<SEC-DOCUMENT>0001193125-18-190585.txt : 20180612
<SEC-HEADER>0001193125-18-190585.hdr.sgml : 20180612
<ACCEPTANCE-DATETIME>20180612163036
ACCESSION NUMBER:		0001193125-18-190585
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20180611
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180612
DATE AS OF CHANGE:		20180612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FORWARD AIR CORP
		CENTRAL INDEX KEY:			0000912728
		STANDARD INDUSTRIAL CLASSIFICATION:	ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731]
		IRS NUMBER:				621120025
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22490
		FILM NUMBER:		18894793

	BUSINESS ADDRESS:	
		STREET 1:		1915 SNAPPS FERRY ROAD
		STREET 2:		BUILDING N
		CITY:			GREENEVILLE
		STATE:			TN
		ZIP:			37745
		BUSINESS PHONE:		4236367000

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 1058
		CITY:			GREENEVILLE
		STATE:			TN
		ZIP:			37744

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LANDAIR SERVICES INC
		DATE OF NAME CHANGE:	19930928
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d593968d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): June&nbsp;11, 2018 </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>FORWARD AIR CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Tennessee</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">000-22490</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">62-1120025</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(State or other jurisdiction of incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission File Number)</B></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR></TABLE>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1915 Snapps Ferry Road, Bldg N</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Greeneville, Tennessee</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><BR>37745</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (423)
<FONT STYLE="white-space:nowrap">636-7000</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined
in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company &#9744; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act. &#9744; </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>CEO Succession </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On June&nbsp;12, 2018, Forward Air
Corporation (the &#147;Company&#148;) announced that its Board of Directors (the &#147;Board&#148;) appointed Thomas Schmitt as President and Chief Executive Officer of the Company, effective upon his departure from Schenker AG pursuant to the terms
of his employment agreement with Schenker, which will occur no later than December 2018 (the &#147;Effective Date&#148;). Mr.&nbsp;Schmitt will succeed Bruce A. Campbell, in his position as President and Chief Executive Officer as of the Effective
Date. It is expected that as of the Effective Date, Mr.&nbsp;Campbell will be employed by the Company as Executive Chairman until the Company&#146;s 2019 annual meeting of shareholders, at which time, in order to ensure a continued, successful
management transition, the Company plans to retain Mr.&nbsp;Campbell as a consultant for a period of time following his resignation as Executive Chairman. The Board expects to appoint Mr.&nbsp;Schmitt to the Board as of the Effective Date. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Biographical Background </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Schmitt currently
serves as a Management Board member and the Chief Commercial Officer for Schenker AG, a $20&nbsp;billion global logistics company. He joined Schenker AG as a member of the Management Board in June 2015 and as the Chief Commercial Officer for
Schenker&#146;s $3&nbsp;billion contract logistics business. On January&nbsp;1, 2017, Mr.&nbsp;Schmitt became Chief Commercial Officer for Schenker&#146;s entire business. Prior to joining Schenker, from January, 2013, he served as Chief Executive
Officer and President of AquaTerra Corporation, an office nourishment and premium water export company based on Canada. Prior to AquaTerra, Mr.&nbsp;Schmitt held various senior executive positions including Chief Executive Officer and President of
Purolator, Inc. and Chief Executive Officer and President of Fedex Global Supply Chain Services from 1998 to 2010. Mr.&nbsp;Schmitt was a Senior Engagement Manager at McKinsey&nbsp;&amp; Company from 1993 to 1998. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Employment Agreement with Mr.&nbsp;Schmitt </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
June&nbsp;6, 2018, the Company entered into an employment agreement with Mr.&nbsp;Schmitt (the &#147;Employment Agreement&#148;). Under the Employment Agreement, Mr.&nbsp;Schmitt&#146;s compensation will consist of an initial base salary of $800,000
and an annual target bonus set at 100% of base salary, with a maximum possible bonus of 200% of base salary. Mr.&nbsp;Schmitt will receive a signing bonus of $413,000 (which is subject to increase if the Effective Date occurs after September&nbsp;1,
2018) and 25,000 restricted shares of Company common stock, which will vest equally on each of the first, second and third anniversaries of the grant date. In addition, the Company will grant Mr.&nbsp;Schmitt options to purchase up to 100,000 shares
of Company common stock which options will have an exercise price equal to the closing stock price of the Company&#146;s common stock on the grant date and will vest on each of the first, second, and third anniversaries of the grant date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In February 2020, provided Mr.&nbsp;Schmitt continues to be employed with the Company, in connection with the Company&#146;s annual equity grants, he will
receive an additional equity grant valued at approximately $1.4&nbsp;million at the time of the grant which grant will be designed similarly to the design used for other executive employees of the Company. Following 2020, Mr.&nbsp;Schmitt shall
continue to participate in the Company&#146;s employee incentive programs, as administered by the Compensation Committee of the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to the
Employment Agreement, Mr.&nbsp;Schmitt entered into the Company&#146;s Restrictive Covenants Agreement and will participate in the Company&#146;s Executive Severance Plan (as amended from time to time, the &#147;Executive Severance Plan&#148;).
