COVENANT LOGISTICS GROUP, INC. — Director's Dealing 2010

Jul 20, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COVENANT TRANSPORTATION GROUP INC (CVTI)
CIK: 0000928658
Period of Report: 2010-07-16

Reporting Person: SMITH TONY (President of Subsidiary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-07-16	Class A Common Stock	M	5000	$8.00	Acquired	67938	Direct
2010-07-16	Class A Common Stock	S	5000	$8.7516	Disposed	62938	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-07-16	Employee Stock Option (Right to Buy) Class A Common Stock	$8.00	M	5000	Disposed	2010-07-27	Class A Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	10000	Direct

Footnotes

F1: Shares owned jointly by Mr. Smith and his wife, Kathy Smith, as joint tenants with rights of survivorship.

F2: Original grant was an option to purchase 5,000 shares of the issuer's Class A common stock, which vested 1,666, 1,666, and 1,668 on 07/27/01, 07/27/02, and 07/27/03, respectively. Upon exercise, the derivative security converts on a one-for-one basis into the issuer's Class A common stock.