Hance Michael L 4

What Happened
Michael L. Hance, Chief Legal Officer and Secretary of Forward Air Corp (FWRD), had a total of 5,737 restricted shares withheld by the issuer to satisfy tax withholding obligations upon vesting and net settlement of restricted stock. The withholding comprised 4,868 shares at $16.05 each (value $78,131) and 869 shares at $16.05 each (value $13,947), for a combined value of approximately $92,078. This was a tax-withholding/net-settlement action (disposition code F), not an open-market sale.

Key Details

• Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (appears timely).
• Prices and amounts: 4,868 shares @ $16.05 = $78,131; 869 shares @ $16.05 = $13,947; total 5,737 shares ≈ $92,078.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: F1 — shares were withheld by the issuer to satisfy minimum tax withholding obligations upon vesting and net settlement of restricted stock.
• Transaction type/code: Tax withholding upon vesting (code F); this is a routine administrative disposition, not a market sale.

Context
Net settlement/withholding of restricted stock is a common way companies satisfy tax obligations when RSUs vest; it reduces the insider’s share count but is not the same as an intentional sale of shares into the market. Such transactions are generally considered routine and do not necessarily indicate the insider’s view on company prospects.