Form 4: Forward Air Corp Executive Chris C. Ruble Reports Changes in Beneficial Ownership
SEC Form 4
Chris C. Ruble, Chief Operating Officer of Forward Air Corp, reports acquisition and disposal of common stock due to tax withholding and restricted stock awards.
Summary
- Chris C. Ruble, the Chief Operating Officer of Forward Air Corp, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On February 4, 2024, 414 shares were disposed of to cover tax obligations related to vesting restricted stock.
- On February 7, 2024, 302 shares were disposed of to cover tax obligations related to vesting restricted stock.
- On February 8, 2024, 292 shares were disposed of to cover tax obligations related to vesting restricted stock.
- On March 15, 2024, Ruble acquired 15,173 shares of restricted stock that will vest in equal installments on March 15, 2025, March 15, 2026, and March 15, 2027.
- On March 15, 2024, Ruble acquired 14,281 shares of restricted stock as a retention award, vesting on March 15, 2026, contingent upon continued service.
- As of the latest transactions, Ruble directly owns 56,758.3776 shares of Forward Air Corp common stock, which includes shares purchased under the Employee Stock Purchase Plan.
- Ruble also indirectly owns 29 shares through his son.
Sentiment
Score: 6
Explanation: Neutral sentiment as the filing primarily reflects routine stock transactions related to compensation and tax obligations. The acquisition of restricted stock is a slightly positive signal.
Positives
- The acquisition of 29,454 restricted shares indicates confidence in the company's future.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates activity related to stock-based compensation and tax obligations, which are common practices in publicly traded companies.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the change in ownership by a key executive.
Key Dates
| Date | Description |
|---|---|
| 02/04/2024 | Disposal of 414 shares for tax withholding. |
| 02/07/2024 | Disposal of 302 shares for tax withholding. |
| 02/08/2024 | Disposal of 292 shares for tax withholding. |
| 03/15/2024 | Acquisition of 15,173 restricted shares. |
| 03/15/2024 | Acquisition of 14,281 retention restricted shares. |
| 03/15/2025 | First vesting date for 15,173 restricted shares. |
| 03/15/2026 | Second vesting date for 15,173 restricted shares and vesting date for 14,281 retention restricted shares. |
| 03/15/2027 | Final vesting date for 15,173 restricted shares. |
| 03/29/2024 | Date of Form 4 filing. |
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