COVENANT LOGISTICS GROUP, INC. — Director's Dealing 2021

Apr 8, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COVENANT LOGISTICS GROUP, INC. (CVLG)
CIK: 0000928658
Period of Report: 2021-04-06

Reporting Person: BUNN PAUL (Senior EVP and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-04-06	Class A Common Stock	A	16667	—	Acquired	69772	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-04-06	Employee Stock Option (Right to Buy)	$21.24	A	12500	Acquired	2031-04-06	Class A Common Stock (12500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	2515	Indirect
Class A Common Stock	20037	Indirect

Footnotes

F1: Represents a restricted stock award under the Third Amended and Restated 2006 Omnibus Incentive Plan. The award is subject to certain vesting, forfeiture, and termination provisions.

F2: The number of shares beneficially owned following the reported transaction is equal to the Reporting Person's April 6, 2021 account balance in the employer stock fund under the issuer's 401(k) plan, divided by the closing price on April 6, 2021. The plan is unitized and as such does not itself allocate a specific number of shares to each participant.

F3: Represents an option award under the Third Amended and Restated 2006 Omnibus Incentive Plan, as amended. The option becomes exercisable, if at all, if the average closing price of the issuer's Class A Common Stock exceeds a certain level over any 90 day period before December 31, 2023, but in no event sooner than April 6, 2022.