<SEC-DOCUMENT>0001008886-20-000075.txt : 20200430
<SEC-HEADER>0001008886-20-000075.hdr.sgml : 20200430
<ACCEPTANCE-DATETIME>20200430170707
ACCESSION NUMBER:		0001008886-20-000075
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200424
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200430
DATE AS OF CHANGE:		20200430

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:		20836638

	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 (MANAGEMENT CHANGES)
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      <div style="text-align: center; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt;">Washington, D.C.&#160;20549</div>
      <div style="text-align: center; font-weight: bold;">_____________________________________________________________________________</div>
      <div><br>
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      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
      <div><br>
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      <div style="text-align: center; font-size: 12pt;">Date of Report (Date of earliest event reported):</div>
      <div style="text-align: center; font-size: 12pt;">April 24, 2020</div>
      <div style="text-align: center; font-weight: bold;">_______________________________________________________________________________</div>
      <div style="text-align: center;"><img src="cvtilogo.jpg"></div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">COVENANT TRANSPORTATION GROUP, INC.</div>
      <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
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              <div style="text-align: center;">Nevada</div>
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              <div style="text-align: center;">000-24960</div>
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              <div style="text-align: center;">88-0320154</div>
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              <div style="text-align: center;">(State or other jurisdiction</div>
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              <div style="text-align: center;">400 Birmingham Hwy., Chattanooga, TN</div>
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              <div style="text-align: center;">37419</div>
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              <div style="text-align: center;">(Address of principal executive offices)</div>
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      <div style="text-align: center; line-height: 1.00;">(423) 821-1212</div>
      <div style="text-align: center; line-height: 1.00;">(Registrant's telephone number, including area code)</div>
      <div style="line-height: 1.00;"><br style="line-height: 1.00;">
      </div>
      <div style="line-height: 1.00;">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>
      <div style="line-height: 1.00;">
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          <div style="line-height: 1.00;"> <br>
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                    <div style="text-align: center; line-height: 1;">[&#160;&#160;&#160;]</div>
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                    <div style="text-align: left; line-height: 1;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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                    <div style="text-align: left; line-height: 1;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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                    <div style="text-align: left; line-height: 1;">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="text-align: left; line-height: 1;">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>&#160;</div>
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            <div>Securities registered pursuant to Section 12(b) of the Act:</div>
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                    <td style="WIDTH: 33.33%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-LEFT: #000000 1px solid">$0.01 Par Value Class A common stock</td>
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                    <td style="BORDER-RIGHT: #000000 1px solid; WIDTH: 33.33%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-LEFT: #000000 1px solid">The NASDAQ Global Select Market</td>
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            <div>&#160;</div>
            <div>Indicate by check mark whether that registrant is an emerging growth company 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="text-align: right; line-height: 1; text-indent: 332.8pt;">Emerging growth company&#160; [&#160;&#160;&#160;]</div>
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                    <td style="WIDTH: 89.68%; VERTICAL-ALIGN: bottom">&#160;</td>
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                    <td style="WIDTH: 100%; VERTICAL-ALIGN: top" colspan="2">
                      <div style="text-align: justify; line-height: 1;">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.&#160;&#160; [&#160;&#160;&#160;]</div>
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        <div style="line-height: 1.00;">&#160;</div>
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                  <div style="text-align: justify; line-height: 1.00; font-weight: bold;">Item 5.02</div>
                </td>
                <td style="width: 86.79%; vertical-align: top;">
                  <div style="text-align: justify; line-height: 1.00; font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
                </td>
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                <td rowspan="1" style="width: 13.21%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 86.79%; vertical-align: top;">&#160;</td>
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                <td rowspan="1" style="width: 13.21%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 86.79%; vertical-align: top; text-align: justify;">On April 24, 2020, the Board of Directors (the &#8220;Board&#8221;) of Covenant Transportation Group, Inc. (the &#8220;Company&#8221;) appointed certain of the Company&#8217; executives to
                  new positions as follows (the &#8220;Appointments&#8221;):</td>
