Covenant Logistics (CVLG) EVP forfeits 5,516 performance-based shares

Rhea-AI Filing Summary

Covenant Logistics Group executive Joey Ballard reported a forfeiture of 5,516 shares of Class A common stock. These shares were restricted stock granted under the company’s Omnibus Incentive Plan and were returned to the issuer at no price after performance targets were not achieved.

Following this disposition to the company, Ballard directly holds 25,149 shares of Covenant Logistics Group common stock. The transaction reflects a performance-based forfeiture rather than an open-market sale and does not involve cash proceeds.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ballard Joey

(Last) (First) (Middle)

400 BIRMINGHAM HIGHWAY

(Street)

CHATTANOOGA TN 37419

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COVENANT LOGISTICS GROUP, INC. [ CVLG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief People & Safety Off

3. Date of Earliest Transaction (Month/Day/Year)
03/06/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	03/06/2026		D		5,516(1)	D	$0	25,149	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents the forfeiture of restricted stock originally granted under the Third Amended and Restated 2006 Omnibus Incentive Plan, as amended, due to the issuer not achieving the established performance targets, as certified by the issuer's compensation committee on the transaction date.

	/s/ Joey Ballard, by Cody Kofoid, attorney-in-fact, pursuant to a POA previously filed with the SEC	03/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did Covenant Logistics (CVLG) executive Joey Ballard report in this Form 4?

Joey Ballard reported forfeiting 5,516 shares of Class A common stock. The shares were restricted stock granted under an incentive plan and were returned to Covenant Logistics after the company failed to meet established performance targets certified by the compensation committee.

Why were Joey Ballard’s restricted shares in Covenant Logistics forfeited?

The 5,516 restricted shares were forfeited because Covenant Logistics did not achieve established performance targets. The compensation committee certified this outcome on the transaction date, triggering the return of these incentive plan shares to the issuer at no purchase price.

How many Covenant Logistics shares does Joey Ballard hold after this transaction?

After the forfeiture, Joey Ballard directly holds 25,149 shares of Covenant Logistics Group Class A common stock. This balance reflects his remaining equity position following the performance-based disposition of 5,516 restricted shares back to the company at no cost.

Was Joey Ballard’s Covenant Logistics share transaction an open-market sale?

No, the transaction was not an open-market sale. It was a disposition to the issuer, reflecting the forfeiture of performance-based restricted stock that did not vest because Covenant Logistics failed to meet certified performance targets under its Omnibus Incentive Plan.

Did Joey Ballard receive any cash from this Covenant Logistics Form 4 transaction?

No cash changed hands in this transaction. The 5,516 restricted shares were forfeited and returned to Covenant Logistics at a stated price of $0.00 per share after performance goals under the company’s incentive plan were not achieved and formally certified.