Mr.&nbsp;Schmitt&#146;s entitlement to termination benefits, if any, and his continuing obligations to the Company following any termination will be determined by the Executive Severance Plan and the Restrictive Covenant Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing summary of Mr.&nbsp;Schmitt&#146;s employment arrangements is qualified in its entirety by reference to each of the Employment Agreement and
Restrictive Covenants Agreement which are attached hereto as Exhibits 10.1 and 10.2 to this Current Report, and which are incorporated herein by reference. </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Executive Chairman Compensation </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Executive Chairman, from the Effective Date until December&nbsp;31, 2018, Mr.&nbsp;Campbell will continue to receive his current compensation. From
January&nbsp;1, 2019 until his resignation as Executive Chairman, Mr.&nbsp;Campbell will receive a <FONT STYLE="white-space:nowrap">pro-rated</FONT> base salary of $750,000 and a <FONT STYLE="white-space:nowrap">pro-rated</FONT> target bonus
opportunity equal to 100% of base salary. Mr.&nbsp;Campbell will not receive any equity awards while serving as Executive Chairman. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with
his transition to Executive Chairman, Mr.&nbsp;Campbell executed a Waiver and Acknowledgment pursuant to which he acknowledged the transition to Executive Chairman and the related reduction in compensation. Mr.&nbsp;Campbell also waived any rights
to severance payments under his existing Employment Agreement or the Company&#146;s Executive Severance Plan as a result of his transition to Executive Chairman. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing summary of Mr.&nbsp;Campbell&#146;s transition to Executive Chairman is qualified in its entirety by reference to the Waiver and Acknowledgment
attached hereto as Exhibit 10.3 to this Current Report, and which is incorporated herein by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Senior Management Transition </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On June&nbsp;12, 2018, the Company also announced management changes to streamline and strengthen its operational executive leadership. Specifically, the
Company announced that Chris C. Ruble, President Expedited Services, has been appointed as Chief Operating Officer for the Company&#146;s Expedited business which includes the Expedited LTL, Truckload and Pool segments. Matthew J. Jewell, President,
Logistics Services, has been appointed as President of the Intermodal business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Retention Awards </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the change in senior management and to ensure a successful CEO transition, effective as of June&nbsp;12, 2018, each of Messrs. Morris,
Jewell, Ruble and Hance were granted restricted shares valued at $330,000 as of the grant date which restricted shares will fully vest two years following the grant date. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01.&nbsp;Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. The following exhibits are being furnished as part of this Current Report. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="94%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:11.80pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit</B></P></TD></TR>


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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="d593968dex101.htm">Employment Agreement, dated June 6, 2018, between Forward Air Corporation
 and Thomas Schmitt. </A></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="d593968dex102.htm">Restrictive Covenants Agreement, dated June 6, 2018, between Forward Air
 Corporation and Thomas Schmitt. </A></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="d593968dex103.htm">Waiver and Acknowledgement, dated June 11, 2018, between Forward Air Corporation
 and Bruce Campbell. </A></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="d593968dex991.htm">Press Release, dated June&nbsp;12, 2018. </A></P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><B>FORWARD AIR CORPORATION</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date: June&nbsp;12, 2018</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael J. Morris</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Michael J. Morris</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chief Financial Officer, Senior Vice</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">President and Treasurer</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS EMPLOYMENT AGREEMENT (this &#147;<U>Agreement</U>&#148;) is made and entered into as of June&nbsp;6, 2018, by and between FORWARD AIR
CORPORATION, a Tennessee corporation (&#147;<U>Company</U>&#148;), and Thomas Schmitt, an individual (&#147;<U>Executive</U>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>W I T N E S S E T H</U>: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Board of Directors of the Company (the &#147;<U>Board</U>&#148;) desires to assure the Company of the Executive&#146;s employment
with the Company and to compensate him for such employment; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Board has determined that this Agreement will reinforce and
