Covenant Logistics (CVLG) CEO gifts shares after large option exercise
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Covenant Logistics Group Chairman and CEO David Ray Parker reported several equity transactions in company stock. On April 29, 2026, he exercised employee stock options to acquire a total of 165,332 shares of Class A common stock at an exercise price of $10.62 per share.
To cover related obligations, 95,760 Class A shares were disposed of as a tax-withholding transaction at $34.84 per share, rather than through an open-market sale. In a separate bona fide gift, 70,000 Class A shares were transferred without consideration.
After these transactions, Parker directly held 4,700,000 shares of Class B common stock and maintained an interest in 76,574 Class A shares through an employer 401(k) stock fund. He also retained 44,084 employee stock options with a $10.62 exercise price expiring on April 6, 2031.
Positive
- None.
Negative
- None.
Insider Trade Summary
165,332 shares exercised/converted
Mixed
8 txns
Insider
PARKER DAVID RAY, PARKER JACQUELINE F
Role
Chairman and CEO | null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (Right to Buy) | 155,916 | $0.00 | -- |
| Exercise | Employee Stock Option (Right to Buy) | 9,416 | $0.00 | -- |
| Gift | Class A Common Stock | 70,000 | $0.00 | -- |
| Exercise | Class A Common Stock | 155,916 | $10.62 | $1.66M |
| Exercise | Class A Common Stock | 9,416 | $10.62 | $100K |
| Tax Withholding | Class A Common Stock | 95,760 | $34.84 | $3.34M |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
Holdings After Transaction:
Employee Stock Option (Right to Buy) — 44,084 shares (Direct, null);
Class A Common Stock — 1,977,544 shares (Direct, null);
Class A Common Stock — 76,574 shares (Indirect, 401(k));
Class B Common Stock — 4,700,000 shares (Direct, null)
Footnotes (1)
- Shares owned jointly by Mr. and Mrs. Parker, as joint tenants with rights of survivorship. The number of shares beneficially owned following the reported transaction is equal to Mr. Parker's April 24, 2026 account balance in the employer stock fund under the issuer's 401(k) plan, divided by the closing price on April 24, 2026. The plan is unitized and as such does not itself allocate a specific number of shares to each participant. On December 31, 2024, the Issuer executed a two-for-one stock split with a record date of December 20, 2024, effected in the form of a stock dividend on each share of the Issuer's Class A common stock and Class B common stock.
Key Figures
Options exercised: 165,332 shares at $10.62
Tax-withholding disposition: 95,760 shares at $34.84
Bona fide gift: 70,000 shares
+3 more
6 metrics
Options exercised
165,332 shares at $10.62
Employee stock options for Class A common stock
Tax-withholding disposition
95,760 shares at $34.84
Shares delivered to satisfy exercise price or tax liability
Bona fide gift
70,000 shares
Gift transfer of Class A common stock
Class B holdings after
4,700,000 shares
Direct ownership of Class B common stock after transactions
401(k) Class A interest
76,574 shares
Interest in employer stock fund under 401(k) plan
Remaining employee stock options
44,084 options at $10.62
Options expiring April 6, 2031
Key Terms
Employee Stock Option (Right to Buy), bona fide gift, tax-withholding disposition, 401(k), +1 more
5 terms
Employee Stock Option (Right to Buy) financial
""Employee Stock Option (Right to Buy)" is listed as the security title"
bona fide gift financial
"The transaction code "G" is described as a bona fide gift"
tax-withholding disposition financial
"Transaction action is described as a tax-withholding disposition"
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
401(k) financial
"The nature of ownership for certain Class A shares is listed as "401(k)""
A 401(k) is a type of retirement savings plan offered by employers that allows workers to set aside a portion of their paycheck before taxes are taken out. The money saved in a 401(k) can grow over time through investments, helping individuals build funds for their future retirement. It matters to investors because it provides a tax-advantaged way to save and invest for long-term financial security.
two-for-one stock split financial
"Footnotes describe a two-for-one stock split executed on December 31, 2024"
FAQ
What insider transactions did Covenant Logistics (CVLG) report on April 29, 2026?
Covenant Logistics (CVLG) reported that Chairman and CEO David Ray Parker exercised employee stock options for 165,332 Class A shares, had 95,760 shares withheld to cover obligations, and made a bona fide gift of 70,000 Class A shares, all on April 29, 2026.
What are David Ray Parker’s reported holdings in Covenant Logistics (CVLG) after these transactions?
Following the reported transactions, David Ray Parker held 4,700,000 shares of Covenant Logistics (CVLG) Class B common stock directly and an interest in 76,574 Class A shares through the company’s 401(k) stock fund, based on his unitized plan balance.