Joey Ballard - May 18, 2022 Form 3 Insider Report for COVENANT LOGISTICS GROUP, INC. (CVLG)

Role: EVP, People and Safety
Signature: /s/ Joey Ballard, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA filed herewith
Stock symbol: CVLG
Transactions as of: May 18, 2022
Transactions value $: $0
Form type: 3
Date filed: 5/24/2022, 04:34 PM
Next filing: Jun 2, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	CVLG	Class A Common Stock						7.82K	May 18, 2022	Direct	F1
holding	CVLG	Class A Common Stock						17.1K	May 18, 2022	401(k)	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	CVLG	Employee Stock Option (Right to Buy)							May 18, 2022	Class A Common Stock	15K	$15.77	Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Includes 7,177 shares of restricted stock 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 May 18, 2022 account balance in the employer stock fund under the issuer's 401(k) plan, divided by the closing price on May 18, 2022. The plan is unitized and as such does not itself allocate a specific number of shares to each participant.
F3	The option becomes exercisable, if at all, if the closing price of the issuer's Class A Common Stock exceeds a certain price per share for at least 20 consecutive trading days before December 31, 2023.