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                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;"><u>Name</u></div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;"><u>New Title</u></div>
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                <td style="width: 30.21%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00;">John A. Tweed</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00;">Co-President and Chief Operating Officer</div>
                </td>
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                <td style="width: 30.21%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00;">Joey B. Hogan</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00;">Co-President and Chief Administrative Officer</div>
                </td>
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                <td style="width: 30.21%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00;">M. Paul Bunn</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00;">Executive Vice President, Chief Financial Officer, and Secretary</div>
                </td>
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                <td style="width: 30.21%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00;">Richard B. Cribbs</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00;">Senior Vice President and Treasurer</div>
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                  <td rowspan="1" style="width: 13.21%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" style="width: 86.79%; vertical-align: top; text-align: justify;">On April 24, 2020, in connection with the Appointments, the Compensation Committee approved the annualized base salaries set forth in the table below. For
                    Messrs. Tweed, Hogan, and Bunn, the salaries, as reduced in light of the uncertain impact of COVID-19 on the Company&#8217;s operations, were effective April 26, 2020. For Mr. Cribbs, the salary, as reduced for the impact of COVID-19, will be
                    effective July 1, 2020. The higher salaries set forth in the table below will be effective when the Compensation Committee eliminates the salary reductions for the impact of COVID-19; provided that if the COVID-19 reductions are
                    eliminated prior to July 1, 2020, then Mr. Cribbs&#8217; annualized base salary will be $335,000 at such time until being reduced to $292,500 effective July 1, 2020.</td>
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                <td style="width: 29.29%; vertical-align: bottom;">
                  <div style="margin-right: 4.5pt; line-height: 1.00; font-weight: bold;"><u>Name</u></div>
                </td>
                <td style="width: 35.35%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; margin-left: 13.5pt; line-height: 1.00; font-weight: bold;">COVID-19 Reduced </div>
                  <div style="text-align: center; margin-right: 4.5pt; margin-left: 13.5pt; line-height: 1.00; font-weight: bold;"><u>Annualized Base Salary</u></div>
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                <td style="width: 35.35%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; margin-left: 13.5pt; line-height: 1.00; font-weight: bold;"><u>Annualized Base Salary</u></div>
                </td>
              </tr>
              <tr>
                <td style="width: 29.29%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00;">John A. Tweed</div>
                </td>
                <td style="width: 35.35%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; margin-left: 13.5pt; line-height: 1.00;">$403,750</div>
                </td>
                <td style="width: 35.35%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; margin-left: 13.5pt; line-height: 1.00;">$500,000</div>
                </td>
              </tr>
              <tr>
                <td style="width: 29.29%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00;">Joey B. Hogan</div>
                </td>
                <td style="width: 35.35%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; margin-left: 13.5pt; line-height: 1.00;">$403,750</div>
                </td>
                <td style="width: 35.35%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; margin-left: 13.5pt; line-height: 1.00;">$500,000</div>
                </td>
              </tr>
              <tr>
                <td style="width: 29.29%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00;">M. Paul Bunn</div>
                </td>
                <td style="width: 35.35%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; margin-left: 13.5pt; line-height: 1.00;">$292,500</div>
                </td>
                <td style="width: 35.35%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; margin-left: 13.5pt; line-height: 1.00;">$325,000</div>
                </td>
              </tr>
              <tr>
                <td style="width: 29.29%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 4.5pt; line-height: 1.00;">Richard B. Cribbs</div>
                </td>
                <td style="width: 35.35%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; margin-left: 13.5pt; line-height: 1.00;">$277,875</div>
                </td>
                <td style="width: 35.35%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; margin-left: 13.5pt; line-height: 1.00;">$292,500</div>
                </td>
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                  <td rowspan="1" style="width: 13.21%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" style="width: 86.79%; vertical-align: top; text-align: justify;">
                    <div style="margin-right: 4.5pt; line-height: 1; font-family: 'Times New Roman',Times,serif;">Mr. Tweed will also receive reimbursement of up to $100,000 annually for out-of-pocket housing and travel costs related to travel between
                      Greenville, Tennessee where Landair is headquartered and the Company&#8217;s headquarters in Chattanooga, Tennessee where Mr. Tweed will manage additional business units and have additional housing.</div>
                    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
                    </div>
                    <div style="margin-right: 4.5pt; line-height: 1; font-family: 'Times New Roman',Times,serif;">On such date, the Compensation Committee also approved severance agreements (each a &#8220;Severance Agreement&#8221;) for certain of the Company&#8217;s
