Forward Air (FWRD) CEO receives 18,692-share long-term equity award

Rhea-AI Filing Summary

Stewart Shawn reported acquisition or exercise transactions in this Form 4 filing.

FORWARD AIR CORP Chief Executive Officer Shawn Stewart received an award of 18,692 shares of Common Stock as part of his annual long-term equity incentive compensation for fiscal year 2026. The shares were granted at no cash cost to him.

This restricted stock award vests in three equal installments on the first, second and third anniversaries of the grant date, conditioned on his continued employment through each vesting date. Following this grant, Stewart directly holds 148,166 shares of Forward Air common stock.

Insider Trade Summary

Net Buyer: 18,692 shares

Net Buy 1 txn

Insider Stewart Shawn

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	18,692	$0.00	$0.00

Holdings After Transaction: Common Stock — 148,166 shares (Direct)

Footnotes (1)

1. F1. Represents an award of restricted stock granted in connection with the finalization of the Reporting Person's annual long-term equity incentive compensation for fiscal year 2026. This award of restricted stock vests equally on each of the first, second and third anniversaries of the grant date, subject to the Reporting Person's continuous employment through the applicable vesting date.

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Form 4 Insider Transactions: What Each Field Means →

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

FAQ

What did Forward Air (FWRD) CEO Shawn Stewart report in this Form 4?

Shawn Stewart reported receiving an award of 18,692 shares of Forward Air Common Stock as long-term equity incentive compensation for fiscal year 2026. The award was granted at no purchase price and increases his direct holdings to 148,166 shares.

How large is the equity award received by Forward Air (FWRD) CEO Shawn Stewart?

The equity award consists of 18,692 shares of Forward Air Common Stock. This grant is described as part of the finalization of his annual long-term equity incentive compensation for fiscal year 2026, and it is structured as restricted stock subject to a vesting schedule.

What is the vesting schedule for Shawn Stewart’s 18,692-share award at Forward Air (FWRD)?

The 18,692 restricted shares vest in three equal parts on the first, second and third anniversaries of the grant date. Each vesting installment requires Shawn Stewart’s continuous employment with Forward Air through the applicable vesting date for those shares to fully vest.

How many Forward Air (FWRD) shares does CEO Shawn Stewart own after this Form 4 transaction?

After this restricted stock grant, Shawn Stewart directly holds 148,166 shares of Forward Air Common Stock. This total reflects his ownership immediately following the award of 18,692 shares reported in the Form 4, as disclosed in the filing’s post-transaction holdings data.

Was cash paid for the 18,692-share equity award to Forward Air (FWRD) CEO Shawn Stewart?

No cash was paid for the award; the Form 4 lists a price per share of 0.0000 for the 18,692 shares. The transaction is characterized as a grant or award acquisition, consistent with compensation-related restricted stock granted by the company.

What type of compensation is the 18,692-share award reported by Forward Air (FWRD) CEO Shawn Stewart?

The filing describes it as an award of restricted stock granted in connection with the finalization of Shawn Stewart’s annual long-term equity incentive compensation for fiscal year 2026. It is a stock-based compensation grant subject to multi-year vesting and continued employment conditions.

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^*

Stewart Shawn

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

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	03/16/2026		A		18,692(1)	A	$0	148,166	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 an award of restricted stock granted in connection with the finalization of the Reporting Person's annual long-term equity incentive compensation for fiscal year 2026. This award of restricted stock vests equally on each of the first, second and third anniversaries of the grant date, subject to the Reporting Person's continuous employment through the applicable vesting date.

Remarks:

	/s/ Michael L. Hance, Attorney-in-Fact	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.