encourage the Executive&#146;s attention and dedication to the Company; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Executive is willing to make his services
available to the Company on the terms and conditions hereinafter set forth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and mutual
covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Company and the Executive hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. In addition to other terms which may be defined elsewhere in this Agreement (including the
preamble and recitals hereto), when used in this Agreement, the following terms shall have the following meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Base Salary</U>&#148; means the salary provided for in Section&nbsp;4(a) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Bonus Plan</U>&#148; means the Forward Air Annual Cash Incentive Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Cause</U>&#148; shall have the meaning given to it in Section&nbsp;2.08 of the Severance Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Commencement Date</U>&#148; means the first day of Executive&#146;s employment with the Company, which is
currently expected to be September&nbsp;1, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Incentive Plan</U>&#148; means the Forward Air
Corporation Omnibus Incentive Plan, as amended from time to time, and any successor plan thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Related Entity</U>&#148; means any subsidiary of the Company and any business, corporation, partnership,
limited liability company, or other entity designated by Board in which the Company or a subsidiary holds a substantial ownership interest, directly or indirectly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Restrictive Covenant Agreement</U>&#148; means the Participation and Restrictive Covenants Agreement that
Executive will be signing on or about the same date he signs this </P>

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Agreement and which is a condition to both his participation in the Severance Plan and employment by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Severance Plan</U>&#148; means the Forward Air Corporation Executive Severance and Change In Control Plan,
as amended and restated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Term of Employment</U>&#148; means the period during which the Executive
shall be employed by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Termination Date</U>&#148; means the date on which the Term of
Employment and Executive&#146;s employment with the Company ends. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Any capitalized terms not defined in this Agreement shall have the
meaning given to them in the Severance Plan and/or the Restrictive Covenant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment and Term</U>. The Company hereby agrees to employ the Executive and the Executive hereby agrees to
serve the Company during the Term of Employment on the terms and conditions set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties of
Executive</U>. During the Term of Employment, the Executive shall be employed as the Chief Executive Officer (&#147;CEO&#148;) of the Company. For as long as he remains the CEO of the Company, Executive shall also serve as a member of the Board
without additional compensation. The Company and Executive anticipate that there will be a transition period at the beginning of Executive&#146;s employment with the Company during which the Company&#146;s current CEO and President will remain
employed by, or become a consultant to, the Company and will assist in transitioning his former duties as CEO and President to Executive. During the Term of Employment, Executive shall have such additional duties and responsibilities as assigned to
him by the Board consistent with his role as CEO. The Executive shall faithfully and diligently perform all services and responsibilities for the Company. The Executive shall devote substantially all of his business time, attention, and efforts to
the performance of his duties under this Agreement, render such services to the best of his ability and, in any event, in a professional manner commensurate with the manner of executives in similar positions in companies of similar size and
operations, and use his best efforts to promote the best interests of the Company. The Executive shall not engage in any other business or occupation during the Term of Employment, including, without limitation, any activity that (i)&nbsp;conflicts
with the interests of the Company or any Related Entity, (ii)&nbsp;interferes with the proper and efficient performance of his duties for the Company, or (iii)&nbsp;interferes with the exercise of his judgment in the Company&#146;s best interests,
in each case without the express written approval of the Board. During the Term of Employment, it shall not be a violation of this Agreement for the Executive to (1)&nbsp;serve on civic or charitable boards, with the consent of the Board, and
(2)&nbsp;manage personal investments, so long as such activities (individually or in the aggregate) do not interfere with the performance of the Executive&#146;s responsibilities as set forth in this Agreement. Following the first anniversary of the
