Forward Air CLO reports tax-related share withholding

Forward Air Corp chief legal officer and secretary Michael L. Hance reported routine share dispositions tied to tax withholding, not open-market selling.

Rhea-AI Filing Summary

Forward Air Corp chief legal officer and secretary Michael L. Hance reported routine share dispositions tied to tax withholding, not open-market selling. A total of 5,737 shares of common stock were withheld at $16.05 per share to cover minimum tax obligations upon the vesting and net settlement of restricted stock. After these transactions, he directly holds roughly 90,486 shares of Forward Air common stock.

Insider Trade Summary

Exercise Price or Tax Liability: 5,737 shares

Exercise Price or Tax Liability 2 txns

Insider Hance Michael L

Role CLO and Secretary

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	4,868	$16.05	$78K
Exercise Price or Tax Liability	Common Stock	869	$16.05	$14K

Holdings After Transaction: Common Stock — 90,486.4515 shares (Direct)

Footnotes (1)

1. F1. Represents shares withheld by Issuer to satisfy minimum tax withholding obligations upon the vesting and net settlement of restricted stock.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the latest Form 4 for Forward Air (FWRD) show?

The Form 4 shows Forward Air executive Michael L. Hance had 5,737 common shares withheld at $16.05 each to satisfy tax obligations on vested restricted stock, leaving him with about 90,486 directly held shares.

Who is the insider in Forward Air (FWRD)'s recent Form 4 filing?

The insider is Michael L. Hance, chief legal officer and secretary of Forward Air Corp. He reported tax-related share withholdings linked to the vesting and settlement of restricted stock awards, rather than discretionary open-market trades.

How many Forward Air (FWRD) shares were involved in the tax withholding?

Two tax-withholding transactions covered a total of 5,737 Forward Air common shares at $16.05 per share. These shares were withheld by the company to meet minimum tax obligations when restricted stock vested and settled in stock.

Did Michael L. Hance sell Forward Air (FWRD) shares on the open market?

No, the Form 4 reports code F transactions, meaning shares were withheld by the issuer to pay tax liabilities on vested restricted stock. This is a non-market, administrative disposition rather than an elective open-market sale.

How many Forward Air (FWRD) shares does Michael L. Hance hold after the filing?

After the tax-withholding dispositions, Michael L. Hance directly holds approximately 90,486 shares of Forward Air common stock. This figure reflects his remaining direct ownership following the restricted stock vesting and related share withholdings.

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

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Accepted by SEC EDGAR 03/17/2026 - 04:05 PM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
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hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hance Michael L

(Last) (First) (Middle)

3200 OLYMPUS BOULEVARD

SUITE 300

(Street)

DALLAS TX 75019

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CLO and Secretary

3. Date of Earliest Transaction (Month/Day/Year)
03/15/2026

4. If Amendment, Date of 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

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	03/15/2026		F(1)		4,868	D	$16.05	91,355.4515	D
Common Stock	03/15/2026		F(1)		869	D	$16.05	90,486.4515	D

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 Securities Underlying Derivative Security (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: 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

Explanation of Responses:

1. Represents shares withheld by Issuer to satisfy minimum tax withholding obligations upon the vesting and net settlement of restricted stock.

Remarks:

	/s/ Michael L. Hance	03/17/2026
	** 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 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).
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.