FORWARD AIR CORP — Director's Dealing 2011

Oct 31, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2011-10-27

Reporting Person: JEWELL MATTHEW J (Executive VP, CLO & Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-06-30	Common Stock	J	5.0346	$0.0000	Acquired	15225.2421	Direct
2011-10-27	Common Stock	M	5000.0000	$21.8800	Acquired	20225.2421	Direct
2011-10-27	Common Stock	S	10.0000	$33.9500	Disposed	20215.2421	Direct
2011-10-27	Common Stock	S	22.0000	$33.9100	Disposed	20193.2421	Direct
2011-10-27	Common Stock	S	100.0000	$33.9400	Disposed	20093.2421	Direct
2011-10-27	Common Stock	S	100.0000	$33.8900	Disposed	19993.2421	Direct
2011-10-27	Common Stock	S	100.0000	$33.8700	Disposed	19893.2421	Direct
2011-10-27	Common Stock	S	100.0000	$33.8000	Disposed	19793.2421	Direct
2011-10-27	Common Stock	S	110.0000	$33.7800	Disposed	19683.2421	Direct
2011-10-27	Common Stock	S	122.0000	$33.8800	Disposed	19561.2421	Direct
2011-10-27	Common Stock	S	200.0000	$33.9000	Disposed	19361.2421	Direct
2011-10-27	Common Stock	S	200.0000	$33.7500	Disposed	19161.2421	Direct
2011-10-27	Common Stock	S	300.0000	$33.7600	Disposed	18861.2421	Direct
2011-10-27	Common Stock	S	310.0000	$33.8200	Disposed	18551.2421	Direct
2011-10-27	Common Stock	S	310.0000	$33.7900	Disposed	18241.2421	Direct
2011-10-27	Common Stock	S	410.0000	$33.7700	Disposed	17831.2421	Direct
2011-10-27	Common Stock	S	474.0000	$33.8500	Disposed	17357.2421	Direct
2011-10-27	Common Stock	S	622.0000	$33.8600	Disposed	16735.2421	Direct
2011-10-27	Common Stock	S	680.0000	$33.8300	Disposed	16055.2421	Direct
2011-10-27	Common Stock	S	830.0000	$33.8400	Disposed	15225.2421	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-10-27	Stock Option (Right to Buy)	$21.8800	M	5000.0000	Disposed	2012-07-01	Common Stock (5000.0000)	Direct

Footnotes

F1: Includes 5.034662 shares acquired under the Issuer's employee stock purchase plan in June 2011.

F2: This option vested 25% each year over a four year period commencing on 7/1/03.