<html xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:srt="http://fasb.org/srt/2022" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2020-02-12" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:us-gaap="http://fasb.org/us-gaap/2022" xmlns:dei="http://xbrl.sec.gov/dei/2022" xmlns:country="http://xbrl.sec.gov/country/2022" xmlns:currency="http://xbrl.sec.gov/currency/2022" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2020-01-21" xmlns:utr="http://www.xbrl.org/2009/utr" xmlns:naics="http://xbrl.sec.gov/naics/2022" xmlns:sic="http://xbrl.sec.gov/sic/2022" xmlns:stpr="http://xbrl.sec.gov/stpr/2022" xmlns:exch="http://xbrl.sec.gov/exch/2022" xmlns:cef="http://xbrl.sec.gov/cef/2022" xmlns:knx="http://knight-swift.com/20230320" xmlns="http://www.w3.org/1999/xhtml">
  <head>
    <title></title>
    <!-- Licensed to: scudder
         Document created using Broadridge PROfile 23.1.2.5118
         Copyright 1995 - 2023 Broadridge -->
    <meta http-equiv="Content-Type" content="text/html" />
</head>

<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; background-color: #ffffff;">
<div id="DSPFiXBRLHidden" style="display: none;"><ix:header><ix:hidden><ix:nonNumeric name="dei:AmendmentFlag" id="Fact_909748ac85c24042af61428d7d5b6751" contextRef="c20230320to20230320" format="ixt:fixed-false">false</ix:nonNumeric><ix:nonNumeric name="dei:EntityCentralIndexKey" id="Fact_65bfdfd15098472ebd0d9960086bda9c" contextRef="c20230320to20230320">0001492691</ix:nonNumeric></ix:hidden><ix:references><link:schemaRef xlink:href="knx-20230320.xsd" xlink:type="simple"></link:schemaRef></ix:references><ix:resources><xbrli:context id="c20230320to20230320"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001492691</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2023-03-20</xbrli:startDate><xbrli:endDate>2023-03-20</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div>

  <div>
    <hr style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" />
    <div>
      <div><br />
      </div>

      <div style="text-align: center; margin-right: 73.9pt; margin-left: 73.1pt; margin-top: 0.65pt; font-family: Arial; font-size: 14pt; font-weight: bold;">UNITED STATES</div>

      <div style="text-align: center; margin-right: 73.9pt; margin-left: 73.2pt; margin-top: 0.85pt; font-family: Arial; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>

      <div style="text-align: center; margin-right: 73.9pt; margin-left: 73.15pt; margin-top: 2.1pt; font-family: Arial; font-size: 10pt; font-weight: bold;">Washington, D.C. 20549</div>

      <div style="margin-top: 0.4pt; font-family: Arial;"><br />
      </div>

      <div style="text-align: center; margin-right: 73.9pt; margin-left: 73pt; margin-top: 7.65pt; font-family: Arial; font-size: 14pt; font-weight: bold;">FORM <ix:nonNumeric name="dei:DocumentType" id="Fact_626d4682a3914c9787341feb7e57eccc" contextRef="c20230320to20230320">8-K</ix:nonNumeric></div>

      <div style="text-align: center; margin-right: 73.9pt; margin-left: 73.1pt; margin-top: 13.35pt; font-family: Arial; font-size: 10pt;">CURRENT REPORT</div>

      <div style="text-align: center; margin-right: 116.35pt; margin-left: 115.7pt; margin-top: 0.45pt; font-family: Arial; font-size: 10pt;">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 </div>

      <div style="text-align: center; margin-right: 116.35pt; margin-left: 115.7pt; margin-top: 0.45pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <span style="font-family: Arial;"><br />
        </span></div>

      <div style="text-align: center; margin-right: 116.35pt; margin-left: 115.7pt; margin-top: 0.45pt; font-family: Arial; font-size: 10pt;">Date of Report (Date of earliest event reported): <ix:nonNumeric name="dei:DocumentPeriodEndDate" id="Fact_73f77a9bd2a14398a10e751ba921b408" contextRef="c20230320to20230320" format="ixt:date-monthname-day-year-en">March 20, 2023</ix:nonNumeric></div>

      <div>
        <div style="text-align: left;"><br />
        </div>

      </div>

      <div style="margin-top: 0.5pt; text-align: center;"><img width="950" height="124" src="knxswftlogo.jpg" alt="graphic" /></div>

      <div style="margin-top: 0.5pt;"><br />
      </div>

      <div style="text-align: center; margin-right: 73.9pt; margin-left: 73.35pt; margin-top: 4.85pt; font-family: Arial; font-size: 18pt; font-weight: bold;"><ix:nonNumeric name="dei:EntityRegistrantName" id="Fact_6e5d28ec793b4057a5852934d49253a7" contextRef="c20230320to20230320">Knight-Swift Transportation Holdings Inc.</ix:nonNumeric><br />
      </div>

      <div style="text-align: center; margin-right: 73.9pt; margin-left: 73.2pt; margin-top: 12.65pt; font-family: Arial; font-size: 10pt;">(Exact name of registrant as specified in its charter)</div>

      <div style="margin-top: 0.45pt; font-family: Arial;"><br />
      </div>

      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 36.54%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: center; margin-right: 8.8pt; margin-left: 5.8pt; font-size: 10pt; font-weight: bold;"><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_48140cc25a7c43caa4b612a967050949" contextRef="c20230320to20230320" format="ixt-sec:stateprovnameen">Delaware</ix:nonNumeric><br />
              </div>
            </td>

    <td style="width: 28.91%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: center; margin-right: 24.75pt; margin-left: 13.95pt; font-size: 10pt; font-weight: bold;"><ix:nonNumeric name="dei:EntityFileNumber" id="Fact_880837a3dfb64016aa2bcd280decf627" contextRef="c20230320to20230320">001-35007</ix:nonNumeric><br />
              </div>
            </td>

    <td style="width: 34.55%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: center; margin-right: 25.95pt; margin-left: 17.55pt; font-size: 10pt; font-weight: bold;"><ix:nonNumeric name="dei:EntityTaxIdentificationNumber" id="Fact_26af24c3a1d0479080e6487f17552ebf" contextRef="c20230320to20230320">20-5589597</ix:nonNumeric><br />
              </div>
            </td>

  </tr>

  <tr>

    <td style="width: 36.54%; vertical-align: top; font-family: Arial;">
              <div style="text-align: center; margin-right: 8.8pt; margin-left: 5.95pt; font-size: 10pt;">(State or other jurisdiction of incorporation)</div>
            </td>

    <td style="width: 28.91%; vertical-align: top; font-family: Arial;">
              <div style="text-align: center; margin-right: 24.75pt; margin-left: 14.05pt; font-size: 10pt;">(Commission File Number)</div>
            </td>

    <td style="width: 34.55%; vertical-align: top; font-family: Arial;">
              <div style="text-align: center; margin-right: 25.95pt; margin-left: 17.65pt; font-size: 10pt;">(IRS Employer Identification No.)</div>
            </td>

  </tr>

  <tr>

    <td style="width: 36.54%; vertical-align: top; font-family: Arial;">&#160;</td>

    <td style="width: 28.91%; vertical-align: top;">
              <div>
                <div style="font-family: Arial;">&#160;</div>
                <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" id="Fact_8da4c03de1db43adac22ee92a6cade13" contextRef="c20230320to20230320">2002 West Wahalla Lane</ix:nonNumeric><br />
                </div>
                <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;"><ix:nonNumeric name="dei:EntityAddressCityOrTown" id="Fact_42ce6500a984470f932b28014e9f6335" contextRef="c20230320to20230320">Phoenix</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressStateOrProvince" id="Fact_6802c849530e4146a112bb77e36769da" contextRef="c20230320to20230320" format="ixt-sec:stateprovnameen">Arizona</ix:nonNumeric> <ix:nonNumeric name="dei:EntityAddressPostalZipCode" id="Fact_dd943bd2520b454aa18a8ec072c06a47" contextRef="c20230320to20230320">85027</ix:nonNumeric></div>
              </div>
            </td>

    <td style="width: 34.55%; vertical-align: top; font-family: Arial;">&#160;</td>

  </tr>


</table>
      <div style="text-align: center; margin-right: 73.9pt; margin-left: 73.1pt; margin-top: 0.9pt; font-family: Arial; font-size: 8pt;">(Address of principal executive offices and zip code)</div>

      <div style="text-align: center; margin-right: 73.9pt; margin-left: 73.05pt; margin-top: 3.2pt; font-family: Arial; font-size: 10pt; font-weight: bold;">(<ix:nonNumeric name="dei:CityAreaCode" id="Fact_ba09fe039ade49a2bc1a144af703a96f" contextRef="c20230320to20230320">602</ix:nonNumeric>)
        <ix:nonNumeric name="dei:LocalPhoneNumber" id="Fact_ad4b7ee91c6543eba0323d7b642a6ccb" contextRef="c20230320to20230320">269-2000</ix:nonNumeric></div>

      <div style="text-align: center; margin-right: 73.9pt; margin-left: 73.25pt; margin-top: 0.45pt; font-family: Arial; font-size: 10pt;">(Registrant's telephone number, including area code)</div>

