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Covenant Logistics (NASDAQ: CVLG) EVP exercises RSUs, withholds shares for taxes

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Covenant Logistics Group executive Joey Ballard reported routine equity compensation activity. On July 1, 2026, Ballard exercised previously granted restricted stock units that converted into a total of 5,006 shares of Class A common stock.

To cover associated tax obligations upon RSU vesting, a total of 1,970 shares of Class A common stock were withheld at $44.83 per share, classified as tax-withholding dispositions rather than market sales. Following these transactions, the filing shows Ballard directly holding 16,185 shares of Class A common stock.

Positive

  • None.

Negative

  • None.
Insider Ballard Joey
Role EVP, Chief People & Safety Off
Type Security Shares Price Value
Exercise Restricted Stock Units 2,114 $0.00 --
Exercise Restricted Stock Units 2,892 $0.00 --
Exercise Class A Common Stock 2,114 $0.00 --
Tax Withholding Class A Common Stock 832 $44.83 $37K
Exercise Class A Common Stock 2,892 $0.00 --
Tax Withholding Class A Common Stock 1,138 $44.83 $51K
Holdings After Transaction: Restricted Stock Units — 2,114 shares (Direct, null); Class A Common Stock — 15,263 shares (Direct, null)
Footnotes (1)
  1. Each restricted stock unit ("RSU") represents the previously granted contingent right to receive one share of Class A common stock. Represents the number of shares deemed withheld to satisfy tax withholding obligations upon vesting of RSUs previously granted to the Reporting Person. Represents RSUs previously granted under the Third Amended and Restated 2006 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments beginning July 1, 2025, subject to certain vesting, forfeiture, and termination provisions. Represents RSUs previously granted under the Third Amended and Restated 2006 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments beginning July 1, 2026, subject to certain vesting, forfeiture, and termination provisions.
RSU shares converted 5,006 shares Class A common stock from RSU vesting on July 1, 2026
Shares withheld for taxes 1,970 shares Tax withholding on RSU vesting at $44.83 per share
Tax withholding price $44.83 per share Value used for tax-withholding dispositions of common stock
Post-transaction holdings 16,185 shares Direct Class A common stock held by Joey Ballard after transactions
RSU tranche 1 converted 2,892 units Restricted Stock Units converting into Class A shares
RSU tranche 2 converted 2,114 units Restricted Stock Units converting into Class A shares
Restricted Stock Units financial
"security_title": "Restricted Stock Units""
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
tax withholding obligations financial
"deemed withheld to satisfy tax withholding obligations upon vesting of RSUs"
Third Amended and Restated 2006 Omnibus Incentive Plan financial
"RSUs previously granted under the Third Amended and Restated 2006 Omnibus Incentive Plan"
derivative exercise/conversion financial
"transaction_action": "derivative exercise/conversion""
Class A Common Stock financial
"security_title": "Class A Common Stock""
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Ballard Joey
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
EVP, Chief People & Safety Off
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
07/01/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
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)
CodeVAmount(A) or (D)Price
Class A Common Stock07/01/2026M2,114A(1)15,263D
Class A Common Stock07/01/2026F(2)832(2)D$44.8314,431D
Class A Common Stock07/01/2026M2,892A(1)17,323D
Class A Common Stock07/01/2026F(2)1,138(2)D$44.8316,185D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Restricted Stock Units(1)07/01/2026M2,114 (3) (3)Class A Common Stock2,114$02,114D
Restricted Stock Units(1)07/01/2026M2,892 (4) (4)Class A Common Stock2,892$05,784D
Explanation of Responses:
1. Each restricted stock unit ("RSU") represents the previously granted contingent right to receive one share of Class A common stock.
2. Represents the number of shares deemed withheld to satisfy tax withholding obligations upon vesting of RSUs previously granted to the Reporting Person.
3. Represents RSUs previously granted under the Third Amended and Restated 2006 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments beginning July 1, 2025, subject to certain vesting, forfeiture, and termination provisions.
4. Represents RSUs previously granted under the Third Amended and Restated 2006 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments beginning July 1, 2026, subject to certain vesting, forfeiture, and termination provisions.
/s/ Joey Ballard, by Cody Kofoid, attorney-in-fact, pursuant to a POA previously filed with the SEC07/06/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did CVLG executive Joey Ballard report?

Joey Ballard reported RSU-related transactions converting awards into 5,006 shares of Covenant Logistics Class A common stock. Part of these shares was withheld to cover tax obligations, and the remaining shares increased his direct equity stake.

How many Covenant Logistics (CVLG) shares were withheld for taxes?

A total of 1,970 shares of Class A common stock were deemed withheld to satisfy tax withholding obligations on vested RSUs. These are recorded as dispositions but represent tax payments, not open-market sales of stock.

How many CVLG shares does Joey Ballard hold after these transactions?

After the reported RSU vesting and tax-withholding entries, the filing shows Joey Ballard directly holding 16,185 shares of Covenant Logistics Class A common stock, reflecting his ongoing equity interest in the company following compensation-related activity.

Were Joey Ballard’s CVLG transactions open-market stock sales?

No, the dispositions were classified as tax-withholding transactions at $44.83 per share, used to satisfy tax obligations on vested RSUs. The filing does not show any open-market sales or purchases of Covenant Logistics common stock.

What type of awards did CVLG grant to Joey Ballard in this filing?

The filing involves Restricted Stock Units (RSUs) previously granted under the company’s Third Amended and Restated 2006 Omnibus Incentive Plan. These RSUs convert into shares of Class A common stock upon vesting according to their installment schedules.