COVENANT LOGISTICS GROUP, INC. — Director's Dealing 2015

Mar 13, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COVENANT TRANSPORTATION GROUP INC (CVTI)
CIK: 0000928658
Period of Report: 2015-03-11

Reporting Person: LOVIN RALPH H JR (Executive VP and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-03-11	Class A Common Stock	M	7500	$13.64	Acquired	66819	Direct
2015-03-13	Class A Common Stock	S	5944	$36.60	Disposed	60875	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-11	Employee Stock Option (Right-to-Buy) Class A Common Stock	$13.64	M	7500	Disposed	2015-05-10	Class A Common Stock (7500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	12777	Indirect
Class A Common Stock	3025	Indirect

Footnotes

F1: Represents exercise of employee stock option scheduled to expire on May 10, 2015, which avoided forfeiture by the reporting person of such option on such date.

F2: The number of shares beneficially owned following the reported transaction is equal to the reporting person's March 11, 2015, account balance in the employer stock fund under the issuer's 401(k) plan, divided by the closing price on March 11, 2015. The plan is unitized and as such does not itself allocate a specific number of shares to each participant.

F3: The shares are held as custodian for minor grandchildren. The reporting person disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.