      <div style="text-align: center; margin-right: 73.9pt; margin-left: 73.05pt; margin-top: 6.45pt; font-family: Arial; font-size: 10pt; font-weight: bold;">N/A</div>

      <div style="text-align: center; margin-right: 73.9pt; margin-left: 73.25pt; margin-top: 0.45pt; font-family: Arial; font-size: 10pt;">(Former name or former address, if changed since last report)</div>

      <div style="margin: 8.6pt 10.95pt 8.6pt 9.25pt; font-family: Arial; font-size: 10pt; text-align: left;">Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the
        following provisions:</div>

      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.65pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 33.25pt; vertical-align: top; text-align: right; font-family: Arial;">
                <div style="text-align: left; margin-left: 14.95pt; margin-top: 0.65pt; font-size: 10pt;"><ix:nonNumeric name="dei:WrittenCommunications" id="Fact_de58428a471f4db9b3cbe9511e7960fd" contextRef="c20230320to20230320" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric><br />
                </div>
              </td>

    <td style="width: auto; vertical-align: top; font-family: Arial;">
                <div style="text-align: left; text-indent: 2.75pt; margin-top: 0.65pt; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
              </td>

  </tr>


</table>
      </div>

      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 33.25pt; vertical-align: top; text-align: right; font-family: Arial;">
                <div style="text-align: left; margin-left: 14.95pt; font-size: 10pt;"><ix:nonNumeric name="dei:SolicitingMaterial" id="Fact_01357a20e5434b338664988a2601e8cd" contextRef="c20230320to20230320" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric><br />
                </div>
              </td>

    <td style="width: auto; vertical-align: top; font-family: Arial;">
                <div style="text-align: left; text-indent: 2.75pt; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
              </td>

  </tr>


</table>
      </div>

      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 33.25pt; vertical-align: top; text-align: right; font-family: Arial;">
                <div style="text-align: left; margin-left: 14.95pt; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementTenderOffer" id="Fact_09f9996cdcc34c45beecc6110c1f0fa7" contextRef="c20230320to20230320" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric><br />
                </div>
              </td>

    <td style="width: auto; vertical-align: top; font-family: Arial;">
                <div style="text-align: left; text-indent: 2.75pt; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
              </td>

  </tr>


</table>
      </div>

      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 33.25pt; vertical-align: top; text-align: right; font-family: Arial;">
                <div style="text-align: left; margin-left: 14.95pt; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" id="Fact_1d0df8b705fb4ccc931ca4e78603d6af" contextRef="c20230320to20230320" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric><br />
                </div>
              </td>

    <td style="width: auto; vertical-align: top; font-family: Arial;">
                <div style="text-align: left; text-indent: 2.75pt; font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
              </td>

  </tr>


</table>
      </div>

      <div style="text-align: left; margin-left: 9.25pt; margin-top: 6.05pt; font-family: Arial; font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</div>

      <div style="margin-top: 0.5pt; font-family: Arial;"><br />
      </div>

      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 36.35%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: center; margin-right: 25.05pt; margin-left: 29.9pt; font-size: 10pt; font-weight: bold;">Title of each class</div>
            </td>

    <td style="width: 22.89%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: center; margin-right: 19.3pt; margin-left: 25.35pt; font-size: 10pt; font-weight: bold;">Trading Symbol(s)</div>
            </td>

    <td style="width: 40.76%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: center; margin-right: 18pt; margin-left: 19.25pt; font-size: 10pt; font-weight: bold;">Name of each exchange on which registered</div>
            </td>

  </tr>

  <tr>

    <td style="width: 36.35%; vertical-align: top; font-family: Arial;">
              <div style="text-align: center; margin-right: 25.05pt; margin-left: 30pt; font-size: 10pt;"><ix:nonNumeric name="dei:Security12bTitle" id="Fact_8171b87efb484396a8586b95b5d1839f" contextRef="c20230320to20230320">Common Stock $0.01 Par Value</ix:nonNumeric><br />
              </div>
            </td>

    <td style="width: 22.89%; vertical-align: top; font-family: Arial;">
              <div style="text-align: center; margin-right: 19.3pt; margin-left: 25.35pt; font-size: 10pt;"><ix:nonNumeric name="dei:TradingSymbol" id="Fact_abd3dc6aea294ea49a59fb0a72e89b7d" contextRef="c20230320to20230320">KNX</ix:nonNumeric><br />
              </div>
            </td>

    <td style="width: 40.76%; vertical-align: top; font-family: Arial;">
              <div style="text-align: center; margin-right: 18pt; margin-left: 19.25pt; font-size: 10pt;"><ix:nonNumeric name="dei:SecurityExchangeName" id="Fact_5db3e9fb4d0b4edeb7abca31ab055c22" contextRef="c20230320to20230320">NYSE</ix:nonNumeric><br />
              </div>
            </td>

  </tr>


</table>
      <div style="text-align: left; margin-top: 6.9pt; font-family: Arial; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule
        12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

      <div style="margin: 6pt 0px 0px; font-family: Arial; font-size: 10pt; text-align: left;">Emerging growth company<span class="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 12pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;





        </span><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_dc1620ea3ada464a83d5775a9e1b08a0" contextRef="c20230320to20230320" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></div>

      <div style="text-align: left; margin-left: 5.5pt; font-family: Arial; font-size: 10pt;"><span style="font-size: 10pt; font-weight: bold;"> <br />
        </span></div>

      <div style="text-align: left; font-family: Arial; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
        accounting standards provided pursuant to Section 13(a) of the Exchange Act.<span style="font-size: 10pt; font-weight: bold;">&#9744;<br />
          <br />
        </span></div>

      <div style="text-align: left; font-family: Arial; font-size: 10pt;">
        <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" />
<div><span style="font-size: 10pt; font-weight: bold;"> </span></div>
</div>

      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" /></div>

      </div>

      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(0, 70, 126); font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt; font-style: normal; font-weight: bold; color: rgb(255, 255, 255);">ITEM 1.01</div>
              </td>

    <td style="width: 90%; vertical-align: top; background-color: rgb(157, 27, 17); font-family: Arial;">
                <div style="text-align: left; font-size: 10pt; font-style: normal; font-weight: bold; color: rgb(255, 255, 255);">ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</div>
              </td>

  </tr>


</table>
        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold;">Agreement and Plan of Merger</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">On March 20, 2023, Knight-Swift Transportation Holdings Inc., a Delaware corporation (&#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">KNX</span></span>&#8221;),


          entered into an Agreement and Plan of Merger (the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">Merger Agreement</span></span>&#8221;) with U.S. Xpress Enterprises, Inc., a Nevada corporation (&#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">USX</span></span>&#8221;) and Liberty Merger
          Sub Inc., a Nevada corporation and an indirect wholly owned subsidiary of KNX (&#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">Merger Sub</span></span>&#8221;). The Merger Agreement provides, among other things, and subject to the terms and conditions set forth
          therein, that Merger Sub will be merged with and into USX, with USX surviving as an indirect wholly owned subsidiary of KNX (the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">Merger</span></span>&#8221;).</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">KNX&#8217;s board of directors (the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">KNX Board</span></span>&#8221;) has unanimously approved the Merger Agreement
          and the transactions contemplated thereby, including the Merger<span style="font-size: 10pt;">.</span> An independent and disinterested special committee of USX&#8217;s board of directors (the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">USX Special Committee</span></span>)
          has unanimously approved and declared it advisable to enter into the Merger Agreement and resolved to recommend that USX&#8217;s stockholders approve the adoption of the Merger Agreement and the transactions contemplated thereby, including the Merger<span style="font-size: 10pt;">.</span></div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">At the Effective Time (as defined in the Merger Agreement), and as a result of the Merger:</div>

        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#9679;</div>
              </td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">each share of USX&#8217;s Class A common stock (the &#8220;<span style="text-decoration: underline;"><span style="font-size: 10pt;">USX Class A Common Stock</span></span>&#8221;), par value $0.01 per share, and USX Class B common stock (the &#8220;<span style="text-decoration: underline;"><span style="font-size: 10pt;">USX Class B Common Stock</span></span>&#8221;), par value $0.01 per share (together with the USX Class A Common Stock, the &#8220;<span style="text-decoration: underline;"><span style="font-size: 10pt;">USX Common Stock</span></span>&#8221;), that is issued and
                  outstanding immediately prior to the Effective Time, other than the Rollover Shares (as defined below) and certain other shares, will be converted into the right to receive $<span style="font-size: 10pt;">6.15</span> in cash, without
                  interest (the &#8220;<span style="text-decoration: underline;"><span style="font-size: 10pt;">Per Share Price</span></span>&#8221;), in connection with the consummation of the Merger; and</div>
              </td>

  </tr>


</table>
        <div style="text-align: justify; font-family: Arial; font-size: 10pt;">&#160;</div>

        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#9679;</div>
              </td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">all unvested outstanding equity awards of USX&#160; will&#160; be assumed by KNX and converted into outstanding equity awards of KNX.</div>
              </td>

