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Companies Covenant Logistics Group, Inc

Covenant Logistics (CVLG): executive pay, fiscal 2025

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CEO total pay$1,794,678CEO David Parker · source
Say-on-pay support98.18%Latest vote · source
CEO vs. named peers21st pct.Of 15 peer CEOs
CEO pay ratio27:1To the median employee · source

CEO pay, last three years

  • $1,381,818FY2023
  • $2,039,597FY2024
  • $1,794,678FY2025

CEO total pay was $1,794,678 in fiscal 2025, down from $2,039,597 in fiscal 2024.

FY2025: salary $753,021 · bonus $666,666 · stock awards $0 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Covenant Logistics Group, Inc in fiscal 2025?
As disclosed, David Parker (CEO and Chairman of the Board) was the highest-paid executive at Covenant Logistics Group, Inc in fiscal 2025, with total compensation of $1,794,678.
How does Covenant Logistics Group, Inc's chief executive pay compare to its disclosed peer group?
As disclosed, David Parker's total compensation ranked at the 21st percentile of Covenant Logistics Group, Inc's disclosed peer group.
What is Covenant Logistics Group, Inc's CEO-to-median employee pay ratio?
As disclosed, Covenant Logistics Group, Inc's CEO-to-median employee pay ratio was 27:1.
How did shareholders vote on Covenant Logistics Group, Inc's executive compensation?
As disclosed, 98.18% of shareholders supported Covenant Logistics Group, Inc's executive compensation in the latest say-on-pay vote.
How much does Covenant Logistics Group, Inc spend in total on board compensation for fiscal 2025?
As disclosed, Covenant Logistics Group, Inc reported total board compensation of $1,478,303 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
David Parker$753,021$666,666$0$0$100,000$0$274,991$1,794,678
CEO and Chairman of the Board
M. Paul Bunn654,90101,000,00100013,7441,668,646
President
Tripp Grant425,0690500,00100016,928941,998
EVP and CFO
Dustin Koehl425,0060450,0050003,908878,919
EVP and COO
Joey Ballard360,0690400,010025,000016,928802,007
EVP and CPSO

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
David Parker$1,794,678$2,039,597$1,381,818↓ −244,919
M. Paul Bunn1,668,6462,270,9701,802,743↓ −602,324
Tripp Grant941,9981,210,612935,120↓ −268,614
Dustin Koehl878,919906,307—↓ −27,388
Joey Ballard802,007879,811—↓ −77,804

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The Company seeks to attract, motivate, and retain executive officers who create long-term value for stockholders by using a mix of compensation that aligns executives' interests with corporate strategies and business objectives. The program is designed to enhance incentives to increase stock price and focus on long-term stockholder interests while controlling costs, with a substantial portion of compensation weighted toward incentive and equity-based compensation that is at risk based on performance.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantPearl Meyer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Tripp GrantPSU2025-05-142,71210,847—21,694$250,023
Dustin KoehlPSU2025-05-142,4419,762—19,524225,014
M. Paul BunnPSU2025-05-145,42421,694—43,388500,047
Joey BallardRSU2025-05-14——8,676—199,982
M. Paul BunnRSU2025-05-14——21,690—499,954
Dustin KoehlRSU2025-05-14——9,761—224,991
Tripp GrantRSU2025-05-14——10,845—249,978
Joey BallardPSU2025-05-142,1708,678—17,356200,028

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Tripp Grant$249,978$250,023$050.0%
Dustin Koehl224,991225,014050.0%
M. Paul Bunn499,954500,047050.0%
Joey Ballard199,982200,028050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Dustin KoehlRSU3,908—$878,919
M. Paul BunnRSU13,744—1,668,646
David ParkerRSU79,295—9,627,131
David ParkerPSU100,000—12,140,905
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
W. Miller WelbornIndependent · Audit · Compensation (Chair)$115,000$99,991———$214,991
D. Michael KramerIndependent · Audit (Chair) · Compensation95,00099,991———194,991
Bradley A. MolineIndependent · Audit · Nominating (Chair)87,50099,991———187,491
Herbert J. SchmidtIndependent · Compensation80,29299,991———180,283
Dr. Benjamin S. CarsonIndependent · Nominating79,36199,991———179,352
Tracy RosserIndependent · Nominating77,50099,991———177,491
Joey HoganIndependent71,86199,991———171,852
Rachel Parker-HatchettIndependent71,86199,991———171,852

