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 [CLDN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chairman and CEO (Last) (First) (Middle) ONE CELADON DRIVE, 9503 EAST 33RD STREET 3. Date of Earliest Transaction (Month/Day/Year) 12/10/2007 (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 12/10/2007   G V 7,200 D $ 0 1,115,844 D   Common Stock 12/18/2007   G V 300 D $ 0 1,115,544 D   Common Stock 12/20/2007   G V 1,100 D $ 0 1,114,444 D   Common Stock 12/28/2007   G V 4,500 D $ 0 1,109,944 D   Common Stock 01/07/2008   M   57,500 (1) A $ 2.85 (1) 1,167,444 D   Common Stock               42,000 (2) I By Spouse (2)

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)

$ 8.67

01/07/2008

G(3)

V

75,000

(4)

10/26/2017

Common Stock

75,000

(5)

233,284

D

Employee Stock Option (Right-to-Buy)

$ 2.85 (1)

01/07/2008

M

57,500 (1)

(6)

04/04/2012

Common Stock

57,500 (1)

(5)

0

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 and CEO

Signatures

/s/ Stephen A. Russell, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC		01/09/2008
**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)	The number of shares reported and price per share reflect the February 1, 2006, and June 1, 2006, three-for-two stock splits.
(2)	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. The reporting person's spouse owned these shares prior to her marriage to the reporting person.
(3)	The reporting person gifted that portion of the option related to the purchase of 75,000 shares of the Issuer's Common Stock to his son.
(4)	The option to purchase 75,000 shares of Issuer's Common Stock becomes exercisable in increments of twenty-five percent (25%) on each of 10/26/2008, 10/26/2009, 10/26/2010, and 10/26/2011.
(5)	Upon exercise, the derivative security converts on a one-to-one basis into Issuer's Common Stock. The exercise price of the derivative security is set forth in column 2 of Table II of this report.
(6)	Original grant was an option to purchase 70,000 shares (pre-February 1, 2006, and June 1, 2006, stock splits) of Issuer's Common Stock, which vested by 23,334, 23,333, and 23,333 on each of April 4, 2003, April 4, 2004, and April 4, 2005, respectively. The remaining portion of the option was previously exercised by the reporting person.

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