Commencement Date, Executive may serve on the board of one other business so long as the board service is first approved by the Company&#146;s Corporate Governance and Nominating Committee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Travel</U>. Executive recognizes and agrees that his position may
require substantial travel to various locations during the Term of Employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Term of Employment</U>. The
Term of Employment is indefinite and Executive&#146;s employment with the Company is <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">terminable-at-will.</FONT></FONT> Pursuant to the terms and conditions of the Severance Plan and
the Restrictive Covenant Agreement, Executive may be entitled to certain termination benefits upon a termination of the Term of Employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Base Salary</U>. The Executive shall receive an initial Base Salary at the annual rate of $800,000.00, with such
Base Salary payable in installments consistent with the Company&#146;s normal payroll schedule, subject to applicable withholding and taxes, and <FONT STYLE="white-space:nowrap">pro-rated</FONT> for partial years. During the Term of Employment, the
Base Salary shall be reviewed at such time as the salaries of other executives of the Company are reviewed generally. If the Base Salary is adjusted, such adjustment to Base Salary shall be made for all purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Bonus Plan</U>. The Executive shall participate in the same Bonus Plan as the Company makes available to other
executive employees of the Company which provides for certain annual bonuses based on Company and individual performance criteria as determined by the Board from time to time. Any such bonus shall be paid at such times and such amounts to be
established by the Board from time to time but no such bonus shall be paid later than two and <FONT STYLE="white-space:nowrap">one-half</FONT> months following the fiscal year for which the bonus was earned. The target bonus will be set at one
hundred percent (100%) of Base Salary, <FONT STYLE="white-space:nowrap">pro-rated</FONT> for partial years, and the maximum possible bonus is two hundred percent (200%) of Base Salary, <FONT STYLE="white-space:nowrap">pro-rated</FONT> for partial
years. The Executive has no particular right to receive a bonus, and the Executive shall receive only such bonus, if any, as the Board may in its sole discretion determine in accordance with the performance criteria set by the Board. Target
incentives do not constitute a promise of payment. Executive&#146;s actual bonus, if any, will depend on Company financial performance and the Board&#146;s assessment of Executive&#146;s individual performance. As with all Company plans and
programs, the Company reserves the right to change or amend the terms of its incentive plans at any time or discontinue them in their entirety as the Company determines in its sole and absolute discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Signing Bonus</U>. Assuming a Commencement Date of September&nbsp;1, 2018, the Executive shall receive a lump
sum signing bonus of $413,000.00, less applicable withholdings and taxes, within thirty (30)&nbsp;days following the Commencement Date. If the Commencement Date is after September&nbsp;1, 2018, the signing bonus will be increased by $1,699.00 for
each day between September&nbsp;1 and Executive&#146;s actual Commencement Date. If the Term of Employment is terminated by the Company for Cause (as &#147;Cause&#148; is defined in Section&nbsp;2.08 of the Severance Plan) or if Executive
voluntarily terminates the Term of Employment prior to the first anniversary of the Commencement Date, Executive will repay the full amount of the signing bonus within 30 days following the Termination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Equity Grants</U>. Pursuant to the terms and conditions of the Inventive Plan, as well as any agreements or
grant notices contemplated by the Incentive Plan, the Company will grant Executive the following options to purchase common stock in the Company and will award the following shares of restricted common stock in the Company to the Executive: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Within thirty (30)&nbsp;days following the Commencement Date, the
Company will award Executive 25,000 shares of Company common stock which award will vest with respect to <FONT STYLE="white-space:nowrap">one-third</FONT> of the shares subject to the award on each of the first, second, and third anniversaries of
the award date. In addition, and at the same time, the Company will grant Executive a <FONT STYLE="white-space:nowrap">non-qualified</FONT> option to purchase up to 100,000 shares of Company common stock which option will vest with respect to <FONT
STYLE="white-space:nowrap">one-third</FONT> of the shares subject to the option on each of the first, second, and third anniversaries of the grant date. To the extent the option is not fully exercised within eighty four (84)&nbsp;months following
the grant date, it shall expire and be forfeited by Executive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;In February 2020, when the Company makes
equity grants to other executive employees and provided Executive is still employed by the Company, Executive will receive an additional equity grant valued at approximately $1.4&nbsp;million at the time of the grant. The grant will be designed