Board fee structure and ownership guideline

Annual cash retainer$70,000
Annual equity retainer$100,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)17,500 / 12,500 / 10,000
Stock ownership guideline$5

Total cost of the board

ComponentFY2025
Cash retainers and fees$678,375
Equity awards (grant-date value)$799,928
All other compensation$0
Total cost of the board$1,478,303

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Covenant Logistics as a peer

Companies that benchmark against CVLG

7 companies name CVLG as a compensation peer

Each company listed discloses CVLG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CVLG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies Covenant Logistics Group, Inc names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Kirby Corporation2025David Grzebinski$1,091,754$2,250,127$0$3,349,255$6,735,134
2Saia, Inc.2025Frederick Holzgrefe980,0005,176,716006,312,241
3Werner Enterprises, Inc.2025Derek Leathers974,0774,200,0000745,1066,048,549
4Wabash National Corporation2025Brent Yeagy1,116,9234,315,5890205,8275,717,526
5Forward Air Corporation2025Shawn Stewart900,0004,037,9900617,4005,561,309
6Miller Industries, Inc.2025William Miller II827,4242,556,84001,304,6584,748,987
7Janus International Group, Inc.2025Ramey Jackson895,0002,490,9850805,5004,198,985
8Astec Industries, Inc.2025Jaco van der Merwe836,5392,244,3700779,4554,030,731
9Hub Group, Inc.2024Phillip Yeager850,0002,400,342—552,5003,964,450
10Insteel Industries, Inc.2025H.o. Woltz III750,000562,506562,4891,500,0003,447,259
11Pamt Corp.2025Lance Stewart440,5901,537,000002,127,590
12Covenant Logistics Group, Inc2025David Parker753,02100100,0001,794,678
13Radiant Logistics, Inc.2026Bohn Crain476,827932,6720140,3241,592,033
14ArcBest Corporation2025Seth Runser575,000390,2540201,9881,234,403
15Marten Transport, Ltd.2025Randolph Marten801,483342,998001,154,303

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Covenant Logistics Group, Incnot disclosedRSU 50 · PRSU 50not disclosedPearl Meyer
ArcBest Corporationnot disclosedC-LTIP 60 · RSU 40not disclosedMeridian Compensation Partners, LLC
Astec Industries, Inc.not disclosedPSU 65 · RSU 35not disclosedFrederic W. Cook & Co., Inc.
Forward Air Corporation68%PSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Meridian Compensation Partners, LLC
Hub Group, Inc.not disclosedRSU 50 · PRSU 50NoAon
Insteel Industries, Inc.not disclosednot disclosednot disclosedPearl Meyer
Janus International Group, Inc.not disclosedPSU 50 · RSU 50not disclosedMercer
Kirby Corporationnot disclosedRSU 100not disclosedMeridian Compensation Partners
Marten Transport, Ltd.not disclosednot disclosednot disclosedGrant Thornton LLP
Miller Industries, Inc.not disclosedRSU 100not disclosedAlvarez & Marsal Tax, LLC
Pamt Corp.not disclosedRSU 100not disclosednot disclosed
Radiant Logistics, Inc.not disclosedPSU 75 · RSU 25NoMeridian Compensation Partners
Saia, Inc.not disclosedPSU 50 · Restricted Stock 50not disclosedMercer
Wabash National Corporationnot disclosedRSU 50 · PSU 50not disclosedFrederic W. Cook & Co., Inc.
Werner Enterprises, Inc.not disclosednot disclosednot disclosedFrederic W. Cook & Co.