                      executive officers, including the Company&#8217;s Named Executive Officers. Upon a qualifying severance event, subject to employment, release, and other customary provisions, including a non-compete through 12 months post-termination, the
                      Severance Agreements provide for the following benefits:</div>
                  </td>
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          <div style="line-height: 1.00;"><br style="line-height: 1.00;">
          </div>
          <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z62ab1df27cb4470484808ec7b564920c">

              <tr>
                <td style="width: 30%; vertical-align: bottom;">
                  <div style="margin-right: 4.5pt; line-height: 1; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Title</u></div>
                </td>
                <td style="width: 13.95%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;">Salary </div>
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;"><u>Continuation</u></div>
                </td>
                <td style="width: 53.25%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;"><u>Management Incentive Cash Bonus</u></div>
                </td>
                <td style="width: 15.85%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;">COBRA </div>
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;"><u>Reimbursement</u></div>
                </td>
              </tr>
              <tr>
                <td style="width: 30%; vertical-align: top;">
                  <div style="margin-right: 4.5pt; line-height: 1.00;">Chief Executive Officer &amp; Co-Presidents<br>
                  </div>
                </td>
                <td style="width: 13.95%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">24 Months</div>
                </td>
                <td style="width: 53.25%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1; font-family: 'Times New Roman',Times,serif;">If earned at or above minimum, then the target bonus for the year of termination, prorated for partial year of service</div>
                </td>
                <td style="width: 15.85%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">24 Months</div>
                </td>
              </tr>
              <tr>
                <td style="width: 30%; vertical-align: top;">
                  <div style="margin-right: 4.5pt; line-height: 1.00;">Executive Vice Presidents<br>
                  </div>
                </td>
                <td style="width: 13.95%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">18 Months</div>
                </td>
                <td style="width: 53.25%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1; font-family: 'Times New Roman',Times,serif;">If earned at or above minimum, then the target bonus for the year of termination, prorated for partial year of service</div>
                </td>
                <td style="width: 15.85%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">18 Months</div>
                </td>
              </tr>
              <tr>
                <td style="width: 30%; vertical-align: top;">
                  <div style="margin-right: 4.5pt; line-height: 1.00;">Senior Vice Presidents<br>
                  </div>
                </td>
                <td style="width: 13.95%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">12 Months</div>
                </td>
                <td style="width: 53.25%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1; font-family: 'Times New Roman',Times,serif;">If earned at or above minimum, then the target bonus for the year of termination, prorated for partial year of service</div>
                </td>
                <td style="width: 15.85%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">12 Months</div>
                </td>
              </tr>

          </table>
          <div style="line-height: 1.00;"><br style="line-height: 1.00;">
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="line-height: 1.00;">
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                <tr>
                  <td rowspan="1" style="width: 13.21%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" style="width: 86.79%; vertical-align: top; text-align: justify;">Upon a qualifying change-in-control event only when the recipient is terminated without &#8220;cause&#8221; or is subject to a &#8220;constructive termination&#8221; during the 24
                    months following a change-in-control, subject to employment, release, and other customary provisions, including a non-compete through 12 months post-termination, the Severance Agreements provide for the following benefits:</td>
                </tr>

            </table>
          </div>
          <div style="line-height: 1.00;"><br style="line-height: 1.00;">
          </div>
          <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z5ff08769af1b455bb7875daa110c807b">

              <tr>
                <td style="width: 30%; vertical-align: bottom;">
                  <div style="margin-right: 4.5pt; line-height: 1; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Title</u></div>
                </td>
                <td style="width: 30%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;">Lump Sum Severance Payment </div>
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;">(as a % of </div>
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;"><u>Annualized Base Salary)</u></div>
                </td>
                <td style="width: 39.14%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;"><u>Management Incentive Cash Bonus</u></div>
                </td>
                <td style="width: 18.7%; vertical-align: bottom;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;">COBRA </div>
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00; font-weight: bold;"><u>Reimbursement</u></div>
                </td>
              </tr>
              <tr>
                <td style="width: 30%; vertical-align: top;">Chief Executive Officer &amp; Co-Presidents</td>
                <td style="width: 30%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">300%</div>
                </td>
