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

Feb 10, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COVENANT TRANSPORTATION GROUP INC (CVTI)
CIK: 0000928658
Period of Report: 2015-02-05

Reporting Person: Scholl Clay (VP of Subsidiary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-02-05	Class A Common Stock	M	1500	$13.64	Acquired	36925	Direct
2015-02-05	Class A Common Stock	S	3729	$29.0601	Disposed	33196	Direct
2015-02-06	Class A Common Stock	I	8162	—	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-02-05	Employee Stock Option (Right-to-Buy) Class A Common Stock	$13.64	M	1500	Disposed	2015-05-10	Class A Common Stock (1500)	Direct

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: Price reflects a weighted average sale price for multiple transactions ranging from $29.05 to $29.15 per share, inclusive. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a stockholder of the issuer, full information regarding the number of shares sold at each separate price.

F3: Represents intra-plan transfer from the Company stock fund. The number of shares is based upon the February 5, 2015, closing price since the plan is unitized and as such does not itself allocate a specific number of shares to each participant.