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: MUNDY RAY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-27	Common Stock	M	11250.0000	$19.6000	Acquired	43051.0000	Direct
2011-10-27	Common Stock	S	11250.0000	$33.3800	Disposed	31801.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-10-27	Stock Option (Right to Buy)	$19.6000	M	11250.0000	Disposed	2012-05-21	Common Stock (11250.0000)	Direct

Footnotes

F1: These options vested 50% each year over a two year period commencing on 5/21/03.