Covenant Logistics CEO exercises stock options

Covenant Logistics Group Chairman and CEO David Ray Parker reported several equity transactions in company stock.

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.

Insider Trade Summary

165,332 shares exercised/converted

Exercise 8 txns

Insider PARKER DAVID RAY, PARKER JACQUELINE F

Role Chairman and CEO | 10% Owner

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (Right to Buy)	155,916	$0.00	$0.00
Exercise	Employee Stock Option (Right to Buy)	9,416	$0.00	$0.00
Gift	Class A Common Stock	70,000	$0.00	$0.00
Exercise	Class A Common Stock	155,916	$10.62	$1.66M
Exercise	Class A Common Stock	9,416	$10.62	$100K
Exercise Price or Tax Liability	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) — 634,668 contracts (Direct); Class A Common Stock — 297,444 shares (Direct); Class A Common Stock — 76,574 shares (Indirect, 401(k)); Class B Common Stock — 4,700,000 shares (Direct)

Footnotes (3)

1. F1. Shares owned jointly by Mr. and Mrs. Parker, as joint tenants with rights of survivorship.
2. F2. 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.
3. F3. 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"

A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.

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"

A two-for-one stock split doubles the number of a company's outstanding shares by giving shareholders two new shares for every one they own, while the total value of their holdings stays the same because the price per share is roughly halved. It matters to investors because it changes the share count and the per-share math used in valuations (like earnings per share) and can make individual shares more affordable and more liquid—like cutting each pizza slice in half so there are more, smaller slices but the same size pizza.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.

Did the Covenant Logistics (CVLG) CEO buy or sell shares on the open market?

The Form 4 for Covenant Logistics (CVLG) shows no open-market purchases or sales. Reported dispositions were 95,760 shares withheld to satisfy obligations and 70,000 shares transferred as a bona fide gift, rather than conventional market transactions.

How many Covenant Logistics (CVLG) shares did David Ray Parker acquire through option exercises?

David Ray Parker exercised employee stock options covering 165,332 Class A common shares at an exercise price of $10.62 per share, according to the Form 4. These exercises converted derivative option positions into direct ownership of additional Covenant Logistics (CVLG) common stock.

What tax-related share disposition did Covenant Logistics (CVLG) report for its CEO?

The filing reports a tax-withholding disposition of 95,760 Class A Covenant Logistics (CVLG) shares at $34.84 per share. These shares were delivered to satisfy exercise price or tax liabilities, and are not characterized as an open-market sale in the Form 4.

How many Covenant Logistics (CVLG) shares did the CEO gift, and what type of transaction was it?

The Form 4 shows a bona fide gift of 70,000 Class A Covenant Logistics (CVLG) shares by David Ray Parker. A bona fide gift is a transfer made without receiving payment, and does not represent a market sale of the shares.

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/01/2026 - 05:33 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

PARKER DAVID RAY

(Last) (First) (Middle)

400 BIRMINGHAM HIGHWAY

(Street)

CHATTANOOGA TENNESSEE 37419

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/29/2026

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

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

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

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	04/29/2026		G		70,000	D	$0	1,977,544	D(1)
Class A Common Stock	04/29/2026		M		155,916	A	$10.62	383,788	D
Class A Common Stock	04/29/2026		M		9,416	A	$10.62	393,204	D
Class A Common Stock	04/29/2026		F		95,760	D	$34.84	297,444	D
Class A Common Stock								76,574	I(2)	401(k)
Class B Common Stock								4,700,000	D(1)

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
Employee Stock Option (Right to Buy)	$10.62(3)	04/29/2026		M			155,916	04/06/2022	04/06/2031	Class A Common Stock	155,916	$0	44,084(3)	D
Employee Stock Option (Right to Buy)	$10.62(3)	04/29/2026		M			9,416	02/28/2024	04/06/2031	Class A Common Stock	9,416	$0	590,584(3)	D

1. Name and Address of Reporting Person^*

PARKER DAVID RAY

(Last) (First) (Middle)

400 BIRMINGHAM HIGHWAY

(Street)

CHATTANOOGA TENNESSEE 37419

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

1. Name and Address of Reporting Person^*

PARKER JACQUELINE F

(Last) (First) (Middle)

400 BIRMINGHAM HIGHWAY

(Street)

CHATTANOOGA TENNESSEE 37419

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Shares owned jointly by Mr. and Mrs. Parker, as joint tenants with rights of survivorship.

2. 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.

3. 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.

	/s/ David R. Parker, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC	05/01/2026
	/s/ Jacqueline F. Parker, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC	05/01/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)