X0303 4 2008-06-24 0 0000928658 COVENANT TRANSPORTATION GROUP INC CVTI 0001229383 TOWE RICHARD L 400 BIRMINGHAM HIGHWAY CHATTANOOGA TN 37419 0 1 0 0 SENIOR VP - DRIVER MGMT OF SUB Class A Common Stock 2008-06-24 4 A 0 3125 0 A 17458 D Class A Common Stock 284 I 401(k) Represents an annual restricted stock award under the 2006 Omnibus Incentive Plan. The award is effective July 1, 2008, and vests 50% on each of June 30, 2009, and June 30, 2010. The number of shares reported beneficially owned following the reported transaction is equal to the reporting person's June 24, 2008, account balance, the latest balance available under the plan, in the employer stock fund under the issuer's 401(k) plan divided by the closing price on June 24, 2008. The fund is unitized and as such does not itself allocate a specific number of shares to each participant. /s/ Richard L. Towe, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC 2008-06-26