<SEC-DOCUMENT>0001008886-18-000012.txt : 20180313
<SEC-HEADER>0001008886-18-000012.hdr.sgml : 20180313
<ACCEPTANCE-DATETIME>20180313172546
ACCESSION NUMBER:		0001008886-18-000012
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20171116
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180313
DATE AS OF CHANGE:		20180313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COVENANT TRANSPORTATION GROUP INC
		CENTRAL INDEX KEY:			0000928658
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				880320154
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24960
		FILM NUMBER:		18687493

	BUSINESS ADDRESS:	
		STREET 1:		400 BIRMINGHAM HIGHWAY
		CITY:			CHATTANOOGA
		STATE:			TN
		ZIP:			37419
		BUSINESS PHONE:		4238211212

	MAIL ADDRESS:	
		STREET 1:		400 BIRMINGHAM HIGHWAY
		CITY:			CHATTANOOGA
		STATE:			TN
		ZIP:			37419

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COVENANT TRANSPORT INC
		DATE OF NAME CHANGE:	19940818
</SEC-HEADER>
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<DESCRIPTION>FORM 8-K (2018 CORPORATE GOVERNANCE)
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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Washington, D.C.&#160;20549</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM 8-K</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">CURRENT REPORT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Date of Report (Date of earliest event reported):</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">November 16, 2017</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">___________________________________________________________________</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">COVENANT TRANSPORTATION GROUP, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Exact name of registrant as specified in its charter)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">000-24960</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(State or other jurisdiction</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">of incorporation)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(IRS Employer</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">&#160;&#160;Identification No.)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">400 Birmingham Hwy., Chattanooga, TN</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(423) 821-1212</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Indicate by check mark whether the registrant is an emerging growth company&#160;as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Other Events</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Board of Directors, (the &#8220;Board&#8221;), of Covenant Transportation Group, Inc. (the &#8220;Company, &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221;), announced adoption of the following policies, consistent with the Board&#8217;s focus on sound corporate governance principles:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: center">&#183;</div>
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<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom">Majority vote</td>
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<td style="FONT-FAMILY: Symbol, serif; WIDTH: 5%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#183;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom">Overboarding</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: center">&#183;</div>
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<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom">Stock ownership</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: center">&#183;</div>
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<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom">Anti-hedging and anti-pledging</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: center">&#183;</div>
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<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: justify" colspan="2">Pursuant to the majority vote policy, in the event that a director does not receive support from holders of a majority of shares voted in an uncontested election of directors, they must tender their resignation to the Nominating and Corporate Governance Committee (the &#8220;Committee&#8221;). The Committee will promptly consider the tendered resignation and will recommend to the Board whether to accept the tendered resignation or take some other action.</td>
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<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: justify" colspan="2">Pursuant to the overboarding policy, our Chief Executive Officer is prohibited from serving on more than three public company boards, including the Board, and our other board members are prohibited from serving on more than five public company boards, including the Board.</td>
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<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: justify" colspan="2">Pursuant to the stock ownership policy, each of our Chief Executive Officer, President, and Chief Financial Officer are required to build certain stock ownership over time (10 times base annual salary for our Chief Executive Officer and 1 times base annual salary for each of our President and our Chief Financial Officer). These requirements are currently met by each of our Chief Executive Officer, President, and Chief Financial Officer. The stock ownership guidelines set forth the Board&#8217;s expectation that the specified executive officers will continuously own Company stock with a value equal to a specified multiple of annual base salary. The Company previously had stock ownership guidelines for directors in place ($100,000 currently representing 4 times annual cash compensation).</td>
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<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: justify" colspan="2">Pursuant to the anti-hedging and anti-pledging policy, our Chief Executive Officer, President, and Chief Financial Officer are prohibited from hedging our Class A and Class B common stock (including, but not limited to, short-selling, options, puts and calls, as well as derivatives such as swaps, forwards, and futures), pledging our stock as collateral for a loan, or purchasing our stock on margin.</td>
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<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: justify" colspan="2">Pursuant to the Board&#8217;s appointment of a lead independent director (&#8220;LID&#8221;), the LID was designated to (i) preside at all meetings of the Board at which the Chairman of the Board is not present, including executive sessions of the independent directors, (ii) serve as liaison between the Chairman of the Board and the independent directors, (iii) provide input on meeting agendas for the Board, (iv) approve Board meeting schedules to assure that there is sufficient time for discussion of all agenda items, (v) have the authority to call meetings of the independent directors, and (vi) if requested by major stockholders, ensure that he or she is available for consultation and direct communication.</td>