                <td style="width: 39.14%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">Target bonus for the year of termination</div>
                </td>
                <td style="width: 18.7%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">36 Months</div>
                </td>
              </tr>
              <tr>
                <td style="width: 30%; vertical-align: top;">
                  <div style="margin-right: 4.5pt; line-height: 1.00;">Executive Vice Presidents</div>
                </td>
                <td style="width: 30%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">200%</div>
                </td>
                <td style="width: 39.14%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">Target bonus for the year of termination</div>
                </td>
                <td style="width: 18.7%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">24 Months</div>
                </td>
              </tr>
              <tr>
                <td style="width: 30%; vertical-align: top;">
                  <div style="margin-right: 4.5pt; line-height: 1.00;">Senior Vice Presidents</div>
                </td>
                <td style="width: 30%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">100%</div>
                </td>
                <td style="width: 39.14%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">Target bonus for the year of termination</div>
                </td>
                <td style="width: 18.7%; vertical-align: top;">
                  <div style="text-align: center; margin-right: 4.5pt; line-height: 1.00;">12 Months</div>
                </td>
              </tr>

          </table>
          <div style="line-height: 1.00;"><br style="line-height: 1.00;">
          </div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3e0b43d97baa4e91a57a0107c4d1237a">

              <tr>
                <td rowspan="1" style="width: 13%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="vertical-align: top;">
                  <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">Additionally, in connection with the Severance Agreements, the Board reviewed the non-compete agreement with Mr. Tweed&#160; in connection with the
                    Company&#8217;s purchase of Landair, and approved narrowing the scope of the non-compete to be consistent with the Severance Agreements.</div>
                  <div style="line-height: 1.00;"><br style="line-height: 1.00;">
                  </div>
                  <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">The foregoing summary of the Severance Agreements and Mr. Tweed&#8217;s non-compete does not purport to be complete and is qualified in its entirety
                    by reference to the copies of the Severance Agreements and non-compete, which will be filed with the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.</div>
                  <div style="line-height: 1.00;"><br style="line-height: 1.00;">
                  </div>
                  <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">The following is biographical information of those officers subject to the Appointments:</div>
                  <div style="line-height: 1.00;"><br style="line-height: 1.00;">
                  </div>
                  <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">John A. Tweed, 54, was appointed Co-President and Chief Operating Officer in April 2020.&#160; Mr. Tweed joined the Company in July 2018 following
                    our acquisition of Landair Holdings Inc. (&#8220;Landair&#8221;) and previously was the EVP and COO of Landair. Prior to the Company&#8217;s acquisition of Landair (the &#8220;Landair Acquisition&#8221;), Mr. Tweed served as the CEO of Landair since 2000. Prior to
                    becoming CEO of Landair, Mr. Tweed held various positions at Landair, including vice president of sales and special-projects manager. Mr. Tweed is an active committee and board member for several industry associations and community
                    organizations.</div>
                  <div style="text-align: justify; line-height: 1;"><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><br style="line-height: 1;">
                  </div>
                  <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">Joey B. Hogan, 58, was appointed Co-President and Chief Administrative Officer in April 2020.&#160; Previously, Mr. Hogan served as our President and
                    Chief Operating Officer from February 2016 to April 2020.&#160; From May 2007 to February 2016 Mr. Hogan served as our Senior Executive Vice President and COO, as well as President of CTI.&#160; Mr. Hogan was our CFO from 1997 to May 2007, our
                    Executive Vice President from May 2003 to May 2007, and a Senior Vice President from December 2001 to May 2003.&#160; From joining us in August 1997 through December 2001, Mr. Hogan served as our Treasurer.&#160; Mr. Hogan served as a director
                    and on the Audit Committee of Chattem, Inc., a consumer products company, from April 2009 through March 2010, and currently serves as an officer of the Truckload Carriers Association.</div>
                  <div style="text-align: justify; line-height: 1;"><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><br style="line-height: 1;">
                  </div>
                  <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">M. Paul Bunn, 42, was appointed our Executive Vice President, Chief Financial Officer, and Secretary in April 2020. Mr. Bunn previously served
                    as our Executive Vice President since April 2019, Chief Accounting Officer and Treasurer since January 2012, and Senior Vice President since 2017.&#160; Previously, Mr. Bunn served as our Corporate Controller from July 2009 to January 2012.&#160;
                    Prior to that, Mr. Bunn served as an Audit Senior Manager for Ernst &amp; Young, LLP, a global professional services provider.</div>
                  <div style="text-align: justify; line-height: 1;"><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><br style="line-height: 1;">
                  </div>
                  <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">Richard B. Cribbs, 48, was appointed Senior Vice President of Strategy &amp; Investor Relations, Treasurer in April 2020.&#160; Previously, Mr.