  </tr>


</table>
        <div style="margin: 4.4pt 0px 0px; font-family: Arial; font-size: 10pt; text-align: justify;">Assuming the satisfaction of the conditions set forth in the Merger Agreement, KNX expects the Merger to close late in the second quarter or early in the
          third quarter of 2023.</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">The closing of the Merger is subject to various conditions, including:</div>

        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#9679;</div>
              </td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">the adoption of the Merger Agreement and the Merger by a majority of the voting power of the USX Common Stock entitled to vote on the Merger Agreement and the Merger (the &#8220;<span style="text-decoration: underline;"><span style="font-size: 10pt;">Single Class Vote</span></span>&#8221;);</div>
              </td>

  </tr>


</table>
        <div style="text-align: justify; font-family: Arial; font-size: 10pt;">&#160;</div>

        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#9679;</div>
              </td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">the adoption of the Merger Agreement and the Merger by holders of a majority of the outstanding shares of USX Class B Common Stock (voting as a single class) entitled to vote on the Merger
                  Agreement and the Merger (the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">Class B Vote</span></span>&#8221; and together with the Single Class Vote, the &#8220;<span style="text-decoration: underline;"><span style="font-size: 10pt;">Statutory Merger Stockholder Approvals</span></span>&#8221;);</div>
              </td>

  </tr>


</table>
        <div style="text-align: justify; font-family: Arial; font-size: 10pt;">&#160;</div>

        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#9679;</div>
              </td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">the adoption of an amendment to USX&#8217;s amended and restated articles of incorporation (the &#8220;<span style="text-decoration: underline;"><span style="font-size: 10pt;">Charter Amendment</span></span>&#8221;) by (i) a majority of the voting
                  power of the USX Common Stock entitled to vote on the Charter Amendment, (ii) the holders of a majority of the outstanding shares of USX Class A Common Stock (voting as a single class) entitled to vote on the Charter Amendment, and (iii)
                  the holders of a majority of the outstanding shares of USX Class B Common Stock (voting as a single class) entitled to vote on the Charter Amendment, (collectively, the &#8220;<span style="text-decoration: underline;"><span style="font-size: 10pt;">Statutory Charter Amendment
                      Stockholder Approvals</span></span>&#8221;);</div>
              </td>

  </tr>

  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">&#160;</td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">&#160;</td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#9679;</div>
              </td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">in connection with the Single Class Vote, a majority of the outstanding shares of USX Common Stock (other than the shares owned by (i) the Rollover Holders (as hereinafter defined), certain
                  trusts and entities and family members of USX&#8217;s Executive Chairman, Max L. Fuller, and USX&#8217;s Chief Executive Officer, William E. Fuller, and their Affiliates (as defined in the Merger Agreement), (ii) KNX and its Affiliates, and (iii) the
                  directors and executive officers of USX), having been cast in favor of the Merger Agreement and the Merger, with each share of USX Common Stock counted equally for this purpose (the &#8220;<span style="text-decoration: underline;"><span style="font-size: 10pt;">Majority-of-the-Minority-Approval


                      Condition</span></span>&#8221; and, together with the Statutory Merger Stockholder Approvals and the Statutory Charter Amendment Stockholder Approvals, the &#8220;<span style="text-decoration: underline;"><span style="font-size: 10pt;">Requisite Stockholder Approva</span>l</span>&#8221;);</div>
              </td>

  </tr>

  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">&#160;</td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">&#160;</td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">&#160;</td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#9679;</div>
              </td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended;</div>
              </td>

  </tr>

  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">&#160;</td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">&#160;</td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">&#160;</td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#9679;</div>
              </td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">the absence of any outstanding law, regulation, or order<span style="font-size: 10pt;">,</span> enacted, entered, or enforced by any governmental entity that prevents, materially restrains,
                  materially impairs, or makes illegal the consummation of the Charter Amendment or the Merger;</div>
              </td>

  </tr>

  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">&#160;</td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">&#160;</td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">&#160;</td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#9679;</div>
              </td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">the accuracy of the representations and warranties contained in the Merger Agreement, subject to customary materiality qualifications, as of the date of the closing of the Merger (except to
                  the extent that any such representation or warranty expressly speaks as of an earlier date); and</div>
              </td>

  </tr>

  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">&#160;</td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">&#160;</td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 5%; vertical-align: middle; font-family: Arial;">&#160;</td>

    <td style="width: 3%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#9679;</div>
              </td>

    <td style="width: 1%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">&#160;</div>
              </td>

    <td style="width: 91%; vertical-align: top; font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">compliance in all material respects with the covenants and obligations contained in the Merger Agreement required to be performed and complied with at or prior to closing. In addition, the
                  obligation of KNX and Merger Sub to consummate the Merger is subject to the absence, since the date of the Merger Agreement, of a Company Material Adverse Effect (as defined in the Merger Agreement).</div>
              </td>

  </tr>


</table>
        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">The closing of the Merger is not subject to a financing condition. Under the terms of the Merger Agreement, consummation of the Merger
          will occur on the third business day following the satisfaction or waiver of the conditions to closing of the Merger other than those conditions to be satisfied at closing<span style="font-size: 10pt;">.</span></div>

        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" /></div>

        </div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">Each of USX, KNX and Merger Sub have made customary representations and warranties and covenants in the Merger Agreement.</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">In addition, USX has agreed to customary covenants regarding the operation of the business of USX and its subsidiaries prior to the
          Effective Time.</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">The Merger Agreement contains covenants that USX will not, directly or indirectly, (i) solicit, initiate, propose, or induce the making,
          submission<span style="font-size: 10pt;">,</span> or announcement of, or knowingly encourage, facilitate<span style="font-size: 10pt;">,</span> or assist, any offer, inquiry, indication of interest<span style="font-size: 10pt;">,</span> or
          proposal that constitutes, or is reasonably expected to lead to, an Acquisition Proposal (as defined in the Merger Agreement); (ii) furnish to any third party any non-public information relating to USX or any of its subsidiaries or afford to any
          third party access to the business, properties, assets, books, records<span style="font-size: 10pt;">,</span> or other non-public information, or to any personnel, of USX or any of its subsidiaries, in any such case in connection with any
          Acquisition Proposal or with the intent to induce the making, submission<span style="font-size: 10pt;">,</span> or announcement of, or to knowingly encourage, facilitate<span style="font-size: 10pt;">,</span> or assist, an Acquisition Proposal or
          the making of any offer, inquiry, indication of interest<span style="font-size: 10pt;">,</span> or proposal that constitutes or would reasonably be expected to lead to an Acquisition Proposal; (iii) participate or engage in discussions or
          negotiations with any third party with respect to an Acquisition Proposal or with respect to any inquiries from third parties relating to any offer, indication of interest<span style="font-size: 10pt;">,</span> or proposal relating to an
          Acquisition Proposal; (iv) approve, endorse<span style="font-size: 10pt;">,</span> or recommend any offer, inquiry, indication of interest<span style="font-size: 10pt;">,</span> or proposal that constitutes, or would reasonably be expected to
          lead to, an Acquisition Proposal; (v) enter into any letter of intent, memorandum of understanding, merger agreement, acquisition agreement, or other contract&#160; relating to an Acquisition Proposal or Acquisition Transaction (as defined in the
          Merger Agreement), other than, in each case, an Acceptable Confidentiality Agreement (as defined in the Merger Agreement); or (vi) authorize or commit to do any of the foregoing.</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">Notwithstanding these limitations, prior to obtaining the Requisite Stockholder Approval, if (i) USX has received an Acquisition
          Proposal that was not the result of any material breach of Section 5.4(a) of the Merger Agreement and (ii) the USX Special Committee determines in good faith (after consultation with its financial advisor and outside legal counsel) that such
          Acquisition Proposal either constitutes a Superior Proposal (as defined in the Merger Agreement) or would be reasonably likely to lead to a Superior Proposal and the failure to take certain actions regarding such Acquisition Proposal would be
          inconsistent with its fiduciary duties under applicable law<span style="font-size: 10pt;">&#160;</span>then USX, the USX Special Committee, and USX representatives are permitted, subject to the terms and conditions set forth in the Merger Agreement,
          to (i) participate or engage in discussions or negotiations with the party making the Acquisition Proposal (including affording such party access to the business, properties, assets, books, records<span style="font-size: 10pt;">,</span> or other
          non-public information, or to any personnel, of USX or its subsidiaries), and (ii) terminate the Merger Agreement and change its recommendation to USX&#8217;s stockholders regarding the vote to approve the Merger Agreement in connection with a Superior
          Proposal (subject to certain notification and matching rights in favor of KNX).</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">The Merger Agreement contains certain termination rights for the parties, including the right of either party, subject to specified
          limitations, to terminate the Merger Agreement if the Merger is not consummated by December 20, 2023 (the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">Termination Date</span></span>&#8221;)<span style="font-size: 10pt;">.</span></div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">
          <div style="text-align: justify; font-family: Arial; font-size: 10pt;">The Merger Agreement provides that USX will be required to pay KNX a termination fee of $6.3 million (the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">Termination Fee</span></span>&#8221;) if
            USX terminates the Merger Agreement within 45 days of signing of the Merger Agreement (or such extended period if required to comply with the Notice Period (as defined in the Merger Agreement)) to enter into an acquisition agreement with
            respect to a Superior Proposal.&#160; After such initial period, the Termination Fee payable by USX is increased to $12.6 million and becomes payable if USX terminates the Merger Agreement to accept a Superior Proposal, if KNX terminates the Merger
            Agreement following a change in recommendation by the USX Special Committee and in other customary circumstances.</div>

