UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_____________________________________________________________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):
June 24,
2008
_____________________________________________________________________
COVENANT
TRANSPORTATION GROUP, INC.
(Exact
name of registrant as specified in its charter)
|
Nevada
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000-24960
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88-0320154
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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400
Birmingham Hwy., Chattanooga, TN
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37419
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(Address
of principal executive offices)
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(Zip
Code)
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(423)
821-1212
(Registrant's
telephone number, including area code)
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:
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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers
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On June
24, 2008, the Compensation Committee of the Board of Directors (the "Committee")
of Covenant Transportation Group, Inc., a Nevada corporation (the "Company"),
met to determine the award of equity compensation for certain named executive
officers and other employees. Pursuant to the terms and conditions of
the Company's 2006 Omnibus Incentive Plan, the Committee reviewed and approved
the following compensation arrangements:
RESTRICTED
STOCK AWARD GRANT
The
Committee granted 251,395 shares of restricted stock, effective July 1, 2008, to
certain employees of the Company (the "Grant"). Shares issued under
this grant will vest, subject to the continued service of their respective
recipients, over two (2) years as follows: 50% will vest on June 30, 2009, and
the remaining 50% will vest on June 30, 2010.
The
following table sets forth the awards to the Company's principal executive
officer, principal financial officer, named executive officers, and other
recipients as a group.
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Name
and Position
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Restricted
Stock Shares
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David
R. Parker
Chief
Executive Officer
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18,750
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Joey
B. Hogan
Senior
Executive Vice President and Chief Operating Officer
President
of Covenant Transport, Inc.
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15,000
|
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Richard
B. Cribbs
Senior
Vice President and Chief Financial Officer
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12,500
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Tony
Smith
President
of Southern Refrigerated Transport, Inc.
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12,500
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James
F. Brower, Jr.
President
of Star Transportation, Inc.
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12,500
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L.D.
"Micky" Miller, III
Former
Executive Vice President of Sales & Marketing,
now
Executive Vice President and General Manager
of
FleetSavings
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3,125
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All
Other Recipients
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177,020
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Total
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251,395
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In
addition to the awards described above, the Committee also delegated to the CEO
the discretion to award up to 20,000 additional shares of restricted stock to
personnel other than any Section 16 reporting persons. These awards must
occur on or prior to June 30, 2008, and will have the same vesting requirements
as those of the Grant.
SIGNATURE
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.
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COVENANT
TRANSPORTATION GROUP, INC.
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Date:
June 27, 2008
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By:
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/s/ Joey B. Hogan |
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Joey
B. Hogan
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Senior
Executive Vice President and Chief Operating
Officer
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