similarly to the design used for other executive employees of the Company. Following 2020, Executive shall participate in the incentive programs as other executive employees of the Company, which is currently designed as a split of stock options
(25% weight), restricted stock (50% weight) and performance shares (25%). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Reimbursement of Relocation
Expense</U>. The Company will reimburse Executive for the following relocation expenses upon receipt of invoices for such expenses: the reasonable cost of shipping Executive household goods to Executive&#146;s new home near the Company&#146;s
headquarters; temporary housing and reasonable travel expenses for up to a six month period of time. The Company will <FONT STYLE="white-space:nowrap">gross-up</FONT> the relocation reimbursement for taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Reimbursement of Business Expenses</U>. The Executive shall be reimbursed for reasonable business expenses which
comply with all Company policies and which are incurred in the performance of Executive&#146;s job duties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation Review</U>. The Compensation Committee of the Company&#146;s Board of Directors will periodically
review the Executive&#146;s compensation, and in its sole discretion, make adjustments as it deems appropriate based upon Executive&#146;s performance, the Company&#146;s performance and other relevant market considerations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefit Programs</U>. During the Term of Employment, the Executive shall be entitled to participate in all
retirement and health and welfare benefits plans as are presently and hereafter offered by Company to its executive employees, in each case, in accordance with the terms and conditions of such benefits plans and to the extent Executive is eligible
to participate. The benefits plans currently offered to Company executives include group medical, dental, vision, disability, and life insurance plans; an employee stock purchase plan; a 401(k) plan; and a flexible spending account plan. The Company
reserves the right to amend, terminate, revise, or add to any such benefits plans or programs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>. The Term of Employment and Executive&#146;s employment with the Company is <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">terminable-at-will</FONT></FONT> and may be terminated at any time by either party by giving notice of such termination to the other party. Upon any termination of the Term of Employment
for any reason, the Executive shall resign (and shall be deemed to have automatically and contemporaneously resigned, without any further act on the part of any person or entity) from any and all directorships, committee memberships, offices, and
any other positions Executive holds with the Company or any of its subsidiaries or Related Entities. Upon any termination of the Term of Employment for any reason, whether in connection with a Change of Control (as defined in the Severance Plan) or
otherwise, Executive&#146;s entitlement to termination benefits, if any, will be determined by the Severance Plan and Restrictive Covenant Agreement and Executive&#146;s continuing obligations to the Company following any termination of the Term of
Employment will be governed by the Restrictive Covenant Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation</U>. Following the Term of
Employment, the Executive shall give his assistance and cooperation willingly, upon reasonable advance notice with due consideration for his other business or personal commitments, in any matter relating to his position with the Company, or his
expertise or experience as the Company may reasonably request, including his attendance and truthful testimony where deemed appropriate by the Company, with respect to any investigation or the Company&#146;s defense or prosecution of any existing or
future claims or litigations or other proceedings relating to matters in which he was involved or potentially had knowledge by virtue of his employment with the Company. To the extent permitted by law, the Company agrees that it shall promptly
reimburse the Executive for his reasonable and documented expenses in connection with his rendering assistance and/or cooperation under this Section&nbsp;6(g) upon his presentation of documentation for such expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Return of Company Property</U>. Following the Termination Date, or upon the request of the Company, the
Executive shall return all Company property and information in his possession, including, without limitation, all computer equipment (hardware and software), telephones, facsimile machines, cell phones and other communication devices, credit cards,
office keys, security access cards, badges, identification cards, and all copies (including drafts) of any documentation or information (however stored) relating to the business of the Company, any of the Related Entities, and any of their
respective customers, clients, or prospective customers and clients. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with
Section</U><U></U><U>&nbsp;409A</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>. Both the Company and the Executive intend that the
