8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

March 5, 2007

__________________________________________________________________

CELADON GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	000-23192	13-3361050
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

9503 East 33rd Street One Celadon Drive, Indianapolis, IN	46235
(Address of principal executive offices)	(Zip Code)

(317) 972-7000

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[   ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[   ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[   ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.

On March 5, 2007, Stephen Russell, Chairman of the Board and Chief Executive Officer of Celadon Group, Inc., a Delaware corporation (the "Company"), adopted a written sales plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Plan") for trading 120,000 shares, or approximately 7% of the shares and related derivatives of the Company’s common stock owned by Mr. Russell. The press release issued by the Company with respect to the Plan is attached hereto as Exhibit 99.

Transactions made under the Plan will be reported to the Securities and Exchange Commission in accordance with applicable securities laws, rules, and regulations. Except as may be so required, the Company does not undertake any obligation to update or report any modification, termination, or other activity under the Plan or any other plan that may be adopted by other officers or directors of the Company.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits.
	EXHIBIT
	NUMBER	EXHIBIT DESCRIPTION
	99	Celadon Group, Inc. press release announcing Russell 10b5-1 plan

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.

		CELADON GROUP, INC.
Date: March 5, 2007	By:	/s/ Stephen Russell
		Stephen Russell
		Chairman and Chief Executive Officer

EXHIBIT INDEX

EXHIBIT NUMBER	EXHIBIT DESCRIPTION
99	Celadon Group, Inc. press release announcing Russell 10b5-1 plan

EX-99

Exhibit 99

CELADON CHAIRMAN AND CEO ADOPTS 10b5-1 PLAN

INDIANAPOLIS, IN March 5, 2007 (BUSINESS WIRE) - Celadon Group, Inc. (NASDAQ/GS-CLDN),announced today that Stephen Russell, Celadon’s Chairman of the Board of Directors and Chief Executive Officer, adopted a written sales plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (“Rule 10b5-1”) for trading a portion of the shares of Celadon’s common stock owned by Mr. Russell.

Mr. Russell’s Rule 10b5-1 trading plan is intended to permit the orderly disposition of a portion of his holdings as part of his personal long-term financial plan for asset diversification and liquidity, as well as to fund the exercise of certain outstanding employee stock options. The shares subject to the trading plan represent approximately 7% of Mr. Russell’s holdings of the Company’s common stock and related derivatives. Beginning in April 2007, after the release of the Company’s earnings report for the quarter ending March 31, 2007, a brokerage firm will sell an aggregate of 120,000 shares of Celadon common stock owned by Mr. Russell at the rate of 24,000 shares during each full or partial calendar month through August 17, 2007; provided that the number of shares may be reduced under certain circumstances. Mr. Russell has indicated to the Company that he presently does not intend to sell any shares of the Company’s common stock outside the trading plan during the term of the trading plan.

About Celadon

Founded in 1985, Celadon Group Inc. (www.celadongroup.com) is a truckload carrier headquartered in Indianapolis that operates in the U.S., Canada, and Mexico. Celadon also owns TruckersB2BInc. (www.truckersb2b.com) which provides cost savings to about 20,000 member fleets.

Celadon is traded on the Nasdaq under the ticker symbol CLDN and is a component of the Russell Microcap Index.

CONTACT: Celadon Group Inc.

 Craig M. Koven, 800-CELADON Ext. 3812

 317-972-7041 Direct

 317-408-4859 Mobile

 ckoven@celadontrucking.com

SOURCE: Celadon Group Inc.

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