Nevada
|
000-24960
|
88-0320154
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
400
Birmingham Hwy., Chattanooga, TN
|
37419
|
(Address
of principal executive offices)
|
(Zip
Code)
|
[
]
|
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
5.02
|
Departure
of Directors or Certain Officers; Election of Directors; Appointment
of
Certain
Officers; Compensatory Arrangements of Certain
Officers
|
Named
executive officer
|
Target
bonus as a
percentage
(%) of
base
salary(1)
|
Basis
of
Performance
Targets(2)
|
David
R. Parker,
Chairman,
President, and Chief Executive Officer
|
50%
|
Consolidated
|
Michael
W. Miller,
Executive
Vice President—Procurement and Corporate Operations
Manager
|
50%
|
Consolidated
|
Joey
B. Hogan,
Executive
Vice President and
Chief
Financial Officer
|
50%
|
Consolidated
|
L.D.
“Micky” Miller, III,
Executive
Vice President—Sales and Marketing
|
50%
|
Consolidated
|
Tony
Smith,
President
of Southern Refrigerated Transport, Inc.
|
50%
|
Southern
Refrigerated Transport, Inc.
|
(1) | Bonuses payable for 2007 (if any) will vary depending on the extent to which actual performance meets, exceeds, or falls short of the Performance Targets. Bonuses payable for the named executive officers can range from 15% to 130% of the employee’s target bonus. |
(2)
|
Performance
Targets are tied to the achievement of operating income and operating
ratio goals. Performance Targets for senior executive officers and
most
other participants with corporate-wide responsibility are tied to
operating income and operating ratio goals calculated on a consolidated
basis. Performance Targets for Business Unit managers and other
participants dedicated primarily to a single Business Unit are tied
to
operating income and operating ratio goals for the Business Unit.
|
COVENANT
TRANSPORT, INC.
|
||
Date:
March 6, 2007
|
By:
|
/s/ Joey B. Hogan |
Joey
B. Hogan
Executive
Vice President and Chief Financial
Officer
|