benefits and rights to which the Executive could be entitled pursuant to this Agreement comply with Section&nbsp;409A of the Code and the Treasury Regulations and other guidance promulgated or issued thereunder
(&#147;<U>Section</U><U></U><U>&nbsp;409A</U>&#148;), to the extent that the requirements of Section&nbsp;409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention. If either the
Executive or the Company believes, at any time, that any such benefit or right that is subject to Section&nbsp;409A does not so comply, it shall promptly advise the other and each of the Company and the Executive shall negotiate reasonably and in
good faith to amend the terms of such benefits and rights such that they comply with Section&nbsp;409A (with the most limited possible economic effect on the Executive and on the Company). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions on Account of Separation from Service</U>. If and
to the extent required to comply with Section&nbsp;409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive&#146;s employment shall be made unless and until the Executive incurs a
&#147;separation from service&#148; within the meaning of Section&nbsp;409A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;<U>6 Month Delay for Specified
Employees</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(A)&nbsp;&nbsp;&nbsp;&nbsp;If the Executive is a &#147;specified employee,&#148; then no payment or benefit that is
payable on account of the Executive&#146;s &#147;separation from service,&#148; as that term is defined for purposes of Section&nbsp;409A, shall be made before the date that is six months after the Executive&#146;s &#147;separation from
service&#148; (or, if earlier, the date of the Executive&#146;s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section&nbsp;409A and such deferral is
required to comply with the requirements of Section&nbsp;409A. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the
original payment schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this provision, the Executive shall be considered to be a
&#147;specified employee&#148; if, at the time of his or her separation from service, the Executive is a &#147;key employee,&#148; within the meaning of Section&nbsp;416(i) of the Code, of the Company (or any person or entity with whom the Company
would be considered a single employer under Section&nbsp;414(b) or Section&nbsp;414(c) of the Code) any stock in which is publicly traded on an established securities market or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Acceleration of Payments</U>. Neither the Company nor the Executive, individually or in combination, may
accelerate any payment or benefit that is subject to Section&nbsp;409A, except in compliance with Section&nbsp;409A and the provisions of this Agreement, and no amount that is subject to Section&nbsp;409A shall be paid before the earliest date on
which it may be paid without violating Section&nbsp;409A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;<U>Treatment of Each Installment as a Separate
Payment</U>. For purposes of applying the provisions of Section&nbsp;409A to this Agreement, each separately identified amount to which the Executive is entitled under this Agreement shall be treated as a separate payment. In addition, to the extent
permissible under Section&nbsp;409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Guaranty of 409A Compliance</U>. Notwithstanding the foregoing, the Company does not make any
representation to the Executive that the payments or benefits provided under this Agreement are exempt from, or satisfy, the requirements of Section&nbsp;409A, and the Company shall have no liability or other obligation to indemnify or hold harmless
the Executive or any beneficiary of the Executive for any tax, additional tax, interest or penalties that the Executive or any beneficiary of the Executive may incur in the event that any provision of this Agreement, or any amendment or modification
thereof, or any other action taken with respect thereto, is deemed to violate any of the requirements of Section&nbsp;409A. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive Covenants; Company Policies and Guidelines</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive Covenants</U>. As a condition to Executive&#146;s employment by the Company, the Executive shall
execute the Restrictive Covenant Agreement presented to Executive with this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Recoupment
Policy</U>. All payments and benefits provided to Executive by the Company are subject to any policy (whether currently in existence or later adopted) established by the Company providing for clawback or recovery of amounts paid or benefits
provided. The Company will make any determination for clawback or recovery in its sole discretion and in accordance with any applicable law or regulation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock Ownership Policy</U>. You are required to comply with Forward Air Corporation&#146;s Executive Stock
Ownership and Retention Guidelines applicable to executive officers which generally requires you to own Company common stock during the Term of Employment which is valued at six times or more Executive&#146;s Base Salary. Executive will be required
