Covenant Logistics amends executive severance agreements to add retirement benefits

Covenant Logistics Group, Inc., a Chattanooga, Tennessee-based company, recently amended severance agreements with four executives to include retirement benefits. The Compensation Committee approved the changes on August 7. The four executives affected are M. Paul Bunn, James "Tripp" Grant, Dustin Koehl, and Joey Ballard. According to the company's press release and SEC filing, if any of these executives give at least 18 months' written notice of their intention to retire or leave the company voluntarily, they will become eligible for six months of salary continuation and six months of COBRA health insurance reimbursement upon leaving.

However, these benefits are contingent upon the executive remaining employed during the notice period, signing a release, and complying with other standard provisions, including a 12-month non-compete agreement. Prior to this amendment, the severance agreements did not cover retirement or voluntary separation benefits. The changes were made without altering other qualifying change-in-control or severance event provisions.

Covenant Logistics Group's Class A common stock is traded on the New York Stock Exchange under the ticker symbol CVLG.