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

Jul 20, 2010

SEC Form 4/A — Form 4/A

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

Reporting Person: PARKER DAVID RAY (Director, CHAIRMAN, PRESIDENT AND CEO, 10% Owner)
Reporting Person: PARKER JACQUELINE F (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-07-16	Class A Common Stock	M	36773	$8.00	Acquired	163226	Direct
2010-07-16	Class A Common Stock	S	36773	$8.5979	Disposed	126453	Direct
2010-07-19	Class A Common Stock	M	18698	$8.00	Acquired	145151	Direct
2010-07-19	Class A Common Stock	S	18698	$8.5626	Disposed	126453	Direct
2010-07-20	Class A Common Stock	M	2932	$8.00	Acquired	129385	Direct
2010-07-20	Class A Common Stock	S	2932	$8.53	Disposed	126453	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	36773	Disposed	2010-07-27	Class A Common Stock (36773)	Direct
2010-07-19	Employee Stock Option (Right to Buy) Class A Common Stock	$8.00	M	18698	Disposed	2010-07-27	Class A Common Stock (18698)	Direct
2010-07-20	Employee Stock Option (Right to Buy) Class A Common Stock	$8.00	M	2932	Disposed	2010-07-27	Class A Common Stock (2932)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	3238477	Direct
Class A Common Stock	100000	Indirect
Class A Common Stock	25121	Indirect
Class B Common Stock	2350000	Direct

Footnotes

F1: Represents the exercise of an option to purchase shares of the issuer's Class A common stock in the amount of 36,773, plus (i) 109,560 shares owned by David Parker, and (ii) 16,893 restricted shares of the issuer's Class A common stock granted January 12, 2010, pursuant to a transaction previously reported by the reporting person (although the aggregate amount granted in the January 12, 2010, transaction was determined following the reporting deadline for the transaction as it was based upon the closing price of the issuer's Class A common stock two full trading days following the public release of the issuer's year end 2009 earnings). The reporting person previously reported that the share number was determined using the closing price two full trading days following public release of the issuer's first quarter 2010 earnings, when it should have been year end 2009 earnings.

F2: Shares owned by Mr. Parker.

F3: Shares owned jointly by Mr. Parker and his wife, Jacqueline F. Parker, as joint tenants with rights of survivorship.

F4: Shares are owned by the Parker Family Limited Partnership, of which Mr. and Mrs. Parker are the general partners.

F5: The number of shares beneficially owned following the reported transaction is equal to Mr. Parker's July 12, 2010 account balance in the employer stock fund under the issuer's 401(k) plan divided by the closing price on July 12, 2010. The plan is unitized and as such does not itself allocate a specific number of shares to each participant.

F6: Original grant was an option to purchase 110,000 shares of the issuer's Class A common stock, which vested 36,666, 36,666, and 36,668 on 07/27/01, 07/27/02, and 07/27/03, respectively. The amount reported in Column 9 of Table II reflects the remaining portion of this grant. Upon exercise, the derivative security converts on a one-for-one basis into the issuer's Class A common stock.