Forward Air executive lists equity stake on Form 3

Forward Air Corp executive Justin Lindsay, President U.S. & Canada, filed an initial Form 3 showing his equity holdings in the company.

Rhea-AI Filing Summary

Forward Air Corp executive Justin Lindsay, President U.S. & Canada, filed an initial Form 3 showing his equity holdings in the company. He directly holds 13,712 shares of common stock, including 7,623 unvested restricted stock awards that vest in three equal annual installments, subject to continued service.

He also holds two fully exercisable stock option awards: options over 1,384 shares of common stock at an exercise price of $115.42 per share expiring on February 7, 2030, and options over 1,951 shares at an exercise price of $100.93 per share expiring on March 15, 2029.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Lindsay Justin

Role President, U.S. & Canada

Type	Security	Shares	Price	Value
holding	Stock Option (Right to Buy)	--	--	--
holding	Stock Option (Right to Buy)	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option (Right to Buy) — 3,335 contracts (Direct); Common Stock — 13,712 shares (Direct)

Footnotes (2)

1. F1. Includes an aggregate of 7,623 unvested restricted stock awards (RSAs). These RSAs vest in three equal annual installments on each anniversary of their respective grant dates, subject to the Reporting Person's continued service to the Issuer through each applicable vesting date.
2. F2. The Reporting Person's stock options are fully exercisable.

Key Figures

Direct common shares: 13,712 shares Unvested RSAs: 7,623 shares Option grant 1: 1,384 shares at $115.42 +1 more

4 metrics

Direct common shares 13,712 shares Total common stock held directly as reported on Form 3

Unvested RSAs 7,623 shares Restricted stock awards vesting in three equal annual installments

Option grant 1 1,384 shares at $115.42 Stock option, fully exercisable, expiring February 7, 2030

Option grant 2 1,951 shares at $100.93 Stock option, fully exercisable, expiring March 15, 2029

Key Terms

restricted stock awards, stock options, fully exercisable, Stock Option (Right to Buy)

4 terms

restricted stock awards financial

"Includes an aggregate of 7,623 unvested restricted stock awards (RSAs)."

Restricted stock awards are company shares given to employees or executives that cannot be sold or transferred until certain conditions — like staying with the company for a set time or meeting performance targets — are met, like a gift that is locked in a safe until rules are satisfied. Investors care because these awards tie management’s pay to company performance, can increase the number of shares outstanding when they become tradable (dilution), and may signal expected future selling pressure or commitment to long-term growth.

stock options financial

"The Reporting Person's stock options are fully exercisable."

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

fully exercisable financial

"The Reporting Person's stock options are fully exercisable."

Stock Option (Right to Buy) financial

"security_title": "Stock Option (Right to Buy)""

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/29/2026 - 04:46 PM Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Lindsay Justin

(Last) (First) (Middle)

3200 OLYMPUS BOULEVARD

SUITE 300

(Street)

DALLAS TEXAS 75019

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
06/17/2026

3. Issuer Name and Ticker or Trading Symbol
FORWARD AIR CORP [ FWRD ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, U.S. & Canada

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	13,712(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	(2)	03/15/2029	Common Stock	1,951	$100.93	D
Stock Option (Right to Buy)	(2)	02/07/2030	Common Stock	1,384	$115.42	D

Explanation of Responses:

1. Includes an aggregate of 7,623 unvested restricted stock awards (RSAs). These RSAs vest in three equal annual installments on each anniversary of their respective grant dates, subject to the Reporting Person's continued service to the Issuer through each applicable vesting date.

2. The Reporting Person's stock options are fully exercisable.

Remarks:

See Exhibit 24.1 - Power of Attorney

	/s/ Michael L. Hance, Attorney-in-Fact	06/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)