Max Fuller Limited Partnership, in which Mr. Eric Fuller is the managing general partner. Mr. Eric Fuller disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all the reported shares for purposes of Section 16 or for any other purposes.