                    Cribbs served as our Executive Vice President and CFO since February 2016. From May 2008 to February 2016 Mr. Cribbs served as our Senior Vice President and CFO.&#160; Mr. Cribbs served as our Vice President and Chief Accounting Officer from
                    May 2007 to May 2008 and Corporate Controller from May 2006 to May 2007.&#160; Prior to joining the Company, Mr. Cribbs was the Corporate Controller, Assistant Secretary, and Assistant Treasurer for Tandus, Inc., a commercial flooring
                    company, from May 2005 to May 2006.&#160; Mr. Cribbs also previously served as CFO of Modern Industries, Inc., a tier two automotive supply company, from December 1999 to May 2005. <br>
                  </div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td rowspan="1" style="width: 13%; vertical-align: top;">&#160;</td>
                <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">
                  <div style="line-height: 1.00; font-weight: bold;">Item 7.01</div>
                </td>
                <td colspan="2" style="vertical-align: top;">
                  <div style="line-height: 1.00; font-weight: bold;">Regulation FD Disclosure.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div style="text-align: justify; line-height: 1.00;">On April 28, 2020, the Company issued a press release announcing realignment of the executive team.</div>
                  <div style="line-height: 1.00;"><font style="line-height: 1.00;">&#160;</font></div>
                  <div style="line-height: 1.00;">A copy of the press release is attached to this report as Exhibit 99.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">
                  <div style="line-height: 1.00; font-weight: bold;">Item 9.01</div>
                </td>
                <td colspan="2" style="vertical-align: top;">
                  <div style="line-height: 1.00; font-weight: bold;">Financial Statements and Exhibits.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td style="width: 18%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.00; font-weight: bold;">(d)</div>
                </td>
                <td style="width: 69.04%; vertical-align: top;">
                  <div style="line-height: 1.00; font-weight: bold;">Exhibits.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td style="width: 18%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.00;">EXHIBIT</div>
                  <div style="text-align: center; line-height: 1.00;"><u>NUMBER</u></div>
                </td>
                <td style="width: 69.04%; vertical-align: bottom;">
                  <div style="line-height: 1.00;"><u>EXHIBIT DESCRIPTION</u></div>
                </td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td style="width: 18%; vertical-align: top;">
                  <div style="text-align: center; line-height: 1.00;"><a href="exhibit99.htm">99</a></div>
                </td>
                <td style="width: 69.04%; vertical-align: top;">
                  <div style="text-align: justify; line-height: 1.00;">Covenant Transportation Group, Inc. press release announcing realignment of executive team.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div style="text-align: justify; line-height: 1.00;">The information contained in Items 7.01 and 9.01 of this report and the exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as
                    amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a
                    filing.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 13%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div style="text-align: justify; line-height: 1.00; font-style: italic;">The information in Item 5.02, 7.01, and 9.01 of this report may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act and
                    Section 21E of the Exchange Act and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended.&#160; Such statements are made based on the current beliefs
                    and expectations of the Company's management and are subject to significant risks and uncertainties.&#160; Actual results or events may differ from those anticipated by forward-looking statements.&#160; Please refer to the stockholder reports and
                    filings with the Securities and Exchange Commission for information concerning risks, uncertainties, and other factors that may affect future results.</div>
                </td>
              </tr>

          </table>
        </div>
        <div> <br>
        </div>
        <br>
      </div>
    </div>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: center; line-height: 1.00; font-weight: bold;">SIGNATURE</div>
  <div style="line-height: 1.00;"><br style="line-height: 1.00;">
  </div>
  <div style="text-align: justify; text-indent: 24pt; line-height: 1.00;">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>
  <div style="line-height: 1.00;"><br style="line-height: 1.00;">
  </div>
  <table cellspacing="0" cellpadding="0" id="zee64aec98b2c473795ce4a26e4ae215a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 38.06%; vertical-align: bottom;">&#160;</td>
        <td style="width: 61.94%; vertical-align: bottom;" colspan="2">
          <div style="line-height: 1.00; font-weight: bold;">COVENANT TRANSPORTATION GROUP, INC.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 38.06%; vertical-align: bottom;">&#160;</td>
        <td style="width: 13.76%; vertical-align: bottom;">
          <div style="line-height: 1.00; font-style: italic;">(Registrant)</div>
        </td>
        <td style="width: 48.18%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 38.06%; vertical-align: bottom;">&#160;</td>
        <td style="width: 13.76%; vertical-align: bottom;">&#160;</td>
        <td style="width: 48.18%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 38.06%; vertical-align: bottom;">
          <div style="line-height: 1.00;">Date: April 30, 2020</div>
        </td>
        <td style="width: 13.76%; vertical-align: bottom;">
          <div style="line-height: 1.00;">By:</div>
        </td>
        <td style="width: 48.18%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="line-height: 1.00;">/s/ Paul Bunn</div>
        </td>
      </tr>
      <tr>
        <td style="width: 38.06%; vertical-align: bottom;">&#160;</td>
        <td style="width: 13.76%; vertical-align: bottom;">&#160;</td>
