BUNN PAUL 4

What Happened

• Paul Bunn, President of Covenant Logistics Group (CVLG), exercised stock derivatives on May 22, 2026 to acquire 64,196 shares with an exercise price of $7.88 per share (aggregate cost $506,185). On the same date, 20,000 shares were disposed/surrendered to satisfy tax withholding at $37.41 per share (value $748,200). A corresponding derivative entry shows the option position was converted/cancelled as part of the exercise.

Key Details

• Transaction date: 2026-05-22.
• Exercise: 64,196 shares @ $7.88 (code M — option exercise), total $506,185 (exercise price paid).
• Tax withholding/disposition: 20,000 shares @ $37.41 (code F — payment of exercise price or tax liability), value $748,200.
• Net increase in issued shares to the insider: +44,196 shares (64,196 acquired minus 20,000 surrendered).
• Shares beneficially owned after the transaction: not stated as a raw number — filing notes ownership is reported as the May 22, 2026 account balance in the issuer’s 401(k) employer stock fund divided by the closing price on May 22, 2026 (footnote F1).
• Footnote F2 notes a 2-for-1 stock split effective Dec 31, 2024.
• Filing date: May 27, 2026 for a May 22 transaction — appears later than the typical Form 4 deadline (normally within two business days), which is a timing irregularity to be aware of.

Context

• This appears to be a typical option exercise with shares surrendered to cover tax obligations (a net or “cashless” style settlement), rather than an open-market sale. The net effect increased the insider’s share position by 44,196 shares.
• Such exercises are common and can reflect routine option vesting/exercising; they do not by themselves indicate the insider’s future view of the company.