        </div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">The foregoing description of the Merger Agreement, the Merger, and the transactions contemplated thereby, does not purport to be
          complete and is subject to, and qualified in its entirety by, the full text of the Merger Agreement, a copy of which is attached hereto as Exhibit 2.1 and incorporated by reference herein.</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold;">Rollover Agreement and Limited Liability Company Agreement</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">
          <div style="text-align: justify; font-family: Arial; font-size: 10pt;">In connection with the Merger, USX&#8217;s Executive Chairman, Max L. Fuller, and USX&#8217;s Chief Executive Officer, William E. Fuller, and certain of their Affiliates, including
            without limitation, FSBSPE 1, LLC<span style="font-size: 10pt;">,</span> FSBSPE 2, LLC<span style="font-size: 10pt;">,</span> FSBSPE 3, LLC<span style="font-size: 10pt;">,</span> Fuller Family Enterprises, LLC, Max L. Fuller 2008 Irrevocable
            Trust FBO William E. Fuller<span style="font-size: 10pt;">,</span> and Max Fuller Family Limited Partnership (collectively, the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">Rollover Holders</span></span>&#8221;) will roll over approximately one-third of their USX
            Common Stock (the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">Rollover Shares</span></span>&#8221;) as set forth in a separate Rollover Agreement (the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">Rollover Agreement</span></span>&#8221;). The Rollover Shares will not be converted
            into the right to receive the Per Share Price, but instead, immediately prior to the Effective Time, will be contributed to Liberty Holdings Topco LLC, a Delaware limited liability company (&#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">Holdings</span></span>&#8221;),


            in exchange for membership interests intended to be approximately equivalent to a 10% equity position in the entity that will hold the USX business unit of KNX after consummation of the Merger (the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">USX Unit</span></span>&#8221;).


            Under the amended and restated limited liability company operating agreement (the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">LLC Agreement</span></span>&#8221;), the membership interests received by the Rollover Holders will be granted limited consent rights,
            and will be subject to certain optional and mandatory purchase provisions during the five-year period post-closing. One class of membership interests will be subject to put and call rights at a defined fair market value measure in favor of the
            Rollover Holders and KNX, respectively and will be purchased by KNX at that defined fair market value measure if outstanding at the fifth anniversary of the Merger. In order for the put right to become exercisable, it is subject to a $175
            million minimum adjusted operating income threshold for the USX Unit. In addition, KNX will have a call right, exercisable only within the first 15 months after closing, at an exercise price of approximately $140 million. The second class of
            membership interests will be repurchased by KNX for $40 million if the USX Unit achieves $250 million in adjusted operating income for a trailing annual period at or prior to the fifth anniversary of closing. If such threshold is not met, the
            second class of interests will be forfeited for no value.</div>

        </div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">The Rollover Agreement also contains certain non-compete and non-solicit restrictive covenants, which limit the Rollover Shareholders&#8217;
          actions, for a period of five years, with respect to the transportation industry and the businesses of USX, KNX, and their subsidiaries.</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">The Rollover Agreement terminates upon the earliest to occur of (i) the valid termination of the Merger Agreement in accordance with its
          terms or (ii) the mutual written consent of KNX and the Rollover Holders.</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">The foregoing description of the Rollover Agreement and the LLC Agreement does not purport to be complete and is subject to, and
          qualified in its entirety by, the full text of the Rollover Agreement and the form of LLC Agreement, copies of which are attached hereto as Exhibit 99.1 and 99.2 respectively, and incorporated by reference herein.</div>

        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" /></div>

        </div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold;">Support Agreement</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">The Rollover Holders collectively hold approximately 58% of the voting power of USX Common Stock.</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: Arial;">In connection with the Merger, the Rollover Holders have
            each entered into an Irrevocable Proxy and Agreement (the &#8220;<span style="text-decoration: underline;">Support Agreement</span>&#8221;), pursuant to which, among other things, the Rollover Holders have granted an irrevocable proxy in favor of the USX Special Committee (acting as a majority) to
            vote the shares owned by the Rollover Holders: (i) in favor of (a) the approval of the Charter Amendment, (b) the adoption of the Merger Agreement and the approval of the Merger, (c) the approval of any advisory proposal with respect to &#8220;golden
            parachute compensation,&#8221; (d) the approval of any proposal to adjourn or postpone any stockholder meeting relating to the Merger to a later date if USX proposes or requests such postponement or adjournment, and (e) the approval of any other
            proposal to be voted upon or consented to by USX stockholders at any stockholder meeting relating to the Merger or at other meeting of stockholders or in respect of any proposed action by written consent, the approval of which is necessary for
            the consummation of the Merger and the other transactions contemplated by the Merger Agreement, but only to the extent that such Rollover Shares are entitled to be voted on or consent to such proposal, and (ii) against (a) any proposal, action,
            or agreement that would reasonably be expected to result in a breach of any covenant, representation, or warranty or other obligation or agreement of USX contained in the Merger Agreement or that would reasonably be expected to result in any
            condition set forth in the Merger Agreement not being satisfied or not being fulfilled prior to the Termination Date, (b) any proposal to amend the articles of incorporation or bylaws of USX, other than the Charter Amendment, (c) any
            Acquisition Proposal, (d) any reorganization, dissolution, liquidation, winding up, or similar extraordinary transaction involving USX (except as contemplated by the Merger Agreement), and (e) any other proposal, action, or agreement that would
            reasonably be expected to prevent or materially impede or materially delay the approval of the Charter Amendment or the consummation of the Merger or any of the other transactions contemplated by the Merger Agreement.</span></div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">Under the Merger Agreement, USX has agreed to (i) cause the proxy holder to cause the shares subject to the Support Agreement to appear
          at and be counted as present for purposes of establishing a quorum and to vote or consent pursuant to the terms of the Support Agreement, and (ii) enforce the terms of the Support Agreement, and not amend, modify, waive, or terminate any
          provision of the Support Agreement without the prior written consent of KNX.</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">The Support Agreement terminates upon the earliest to occur of (i) the valid termination of the Merger Agreement in accordance with its
          terms or (ii) the Effective Time<span style="font-size: 10pt;">.</span></div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">The foregoing description of the Support Agreement does not purport to be complete and is subject to, and qualified in its entirety by,
          the full text of the Support Agreement, a copy of which is attached hereto as Exhibit 99.3 and incorporated by reference herein.</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold;">Cautionary Statement Regarding Disclosures</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">The Merger Agreement, the Rollover Agreement, the LLC Agreement, and the Support Agreement have been included as exhibits to this
          Current Report on Form 8-K to provide investors with information regarding their terms. These documents are not intended to provide any other factual information about USX, KNX, Merger Sub, Holdings, or their respective affiliates. The
          representations, warranties, and covenants contained in such documents were made only for purposes of such documents as of the specific dates specified therein, were solely for the benefit of the parties thereto, may be subject to limitations
          agreed upon by the parties thereto, including being qualified by confidential disclosures made for the purposes of allocating contractual risk among the parties instead of establishing these matters as facts, and may be subject to standards of
          materiality applicable to the parties thereto that differ from those applicable to investors. Investors should not rely on the representations, warranties, and covenants or any descriptions thereof as characterizations of the actual state of
          facts or condition of the parties thereto or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of representations and warranties may change after the date of the Merger Agreement, which
          subsequent information may or may not be reflected in KNX&#8217;s or USX&#8217;s public disclosures. The Merger Agreement should not be read alone, but should instead be read in conjunction with the Rollover Agreement, the LLC Agreement<span style="font-size: 10pt;">,</span> the Support Agreement, and the other information regarding USX, KNX, Merger Sub, and Holdings, and the transactions contemplated by the Merger Agreement that will be contained in or attached as an annex to the
          proxy statement that USX will file in connection with the Merger Agreement and the transactions contemplated thereby, as well as in the other filings that KNX and USX will make with the U.S. Securities and Exchange Commission (the &#8220;<span style="font-size: 10pt;"><span style="text-decoration: underline;">SEC</span></span>&#8221;).</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>

