FORWARD AIR CORP — Director's Dealing 2012

Feb 14, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2012-02-11

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-11	Common Stock	F	441.0000	$0.0000	Disposed	17797.7489	Direct
2012-02-13	Common Stock	M	17500.0000	$21.8800	Acquired	35297.7489	Direct
2012-02-13	Common Stock	S	17500.0000	$35.1447	Disposed	17797.7489	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-13	Stock Option (Right to Buy)	$21.8800	M	17500.0000	Disposed	2012-07-01	Common Stock (17500.0000)	Direct

Footnotes

F1: Restricted stock withheld by Issuer to satisfy tax withholding obligation on vesting of restricted stock.

F2: 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.