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Arizona
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000-24946
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86-0649974
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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5601
W. Buckeye Road, Phoenix, AZ
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85043
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(Address
of principal executive offices)
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(Zip
Code)
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[
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
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Departure
of Directors or Certain Officers; Election of Directors; Appointment
of
Certain Officers; Compensatory Arrangements of Certain
Officers.
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On
Thursday, November 8, 2007,
Knight Transportation, Inc., an Arizona corporation (the "Company"),
announced that Mark Scudder will step down as a member of the Board
of
Directors effective November 9, 2007. Mr. Scudder will
remain securities and merger and acquisition counsel to the Company
and
will serve as a strategic legal advisor to the Board. In announcing
the move, Chairman and CEO Kevin Knight stated: "Mark has been a
close and important advisor to Knight Transportation for nearly
a decade,
during which our annual revenue base grew from approximately $150
million
in 1999 to approximately $700 million while expanding our geographic
footprint and portfolio of service offerings. As our activities
and Mark's
role have expanded and evolved, we jointly decided that his stepping
down
from his director role would be appropriate and would increase
flexibility
in the future. The Board appreciates Mark's service and looks
forward to the continuing relationship."
Mr.
Scudder added: "Knight
has an outstanding Board of Directors and management team that
have
delivered industry-leading performance and shareholder returns
with great
integrity. It has been an honor to serve on the Board, and I look
forward to continuing to serve the Company for many years to
come."
After
giving effect to Mr.
Scudder's resignation, the majority of the members of the Company's
Board
of Directors will continue to be independent.
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Item
7.01
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Regulation
FD Disclosure.
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The
Company also announced today
that the Board of Directors of the Company voted unanimously to
authorize
the repurchase of up to 3.0 million shares of the Company's Common
Stock. The repurchase authorization will continue in effect until
the share limit is reached or the program is terminated by the
Company. The repurchase authorization is intended to afford the
Company the flexibility to acquire shares opportunistically in
future
periods and does not indicate an intention to repurchase any particular
number of shares within a definite timeframe. Any repurchases would
be effected based upon share price and market conditions. The
authorization extends to purchases of shares to prevent dilution
from
equity compensation awards as well as open market and negotiated
transactions.
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KNIGHT
TRANSPORTATION, INC.
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Date:
November 9, 2007
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By:
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/s/
David A. Jackson
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David
A. Jackson
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Chief
Financial
Officer
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