FORWARD AIR CORP — Director's Dealing 2012

Feb 16, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2012-02-14

Reporting Person: RUBLE CHRIS C (Executive VP, Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-14	Common Stock	M	10414.0000	$28.9733	Acquired	17328.4953	Direct
2012-02-14	Common Stock	S	10414.0000	$35.2500	Disposed	6914.4953	Direct
2012-02-15	Common Stock	M	670.0000	$28.9733	Acquired	7584.4953	Direct
2012-02-15	Common Stock	S	670.0000	$35.2500	Disposed	6914.4953	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-14	Stock Option (Right to Buy)	$28.9733	M	10414.0000	Disposed	2015-02-14	Common Stock (10414.0000)	Direct
2012-02-15	Stock Option (Right to Buy)	$28.9733	M	670.0000	Disposed	2015-02-14	Common Stock (670.0000)	Direct

Footnotes

F1: At the time of grant, this option was scheduled to vest 25% each year over a four year period commencing on 2/14/06. All outstanding 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.