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):
August
31, 2005
COVENANT
TRANSPORT, INC.
(Exact
name of registrant as specified in its charter)
|
Nevada
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000-24960
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88-0320154
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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400
Birmingham Hwy., Chattanooga, TN
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37419
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(Address
of principal executive offices)
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(Zip
Code)
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(423)
821-1212
(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:
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[
]
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Written
communications pursuant to Rule 425 under the Securities
Act (17 CFR
230.425)
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[
]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR
240.14a-12)
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[
]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR
240.14d-2(b))
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[
]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR
240.13e-4(c))
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Item
1.01
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Entry
into a Material Definitive Agreement.
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On
August 31, 2005, Covenant Transport, Inc. (the "Company")
accelerated the
vesting of all employee stock options outstanding under
the Company's 2003
Incentive Stock Plan. Options to purchase approximately 172,000
shares of the Company's common stock became exercisable
on August 31,
2005.
The
primary purpose of the accelerated vesting was to eliminate
future
compensation expense the Company would otherwise recognize
in its
statement of operations with respect to these accelerated
options upon the
adoption of Financial Accounting Standards Board Statement
of Financial
Accounting Standards No. 123 (Revised 2004), Share-Based
Payment
("SFAS 123R"). SFAS 123R will require that compensation
expense associated
with stock options be recognized in the statement of operations,
rather
than as a footnote disclosure in the Company’s consolidated financial
statements. The acceleration of the vesting of these options
did not
result in a charge based on generally accepted accounting
principles.
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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.
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COVENANT
TRANSPORT, INC.
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Date:
August 31, 2005
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By:
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/s/
Joey B. Hogan
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Joey
B. Hogan
Executive
Vice President and Chief Financial
Officer
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