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<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 9.01</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Financial Statements and Exhibits.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">(d)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Exhibits.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">EXHIBIT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: center"><u>NUMBER</u></div>
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<div style="TEXT-ALIGN: center"><a href="exhibit991.htm">99.1</a></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Covenant Transportation Group, Inc. Majority Vote Policy</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><a href="exhibit992.htm">99.2</a></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Covenant Transportation Group, Inc. Overboarding Policy</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; TEXT-ALIGN: center"><a href="exhibit993.htm">99.3</a></td>
<td style="WIDTH: 80%; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Covenant Transportation Group, Inc. Executive Stock Ownership, Retention, and Anti-Hedging and Anti-Pledging Policy</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; TEXT-ALIGN: center"><a href="exhibit994.htm">99.4</a></td>
<td style="WIDTH: 80%; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">Covenant Transportation Group, Inc. Lead Independent Director Policy</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SIGNATURE</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 24pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">COVENANT TRANSPORTATION GROUP, INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Date: March 12, 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Richard B. Cribbs</div>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Richard B. Cribbs</div>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 37%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Executive Vice President and Chief Financial Officer</div>
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<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">EXHIBIT INDEX</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">EXHIBIT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: center"><u>NUMBER</u></div>
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<div style="TEXT-ALIGN: left"><u>EXHIBIT DESCRIPTION</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><a href="exhibit991.htm">99.1</a></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Covenant Transportation Group, Inc. Majority Vote Policy</div>
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<td style="WIDTH: 9.74%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><a href="exhibit992.htm">99.2</a></div>
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<td style="WIDTH: 90.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Covenant Transportation Group, Inc. Overboarding Policy</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><a href="exhibit993.htm">99.3</a></div>
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<td style="WIDTH: 90.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Covenant Transportation Group, Inc. Executive Stock Ownership, Retention, and Anti-Hedging and Anti-Pledging Policy</div>
</td>
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<tr>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><a href="exhibit994.htm">99.4</a></div>
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<td style="WIDTH: 90.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Covenant Transportation Group, Inc. Lead Independent Director Policy</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit991.htm
<DESCRIPTION>EXHIBIT 99.1 (MAJORITY VOTE POLICY)
<TEXT>
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Exhibit 99.1<br>
<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">COVENANT TRANSPORTATION GROUP, INC.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>Majority Vote Policy</u></div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Purpose.</u></font> The purpose of this Covenant Transportation Group, Inc. (the &#8220;Company&#8221;), majority vote policy is to support the Board of Directors&#8217; (the &#8220;Board&#8221;), focus on sound corporate governance principles.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Policy.</u></font> The majority vote policy will require that directors not receiving support from holders of a majority of shares voted in an uncontested election of directors to tender their resignation the Nominating and Corporate Governance Committee, (the &#8220;Committee&#8221;), for consideration. The Committee will promptly consider the tendered resignation and will recommend to the Board whether to accept the tendered resignation or to take some other action, such as rejecting the support from the holders of a majority of shares voted in the election of directors. In making this recommendation, the Committee will consider all factors deemed relevant by its members including, without limitation, the underlying reasons why stockholders voted against the director (if ascertainable), the length of service and qualifications of the director whose resignation has been tendered, the director&#8217;s contributions to the Company, whether by accepting such resignation the Company will no longer be in compliance with any applicable laws, rules, regulations, or governing documents, and whether or not accepting the resignation is in the best interests of the Company and its stockholders. The Board will act on the Committee&#8217;s recommendation no later than at its first regularly scheduled meeting following certification of the stockholder vote, but in any case, no later than 120 days following the certification of the stockholder vote. In considering the Committee&#8217;s recommendation, the Board will consider the factors considered by the Committee and such additional information and factors the Board believes to be relevant. The Company will promptly publicly disclose the Board&#8217;s decision and process in a periodic or current report filed with or furnished to the Securities and Exchange Commission. Any director who tenders his resignation pursuant to the majority vote policy will not participate in the Committee recommendation or Board consideration regarding whether or not to accept the tendered resignation. However, such director shall remain active and engaged in all other Committee and Board activities, deliberations, and decisions during this Committee and Board process.</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center"><a href="form8k.htm">Back to Form 8-K</a></div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit992.htm
<DESCRIPTION>EXHIBIT 99.2 (OVERBOARDING POLICY)
<TEXT>
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<div>Exhibit 99.2</div>

