FORWARD AIR CORP — Director's Dealing 2011

Nov 10, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2011-11-08

Reporting Person: RUBLE CHRIS C (Executive VP, Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-06-30	Common Stock	J	50.3466	$0.0000	Acquired	4301.4268	Direct
2011-11-08	Common Stock	M	3600.0000	$22.8700	Acquired	7901.4268	Direct
2011-11-08	Common Stock	S	3600.0000	$34.0000	Disposed	4301.4268	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-08	Stock Option (Right to Buy)	$22.8700	M	3600.0000	Disposed	2016-02-08	Common Stock (3600.0000)	Direct

Footnotes

F1: Includes 50.346617 shares acquired under the Issuer's employee stock purchase plan in June 2011.

F2: This option vests 33-1/3% each year over a three year period commencing on 2/8/10.