On November 15, 2012, the Compensation Committee of the Board of Directors (the "Committee") of Covenant Transportation Group, Inc., a Nevada corporation (the "Company"), approved restricted stock grants to the named executive officers of the Company. The grants vest upon the Committee's certification following finalization of the Company's audit for the fiscal year ending December 31, 2014, that each of the following three performance-based criteria has been attained: (A) earnings per share of at least $1.12, excluding extraordinary and non-recurring items; (B) net total indebtedness to total capitalization of 65% or less (including the present value of off-balance sheet leases); and (C) 9% or greater return on invested capital.

The following table sets forth the grants to the named executive officers:

Named Executive Officer Shares of Restricted Stock

                   David R. Parker               20,000
                    Joey B. Hogan                16,000
                     Tony Smith                  16,000
                   R.H. Lovin, Jr.               10,000
                  Richard B. Cribbs              10,000