<div>
<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">COVENANT TRANSPORTATION GROUP, INC.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>Overboarding Policy</u></div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Purpose.</u></font> The purpose of this Covenant Transportation Group, Inc. (the &#8220;Company&#8221;), overboarding policy is to ensure that directors have sufficient time and energy in order to be effective representatives of stockholders&#8217; interests.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Policy.</u></font> The overboarding policy prohibits the Company&#8217;s Chief Executive Officer from serving on more than three public company boards, including the Company&#8217;s board of directors, and prohibits the other board members from serving on more than five public company boards, including the Company&#8217;s board of directors.</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center"><a href="form8k.htm">Back to Form 8-K</a></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit993.htm
<DESCRIPTION>EXHIBIT 99.3 (EXECUTIVE STOCK OWNERSHIP, RETENTION, AND ANTI-HEDGING AND ANTI-PLEDGING POLICY)
<TEXT>
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<div style="TEXT-ALIGN: right">Exhibit 99.3</div>

<div style="TEXT-ALIGN: right">
<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">COVENANT TRANSPORTATION GROUP, INC.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>Executive Stock Ownership, Retention, and Anti-Hedging and Anti-Pledging Policy</u></div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Purpose.</u></font> The purpose of this Covenant Transportation Group, Inc. Executive Stock Ownership, Retention, and Anti-Hedging and Anti-Pledging Policy, (the &#8220;Stock Policy&#8221;), is to further align the interests of the executives of Covenant Transportation Group, Inc.&#160; (the &#8220;Company&#8221;), and the Company&#8217;s stockholders by requiring senior executives to accumulate and retain a meaningful level of stock ownership.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Covered Individuals.</u></font> The Stock Policy applies to the Company&#8217;s Chief Executive Officer, President, and Chief Financial Officer.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Stock Ownership Levels.</u></font> The required stock ownership levels under the Stock Policy, expressed as a multiple of the Covered Individual&#8217;s base annual salary as of December 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">st</sup> of each year are as follows:</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">
<table id="z6b96d17b212f450490da54095560a0c3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%" cellspacing="0" cellpadding="0" align="left" border="0">
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<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 54pt">CEO</div>
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<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">10 times base annual salary</div>
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<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 54pt">President</div>
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<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1 times base annual salary</div>
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<div>&#160;</div>
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<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 54pt">CFO</div>
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<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1 times base annual salary</div>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; CLEAR: both">For purposes of determining compliance with the Stock Policy, the number of shares of the Company&#8217;s Class A and Class B common stock that the Covered Individual is expected to own will be calculated by dividing:</div>

<div>
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<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div>
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<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Covered Individual&#8217;s base annual salary, as applicable, by</div>
</td>
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</div>

<div>
<table id="z0cc179f6772c424cae61b35fcfbac538" class="DSPFListTable" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div>
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<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The average of the month-end closing prices of the Company&#8217;s Class A and Class B common stock for the prior 12 months.</div>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">If a Covered Individual has satisfied the Stock Policy on a prior determination date, a decrease in the Company&#8217;s stock price without a sale of shares (excluding a sale of shares to satisfy tax withholding) will not be considered to result in non-compliance on a subsequent determination date.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Eligible Shares.</u></font> &#8220;Eligible Shares&#8221; shall mean those shares of Company Class A and Class B common stock that count towards compliance with the Stock Policy, those shares being comprised of the following:</div>

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<table id="z92756d3a6ae5446a882c4fe6c4e32808" class="DSPFListTable" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Shares owned by the Covered Individual;</div>
</td>
</tr>
</table>
</div>

<div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Shares owned jointly by the Covered Individual and spouse;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z52a105559176457899975b873d8b4fdf" class="DSPFListTable" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Shares held in a trust established by the Covered Individual for the benefit of the Covered Individual and/or family members;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="za65c9c05a01140d3b2bdaba886819406" class="DSPFListTable" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Shares equal to the number of vested but deferred restricted stock credited to the Covered Individual under any arrangement maintained by the Company; and</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z0d2445d2cc3d4207b3b84fb1bf9f9310" class="DSPFListTable" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 8px">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Shares credited to the Covered Individual&#8217;s 401(k) plan account.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Unvested or unearned restricted stock and stock options do not count towards compliance with the Stock Policy.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Stock Retention Percentages.</u></font> Until a Covered Individual complies with the Stock Policy, the Covered Individual is required to retain 100% of Net Profit Shares from each award on exercise, vesting, or earn-out.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#8220;Net Profit Shares&#8221; shall mean:</div>

