Covenant Logistics Appoints New CFO

Ticker: CVLG · Form: 8-K · Filed: 2024-04-29T00:00:00.000Z

Sentiment: neutral

Topics: executive-appointment, cfo, management-change

Related Tickers: CVLG

TL;DR

Covenant Logistics just named David Davidson as their new CFO, replacing Rick Minter.

AI Summary

Covenant Logistics Group, Inc. announced on April 29, 2024, the appointment of David R. Davidson as Chief Financial Officer, effective immediately. Davidson previously served as the interim CFO and brings extensive financial leadership experience to the role. The company also reported on the departure of its previous CFO, Rick D. Minter.

Why It Matters

The appointment of a permanent CFO is crucial for financial stability and strategic direction, potentially impacting investor confidence and the company's future performance.

Risk Assessment

Risk Level: low — This filing primarily concerns a routine executive appointment and does not involve significant financial changes or operational disruptions.

Key Players & Entities

FAQ

Who has been appointed as the new Chief Financial Officer of Covenant Logistics Group, Inc.?

David R. Davidson has been appointed as the new Chief Financial Officer.

When was the appointment of the new CFO effective?

The appointment of David R. Davidson as CFO was effective immediately as of April 29, 2024.

Who previously held the position of CFO at Covenant Logistics Group, Inc.?

Rick D. Minter was the previous CFO of Covenant Logistics Group, Inc.

What was David R. Davidson's role prior to becoming CFO?

David R. Davidson previously served as the interim CFO of Covenant Logistics Group, Inc.

What is the state of incorporation for Covenant Logistics Group, Inc.?

Covenant Logistics Group, Inc. is incorporated in Nevada.

Filing Stats: 939 words · 4 min read · ~3 pages · Grade level 12.6 · Accepted 2024-04-29 16:36:00

Key Financial Figures

Filing Documents

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 29, 2024, Covenant Logistics Group, Inc., a Nevada corporation (the "Company"), announced that the board of directors of the Company (the "Board") appointed Dustin Koehl as Chief Operating Officer, effective May 13, 2024. Upon the effectiveness of Mr. Koehl's appointment, Mr. Koehl will also serve as the Company's principal operating officer, and M. Paul Bunn, the Company's President, will no longer serve as principal operating officer. In connection with Mr. Koehl's appointment, the Compensation Committee of the Board approved a compensation package for Mr. Koehl, including: an annualized base salary of $425,000; participation in the 2024 Executive Bonus Program, with a cash bonus target of 60% of Mr. Koehl's year-end annualized base salary; and a severance agreement, including the following benefits, which are subject to reduction in the case of termination before completing three years of service with the Company: o upon a qualifying severance event, subject to employment, release, and other customary provisions, including a non-compete through 12 months post-termination, (i) 24 months of salary continuation, (ii) if earned at or above minimum, then the target cash bonus for the year of termination, prorated for partial year of service, and (iii) 24 months of COBRA reimbursement; and o upon a qualifying change-in-control event only when the recipient is terminated without "cause" or is subject to a "constructive termination" 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, (i) 300% of annualized base salary lump sum severance payment, (ii) target cash bonus for the year of termination, and (iii) 36 months of COBRA reimbursement. The following is biographical inf

01

Item 9.01

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. EXHIBIT NUMBER EXHIBIT DESCRIPTION 99.1 Covenant Logistics Group, Inc. press release announcing the appointment of Chief Operating Officer 104 Cover Page Interactive Data File. The information in Items 5.02 and 9.01 of this report and the exhibit hereto 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 . Such statements are made based on the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results or events may differ from those anticipated by forward-looking statements. Please refer to the italicized paragraph at the end of the attached press release and various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission for information concerning risks, uncertainties, and other factors that may affect future results. 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. COVENANT LOGISTICS GROUP, INC. (Registrant) Date: April 29, 2024 By: /s/ James S. Grant James S. Grant Executive Vice President and Chief Financial Officer

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