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1325,600,194475,16539,39898.18%Passed
20252025-05-1424,403,98874,68587,20099.69%Passed
20242024-05-1513,085,719175,01867,25698.68%Passed
20232023-05-1713,539,126158,41026,65998.84%Passed
20222022-05-1811,478,4952,514,39313,97282.03%Passed
20212021-05-1915,465,824186,470101,01898.81%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-1398.18%a
20252025-05-1499.69%b
20242024-05-1598.68%c

a. Approved under the standard stated in the filing — “R EQUIRED V OTE Proposal Number Description Board Recommendation Vote Required for Approval Effect of Abstentions (2) Effect of Broker Non- Vote (3) 1 Election of directors FOR Plurality of votes cast (1) No effect No effect 2 Advisory and non-binding vote to approve executive officer compensation FOR Majority of the voting power of the shares of Class A and Class B common stock represented at the meeting and entitled to vote, voting together as a single class Same effect as a vote "Against" No effect 3 Ratification of the appointment of Grant Thornton LLP as our independent registered public accounting firm for 2026 FOR Majority of the voting power of the shares of Class A and Class B common stock represented at the meeting and entitled to vote, voting together as a single class Same effect as a vote "Against" Discretionary vote of broker (1) The nine director nominees receiving the highest number of votes for their election will be elected.”.

b. Approved under the standard stated in the filing — “R EQUIRED V OTE Proposal Number Description Board Recommendation Vote Required for Approval Effect of Abstentions (2) Effect of Broker Non- Vote (3) 1 Election of directors FOR Plurality of votes cast (1) No effect No effect 2 Advisory and non-binding vote to approve executive officer compensation FOR Majority of the voting power of the shares of Class A and Class B common stock represented at the meeting and entitled to vote, voting together as a single class Same effect as a vote "Against" No effect 3 Ratification of the appointment of Grant Thornton LLP as our independent registered public accounting firm for 2025 FOR Majority of the voting power of the shares of Class A and Class B common stock represented at the meeting and entitled to vote, voting together as a single class Same effect as a vote "Against" Discretionary vote of broker 4 Approval of the amendment to our amended and restated articles of incorporation to increase in the same proportion the number of authorized shares of Class A common stock and Class B common stock.”.