        <td style="width: 48.18%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="line-height: 1.00;">Paul Bunn</div>
        </td>
      </tr>
      <tr>
        <td style="width: 38.06%; vertical-align: bottom;">&#160;</td>
        <td style="width: 13.76%; vertical-align: bottom;">&#160;</td>
        <td style="width: 48.18%; vertical-align: bottom;">
          <div style="line-height: 1.00;">Executive Vice President, Chief Financial Officer, and Secretary</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 1.00;"><br style="line-height: 1.00;">
  </div>
  <br>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: center; line-height: 1.00; font-weight: bold;">EXHIBIT INDEX</div>
  <div style="line-height: 1.00;"><br style="line-height: 1.00;">
  </div>
  <table cellspacing="0" cellpadding="0" id="z780b4ae2baeb4b63abfd9a91b6a95387" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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          <div style="text-align: center; line-height: 1.00;"><a href="exhibit99.htm">99</a></div>
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          <div style="text-align: justify; line-height: 1.00;">Covenant Transportation Group, Inc. press release announcing realignment of executive team.</div>
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<TYPE>EX-99
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<FILENAME>exhibit99.htm
<DESCRIPTION>EXHIBIT 99 (PRESS RELEASE)
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99 </font><br>
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    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">COVENANT TRANSPORTATION GROUP REALIGNS EXECUTIVE TEAM TO ACCELERATE EXECUTION OF STRATEGIC PLAN</div>
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    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;"><font style="font-weight: bold;">CHATTANOOGA, TENNESSEE</font> &#8211; April 28, 2020 - Covenant Transportation Group, Inc.&#160; (NASDAQ/GS: CVTI) (&#8220;CTG&#8221;) today announced the following
      executive team changes:</div>
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              <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">John A. Tweed has been named Co-President and Chief Operating Officer, with responsibility for enterprise-wide operations, sales, and safety functions, as well as the
                expansion of our contract logistics business and improvements in our operating efficiency.</div>
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              <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">Joey B. Hogan has been named Co-President and Chief Administrative Officer, with responsibility for all enterprise-wide administrative functions, including strategic
                planning, finance, human resources, and information technology, as well as equipment and maintenance. Messrs. Bunn and Cribbs will continue to report to Mr. Hogan.</div>
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              <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">M. Paul Bunn has been named Executive Vice President and Chief Financial Officer, with responsibility for all enterprise-wide efficiency, financial, and accounting
                functions.</div>
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              <div style="margin-left: 18pt; line-height: 1.00; font-size: 12pt;">&#8226;</div>
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              <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">Richard B. Cribbs has been named Senior Vice President of Strategy &amp; Investor Relations, Treasurer, with responsibility for our capital structure, strategy, risk
                management, and investor relation functions.</div>
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    <div style="text-align: justify; line-height: 1.00; font-size: 12pt; font-weight: bold;"><u>Company Comments</u></div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt; font-weight: bold;"><u> <br>
      </u></div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">Chairman and Chief Executive Officer, David R. Parker, commented: &#8220;We are blessed with a deep and talented management team that is highly committed to our strategic vision. The
      appointments announced today will accelerate our progress by aligning our team&#8217;s talents with our most imperative goals.&#160; I am proud of the way the entire executive team pulled together to redesign our organizational structure with the good of the
      entire enterprise in mind.&#8221;</div>
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    </div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">Mr. Parker continued: &#8220;Our strategic vision is to strengthen our position in the U.S. logistics industry, de-risk our leverage profile, and concentrate our business model on more
      sustainable, higher margin services and sectors where we can add considerable value to our partner-customers. To accomplish this vision, we are accelerating the migration of our services toward contract logistics (long-term dedicated contract
      truckload, warehousing, transportation management, and brokerage) and expedited truckload services, reducing the percentage of revenue and capital allocated to the other portions of our business, and lowering overhead costs. We are using a framework
      of sustained earnings, de-leveraging, and return on capital targets to guide our decisions. With recent dedicated truckload and warehouse services contract wins, the closure of the Texarkana facility and an upcoming disposition of a currently
      unoccupied facility, and the downsizing of our fleet capital expenditure plans, we are off to a fast start.&#160; The combination of Joey Hogan&#8217;s historical knowledge of Covenant and John Tweed&#8217;s performance-oriented management approach was instrumental
      in driving these actions and validated the basis for the changes.</div>
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    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">&#8220;Our realigned executive structure will capitalize on the strengths of each member and magnify the effectiveness of the entire team.&#160; John Tweed&#8217;s expertise in contract logistics is
