Forward Air director awarded 9,545 restricted stock

Boyles Dale W reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Boyles Dale W reported acquisition or exercise transactions in this Form 4 filing.

Forward Air Corporation director Dale W. Boyles received 9,545 shares of restricted common stock as a compensation award. The grant, made at no cash cost to Boyles, was issued under the company’s 2025 Non-Employee Director Stock Plan and is exempt from Section 16(b) under Rule 16b-3. The restricted stock fully vests on the earlier of the day immediately prior to Forward Air’s 2027 annual stockholders’ meeting or the first anniversary of the grant date. After this award, Boyles directly holds 22,940 shares of Forward Air common stock.

Insider Trade Summary

Grant/Award: 9,545 shares

Grant/Award 1 txn

Insider Boyles Dale W

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	9,545	$0.00	$0.00

Holdings After Transaction: Common Stock — 22,940 shares (Direct)

Footnotes (1)

1. F1. Represents restricted stock awarded under the Forward Air Corporation 2025 Non-Employee Director Stock Plan in a transaction exempt from Section 16(b) under Rule 16b-3. The stock fully vests on the earlier of (a) the day immediately prior to Forward Air Corporation's 2027 Annual Meeting of Stockholders or (b) the first anniversary of the grant date.

Key Figures

Restricted stock grant: 9,545 shares Post-transaction holdings: 22,940 shares Transaction price per share: $0.0000 per share

3 metrics

Restricted stock grant 9,545 shares Award of restricted common stock to director Dale W. Boyles

Post-transaction holdings 22,940 shares Dale W. Boyles’s direct common stock holdings after grant

Transaction price per share $0.0000 per share Indicates compensation grant with no cash paid by director

Key Terms

restricted stock, Forward Air Corporation 2025 Non-Employee Director Stock Plan, Section 16(b), Rule 16b-3, +1 more

5 terms

restricted stock financial

"Represents restricted stock awarded under the Forward Air Corporation 2025 Non-Employee Director Stock Plan"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

Forward Air Corporation 2025 Non-Employee Director Stock Plan financial

"awarded under the Forward Air Corporation 2025 Non-Employee Director Stock Plan in a transaction exempt"

Section 16(b) regulatory

"in a transaction exempt from Section 16(b) under Rule 16b-3"

A federal rule that requires company insiders—like officers, directors and large shareholders—to return any profits made from buying and selling the company’s stock within a six-month window. It matters to investors because it discourages short-term trades that could exploit non-public information and helps protect outside shareholders by creating a simple, enforceable way to recover unfair gains, much like a rule stopping someone from flipping a limited-edition item for quick profit after getting early access.

Rule 16b-3 regulatory

"in a transaction exempt from Section 16(b) under Rule 16b-3"

Rule 16b-3 is a Securities and Exchange Commission regulation that exempts certain routine, pre-approved transactions by company insiders from automatic liability for short-term trading profits. It acts like a safe harbor: if an insider follows a formal plan or the board approves specific transactions in advance, profits from buying and selling company stock within six months are not automatically reclaimed. Investors care because the rule clarifies when insider trades are permissible and reduces uncertainty about potential clawbacks.

Annual Meeting of Stockholders financial

"the day immediately prior to Forward Air Corporation's 2027 Annual Meeting of Stockholders"

FAQ

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

What did Forward Air (FWRD) director Dale W. Boyles report on this Form 4?

Dale W. Boyles reported receiving 9,545 shares of restricted common stock. The shares were granted as compensation under Forward Air’s 2025 Non-Employee Director Stock Plan, increasing his direct holdings to 22,940 shares after the award.

Is the 9,545-share transaction for Forward Air (FWRD) a purchase or an award?

The 9,545-share transaction is an award of restricted stock, not an open-market purchase. It was granted at no cash cost to Dale W. Boyles as part of director compensation under Forward Air’s 2025 Non-Employee Director Stock Plan.

When do Dale W. Boyles’s new restricted shares in Forward Air (FWRD) vest?

The restricted shares fully vest on the earlier of two dates. Vesting occurs either the day immediately before Forward Air’s 2027 Annual Meeting of Stockholders or on the first anniversary of the grant date, whichever happens first.

How many Forward Air (FWRD) shares does Dale W. Boyles hold after this Form 4 transaction?

After the award, Dale W. Boyles directly holds 22,940 shares of Forward Air common stock. This total includes the newly granted 9,545 restricted shares reported in the Form 4 filing as a compensation-related equity grant.

Under what plan was the restricted stock granted to the Forward Air (FWRD) director?

The restricted stock was granted under the Forward Air Corporation 2025 Non-Employee Director Stock Plan. This plan provides equity compensation to non-employee directors, and the reported 9,545-share grant is one such award to director Dale W. Boyles.

Why is this Forward Air (FWRD) restricted stock grant exempt under Rule 16b-3?

The filing states the restricted stock grant is exempt from Section 16(b) under Rule 16b-3. This exemption applies to certain insider transactions that are approved under qualifying compensation plans, such as Forward Air’s 2025 Non-Employee Director Stock Plan.

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

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Accepted by SEC EDGAR 06/22/2026 - 04:30 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
Estimated average burden
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^*

Boyles Dale W

(Last) (First) (Middle)

3200 OLYMPUS BOULEVARD

SUITE 300

(Street)

DALLAS TEXAS 75019

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2026

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

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

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

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	06/18/2026		A		9,545(1)	A	$0	22,940	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 restricted stock awarded under the Forward Air Corporation 2025 Non-Employee Director Stock Plan in a transaction exempt from Section 16(b) under Rule 16b-3. The stock fully vests on the earlier of (a) the day immediately prior to Forward Air Corporation's 2027 Annual Meeting of Stockholders or (b) the first anniversary of the grant date.

Remarks:

	/s/ Michael L. Hance, Attorney-in-Fact	06/22/2026
	** 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.
* Form 4: SEC 1474 (03-26)