FORWARD AIR CORP — Director's Dealing 2015

Feb 6, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2015-02-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-31	Common Stock	J	64.3768	—	Acquired	16466.5638	Direct
2015-02-04	Common Stock	M	15853	$29.44	Acquired	32319.5638	Direct
2015-02-04	Common Stock	F	10111	—	Disposed	22208.5638	Direct
2015-02-06	Common Stock	M	11888	$29.44	Acquired	34096.5638	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-02-04	Stock Option (Right to Buy)	$29.44	M	15853	Disposed	2015-02-10	Common Stock (15853.0)	Direct
2015-02-06	Stock Option (Right to Buy)	$29.44	M	11888	Disposed	2015-02-10	Common Stock (11888.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	29	Indirect

Footnotes

F1: Includes 64.3768 shares acquired under the Issuer's employee stock purchase plan in June and December 2014.

F2: Represents shares surrendered to the Issuer as payment for the exercise price associated with the exercise of employee stock option expiring on February 10,2015.

F3: This option vests 33-1/3% each year over a three year period commencing on 2/10/09.