to hold at least fifty percent of any shares he receives by Company grant or through the exercise of any option to purchase Company stock until the ownership requirement is met. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Code of Ethics</U>. Executive is required to abide by the Company&#146;s policies and procedures including, but
not limited to, Forward Air&#146;s Code of Business Conduct and Code of Ethics. Executive will be required to review, sign and return to the Company a Code of Ethics Acknowledgment Form. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership of Developments</U>. All processes, concepts, techniques, inventions and works of authorship,
including new contributions, improvements, formats, packages, programs, systems, formulations, compositions of matter, manufactured, developments, applications, and discoveries, and all copyrights, patents, trade secrets, or other intellectual
property rights associated therewith conceived, invented, made, developed, or created by the Executive during the Term of Employment either during the course of performing work for the Company or its Related Entities, or their clients, or which are
related in any manner to the business (commercial or experimental) of the Company or its Related Entities or their clients (collectively, the &#147;<U>Work Product</U>&#148;) shall belong exclusively to the Company and its Related Entities and
shall, to the extent possible, be considered a work made by the Executive for hire for the Company and its Related Entities within the meaning of Title 17 of the United States Code. To the extent, the Work Product may not be considered work made by
the Executive for hire for the Company and its Related Entities, the Executive agrees to assign, and automatically assign at the time of creation of the Work Product, without any requirement of further consideration, any right, title, or interest
the Executive may have in such Work Product. Upon the request of the Company, the Executive shall take such further actions, including execution and delivery of instruments of conveyance, as may be appropriate to give full and proper effect to such
assignment. The Executive shall further: (i)&nbsp;promptly disclose the Work Product to the Company; (ii)&nbsp;assign to the Company or its assignee, without additional compensation, all patent or other rights to such Work Product for the United
States and foreign countries; (iii)&nbsp;sign all papers necessary to carry out the foregoing; and (iv)&nbsp;give testimony in support of his inventions, all at the sole cost and expense of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of Executive</U>. The Executive
represents and warrants to the Company that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Executive&#146;s employment will not conflict with or result
in his breach of any agreement to which he is a party or otherwise may be bound; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Executive has not
violated, and in connection with his employment with the Company will not violate, any <FONT STYLE="white-space:nowrap">non-solicitation,</FONT> <FONT STYLE="white-space:nowrap">non-competition,</FONT> or other similar covenant or agreement of a
prior employer by which he is or may be bound; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;In connection with Executive&#146;s employment with the
Company, he will not use any confidential or proprietary information that he may have obtained in connection with employment with any prior employer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>. Anything in this Agreement to the contrary notwithstanding, all payments required to be made by the
Company hereunder to the Executive or his estate or beneficiaries shall be subject to the withholding of such amounts relating to taxes as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation. In lieu
of withholding such amounts, in whole or in part, the Company may, in its sole discretion, accept other provisions for payment of taxes and withholding as required by law, provided it is satisfied that all requirements of law affecting its
responsibilities to withhold have been satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>. The Company shall have the right to
assign this Agreement and its rights and obligations hereunder in whole or in part to any corporation or other entity with or into which the Company may hereafter merge or consolidate, or to which the Company may transfer all or substantially all of
its assets. The Executive may not assign or transfer this Agreement or any rights or obligations hereunder, except by will or the laws of descent and distribution, or as required to comply with the terms of a qualified domestic relations order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Georgia, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Georgia or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of
Georgia.&nbsp;&nbsp;&nbsp;&nbsp;The parties hereby agree that any dispute arising out of or related to this Agreement, Executive&#146;s employment or termination of employment with the Company or any Related Entity, any statutory or tort claims
related to or arising out of Executive&#146;s employment or termination of employment with the Company or any Related Entity, Executive&#146;s participation on any board of directors or board of managers of the Company or any Related Entity, and