      fundamental to Covenant&#8217;s future as we continue to become more deeply embedded in our customers&#8217; supply chains and seek organizational efficiency. We have benefitted from John&#8217;s presence over the past two years as the Landair operations have been a
      stable and highly profitable performer. Importantly, Joey Hogan&#8217;s financial acumen and strategic thinking will be concentrated on improving all administrative functions, including organizational development, our technology future, financial and
      strategic planning, and furthering our culture.&#160; Paul Bunn&#8217;s ability to integrate financial and business planning is a strong complement to John&#8217;s skill set and managing through a changing business mix.&#160; And Richard Cribbs will continue to deliver a
      strong capital markets, risk management, and strategic presence as we de-leverage our balance sheet and improve our return on capital.&#160; I&#8217;m confident we have the team to drive Covenant forward and look forward to reporting the progress on our plan as
      we take this opportunity to strengthen and re-energize the enterprise during the current economic environment and return to normal operations with a brighter future.&#8221;</div>
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    <div style="line-height: 1.00; font-size: 12pt; font-weight: bold;"><u>Executive Bios</u></div>
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    </div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;"><font style="font-weight: bold;">John A. Tweed</font>, 54, was appointed Co-President and Chief Operating Officer in April 2020.&#160; Mr. Tweed joined the Company in July 2018 following
      our acquisition of Landair Holdings Inc. (&#8220;Landair&#8221;) and previously was the EVP and COO of Landair. Prior to the Company&#8217;s acquisition of Landair (the &#8220;Landair Acquisition&#8221;), Mr. Tweed served as the CEO of Landair since 2000. Prior to becoming CEO of
      Landair, Mr. Tweed held various positions at Landair, including vice president of sales and special-projects manager. Mr. Tweed is an active committee and board member for several industry associations and community organizations.</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;"><font style="font-weight: bold;">Joey B. Hogan</font>, 58, was appointed Co-President and Chief Administrative Officer in April 2020.&#160; Previously, Mr. Hogan served as our President
      and Chief Operating Officer from February 2016 to April 2020.&#160; From May 2007 to February 2016 Mr. Hogan served as our Senior Executive Vice President and COO, as well as President of CTI.&#160; Mr.&#160;Hogan was our CFO from 1997 to May 2007, our Executive
      Vice President from May&#160;2003 to May 2007, and a Senior Vice President from December 2001 to May 2003.&#160; From joining us in August 1997 through December 2001, Mr.&#160;Hogan served as our Treasurer.&#160; Mr. Hogan served as a director and on the Audit Committee
      of Chattem, Inc., a consumer products company, from April 2009 through March 2010, and currently serves as an officer of the Truckload Carriers Association.</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;"><font style="font-weight: bold;">M. Paul Bunn</font>, 42, was appointed our Executive Vice President, Chief Financial Officer, and Secretary in April 2020. Mr. Bunn previously&#160;served
      as our Executive Vice President since April 2019, Chief Accounting Officer and Treasurer since January 2012, and Senior Vice President since 2017.&#160; Previously, Mr. Bunn served as our Corporate Controller from July 2009 to January 2012.&#160; Prior to
      that, Mr. Bunn served as an Audit Senior Manager for Ernst &amp; Young, LLP, a global professional services provider.&#160;</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;"><font style="font-weight: bold;">Richard B. Cribbs</font>, 48, was appointed Senior Vice President of Strategy &amp; Investor Relations, Treasurer in April 2020.&#160; Previously, Mr.
      Cribbs served as our Executive Vice President and CFO since February 2016. From May 2008 to February 2016 Mr. Cribbs served as our Senior Vice President and CFO.&#160; Mr. Cribbs served as our Vice President and Chief Accounting Officer from May 2007 to
      May 2008 and Corporate Controller from May 2006 to May 2007.&#160; Prior to joining the Company, Mr. Cribbs was the Corporate Controller, Assistant Secretary, and Assistant Treasurer for Tandus, Inc., a commercial flooring company, from May 2005 to May
      2006.&#160; Mr. Cribbs also previously served as CFO of Modern Industries, Inc., a tier two automotive supply company, from December 1999 to May 2005.&#160;</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">Covenant Transportation Group, Inc., through its subsidiaries, offers an integrated suite of contract logistics, truckload transportation, other supply chain services, and revenue
      equipment sales and leasing to a diverse customer base throughout the United States. The Company's Class A common stock is traded on the NASDAQ Global Select market under the symbol, &#8220;CVTI&#8221;.</div>
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    <div style="text-align: justify; line-height: 1.00; font-style: italic;">This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and
      Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. &#160;Such statements may be identified by
      their use of terms or phrases such as "expects," "estimates," "projects," "believes," "anticipates," "plans," "intends," &#8220;outlook,&#8221; &#8220;focus,&#8221; &#8220;seek,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;goal,&#8221; &#8220;target,&#8221; &#8220;objective,&#8221; &#8220;will,&#8221; derivations thereof, and similar
      terms and phrases. &#160;Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future
      events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. &#160;<a name="z_Hlk22635438"></a>In this press release, the statements relating to our strategic vision, reducing
      financial leverage, improving earnings and return on capital, planned dispositions and capital expenditures, expectations for our realigned executive structure and contributions of each executive team member, service offering expectations, and the
      economic environment are forward-looking statements. The following factors, among others could cause actual results to differ materially from those in the forward-looking statements: elevated experience in the frequency and severity of claims
