Stewart Shawn 4

What Happened

• Shawn Stewart, CEO of Forward Air (FWRD), was granted 43,197 restricted shares on 2026-02-19 (reported on Form 4). The grant was recorded at $0 acquisition price as a compensatory restricted stock award.
• On the same date, 3,214 shares were withheld by the issuer to satisfy minimum tax withholding obligations related to the vesting/net settlement, a disposition valued at roughly $89,285 (3,214 shares × $27.78).

Key Details

• Transaction date: 2026-02-19; Form 4 filed: 2026-02-23 (filed within required timeframe).
• Grant type: Restricted stock award (code A). Acquisition price shown as $0.
• Tax withholding: Shares withheld for taxes (code F); 3,214 shares at $27.78 each = $89,285. (Footnote: withholding was to satisfy minimum tax withholding on vesting/net settlement.)
• Vesting: The awarded restricted stock vests in three equal installments — one-third on each of the first, second and third anniversaries of the grant — subject to continued employment.
• Shares owned after transaction: Not specified in the provided filing excerpt.

Context

• This was a compensatory award to an executive, not an open-market purchase (not a bullish signal in the same sense as a buy) and the withholding is a routine tax-related disposition, not a discretionary sale.
• Vesting is time-based (1/3 per year), so additional shares will become eligible over the next three years if employment continues.