Forward Air (FWRD) director granted 9,545 restricted shares under 2025 plan

Rhea-AI Filing Summary

Svindland Paul C. reported acquisition or exercise transactions in this Form 4 filing.

Forward Air Corp director equity grant: Director Paul C. Svindland received 9,545 shares of restricted common stock as an award under the Forward Air Corporation 2025 Non-Employee Director Stock Plan in a transaction exempt from Section 16(b) under Rule 16b-3. After this grant, he directly holds 15,977 shares of common stock. The restricted stock fully vests on the earlier of the day immediately prior to Forward Air Corporation's 2027 Annual Meeting of Stockholders or the first anniversary of the grant date.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Svindland Paul C.

Role null

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

Holdings After Transaction: Common Stock — 15,977 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Restricted stock grant: 9,545 shares Post-transaction holdings: 15,977 shares Grant price: $0.0000 per share +1 more

4 metrics

Restricted stock grant 9,545 shares Common Stock award on 2026-06-18

Post-transaction holdings 15,977 shares Total common shares held directly after grant

Grant price $0.0000 per share Equity award with no purchase price

Vesting condition 2027 meeting / 1-year Vests before 2027 Annual Meeting or first anniversary of grant

Key Terms

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

4 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

"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.

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Form 4 Insider Transactions: What Each Field Means →

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^*

Svindland Paul C.

(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	15,977	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)

FAQ

What did Forward Air (FWRD) director Paul Svindland report in this Form 4?

Director Paul C. Svindland reported receiving 9,545 shares of restricted common stock as an equity award. The shares were granted at no purchase price under the 2025 Non-Employee Director Stock Plan.

Is the Forward Air (FWRD) director’s stock grant an open-market purchase or sale?

The transaction is a grant of restricted stock, not an open-market trade. It is categorized as a grant, award, or other acquisition, and is exempt from Section 16(b) under Rule 16b-3.

When do the new restricted shares for Forward Air (FWRD) director vest?

The restricted stock fully vests on the earlier of the day immediately prior to Forward Air Corporation's 2027 Annual Meeting of Stockholders or the first anniversary of the grant date, according to the footnote.

How many Forward Air (FWRD) shares does the director hold after this grant?

Following the grant, Paul C. Svindland directly holds 15,977 shares of Forward Air common stock. This total includes the 9,545 restricted shares awarded in the reported transaction.

Under which plan was the Forward Air (FWRD) restricted stock granted?

The restricted shares were awarded under the Forward Air Corporation 2025 Non-Employee Director Stock Plan. This plan provides equity compensation to non-employee directors, and the reported award used restricted common stock.