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

Jul 15, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COVENANT TRANSPORTATION GROUP INC (CVTI)
CIK: 0000928658
Period of Report: 2010-07-15

Reporting Person: HOGAN JOEY B (SR EX VP & COO/PRES OF SUB.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-07-15	Class A Common Stock	M	2907	$8.00	Acquired	78237	Direct
2010-07-15	Class A Common Stock	S	2907	$8.78	Disposed	75330	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-07-15	Employee Stock Option (Right to Buy) Class A Common Stock	$8.00	M	2907	Disposed	2010-07-27	Class A Common Stock (2907)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	49585	Indirect

Footnotes

F1: The number of shares beneficially owned following the reported transaction is equal to the reporting person'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.

F2: Original grant was an option to purchase 40,000 shares of the issuer's Class A common stock, which vested 13,333, 13,333, and 13,334 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.