Covenant Logistics amends CFO severance, closes CA terminal sale for $43.5M with $37.5M gain

COVENANT LOGISTICS GROUP, INC.

Amended CFO Tripp Grant's severance: salary continuation increased to 9 months (from 6); COBRA extended to 18 months.
Change-in-control severance doubled to 200% of base salary; COBRA extended to 24 months from 12.
Closed sale of California terminal for ~$43.5M net cash; expects pretax gain of ~$37.5M.
Pro forma leverage ratio at June 30 would be 0.13; tangible book value per share ~$18.46.
Annual Southern California operating costs expected to decrease by ~$500,000 with no service disruption.

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