<div>
<table id="zaecc1985b5634750ba50a426ed04e067" class="DSPFListTable" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72.45pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 54.45pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Shares received on vesting or earn-out of restricted stock/restricted stock units/performance shares,&#160; net of Shares for Taxes; and</div>
</td>
</tr>
</table>
</div>

<div>
<table id="zf252c1afe56046ea8b2b0da62cd20286" class="DSPFListTable" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72.45pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 54.45pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Shares received on exercise of stock options, net of shares tendered or withheld for payment of exercise price and Shares for Taxes</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;Shares for Taxes&#8221; shall mean, regardless of whether share withholding is actually used:</div>

<div>
<table id="zb99bcd9c837e423884effef6dbbb8906" class="DSPFListTable" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 28px">
<td style="WIDTH: 75.2pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 57.2pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The amount of taxes on the income realized by the Covered Individual on the vesting, earn out, or exercise date, calculated using maximum&#160; marginal tax rates, divided by</div>
</td>
</tr>
</table>
</div>

<div>
<table id="zb2ab152e50d8427c87720619be058f03" class="DSPFListTable" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 75.2pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 57.2pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The closing price of the Company&#8217;s Class A common stock on the vesting, earn-out, or exercise date.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Nothing in this Stock Policy shall require Covered Individuals to meet their applicable stock ownership levels through open market purchases of Company Class A common stock, and a Covered Individual may sell any shares purchased in the open market regardless of whether such Covered Individual then owns or has the right to acquire Eligible Shares sufficient to meet the requirements of the Stock Policy. For the sake of clarity in interpreting the Stock Policy, any sale of Eligible Shares by a Covered Individual shall be deemed to have occurred in the following order: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>first</u></font> from shares purchased in the open market; and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>second</u></font>, from any remaining Net Profit Shares; provided, however, that Net Profit Shares may not be sold if, following such sale, the Covered Individual would no longer be in compliance with this Stock Policy.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Insider Trading Policy.</u></font> Covered Individuals are required to abide by the Company&#8217;s Insider Trading Policy.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Anti-Hedging and Anti-Pledging.</u></font> Hedging activities shall include hedging our Common Stock (including, but not limited to, short-selling, options, puts and calls, as well as derivatives such as swaps, forwards, and futures).&#160; Pledging activities shall include pledging stock as collateral for a loan or purchasing our Class A common stock on a margin.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Waiver.</u></font> The Compensation Committee shall determine the appropriate relief in the event of financial hardship.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Modification.</u></font> The Stock Policy may be amended or terminated at any time by the Compensation Committee, in its sole and absolute discretion.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Enforcement.</u></font> The Company may consider a Covered Individual&#8217;s compliance with the Stock Policy in connection with compensation decisions, or promotion opportunities, to the extent it determines appropriate in its sole and absolute discretion.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><a href="form8k.htm">Back to Form 8-K</a></div>

<br>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit994.htm
<DESCRIPTION>EXHIBIT 99.4 (LEAD INDEPENDENT DIRECTOR POLICY)
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Scudder Law Firm
    Document created using EDGARfilings PROfile 4.3.3.1
    Copyright 1995 - 2018 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div style="TEXT-ALIGN: right">
<hr style="BORDER-TOP: black 4px solid; HEIGHT: 10px; BORDER-RIGHT: medium none; BORDER-BOTTOM: black 1px solid; COLOR: #ffffff; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff; MARGIN-RIGHT: auto" align="center">
Exhibit 99.4<br>
<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">COVENANT TRANSPORTATION GROUP, INC.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>Lead Independent Director Policy</u></div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Purpose.</u></font> The purpose of this Covenant Transportation Group, Inc., (the &#8220;Company&#8221;), lead independent director policy is to provide for an effective balance for the management of the Company and our stockholders&#8217; best interests.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Policy.</u></font> The lead independent director was designated to (i) preside at all meetings of the Board at which the Chairman of the Board is not present, including executive sessions of the independent directors, (ii) serve as liaison between the Chairman of the Board and the independent directors, (iii) provide input on meeting agendas for the Board, (iv) approve Board meeting schedules to assure that there is sufficient time for discussion of all agenda items, (v) have the authority to call meetings of the independent directors, and (vi) if requested by major stockholders, ensure that he or she is available for consultation and direct communication.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><a href="form8k.htm">Back to Form 8-K</a></div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>cvtilogo.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