c. Approved under the standard stated in the filing — “Required Vote Proposal Number Description Board Recommendation Vote Required for Approval Effect of Abstentions (2) Effect of Broker Non- Vote (3) 1 Election of directors FOR Plurality of votes cast (1) No effect No effect 2 Advisory and non-binding vote to approve executive officer compensation FOR Majority of the voting power of the shares of Class A and Class B common stock represented at the meeting and entitled to vote, voting together as a single class Same effect as a vote "Against" No effect 3 Ratification of the appointment of Grant Thornton LLP as our independent registered public accounting firm for 2024 FOR Majority of the voting power of the shares of Class A and Class B common stock represented at the meeting and entitled to vote, voting together as a single class Same effect as a vote "Against" Discretionary vote of broker (1) The nine director nominees receiving the highest number of votes for their election will be elected.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)27 : 1
CEO total compensation$953,542
Median employee compensation$35,272
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (46 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, David Parker. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 31. As printed: 1,794,678. View filing ↗
  • Section 01, M. Paul Bunn. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 31. As printed: 1,668,646. View filing ↗
  • Section 01, Tripp Grant. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 31. As printed: 941,998. View filing ↗
  • Section 01, Dustin Koehl. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 31. As printed: 878,919. View filing ↗
  • Section 01, Joey Ballard. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 31. As printed: 802,007. View filing ↗
  • Section 03, Tripp Grant PSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
  • Section 03, Dustin Koehl PSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
  • Section 03, M. Paul Bunn PSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
  • Section 03, Joey Ballard RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
  • Section 03, M. Paul Bunn RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
  • Section 03, Dustin Koehl RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
  • Section 03, Tripp Grant RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
  • Section 03, Joey Ballard PSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2020-06-08. Section “CEO Pay Ratio”. As printed: 27 : 1. View filing ↗
  • Section 08, W. Miller Welborn. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 214,991. View filing ↗
  • Section 08, D. Michael Kramer. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 194,991. View filing ↗
  • Section 08, Bradley A. Moline. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 187,491. View filing ↗
  • Section 08, Herbert J. Schmidt. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 180,283. View filing ↗
  • Section 08, Dr. Benjamin S. Carson. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 179,352. View filing ↗
  • Section 08, Tracy Rosser. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 177,491. View filing ↗
  • Section 08, Joey Hogan. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 171,852. View filing ↗
  • Section 08, Rachel Parker-Hatchett. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 171,852. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-15. Item 5.07 · say-on-pay result. As reported: 98.18% (votes for as printed: 25,600,194). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-05-16. Item 5.07 · say-on-pay result. As reported: 99.69% (votes for as printed: 24,403,988). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-05-17. Item 5.07 · say-on-pay result. As reported: 98.68% (votes for as printed: 13,085,719). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 678,375 + equity 799,928 + all other 0 = 1,478,303, summed across the director compensation table rows.
  • Kirby Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-06. CEO total compensation as printed in Kirby Corporation's own proxy. As printed: 6,735,134. View filing ↗
  • Saia, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Saia, Inc.'s own proxy. As printed: 6,312,241. View filing ↗
  • Werner Enterprises, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Werner Enterprises, Inc.'s own proxy. As printed: 6,048,549. View filing ↗
  • Wabash National Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Wabash National Corporation's own proxy. As printed: 5,717,526. View filing ↗
  • Forward Air Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Forward Air Corporation's own proxy. As printed: 5,561,309. View filing ↗
  • Miller Industries, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Miller Industries, Inc.'s own proxy. As printed: 4,748,987. View filing ↗
  • Janus International Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Janus International Group, Inc.'s own proxy. As printed: 4,198,985. View filing ↗
  • Astec Industries, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in Astec Industries, Inc.'s own proxy. As printed: 4,030,731. View filing ↗
  • Hub Group, Inc., Section 10b CEO total. DEF 14A, filed 2025-04-03. CEO total compensation as printed in Hub Group, Inc.'s own proxy. As printed: 3,964,450. View filing ↗
  • Insteel Industries, Inc., Section 10b CEO total. DEF 14A, filed 2026-01-02. CEO total compensation as printed in Insteel Industries, Inc.'s own proxy. As printed: 3,447,259. View filing ↗
  • Pamt Corp., Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Pamt Corp.'s own proxy. As printed: 2,127,590. View filing ↗
  • Covenant Logistics Group, Inc (subject), Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Covenant Logistics Group, Inc's own proxy. As printed: 1,794,678. View filing ↗
  • Radiant Logistics, Inc., Section 10b CEO total. DEF 14A, filed 2026-10-09. CEO total compensation as printed in Radiant Logistics, Inc.'s own proxy. As printed: 1,592,033. View filing ↗
  • ArcBest Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in ArcBest Corporation's own proxy. As printed: 1,234,403. View filing ↗
  • Marten Transport, Ltd., Section 10b CEO total. DEF 14A, filed 2026-03-17. CEO total compensation as printed in Marten Transport, Ltd.'s own proxy. As printed: 1,154,303. View filing ↗
  • Section 10a, Marten Transport, Ltd. reciprocity. DEF 14A. Marten Transport, Ltd. names Covenant Logistics Group, Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, ArcBest Corporation reciprocity. DEF 14A. ArcBest Corporation names Covenant Logistics Group, Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Radiant Logistics, Inc. reciprocity. DEF 14A. Radiant Logistics, Inc. names Covenant Logistics Group, Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
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