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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-08	Common Stock	M	5500.0000	$21.8800	Acquired	20725.2421	Direct
2011-11-08	Common Stock	S	100.0000	$33.9900	Disposed	20625.2421	Direct
2011-11-08	Common Stock	S	100.0000	$33.9300	Disposed	20525.2421	Direct
2011-11-08	Common Stock	S	100.0000	$33.8300	Disposed	20425.2421	Direct
2011-11-08	Common Stock	S	100.0000	$33.7700	Disposed	20325.2421	Direct
2011-11-08	Common Stock	S	100.0000	$33.6300	Disposed	20225.2421	Direct
2011-11-08	Common Stock	S	100.0000	$33.5100	Disposed	20125.2421	Direct
2011-11-08	Common Stock	S	100.0000	$33.4700	Disposed	20025.2421	Direct
2011-11-08	Common Stock	S	100.0000	$33.4500	Disposed	19925.2421	Direct
2011-11-08	Common Stock	S	100.0000	$33.3400	Disposed	19825.2421	Direct
2011-11-08	Common Stock	S	100.0000	$33.3000	Disposed	19725.2421	Direct
2011-11-08	Common Stock	S	200.0000	$33.8800	Disposed	19525.2421	Direct
2011-11-08	Common Stock	S	200.0000	$33.8700	Disposed	19325.2421	Direct
2011-11-08	Common Stock	S	200.0000	$33.8200	Disposed	19125.2421	Direct
2011-11-08	Common Stock	S	200.0000	$33.8100	Disposed	18925.2421	Direct
2011-11-08	Common Stock	S	200.0000	$33.5000	Disposed	18725.2421	Direct
2011-11-08	Common Stock	S	200.0000	$33.4800	Disposed	18525.2421	Direct
2011-11-08	Common Stock	S	200.0000	$33.4600	Disposed	18325.2421	Direct
2011-11-08	Common Stock	S	200.0000	$33.4400	Disposed	18125.2421	Direct
2011-11-08	Common Stock	S	200.0000	$33.4200	Disposed	17925.2421	Direct
2011-11-08	Common Stock	S	400.0000	$33.7800	Disposed	17525.2421	Direct
2011-11-08	Common Stock	S	600.0000	$33.9000	Disposed	16925.2421	Direct
2011-11-08	Common Stock	S	1700.0000	$33.9700	Disposed	15225.2421	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-08	Stock Option (Right to Buy)	$21.8800	M	5500.0000	Disposed	2012-07-01	Common Stock (5500.0000)	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.