FORWARD AIR CORP — Director's Dealing 2021

May 17, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2021-05-13

Reporting Person: Hance Michael L (CLO and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-13	Common Stock	M	5000	$43.67	Acquired	43722.1548	Direct
2021-05-13	Common Stock	S	4800	$95.47	Disposed	38922.1548	Direct
2021-05-13	Common Stock	S	200	$96.05	Disposed	38722.1548	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-13	Stock Option (Right to Buy)	$43.67	M	5000	Disposed	2023-02-08	Common Stock (5000.0)	Direct

Footnotes

F1: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $95.03 to $95.99 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

F2: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $96.04 to $96.05 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

F3: These options are immediately exercisable.