Ballard Joey 4
4 · COVENANT LOGISTICS GROUP, INC. · Filed Jul 6, 2026
Research Summary
AI-generated summary of this filing
Covenant Logistics (CVLG) EVP Joey Ballard Receives RSU Shares
What Happened
Joey Ballard, EVP and Chief People & Safety Officer of Covenant Logistics (CVLG), had restricted stock units (RSUs) vest and convert into common shares on July 1, 2026. A total of 5,006 RSUs converted into 5,006 shares (2,114 shares from one grant and 2,892 from another). To cover tax withholding, 1,970 shares were withheld (832 and 1,138 shares) at $44.83 per share, producing $88,316 in tax withholding. After withholding, Ballard received a net 3,036 shares.
Key Details
- Transaction date: July 1, 2026; Form filed July 6, 2026. (Form 4 is typically due within two business days of the transaction—check timeliness.)
- Conversion: Two RSU conversions recorded (2,114 and 2,892 RSUs) — transaction code M (exercise/conversion of derivative).
- Tax withholding: 832 and 1,138 shares withheld at $44.83 to satisfy taxes — transaction code F; total withholding $88,316.
- Net shares issued to Ballard: 3,036 shares.
- Footnotes: RSUs represent previously granted contingent rights to receive one share each (F1). Withheld shares were deemed surrendered to satisfy tax obligations (F2). Grants were made under the company’s omnibus incentive plan; the two RSU grants have different vesting schedules (one vests in installments beginning July 1, 2025 (F3), the other beginning July 1, 2026 (F4)).
- Shares owned after the transaction: not specified in the provided filing details.
Context
This was a vesting/conversion of RSUs with shares withheld for taxes (a routine cashless-withholding event), not an open-market sale or purchase. Derivative code M here reflects conversion of RSUs into common stock; code F indicates shares were withheld to cover tax obligations. Such withholding transactions are administrative and do not necessarily signal insider market sentiment.
Insider Transaction Report
- Exercise/Conversion
Class A Common Stock
[F1]2026-07-01+2,114→ 15,263 total - Tax Payment
Class A Common Stock
[F2]2026-07-01$44.83/sh−832$37,299→ 14,431 total - Exercise/Conversion
Class A Common Stock
[F1]2026-07-01+2,892→ 17,323 total - Tax Payment
Class A Common Stock
[F2]2026-07-01$44.83/sh−1,138$51,017→ 16,185 total - Exercise/Conversion
Restricted Stock Units
[F1][F3]2026-07-01−2,114→ 2,114 total→ Class A Common Stock (2,114 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F4]2026-07-01−2,892→ 5,784 total→ Class A Common Stock (2,892 underlying)
Footnotes (4)
- [F1]Each restricted stock unit ("RSU") represents the previously granted contingent right to receive one share of Class A common stock.
- [F2]Represents the number of shares deemed withheld to satisfy tax withholding obligations upon vesting of RSUs previously granted to the Reporting Person.
- [F3]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.
- [F4]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.