FORWARD AIR CORP — Director's Dealing 2011

Nov 14, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2011-11-10

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-10	Common Stock	M	8300.0000	$21.8800	Acquired	23525.2421	Direct
2011-11-10	Common Stock	S	8300.0000	$33.1099	Disposed	15225.2421	Direct
2011-11-11	Common Stock	M	1200.0000	$21.8800	Acquired	16425.2421	Direct
2011-11-11	Common Stock	S	1200.0000	$33.1350	Disposed	15225.2421	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-10	Stock Option (Right to Buy)	$21.8800	M	8300.0000	Disposed	2012-07-01	Common Stock (8300.0000)	Direct
2011-11-11	Stock Option (Right to Buy)	$21.8800	M	1200.0000	Disposed	2012-07-01	Common Stock (1200.0000)	Direct

Footnotes

F1: At the time of grant, this option was scheduled to vest 25% each year over a four year period commencing on 7/1/03. All outstanding stock options granted prior to December 31, 2005 became fully exercisable as a result of the Board's accelerating the vesting of all outstanding stock options awarded to employees, officers and non-employee directors under the Company's stock option award plans.