        <div style="text-align: justify; font-family: Arial; font-size: 10pt;">The information contained in this Current Report and the exhibits hereto are &#8220;forward-looking statements,&#8221; within the meaning of Section 27A of the Securities Act of 1933,
          Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995 that provides a safe harbor for forward-looking statements, including statements relating to the completion of the transaction, all
          statements that do not relate solely to historical or current facts, and expectations, intentions or strategies regarding the future. These forward-looking statements are generally denoted by the use of words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221;
          &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;aim,&#8221; &#8220;target,&#8221; &#8220;plan,&#8221; &#8220;continue,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;predict,&#8221; &#8220;potential,&#8221; &#8220;ongoing,&#8221; &#8220;goal,&#8221; &#8220;can,&#8221; &#8220;seek,&#8221; &#8220;designed,&#8221; &#8220;likely,&#8221; &#8220;foresee,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;hope,&#8221;
          &#8220;strategy,&#8221; &#8220;objective,&#8221; &#8220;mission,&#8221; &#8220;continue,&#8221; &#8220;outlook,&#8221; &#8220;potential,&#8221; &#8220;feel,&#8221;&#160; and similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Statements in this
          announcement that are forward looking may include, but are not limited to, statements regarding the benefits of the proposed transaction with U.S. Xpress and the associated integration plans, expected synergies and revenue opportunities, expected
          branding, anticipated future operating performance and results of Knight-Swift, including statements regarding anticipated earnings, margins, and cash flows, anticipated future liquidity, anticipated availability of future resources, financial or
          otherwise, anticipated growth opportunities, anticipated fleet size, the availability of the merger consideration, the expected management and governance of U.S. Xpress following the transaction and the expected timing of the closing of the
          proposed transaction and other transactions contemplated by the proposed transaction. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are
          difficult to predict and/or quantify. Such risks and uncertainties include, but are not limited to: the occurrence of any event, change or other circumstance that could give rise to the right of Knight-Swift or U.S. Xpress or both of them to
          terminate the Merger Agreement, including circumstances requiring U.S. Xpress to pay Knight-Swift a termination fee pursuant to the merger agreement; the failure to obtain applicable regulatory or U.S. Xpress stockholder approval in a timely
          manner or otherwise; the risk that the transaction may not close in the anticipated timeframe or at all due to one or more of the other closing conditions to the transaction not being satisfied or waived; the risk that there may be unexpected
          costs, charges or expenses resulting from the proposed transaction; risks related to the ability of Knight-Swift and U.S. Xpress to successfully integrate the businesses and achieve the expected synergies and operating efficiencies within the
          expected timeframes or at all and the possibility that such integration may be more difficult, time consuming or costly than expected; risks that the proposed transaction disrupts Knight-Swift&#8217;s or U.S. Xpress&#8217; current plans and operations; the
          risk that certain restrictions during the pendency of the proposed transaction may impact Knight-Swift&#8217;s or U.S. Xpress&#8217; ability to pursue certain business opportunities or strategic transactions; risks related to disruption of each company&#8217;s
          management&#8217;s time and attention from ongoing business operations due to the proposed transaction; continued and sufficient availability of capital and financing; the risk that any announcements relating to the proposed transaction could have
          adverse effects on the market price of Knight-Swift&#8217;s and/or U.S. Xpress&#8217; common stock or operating results; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Knight-Swift and U.S. Xpress
          to retain and hire key personnel, to retain customers and to maintain relationships with each of their respective business partners, suppliers and customers and on their respective operating results and businesses generally; the risk of
          litigation that could be instituted against the parties to the Merger Agreement or their respective directors, affiliated persons or officers and/or regulatory actions related to the proposed transaction, including the effects of any outcomes
          related thereto; risks related to changes in accounting standards or tax rates, laws or regulations; risks related to unpredictable and severe or catastrophic events, including but not limited to acts of terrorism, war or hostilities (including
          effects of the conflict in Ukraine), cyber-attacks, or the impact of the COVID-19 pandemic or any other pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide on Knight-Swift&#8217;s or U.S. Xpress&#8217; business,
          financial condition and results of operations, as well as the response thereto by each company; and other business effects, including the effects of industry, market, economic (including the effect of inflation), political or regulatory
          conditions. Also, Knight-Swift&#8217;s and U.S. Xpress&#8217; actual results may differ materially from those contemplated by the forward-looking statements for a number of additional reasons as described in Knight-Swift&#8217;s and U.S. Xpress&#8217; respective SEC
          filings, including those set forth in the Risk Factors section and under any &#8220;Forward-Looking Statements&#8221; or similar heading in Knight-Swift&#8217;s or U.S. Xpress&#8217; respective most recently filed Annual Report on Form 10-K for the year ended December
          31, 2022 and Knight-Swift&#8217;s and U.S. Xpress&#8217; Current Reports on Form 8-K.</div>

        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" /></div>

        </div>

        <div style="text-align: justify; font-family: Arial; font-size: 10pt;">You are cautioned not to place undue reliance on Knight-Swift&#8217;s or U.S. Xpress&#8217; forward-looking statements. Knight-Swift&#8217;s or U.S. Xpress&#8217; respective forward-looking statements
          are and will be based upon each company&#8217;s management&#8217;s then-current views and assumptions regarding Knight-Swift&#8217;s proposed transaction with U.S. Xpress, future events and operating performance, and are applicable only as of the dates of such
          statements. Neither Knight-Swift nor U.S. Xpress assumes any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.</div>

        <div style="text-align: justify; font-family: Arial; font-size: 10pt;"> <br />
        </div>

        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 17.35%; vertical-align: top; background-color: rgb(0, 70, 126); font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt; font-style: normal; font-weight: bold; color: rgb(255, 255, 255);">ITEM 8.01</div>
              </td>

    <td style="width: 82.65%; vertical-align: top; background-color: rgb(157, 27, 17); font-family: Arial;">
                <div style="text-align: left; font-size: 10pt; font-style: normal; font-weight: bold; color: rgb(255, 255, 255);">OTHER EVENTS</div>
              </td>

  </tr>


</table>
        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">On March 21, 2023, KNX and USX announced that they had entered into the Merger Agreement. A copy of the press release is attached hereto
          as Exhibit <span style="font-size: 10pt;">99.4</span> and incorporated by reference herein.</div>

        <div style="text-align: justify; margin-top: 6.6pt; margin-bottom: 4.4pt; font-family: Arial; font-size: 10pt;">
          <div style="margin: 6.6pt 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">Also on March 21, 2023, KNX and USX each posted a joint investor
              presentation to their respective investor relations websites related to the transactions contemplated by the Merger Agreement. The presentation is attached hereto as Exhibit 99.5.</span></div>

          <div style="margin: 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt; font-family: Arial;"> <br />
            </span></div>

        </div>

        <div style="text-align: left; font-family: Arial;">
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 17.35%; vertical-align: top; background-color: rgb(0, 70, 126); font-family: Arial;">
                  <div style="text-align: justify; font-size: 10pt; font-style: normal; font-weight: bold; color: rgb(255, 255, 255);">ITEM 9.01<br />
                  </div>
                </td>

    <td style="width: 82.65%; vertical-align: top; background-color: rgb(157, 27, 17); font-family: Arial; font-weight: bold; color: rgb(255, 255, 255);">FINANCIAL STATEMENTS AND EXHIBITS<br />
                </td>

  </tr>


</table>
        </div>

        <div style="text-align: left; margin-left: 5.5pt; margin-top: 6.1pt; font-family: Arial; font-size: 10pt;">(d) Exhibits</div>

        <div style="font-family: Arial;"><br />
        </div>

        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 15.65%; vertical-align: bottom; font-family: Arial;">
                <div style="text-align: left; font-size: 10pt; font-weight: bold;">Exhibit</div>
              </td>

    <td style="width: 0.74%; vertical-align: middle; font-family: Arial;">&#160;</td>

    <td style="width: 83.61%; vertical-align: bottom; font-family: Arial;">
                <div style="text-align: left; font-size: 10pt; font-weight: bold;">Description</div>
              </td>

  </tr>

  <tr>

    <td style="width: 15.65%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
                <div style="text-align: left; font-size: 10pt;"><a href="exhibit21.htm">Exhibit 2.1</a></div>
              </td>

    <td style="width: 0.74%; vertical-align: middle; font-family: Arial; padding-bottom: 1px;">&#160;</td>

    <td style="width: 83.61%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: Arial;">Agreement and Plan of Merger, dated as of March 20, 2023, by and among KNX, USX, and Merger
                    Sub.</span><span style="font-family: Arial;">*</span></div>
              </td>

  </tr>

  <tr>

    <td style="width: 15.65%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
                <div style="text-align: left; font-size: 10pt;"><a href="exhibit991.htm">Exhibit 99.1</a></div>
              </td>

    <td style="width: 0.74%; vertical-align: middle; font-family: Arial; padding-bottom: 1px;">&#160;</td>

    <td style="width: 83.61%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">Rollover Agreement.</div>
              </td>

  </tr>

  <tr>

    <td style="width: 15.65%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
                <div style="text-align: left; font-size: 10pt;"><a href="exhibit992.htm">Exhibit 99.2</a></div>
              </td>

    <td style="width: 0.74%; vertical-align: middle; font-family: Arial; padding-bottom: 1px;">&#160;</td>

    <td style="width: 83.61%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">Form of LLC Agreement.</div>
              </td>

  </tr>

  <tr>

    <td style="width: 15.65%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
                <div style="text-align: left; font-size: 10pt;"><a href="exhibit993.htm">Exhibit 99.3</a></div>
              </td>

    <td style="width: 0.74%; vertical-align: middle; font-family: Arial; padding-bottom: 1px;">&#160;</td>

    <td style="width: 83.61%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">Support Agreement.</div>
              </td>

  </tr>

  <tr>

    <td style="width: 15.65%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
                <div style="text-align: left; font-size: 10pt;"><a href="exhibit994.htm">Exhibit 99.4</a></div>
              </td>

