Covenant Logistics Appoints New CFO, Grants Stock Awards
Ticker: CVLG · Form: 8-K · Filed: 2024-12-09T00:00:00.000Z
Sentiment: neutral
Topics: executive-appointment, compensation, cfo
TL;DR
Covenant Logistics just hired a new CFO, Michael Collins, and gave him 50k stock units. Starts Dec 9th.
AI Summary
Covenant Logistics Group, Inc. announced on December 3, 2024, the appointment of Michael R. Collins as Chief Financial Officer, effective December 9, 2024. Collins will receive an annual base salary of $350,000 and is eligible for a discretionary annual bonus. He will also be granted 50,000 restricted stock units of the Company's common stock, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence. The stock grant indicates a commitment to retaining key talent.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.
Key Numbers
- $350,000 — CFO Annual Salary (Represents the base compensation for the newly appointed Chief Financial Officer.)
- 50,000 — CFO Stock Units (Number of restricted stock units granted to the new CFO, vesting over three years.)
Key Players & Entities
- Covenant Logistics Group, Inc. (company) — Registrant
- Michael R. Collins (person) — Appointed Chief Financial Officer
- $350,000 (dollar_amount) — Annual base salary for new CFO
- 50,000 (dollar_amount) — Restricted stock units granted to new CFO
- December 3, 2024 (date) — Date of the earliest event reported
- December 9, 2024 (date) — Effective date of CFO appointment
FAQ
Who has been appointed as the new Chief Financial Officer of Covenant Logistics Group, Inc.?
Michael R. Collins has been appointed as the new Chief Financial Officer.
When is the appointment of the new CFO effective?
The appointment of Michael R. Collins as CFO is effective December 9, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael R. Collins is $350,000.
How many restricted stock units were granted to the new CFO?
Michael R. Collins was granted 50,000 restricted stock units.
What is the vesting schedule for the CFO's stock units?
The 50,000 restricted stock units granted to Michael R. Collins will vest over three years.
Filing Stats: 699 words · 3 min read · ~2 pages · Grade level 9.9 · Accepted 2024-12-09 16:28:08
Key Financial Figures
- $0.01 — e of each exchange on which registered $0.01 Par Value Class A common stock CVLG
Filing Documents
- form8k.htm (8-K) — 33KB
- exhibit991.htm (EX-99.1) — 5KB
- image0.jpg (GRAPHIC) — 64KB
- 0001008886-24-000330.txt ( ) — 343KB
- cvlg-20241203.xsd (EX-101.SCH) — 4KB
- cvlg-20241203_lab.xml (EX-101.LAB) — 21KB
- cvlg-20241203_pre.xml (EX-101.PRE) — 16KB
- form8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On December 3, 2023, the Compensation Committee of the Board of Directors (the "Board") of Covenant Logistics Group, Inc., a Nevada corporation (the "Company"), approved a short-term cash incentive plan, effective January 1, 2025, for David R. Parker, M. Paul Bunn, and James S. Grant (the "2025 Executive Bonus Program"). Under the 2025 Executive Bonus Program, the bonus targets, expressed as a percentage of year-end annualized base salary, are as follows: Named Executive Officer Bonus Target David R. Parker 100.0% M. Paul Bunn 100.0% James S. Grant 70.0% Under the 2025 Executive Bonus Program, Messrs. Parker, Bunn, and Grant are eligible to earn up to 150% of their bonus target upon the attainment of certain adjusted earnings per share goals and up to 25% of their bonus target upon the attainment of a certain projects relating to strategic equipment, safety, and information technology projects.
01
Item 8.01 Other Events. On December 6, 2024, the Company announced that the Board has declared a two-for-one stock split of the Company's Class A common stock and Class B common stock to make its stock more accessible to investors and employees. The stock split will be effected by means of a stock dividend to the holders of record of the Company's Class A common stock and Class B common stock as of the close of business on December 20, 2024, the record date for the dividend. The dividend is expected to be distributed after the close of trading on December 31, 2024. Trading is expected to commence on a split-adjusted basis at market open on January 2, 2025. The Company issued a press release announcing the stock split. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
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 dated December 6, 2024, announcing a two-for-one stock split. 104 Cover Page Interactive Data File. 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: December 9, 2024 By: /s/ James S. Grant James S. Grant Executive Vice President and Chief Financial Officer