Form 4: Forward Air Director Dale Boyles Receives Restricted Stock Grant

Forward Air Corporation Director Dale W. Boyles was granted 6,432 shares of common stock as restricted stock, increasing his total beneficial ownership to 13,395 shares.

Summary

• On June 13, 2025, Dale W. Boyles, a Director of Forward Air Corporation (FWRD), acquired 6,432 shares of common stock.
• The acquisition was a grant of restricted stock under the Forward Air Corporation 2025 Non-Employee Director Stock Plan, with a transaction price of $0 per share.
• This transaction is exempt from Section 16(b) under Rule 16b-3.
• The restricted stock is set to fully vest on the earlier of the day immediately prior to Forward Air Corporation's 2026 Annual Meeting of Shareholders or the first anniversary of the grant date.
• Following this transaction, Mr. Boyles directly beneficially owns a total of 13,395 shares of Forward Air Corporation common stock.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. A director receiving stock compensation aligns their interests with shareholders, which is generally viewed favorably. It's a routine compensation event, not indicative of major strategic shifts, hence not highly positive.

Positives

• The grant of restricted stock to a director aligns the director's interests with those of the shareholders, as the value of the compensation is tied to the company's stock performance.
• The transaction was made under an existing, approved plan (Forward Air Corporation 2025 Non-Employee Director Stock Plan), indicating a structured approach to director compensation.

Future Outlook

The restricted stock granted to Director Dale W. Boyles is scheduled to fully vest on the earlier of the day immediately prior to Forward Air Corporation's 2026 Annual Meeting of Shareholders or the first anniversary of the grant date (June 13, 2026).

Industry Context

This filing is a routine disclosure of insider stock ownership changes, common across publicly traded companies, and does not provide broader industry context or trends.

Related Party Transactions

• The grant of 6,432 shares of restricted common stock to Director Dale W. Boyles constitutes a related party transaction, as it involves compensation from the company to a member of its board of directors under the Forward Air Corporation 2025 Non-Employee Director Stock Plan.

Stakeholder Impact

• Shareholders: The grant of restricted stock to a director helps align the director's financial interests with those of the shareholders, potentially encouraging decisions that enhance long-term shareholder value.

Next Steps

• The restricted stock granted to Director Boyles will vest according to the specified schedule, either prior to the 2026 Annual Meeting or on the first anniversary of the grant date.

Key Dates

Keywords

Forward Air Corporation, FWRD, SEC Form 4, Insider Transaction, Restricted Stock, Director Compensation, Stock Grant, Beneficial Ownership