COVENANT TRANSPORTATION GROUP, INC. (NASDAQ:CVTI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
COVENANT TRANSPORTATION GROUP, INC. (NASDAQ:CVTI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 8, 2019, the Compensation Committee of the Board of Directors (the “Committee”) of Covenant Transportation Group, Inc. (the “Company”) approved certain compensation changes for the Company’s named executive officers as described below.
Restricted Stock Grants
The Committee approved grants of restricted stock to the Company’s named executive officers. The grants vest (A) 50% upon the Company’s attainment of certain earnings per share thresholds for fiscal 2020, (B) 25% on December 31, 2021, subject to continuous employment by the Company or the Company’s subsidiaries through such date or an eligible retirement, and (C) 25% on December 31, 2022, subject to continuous employment by the Company or the Company’s subsidiaries through such date or an eligible retirement.
The following table sets forth the grants to the Company’s named executive officers:
Salary Increase
The Committee also approved the following new annualized base salary amounts for certain of the Company’s named executive officers, effective July 1, 2019:
About COVENANT TRANSPORTATION GROUP, INC. (NASDAQ:CVTI)
Covenant Transportation Group, Inc. is a truckload transportation company. The Company provides truckload transportation and brokerage services to customers throughout the continental United States, into and out of Mexico, and into and out of portions of Canada. It operates through the asset-based truckload services (Truckload) segment. The Truckload segment consists of three asset-based operating fleets: Covenant Transport, Inc. (Covenant Transport) that provides expedited long haul, dedicated, temperature-controlled, and regional solo-driver service; Southern Refrigerated Transport, Inc. (SRT), which provides long haul, regional, and intermodal temperature-controlled service, and Star Transportation, Inc. (Star) that provides regional solo-driver and services, primarily in the southeastern United States. In addition, its Covenant Transport Solutions, Inc. (Solutions) subsidiary has service offerings ancillary to its Truckload operations, including freight brokerage services.