FORWARD AIR CORP — Director's Dealing 2017

May 3, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2017-05-03

Reporting Person: RUBLE CHRIS C (President - Expedited Services)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-03	Common Stock	M	1435	$28.61	Acquired	21734.2869	Direct
2017-05-03	Common Stock	M	8560	$36.55	Acquired	30294.2869	Direct
2017-05-03	Common Stock	S	9995	$52.50	Disposed	20299.2869	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-03	Stock Option (Right to Buy)	$28.61	M	1435	Disposed	2018-02-11	Common Stock (1435.0)	Direct
2017-05-03	Stock Option (Right to Buy)	$36.55	M	8560	Disposed	2019-02-07	Common Stock (8560.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	29	Indirect

Footnotes

F1: This option vests 33 1/3% each year over a three year period commencing on 2/11/12.

F2: This option vests 33 1/3% each year over a three year period commencing on 2/7/13.