    <td style="width: 0.74%; vertical-align: middle; font-family: Arial; padding-bottom: 1px;">&#160;</td>

    <td style="width: 83.61%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: Arial;">Press release announcing the Merger Agreement, dated as of March 21, 2023.</span></div>
              </td>

  </tr>

  <tr>

    <td style="width: 15.65%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
                <div style="text-align: left; font-size: 10pt;"><a href="exhibit995.htm">Exhibit 99.5</a></div>
              </td>

    <td style="width: 0.74%; vertical-align: middle; font-family: Arial; padding-bottom: 1px;">&#160;</td>

    <td style="width: 83.61%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: Arial;">Investor presentation dated March 21, 2023 regarding the Merger Agreement, the Merger, and
                    the transactions contemplated thereby.</span></div>
              </td>

  </tr>

  <tr>

    <td style="width: 15.65%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">Exhibit 104</div>
              </td>

    <td style="width: 0.74%; vertical-align: middle; font-family: Arial; padding-bottom: 1px;">&#160;</td>

    <td style="width: 83.61%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); font-family: Arial;">
                <div style="text-align: justify; font-size: 10pt;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</div>
              </td>

  </tr>


</table>
        <div style="font-family: Arial;"><br />
        </div>

        <div style="text-align: left; font-family: Arial; font-size: 10pt;">* Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. KNX hereby undertakes to furnish supplemental copies of any of the omitted schedules upon request by the
          SEC.</div>

        <div style="font-family: Arial;"><br />
        </div>

        <div style="text-align: justify; font-family: Arial; font-size: 10pt; font-style: italic;">The information contained in Items 8.01 and 9.01 of this Current Report, including the exhibits hereto, shall not be deemed "filed" for purposes of Section
          18 of the Securities Exchange Act of 1934, as amended (the "<span style="font-size: 10pt;"><span style="text-decoration: underline;">Exchange Ac</span></span>t"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall
          be expressly set forth by specific reference in such a filing.</div>

        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" /></div>

        </div>

        <div style="font-family: Arial;"><br />
        </div>

        <div style="text-align: center; margin-right: 73.9pt; margin-left: 73.05pt; margin-top: 3.15pt; font-family: Arial; font-size: 10pt; font-weight: bold;">SIGNATURES</div>

        <div style="margin-top: 0.3pt; font-family: Arial;"><br />
        </div>

        <div style="text-align: left; margin-right: 10.95pt; margin-left: 5.5pt; font-family: Arial; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
          behalf by the undersigned hereunto duly authorized.</div>

        <div style="font-family: Arial;"><br />
        </div>

        <div style="margin-top: 0.25pt; font-family: Arial;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">


  <tr>

    <td style="width: 50.00%;">
                  <div style="font-family: Arial;">&#160;</div>
                </td>

    <td style="width: 50%; font-family: Arial; font-weight: bold;">Knight-Swift Transportation Holdings Inc.</td>

  </tr>

  <tr>

    <td style="width: 50.00%;">
                  <div style="font-family: Arial;">&#160;</div>
                </td>

    <td style="width: 50%; font-family: Arial;">(Registrant)</td>

  </tr>

  <tr>

    <td style="width: 50.00%;">
                  <div style="font-family: Arial;">&#160;</div>
                </td>

    <td style="width: 50.00%;">
                  <div style="font-family: Arial;">&#160;</div>
                </td>

  </tr>

  <tr>

    <td style="width: 50%; font-family: Arial; padding-bottom: 1px;"><span style="font-size: 10pt;">Date:</span><span class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 67pt;">&#160;</span><span style="font-size: 10pt;"><span style="font-size: 10pt;">March 21, 2023</span><span class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 171.5pt"> <br />
                    </span></span></td>

    <td style="width: 50%; font-family: Arial; border-bottom: 1px solid rgb(0, 0, 0);"><span style="font-size: 10pt;"><span style="font-size: 10pt; font-style: italic;">/s/ Adam W. Miller</span></span></td>

  </tr>

  <tr>

    <td style="width: 50.00%;">
                  <div style="font-family: Arial;">&#160;</div>
                </td>

    <td style="width: 50%; font-family: Arial;">Adam W. Miller</td>

  </tr>

  <tr>

    <td style="width: 50.00%;">
                  <div style="font-family: Arial;">&#160;</div>
                </td>

    <td style="width: 50%; font-family: Arial;">Chief Financial Officer</td>

  </tr>


</table>
        </div>

        <div><br /></div>

      </div>

    </div>

  </div>

</body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "form8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 78513}]
{"company-data": {"conformed-name": "Knight-Swift Transportation Holdings Inc.", "cik": "0001492691", "assigned-sic": "4213", "irs-number": "205589597", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-35007", "film-number": "23747975"}, "business-address": {"street1": "2200 SOUTH 75TH AVENUE", "city": "PHOENIX", "state": "AZ", "zip": "85043", "phone": "602-269-9700"}, "mail-address": {"street1": "2200 SOUTH 75TH AVENUE", "city": "PHOENIX", "state": "AZ", "zip": "85043"}, "former-company": [{"former-conformed-name": "SWIFT TRANSPORTATION Co", "date-changed": "20110512"}, {"former-conformed-name": "SWIFT TRANSPORTATION CO", "date-changed": "20101209"}, {"former-conformed-name": "SWIFT TRANSPORTATION Co", "date-changed": "20101129"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 20, 2023
Knight-Swift Transportation Holdings Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-35007
20-5589597
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
2002 West Wahalla Lane
Phoenix
,
Arizona
85027
(Address of principal executive offices and zip code)
(
602
)
269-2000
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the
        following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock $0.01 Par Value
KNX
NYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
        12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
        accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
ITEM 1.01
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Agreement and Plan of Merger
On March 20, 2023, Knight-Swift Transportation Holdings Inc., a Delaware corporation ("
KNX
"),

          entered into an Agreement and Plan of Merger (the "
Merger Agreement
") with U.S. Xpress Enterprises, Inc., a Nevada corporation ("
USX
") and Liberty Merger
          Sub Inc., a Nevada corporation and an indirect wholly owned subsidiary of KNX ("
Merger Sub
"). The Merger Agreement provides, among other things, and subject to the terms and conditions set forth
          therein, that Merger Sub will be merged with and into USX, with USX surviving as an indirect wholly owned subsidiary of KNX (the "
Merger
").
KNX's board of directors (the "
KNX Board
") has unanimously approved the Merger Agreement
          and the transactions contemplated thereby, including the Merger
.
An independent and disinterested special committee of USX's board of directors (the "
USX Special Committee
)
          has unanimously approved and declared it advisable to enter into the Merger Agreement and resolved to recommend that USX's stockholders approve the adoption of the Merger Agreement and the transactions contemplated thereby, including the Merger
.
At the Effective Time (as defined in the Merger Agreement), and as a result of the Merger:
●
each share of USX's Class A common stock (the "
USX Class A Common Stock
"), par value $0.01 per share, and USX Class B common stock (the "
USX Class B Common Stock
"), par value $0.01 per share (together with the USX Class A Common Stock, the "
USX Common Stock
"), that is issued and
                  outstanding immediately prior to the Effective Time, other than the Rollover Shares (as defined below) and certain other shares, will be converted into the right to receive $
6.15
in cash, without
                  interest (the "
Per Share Price
"), in connection with the consummation of the Merger; and
●
all unvested outstanding equity awards of USX  will  be assumed by KNX and converted into outstanding equity awards of KNX.
Assuming the satisfaction of the conditions set forth in the Merger Agreement, KNX expects the Merger to close late in the second quarter or early in the
          third quarter of 2023.
The closing of the Merger is subject to various conditions, including:
●
the adoption of the Merger Agreement and the Merger by a majority of the voting power of the USX Common Stock entitled to vote on the Merger Agreement and the Merger (the "
Single Class Vote
");
●
the adoption of the Merger Agreement and the Merger by holders of a majority of the outstanding shares of USX Class B Common Stock (voting as a single class) entitled to vote on the Merger
                  Agreement and the Merger (the "
Class B Vote
" and together with the Single Class Vote, the "
Statutory Merger Stockholder Approvals
");
●
the adoption of an amendment to USX's amended and restated articles of incorporation (the "
Charter Amendment
") by (i) a majority of the voting
                  power of the USX Common Stock entitled to vote on the Charter Amendment, (ii) the holders of a majority of the outstanding shares of USX Class A Common Stock (voting as a single class) entitled to vote on the Charter Amendment, and (iii)
                  the holders of a majority of the outstanding shares of USX Class B Common Stock (voting as a single class) entitled to vote on the Charter Amendment, (collectively, the "
Statutory Charter Amendment
                      Stockholder Approvals
");
●
in connection with the Single Class Vote, a majority of the outstanding shares of USX Common Stock (other than the shares owned by (i) the Rollover Holders (as hereinafter defined), certain
                  trusts and entities and family members of USX's Executive Chairman, Max L. Fuller, and USX's Chief Executive Officer, William E. Fuller, and their Affiliates (as defined in the Merger Agreement), (ii) KNX and its Affiliates, and (iii) the
                  directors and executive officers of USX), having been cast in favor of the Merger Agreement and the Merger, with each share of USX Common Stock counted equally for this purpose (the "
Majority-of-the-Minority-Approval

