AMENDMENT NO. 1
TO THE
COVENANT TRANSPORT, INC.
OUTSIDE DIRECTOR STOCK OPTION PLAN
This Amendment No. 1 to the Covenant Transport, Inc. Outside Director
Stock Option Plan (the "Amendment"), pursuant to Section [6.4] of the Plan, is
made as of July 27, 2000. All terms in this Amendment shall have the meaning
ascribed in the Plan, unless otherwise defined herein.
Background. On May 18, 2000, the Board of Directors recommended
approval and all voting stockholders of Covenant Transport, Inc., a Nevada
corporation (the "Company"), adopted the Outside Director Stock Option Plan (the
"Plan"). The following Amendment was adopted and approved by the Board of
Directors on July 27, 2000.
In accordance with the foregoing, the Plan is hereby amended as set
forth below:
Paragraphs 2(1) is deleted in its entirety and replaced with the
following:
"Fair Market Value" means the closing price of the Common
Stock on the date the Award is granted, as such price is
reported by The Nasdaq Stock Market, other over-the-counter
market, or stock exchange, as applicable. If no reported
quotation or sale of Common Stock takes place on the date in
question, the last reported closing price of the Common Stock
shall be determinative.
This Amendment was duly adopted and approved by a vote of the Board of
Directors of the Company on July 27, 2000.
/s/ Mary B. Roseman
--------------------------
Mary B. Roseman, Assistant Secretary
