Stewart Shawn 4

What Happened

• Shawn Stewart, CEO of Forward Air Corp (FWRD), received an award of 18,692 restricted shares on 2026-03-16. The shares were granted at $0.00 (an equity award), so no cash was paid by the reporting person.
• This is a compensation grant (award), not an open-market purchase or sale, and therefore reflects company compensation policy rather than a direct market sentiment signal.

Key Details

• Transaction date and type: 2026-03-16 — Grant/Award (Code A) of 18,692 restricted shares at $0.00 per share.
• Report filed: 2026-03-17 (timely filing).
• Shares owned after transaction: Not disclosed in the filing.
• Footnote: Award vests equally on the first, second and third anniversaries of the grant date, subject to continuous employment through each vesting date.
• No 10b5-1 plan, tax-withholding, or sale-related codes were reported with this transaction.

Context

• Restricted stock awards are a common form of executive compensation tying pay to continued service and/or future performance; they are not purchases and do not directly indicate the insider is increasing personal exposure to the stock.
• Vesting over three years means the economic benefit to the CEO is realized gradually and is contingent on continued employment.