                      Condition
" and, together with the Statutory Merger Stockholder Approvals and the Statutory Charter Amendment Stockholder Approvals, the "
Requisite Stockholder Approva
l
");
●
the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended;
●
the absence of any outstanding law, regulation, or order
,
enacted, entered, or enforced by any governmental entity that prevents, materially restrains,
                  materially impairs, or makes illegal the consummation of the Charter Amendment or the Merger;
●
the accuracy of the representations and warranties contained in the Merger Agreement, subject to customary materiality qualifications, as of the date of the closing of the Merger (except to
                  the extent that any such representation or warranty expressly speaks as of an earlier date); and
●
compliance in all material respects with the covenants and obligations contained in the Merger Agreement required to be performed and complied with at or prior to closing. In addition, the
                  obligation of KNX and Merger Sub to consummate the Merger is subject to the absence, since the date of the Merger Agreement, of a Company Material Adverse Effect (as defined in the Merger Agreement).
The closing of the Merger is not subject to a financing condition. Under the terms of the Merger Agreement, consummation of the Merger
          will occur on the third business day following the satisfaction or waiver of the conditions to closing of the Merger other than those conditions to be satisfied at closing
.
Each of USX, KNX and Merger Sub have made customary representations and warranties and covenants in the Merger Agreement.
In addition, USX has agreed to customary covenants regarding the operation of the business of USX and its subsidiaries prior to the
          Effective Time.
The Merger Agreement contains covenants that USX will not, directly or indirectly, (i) solicit, initiate, propose, or induce the making,
          submission
,
or announcement of, or knowingly encourage, facilitate
,
or assist, any offer, inquiry, indication of interest
,
or
          proposal that constitutes, or is reasonably expected to lead to, an Acquisition Proposal (as defined in the Merger Agreement); (ii) furnish to any third party any non-public information relating to USX or any of its subsidiaries or afford to any
          third party access to the business, properties, assets, books, records
,
or other non-public information, or to any personnel, of USX or any of its subsidiaries, in any such case in connection with any
          Acquisition Proposal or with the intent to induce the making, submission
,
or announcement of, or to knowingly encourage, facilitate
,
or assist, an Acquisition Proposal or
          the making of any offer, inquiry, indication of interest
,
or proposal that constitutes or would reasonably be expected to lead to an Acquisition Proposal; (iii) participate or engage in discussions or
          negotiations with any third party with respect to an Acquisition Proposal or with respect to any inquiries from third parties relating to any offer, indication of interest
,
or proposal relating to an
          Acquisition Proposal; (iv) approve, endorse
,
or recommend any offer, inquiry, indication of interest
,
or proposal that constitutes, or would reasonably be expected to
          lead to, an Acquisition Proposal; (v) enter into any letter of intent, memorandum of understanding, merger agreement, acquisition agreement, or other contract  relating to an Acquisition Proposal or Acquisition Transaction (as defined in the
          Merger Agreement), other than, in each case, an Acceptable Confidentiality Agreement (as defined in the Merger Agreement); or (vi) authorize or commit to do any of the foregoing.
Notwithstanding these limitations, prior to obtaining the Requisite Stockholder Approval, if (i) USX has received an Acquisition
          Proposal that was not the result of any material breach of Section 5.4(a) of the Merger Agreement and (ii) the USX Special Committee determines in good faith (after consultation with its financial advisor and outside legal counsel) that such
          Acquisition Proposal either constitutes a Superior Proposal (as defined in the Merger Agreement) or would be reasonably likely to lead to a Superior Proposal and the failure to take certain actions regarding such Acquisition Proposal would be
          inconsistent with its fiduciary duties under applicable law
then USX, the USX Special Committee, and USX representatives are permitted, subject to the terms and conditions set forth in the Merger Agreement,
          to (i) participate or engage in discussions or negotiations with the party making the Acquisition Proposal (including affording such party access to the business, properties, assets, books, records
,
or other
          non-public information, or to any personnel, of USX or its subsidiaries), and (ii) terminate the Merger Agreement and change its recommendation to USX's stockholders regarding the vote to approve the Merger Agreement in connection with a Superior
          Proposal (subject to certain notification and matching rights in favor of KNX).
The Merger Agreement contains certain termination rights for the parties, including the right of either party, subject to specified
          limitations, to terminate the Merger Agreement if the Merger is not consummated by December 20, 2023 (the "
Termination Date
")
.
The Merger Agreement provides that USX will be required to pay KNX a termination fee of $6.3 million (the "
Termination Fee
") if
            USX terminates the Merger Agreement within 45 days of signing of the Merger Agreement (or such extended period if required to comply with the Notice Period (as defined in the Merger Agreement)) to enter into an acquisition agreement with
            respect to a Superior Proposal.  After such initial period, the Termination Fee payable by USX is increased to $12.6 million and becomes payable if USX terminates the Merger Agreement to accept a Superior Proposal, if KNX terminates the Merger
            Agreement following a change in recommendation by the USX Special Committee and in other customary circumstances.
The foregoing description of the Merger Agreement, the Merger, and the transactions contemplated thereby, does not purport to be
          complete and is subject to, and qualified in its entirety by, the full text of the Merger Agreement, a copy of which is attached hereto as Exhibit 2.1 and incorporated by reference herein.
Rollover Agreement and Limited Liability Company Agreement
In connection with the Merger, USX's Executive Chairman, Max L. Fuller, and USX's Chief Executive Officer, William E. Fuller, and certain of their Affiliates, including
            without limitation, FSBSPE 1, LLC
,
FSBSPE 2, LLC
,
FSBSPE 3, LLC
,
Fuller Family Enterprises, LLC, Max L. Fuller 2008 Irrevocable
            Trust FBO William E. Fuller
,
and Max Fuller Family Limited Partnership (collectively, the "
Rollover Holders
") will roll over approximately one-third of their USX
            Common Stock (the "
Rollover Shares
") as set forth in a separate Rollover Agreement (the "
Rollover Agreement
"). The Rollover Shares will not be converted
            into the right to receive the Per Share Price, but instead, immediately prior to the Effective Time, will be contributed to Liberty Holdings Topco LLC, a Delaware limited liability company ("
Holdings
"),

            in exchange for membership interests intended to be approximately equivalent to a 10% equity position in the entity that will hold the USX business unit of KNX after consummation of the Merger (the "
USX Unit
").

