FORWARD AIR CORP — Director's Dealing 2026

Feb 18, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2025-10-14

Reporting Person: Cetus Capital VI, L.P. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-10-14	Common Stock	S	30000	$21.42	Disposed	3063709	Direct

Footnotes

F1: Given that the reporting person's sales of the Issuer's common stock reported herein, together with the reporting person's sales of the Issuer's common stock on November 6, 2025, November 10, 2025, November 11, 2025, and November 12, 2025 disclosed in the Form 4 filed on February 17, 2026, were potentially matchable under Section 16(b) of the Securities Exchange Act of 1934 ("Section 16(b)"), to the extent of an aggregate of 225,000 shares, with the reporting person's purchase of 225,000 shares of the Issuer's common stock on October 20, 2025, the reporting person has agreed to remit, and the Issuer has agreed to accept, an aggregate of $807,054 in connection with such sale transactions pursuant to Section 16(b).

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $21.20 to $21.56, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.