Form 4: Forward Air Officer Sells Shares for Tax Obligations

Forward Air Corp's Chief People Officer, Douglas James Smith, disposed of 243 shares of common stock to cover tax withholding obligations related to restricted stock vesting.

Summary

• Douglas James Smith, Chief People Officer of FORWARD AIR CORP (FWRD), reported a transaction involving common stock.
• On December 12, 2025, 243 shares of common stock were disposed of at a price of $25.47 per share.
• This disposition was made to satisfy minimum tax withholding obligations upon the vesting and net settlement of restricted stock.
• Following this transaction, Mr. Smith beneficially owns 7,960 shares of common stock directly.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 5

Explanation: The filing reports a routine, non-discretionary insider transaction for tax purposes, which has a neutral sentiment impact on the company's operational or financial performance.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This is a routine insider transaction related to executive compensation and tax obligations, which is common across all industries for executives receiving restricted stock units. It does not reflect broader industry trends or competitive positioning.

Comparison to Industry Standards

• The disposition of shares to cover tax withholding upon restricted stock vesting is a standard practice for executive compensation plans across publicly traded companies, aligning with typical industry norms for managing equity awards.

Stakeholder Impact

• Shareholders: Minimal direct impact as this is a routine, non-discretionary transaction for tax purposes and does not indicate a change in the executive's confidence in the company.
• Employees: No direct impact.

Key Dates

Keywords

FWRD, insider transaction, Form 4, stock disposition, tax withholding, restricted stock, executive compensation