            Under the amended and restated limited liability company operating agreement (the "
LLC Agreement
"), the membership interests received by the Rollover Holders will be granted limited consent rights,
            and will be subject to certain optional and mandatory purchase provisions during the five-year period post-closing. One class of membership interests will be subject to put and call rights at a defined fair market value measure in favor of the
            Rollover Holders and KNX, respectively and will be purchased by KNX at that defined fair market value measure if outstanding at the fifth anniversary of the Merger. In order for the put right to become exercisable, it is subject to a $175
            million minimum adjusted operating income threshold for the USX Unit. In addition, KNX will have a call right, exercisable only within the first 15 months after closing, at an exercise price of approximately $140 million. The second class of
            membership interests will be repurchased by KNX for $40 million if the USX Unit achieves $250 million in adjusted operating income for a trailing annual period at or prior to the fifth anniversary of closing. If such threshold is not met, the
            second class of interests will be forfeited for no value.
The Rollover Agreement also contains certain non-compete and non-solicit restrictive covenants, which limit the Rollover Shareholders'
          actions, for a period of five years, with respect to the transportation industry and the businesses of USX, KNX, and their subsidiaries.
The Rollover Agreement terminates upon the earliest to occur of (i) the valid termination of the Merger Agreement in accordance with its
          terms or (ii) the mutual written consent of KNX and the Rollover Holders.
The foregoing description of the Rollover Agreement and the LLC Agreement does not purport to be complete and is subject to, and
          qualified in its entirety by, the full text of the Rollover Agreement and the form of LLC Agreement, copies of which are attached hereto as Exhibit 99.1 and 99.2 respectively, and incorporated by reference herein.
Support Agreement
The Rollover Holders collectively hold approximately 58% of the voting power of USX Common Stock.
In connection with the Merger, the Rollover Holders have
            each entered into an Irrevocable Proxy and Agreement (the "
Support Agreement
"), pursuant to which, among other things, the Rollover Holders have granted an irrevocable proxy in favor of the USX Special Committee (acting as a majority) to
            vote the shares owned by the Rollover Holders: (i) in favor of (a) the approval of the Charter Amendment, (b) the adoption of the Merger Agreement and the approval of the Merger, (c) the approval of any advisory proposal with respect to "golden
            parachute compensation," (d) the approval of any proposal to adjourn or postpone any stockholder meeting relating to the Merger to a later date if USX proposes or requests such postponement or adjournment, and (e) the approval of any other
            proposal to be voted upon or consented to by USX stockholders at any stockholder meeting relating to the Merger or at other meeting of stockholders or in respect of any proposed action by written consent, the approval of which is necessary for
            the consummation of the Merger and the other transactions contemplated by the Merger Agreement, but only to the extent that such Rollover Shares are entitled to be voted on or consent to such proposal, and (ii) against (a) any proposal, action,
            or agreement that would reasonably be expected to result in a breach of any covenant, representation, or warranty or other obligation or agreement of USX contained in the Merger Agreement or that would reasonably be expected to result in any
            condition set forth in the Merger Agreement not being satisfied or not being fulfilled prior to the Termination Date, (b) any proposal to amend the articles of incorporation or bylaws of USX, other than the Charter Amendment, (c) any
            Acquisition Proposal, (d) any reorganization, dissolution, liquidation, winding up, or similar extraordinary transaction involving USX (except as contemplated by the Merger Agreement), and (e) any other proposal, action, or agreement that would
            reasonably be expected to prevent or materially impede or materially delay the approval of the Charter Amendment or the consummation of the Merger or any of the other transactions contemplated by the Merger Agreement.
Under the Merger Agreement, USX has agreed to (i) cause the proxy holder to cause the shares subject to the Support Agreement to appear
          at and be counted as present for purposes of establishing a quorum and to vote or consent pursuant to the terms of the Support Agreement, and (ii) enforce the terms of the Support Agreement, and not amend, modify, waive, or terminate any
          provision of the Support Agreement without the prior written consent of KNX.
The Support Agreement terminates upon the earliest to occur of (i) the valid termination of the Merger Agreement in accordance with its
          terms or (ii) the Effective Time
.
The foregoing description of the Support Agreement does not purport to be complete and is subject to, and qualified in its entirety by,
          the full text of the Support Agreement, a copy of which is attached hereto as Exhibit 99.3 and incorporated by reference herein.
Cautionary Statement Regarding Disclosures
The Merger Agreement, the Rollover Agreement, the LLC Agreement, and the Support Agreement have been included as exhibits to this
          Current Report on Form 8-K to provide investors with information regarding their terms. These documents are not intended to provide any other factual information about USX, KNX, Merger Sub, Holdings, or their respective affiliates. The
          representations, warranties, and covenants contained in such documents were made only for purposes of such documents as of the specific dates specified therein, were solely for the benefit of the parties thereto, may be subject to limitations
          agreed upon by the parties thereto, including being qualified by confidential disclosures made for the purposes of allocating contractual risk among the parties instead of establishing these matters as facts, and may be subject to standards of
          materiality applicable to the parties thereto that differ from those applicable to investors. Investors should not rely on the representations, warranties, and covenants or any descriptions thereof as characterizations of the actual state of
          facts or condition of the parties thereto or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of representations and warranties may change after the date of the Merger Agreement, which
          subsequent information may or may not be reflected in KNX's or USX's public disclosures. The Merger Agreement should not be read alone, but should instead be read in conjunction with the Rollover Agreement, the LLC Agreement
,
the Support Agreement, and the other information regarding USX, KNX, Merger Sub, and Holdings, and the transactions contemplated by the Merger Agreement that will be contained in or attached as an annex to the
          proxy statement that USX will file in connection with the Merger Agreement and the transactions contemplated thereby, as well as in the other filings that KNX and USX will make with the U.S. Securities and Exchange Commission (the "
SEC
").
Cautionary Statement Regarding Forward-Looking Statements
The information contained in this Current Report and the exhibits hereto are "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933,
          Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995 that provides a safe harbor for forward-looking statements, including statements relating to the completion of the transaction, all
          statements that do not relate solely to historical or current facts, and expectations, intentions or strategies regarding the future. These forward-looking statements are generally denoted by the use of words such as "anticipate," "believe,"
          "expect," "intend," "aim," "target," "plan," "continue," "estimate," "project," "may," "will," "should," "could," "would," "predict," "potential," "ongoing," "goal," "can," "seek," "designed," "likely," "foresee," "forecast," "project," "hope,"
          "strategy," "objective," "mission," "continue," "outlook," "potential," "feel,"  and similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Statements in this
          announcement that are forward looking may include, but are not limited to, statements regarding the benefits of the proposed transaction with U.S. Xpress and the associated integration plans, expected synergies and revenue opportunities, expected
          branding, anticipated future operating performance and results of Knight-Swift, including statements regarding anticipated earnings, margins, and cash flows, anticipated future liquidity, anticipated availability of future resources, financial or
          otherwise, anticipated growth opportunities, anticipated fleet size, the availability of the merger consideration, the expected management and governance of U.S. Xpress following the transaction and the expected timing of the closing of the
          proposed transaction and other transactions contemplated by the proposed transaction. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are
          difficult to predict and/or quantify. Such risks and uncertainties include, but are not limited to: the occurrence of any event, change or other circumstance that could give rise to the right of Knight-Swift or U.S. Xpress or both of them to
          terminate the Merger Agreement, including circumstances requiring U.S. Xpress to pay Knight-Swift a termination fee pursuant to the merger agreement; the failure to obtain applicable regulatory or U.S. Xpress stockholder approval in a timely
          manner or otherwise; the risk that the transaction may not close in the anticipated timeframe or at all due to one or more of the other closing conditions to the transaction not being satisfied or waived; the risk that there may be unexpected
          costs, charges or expenses resulting from the proposed transaction; risks related to the ability of Knight-Swift and U.S. Xpress to successfully integrate the businesses and achieve the expected synergies and operating efficiencies within the
          expected timeframes or at all and the possibility that such integration may be more difficult, time consuming or costly than expected; risks that the proposed transaction disrupts Knight-Swift's or U.S. Xpress' current plans and operations; the
          risk that certain restrictions during the pendency of the proposed transaction may impact Knight-Swift's or U.S. Xpress' ability to pursue certain business opportunities or strategic transactions; risks related to disruption of each company's
          management's time and attention from ongoing business operations due to the proposed transaction; continued and sufficient availability of capital and financing; the risk that any announcements relating to the proposed transaction could have
          adverse effects on the market price of Knight-Swift's and/or U.S. Xpress' common stock or operating results; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Knight-Swift and U.S. Xpress
          to retain and hire key personnel, to retain customers and to maintain relationships with each of their respective business partners, suppliers and customers and on their respective operating results and businesses generally; the risk of
          litigation that could be instituted against the parties to the Merger Agreement or their respective directors, affiliated persons or officers and/or regulatory actions related to the proposed transaction, including the effects of any outcomes
          related thereto; risks related to changes in accounting standards or tax rates, laws or regulations; risks related to unpredictable and severe or catastrophic events, including but not limited to acts of terrorism, war or hostilities (including
          effects of the conflict in Ukraine), cyber-attacks, or the impact of the COVID-19 pandemic or any other pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide on Knight-Swift's or U.S. Xpress' business,
          financial condition and results of operations, as well as the response thereto by each company; and other business effects, including the effects of industry, market, economic (including the effect of inflation), political or regulatory
          conditions. Also, Knight-Swift's and U.S. Xpress' actual results may differ materially from those contemplated by the forward-looking statements for a number of additional reasons as described in Knight-Swift's and U.S. Xpress' respective SEC
          filings, including those set forth in the Risk Factors section and under any "Forward-Looking Statements" or similar heading in Knight-Swift's or U.S. Xpress' respective most recently filed Annual Report on Form 10-K for the year ended December
          31, 2022 and Knight-Swift's and U.S. Xpress' Current Reports on Form 8-K.
You are cautioned not to place undue reliance on Knight-Swift's or U.S. Xpress' forward-looking statements. Knight-Swift's or U.S. Xpress' respective forward-looking statements
          are and will be based upon each company's management's then-current views and assumptions regarding Knight-Swift's proposed transaction with U.S. Xpress, future events and operating performance, and are applicable only as of the dates of such
          statements. Neither Knight-Swift nor U.S. Xpress assumes any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.
ITEM 8.01
OTHER EVENTS
On March 21, 2023, KNX and USX announced that they had entered into the Merger Agreement. A copy of the press release is attached hereto
          as Exhibit
99.4
and incorporated by reference herein.
Also on March 21, 2023, KNX and USX each posted a joint investor
              presentation to their respective investor relations websites related to the transactions contemplated by the Merger Agreement. The presentation is attached hereto as Exhibit 99.5.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit
Description
Exhibit 2.1
Agreement and Plan of Merger, dated as of March 20, 2023, by and among KNX, USX, and Merger
                    Sub.
*
Exhibit 99.1
Rollover Agreement.
Exhibit 99.2
Form of LLC Agreement.
Exhibit 99.3
Support Agreement.
Exhibit 99.4
Press release announcing the Merger Agreement, dated as of March 21, 2023.
Exhibit 99.5
Investor presentation dated March 21, 2023 regarding the Merger Agreement, the Merger, and
                    the transactions contemplated thereby.
Exhibit 104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
* Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. KNX hereby undertakes to furnish supplemental copies of any of the omitted schedules upon request by the
          SEC.
The information contained in Items 8.01 and 9.01 of this Current Report, including the exhibits hereto, shall not be deemed "filed" for purposes of Section
          18 of the Securities Exchange Act of 1934, as amended (the "
Exchange Ac
t"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall
          be expressly set forth by specific reference in such a filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
          behalf by the undersigned hereunto duly authorized.
Knight-Swift Transportation Holdings Inc.
(Registrant)
Date:
March 21, 2023
/s/ Adam W. Miller
Adam W. Miller
Chief Financial Officer