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

Jan 14, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COVENANT TRANSPORTATION GROUP INC (CVTI)
CIK: 0000928658
Period of Report: 2010-01-12

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
2010-01-12	Class A Common Stock	A	0	—	Acquired	0	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	109560	Direct
Class A Common Stock	3238477	Direct
Class A Common Stock	100000	Indirect
Class A Common Stock	26061	Indirect
Class B Common Stock	2350000	Direct

Footnotes

F1: Represents a restricted stock award under the 2006 Omnibus Incentive Plan, as such plan may be amended from time to time. The shares subject to the award vest in approximately one-third increments when and to the extent the issuer's Class A common stock trades at or above $7.00, $9.00, and $11.00 for twenty consecutive trading days during the period beginning January 1, 2011, and ending on December 31, 2015, subject to continued employment and the specific terms of the award notice.

F2: Mr. Parker acquired an amount equal to approximately $53,550, to be converted to shares based upon the closing price of the issuer's Class A common stock on the date the blackout period lifts following release of the issuer's first quarter 2010 earnings.

F3: Aggregate amount of securities beneficially owned following the reported transaction does not include the amount of securities that will be acquired upon the conversion to shares of approximately $53,550, based upon the closing price of the issuer's Class A common stock on the date the blackout period lifts following release of the issuer's first quarter 2010 earnings.

F4: Shares owned by Mr. Parker.

F5: Shares owned jointly by Mr. Parker and his wife, Jacqueline F. Parker, as joint tenants with rights of survivorship, and includes 77,815 shares of the issuer's Class A common stock being held in a grantor retained annuity trust for the benefit of Mr. Parker over which Mrs. Parker serves as trustee with voting control.

F6: Shares are owned by the Parker Family Limited Partnership, of which Mr. and Mrs. Parker are the general partners.

F7: The number of shares beneficially owned following the reported transaction is equal to Mr. Parker's January 13, 2010, account balance in the employer stock fund under the issuer's 401(k) plan divided by the closing price on January 13, 2010. The plan is unitized and as such does not itself allocate a specific number of shares to each participant.

F8: Shares owned jointly by Mr. Parker and his wife, Jacqueline F. Parker, as joint tenants with rights of survivorship.