      relating to accident, cargo, workers' compensation, health, and other claims, increased insurance premiums, higher self-insured retentions, reduced insurance coverage, fluctuations in claims expenses that result from our self-insured retention
      amounts, including in our excess layers and in respect of claims for which we commute policy coverage, and the requirement that we pay additional premiums if there are claims in certain of those layers, differences between estimates used in
      establishing and adjusting claims reserves and actual results over time, adverse changes in claims experience and loss development factors, or additional changes in management's estimates of liability based upon such experience and development
      factors that cause our expectations of insurance and claims expense to be inaccurate or otherwise impacts our results; government regulations imposed on our captive insurance companies; changes in the market condition for used revenue equipment and
      real estate that impact our capital expenditures and our ability to dispose of revenue equipment and real estate on the schedule and for the prices we expect; increases in the prices paid for new revenue equipment that impact our capital expenditures
      and our results generally; changes in management&#8217;s estimates of the need for new tractors and trailers; the effect of any reduction in tractor purchases on the number of tractors that will be accepted by manufacturers under tradeback arrangements;
      our inability to generate sufficient cash from operations and obtain financing on favorable terms to meet our significant ongoing capital requirements; our ability to respond to changes in our industry or business in light of our substantial
      indebtedness and lease obligations; our ability to sustain or increase profitability in the future; the risks related to our Factoring segment; our ability to maintain compliance with the provisions of our credit agreements, particularly financial
      covenants in our revolving credit facility; excess tractor or trailer capacity in the trucking industry; &#160;decreased demand for our services or loss of one or more of our major customers; our ability to renew dedicated service offering contracts on
      the terms and schedule we expect; surplus inventories, recessionary economic cycles, and downturns in customers' business cycles; strikes, work slowdowns, or work stoppages at the Company, customers, ports, or other shipping related facilities;
      increases or rapid fluctuations in fuel prices, as well as fluctuations in hedging activities and surcharge collection, including, but not limited to, changes in customer fuel surcharge policies and increases in fuel surcharge bases by customers; the
      volume and terms of diesel purchase commitments and hedging contracts; &#160;interest rates, fuel taxes, tolls, and license and registration fees; increases in compensation for and difficulty in attracting and retaining qualified drivers and independent
      contractors; our ability to retain our key employees; the risks associated with engaging independent contractors to provide a portion of our capacity; seasonal factors such as harsh weather conditions that increase operating costs; competition from
      trucking, rail, and intermodal competitors; our dependence on third-party providers, particularly in our Managed Freight segment; regulatory requirements that increase costs, decrease efficiency, or impact the availability or effective driving time
      of our drivers and other drivers in the industry, including the terms and exemptions from hours-of-service and electronic log requirements for drivers and the Federal Motor Carrier Safety Administration&#8217;s Compliance, Safety, Accountability program
      applicable to driver standards and the methodology for determining a carrier&#8217;s Department of Transportation safety rating; the proper functioning and availability of our management information and communication systems and other information
      technology assets; volatility of our stock price; our ability to maintain effective internal controls without material weaknesses; impairment of goodwill and other intangible assets; future outcomes of litigation; uncertainties in the interpretation
      of the 2017 Tax Cuts and Jobs Act and other tax laws; the ability to reduce, or control increases in, operating costs; changes in the Company&#8217;s business strategy that require the acquisition of new businesses, the disposition of businesses, and the
      ability to identify acceptable acquisition candidates and appropriate assets or businesses to be disposed, consummate acquisitions and dispositions, and integrate acquired operations; our ability to achieve our strategic plan; fluctuations in the
      results of Transport Enterprise Leasing, which are included as equity in income (loss) of affiliate in our financial statements; our Chairman of the Board and Chief Executive Officer and his wife control a large portion of our stock and have
      substantial control over us, which could limit other stockholders' ability to influence the outcome of key transactions, including changes of control; changes in methods of determining LIBOR or replacement of LIBOR; future share repurchases, if any;
      and the impact of the recent coronavirus outbreak or other similar outbreaks.&#160;Readers should review and consider these factors along with the various disclosures by the Company in its press releases, stockholder reports, and filings with the
      Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">For further information contact:</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">Richard B. Cribbs, Senior Vice President of Strategy &amp; Investor Relations, Treasurer</div>
    <div style="text-align: justify; line-height: 1.00;"><font style="font-size: 12pt;">RCribbs@covenanttransport.com</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">For copies of Company information contact:</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">Theresa Ives, Executive Administrative Assistant</div>
    <div style="text-align: justify; line-height: 1.00; font-size: 12pt;">TIves@covenanttransport.com</div>
  </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
