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COVENANT LOGISTICS GROUP, INC.·4

May 1, 5:33 PM ET

PARKER DAVID RAY 4

Research Summary

AI-generated summary

Updated

Covenant Logistics (CVLG) 10% Owner David Parker Exercises Options

What Happened

  • David R. Parker, a reported 10% owner of Covenant Logistics Group (CVLG), exercised options on April 29, 2026, converting a total of 165,332 option units (155,916 + 9,416) into common shares at an exercise price of $10.62, costing about $1,755,826 in aggregate.
  • To satisfy exercise-related obligations, 95,760 shares were surrendered/withheld (transaction code F) at a reported value of $34.84 per share, totaling $3,336,278. Separately, Mr. Parker also made a gift of 70,000 shares (transaction code G). Several derivative entries (code M at $0) reflect the conversion of the options into shares.

Key Details

  • Transaction date: April 29, 2026 (reported on Form 4 filed May 1, 2026). Filing appears timely.
  • Options exercised: 155,916 shares @ $10.62 ($1,655,828) and 9,416 shares @ $10.62 ($99,998) — total 165,332 shares acquired via exercise.
  • Shares withheld/surrendered for exercise/taxes: 95,760 shares @ $34.84 = $3,336,278 (code F).
  • Gift: 70,000 shares (code G).
  • Shares owned after transaction: Not stated as a simple share count; filing notes the post-transaction beneficial ownership equals Mr. Parker’s April 24, 2026 401(k) account balance divided by the April 24 closing price because the plan is unitized (see footnote F2).
  • Footnotes: F1 = shares held jointly with spouse; F2 = unitized 401(k) accounting for post-transaction ownership; F3 = 2-for-1 stock split effective Dec 31, 2024.
  • No indication of a 10b5-1 plan or a late filing in this report.

Context

  • This was an option exercise (M) followed by surrender/withholding of shares to cover exercise price/taxes (F), a common “cashless” or net-share settlement pattern for option exercises; such withholding does not necessarily indicate a market view.
  • The 70,000-share gift (G) is a non-sale transfer and typically reflects personal estate or tax planning rather than trading intent.
  • As a 10% owner, Mr. Parker is a large insider; these transactions reflect personal holdings and tax/settlement mechanics rather than ordinary open-market purchases or sales.