FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * RUSSELL STEPHEN   2. Issuer Name and Ticker or Trading Symbol CELADON GROUP INC [CGI] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) __X__ Other (specify below) Chairman of the Board (Last) (First) (Middle) ONE CELADON DRIVE, 9503 EAST 33RD STREET 3. Date of Earliest Transaction (Month/Day/Year) 05/01/2013 (Street) INDIANAPOLIS, IN 46235 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common stock 05/01/2013   G   1,000 D $ 0 587,581 D   Common stock 08/01/2013   G   1,800 D $ 0 585,781 D   Common Stock 08/08/2013   G   3,000 D $ 0 582,781 D   Common Stock 09/19/2013   G   16,200 D $ 0 566,581 D   Common Stock 11/12/2013   G   12,500 D $ 0 554,081 D   Common Stock 11/21/2013   G   7,750 D $ 0 546,331 D   Common Stock 11/25/2013   G   4,750 D $ 0 541,581 D   Common Stock 12/10/2013   G   500 D $ 0 541,081 D   Common Stock 12/12/2013   G   2,000 D $ 0 539,081 D   Common Stock 12/17/2013   G   1,500 D $ 0 537,581 D   Common Stock 12/18/2013   G   600 D $ 0 536,981 D   Common Stock 12/20/2013   G   500 D $ 0 536,481 D   Common Stock 12/24/2013   G   1,400 D $ 0 535,081 D   Common Stock 12/28/2014   G   21,300 D $ 0 513,781 D   Common Stock 03/11/2014   G   2,000 D $ 0 511,781 D   Common Stock 03/20/2014   G   1,000 D $ 0 510,781 D   Common Stock 03/26/2014   G   1,600 D $ 0 509,181 D   Common Stock 04/14/2014   G   250 D $ 0 508,931 D   Common Stock 07/16/2014   G V 600 D $ 0 508,331 D   Common Stock 08/12/2014   G V 500 D $ 0 507,831 D   Common Stock 10/07/2014   G V 500 D $ 0 507,331 D   Common Stock 11/19/2014   G V 500 D $ 0 506,831 D   Common Stock 12/05/2014   G V 5,500 D $ 0 501,331 D   Common Stock 03/03/2015   M   83,500 A $ 12.81 584,831 D   Common Stock 03/03/2015   M   94,000 A $ 9.86 678,831 D   Common Stock 03/03/2015   M   48,350 A $ 8.67 727,181 D   Common Stock 03/03/2015   S   55,040 D $ 25.22 (1) 672,141 D   Common Stock 03/03/2015   S   3,468 D $ 24.34 668,673 D   Common Stock 03/04/2015   S   167,342 D $ 25.01 (2) 501,331 D   Common Stock               25,470 (3) I (3) By spouse (3)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (Right to Buy)

$ 12.81

03/03/2015

M

83,500

01/12/2010

01/12/2016

Common Stock

83,500

$ 0

0

D

Employee Stock Option (Right to Buy)

$ 9.86

03/03/2015

M

94,000

12/06/2012(4)

01/26/2020

Common Stock

94,000

$ 0

0

D

Employee Stock Option (Right to Buy)

$ 8.67

03/03/2015

M

48,350

10/26/2011

10/26/2017

Common Stock

48,350

$ 0

104,934

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
RUSSELL STEPHEN ONE CELADON DRIVE 9503 EAST 33RD STREET INDIANAPOLIS, IN 46235	X			Chairman of the Board

Signatures

/s/ Stephen Russell, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC		03/06/2015
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Price reflects a weighted average sale price for multiple transactions ranging from $25.10 to $25.50 per share, inclusive. This reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a stockholder of the issuer, full information regarding the number of shares sold at each separate price.
(2)	Price reflects a weighted average sale price for multiple transactions ranging from $25.00 to $25.10 per share, inclusive. This reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a stockholder of the issuer, full information regarding the number of shares sold at each separate price.
(3)	The total amount of securities owned by the reporting person's spouse reflects 1,530 shares fewer than previously reported. While conducting a review of ownership records, it was determined that a discrepancy existed in ownership records of the reporting person's spouse. The reduction of these shares corrects this discrepancy. The reporting person has been unable to confirm when the discrepancy arose. The reporting person disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
(4)	On December 6, 2012, the Compensation Committee of the Board of Directors of the issuer voted to accelerate the vesting of all the reporting person's outstanding unvested stock options.

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