OSBORNE TIMOTHY R 4

What Happened

• Timothy R. Osborne, Executive Vice President of Operations at Forward Air (FWRD), had a total of 2,592 shares withheld by the issuer to satisfy tax withholding obligations upon the vesting and net settlement of restricted stock. The withholding consisted of 2,109 shares at $16.05 each ($33,849) and 483 shares at $16.05 each ($7,752), for a combined value of about $41,601. This is a routine tax-withholding transaction (not an open-market sale).

Key Details

• Transaction date: 2026-03-15; Filing date: 2026-03-17 (filing appears timely).
• Prices: $16.05 per share for both withholdings.
• Shares withheld/disposed: 2,109 shares ($33,849) and 483 shares ($7,752); total 2,592 shares (~$41,601).
• Shares owned after transaction: Not specified in this Form 4 filing.
• Footnote: F1 — shares were withheld by the issuer to satisfy minimum tax withholding obligations upon vesting and net settlement of restricted stock.
• Transaction code: F (tax withholding/net share settlement), reported as "disposed" because the issuer retained the shares for taxes.

Context

• This was a net settlement/tax-withholding event tied to restricted stock vesting — a common administrative action and not an intentional market sale.
• Such withholding transactions are routine and generally not interpreted as a directional insider trade; purchases or open-market sales provide more direct signals about an insider’s market view.