Executive&#146;s equity interests in the Company or any Related Entity shall be filed in, and subject to the exclusive jurisdiction of, a state or federal court located in Fulton County, Georgia. The parties hereby consent to the exclusive
jurisdiction and venue of such courts for the litigation of all disputes and waive any claims of improper venue, lack of personal jurisdiction, or lack of subject matter jurisdiction as to any such disputes. Notwithstanding the foregoing, the
Company may file an action in any court of its choosing seeking temporary, preliminary or permanent injunctive relief to prevent Executive from breaching or threatening to breach any of the covenants contained in Restrictive Covenant Agreement and
may join in any such action any claims for damages or other relief as a result of Executive&#146;s breach or threatened breach of such covenants. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement</U>. This Agreement, including the other
agreements, policies, and plans referenced herein, constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and, upon its effectiveness, shall supersede all prior agreements, understandings, and
arrangements, both oral and written, between the Executive and the Company (or any of its affiliates) with respect to such subject matter. This Agreement may not be modified in any way unless by a written instrument signed by both a representative
of the Board and the Executive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>. The respective rights and obligations of the parties
hereunder shall survive any termination of the Executive&#146;s employment and the Term of Employment to the extent necessary to the intended preservation of such rights and obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. All notices required or permitted to be given hereunder shall be in writing and shall be personally
delivered by courier, sent by registered or certified mail, return receipt requested or sent by confirmed facsimile transmission addressed as set forth herein. Notices personally delivered, sent by facsimile or sent by overnight courier shall be
deemed given on the date of delivery and notices mailed in accordance with the foregoing shall be deemed given upon the earlier of receipt by the addressee, as evidenced by the return receipt thereof, or three (3)&nbsp;days after deposit in the U.S.
mail. Notice shall be sent (i)&nbsp;if to the Company, addressed to Forward Air Corporation, Attention: Board of Directors, and (ii)&nbsp;if to the Executive, to his address as reflected on the payroll records of the Company, or to such other
address as either party shall request by notice to the other in accordance with this provision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefits;
Binding Effect</U>. This Agreement shall be for the benefit of and binding upon the parties hereto and their respective heirs, personal representatives, legal representatives, successors and, where permitted and applicable, assigns, including,
without limitation, any successor to the Company, whether by merger, consolidation, sale of stock, sale of assets, or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Right to Consult with Counsel; No Drafting Party</U>. The Executive acknowledges having read and considered all
of the provisions of this Agreement carefully, and having had the opportunity to consult with counsel of his own choosing, and, given this, the Executive agrees that the obligations created hereby are reasonable. The Executive acknowledges that he
has had an opportunity to negotiate any and all of these provisions and no rule of construction shall be used that would interpret any provision in favor of or against a party on the basis of who drafted the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. The invalidity of any one or more of the words, phrases, sentences, clauses, provisions,
sections, or articles contained in this Agreement shall not affect the enforceability of the remaining portions of this Agreement or any part thereof, all of which are inserted conditionally on their being valid in law, and, in the event that any
one or more of the words, phrases, sentences, clauses, provisions, sections, or articles contained in this Agreement shall be declared invalid, this Agreement shall be construed as if such invalid word or words, phrase or phrases, sentence or
sentences, clause or clauses, provisions or provisions, section or sections, or article or articles had not been inserted. If such invalidity is caused by length of time or size of area, or both, the otherwise invalid provision will be considered to
be reduced to the longest period or largest area, as applicable, which would cure such invalidity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waivers</U>. The waiver by either party hereto of a breach or violation of any term or provision of this
Agreement shall not operate nor be construed as a waiver of any subsequent breach or violation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Damages; Attorney&#146;s Fees</U>. Nothing contained herein shall
be construed to prevent the Company or the Executive from seeking and recovering from the other damages sustained by either or both of them as a result of its or his breach of any term or provision of this Agreement. In the event that either party
hereto seeks to collect any damages resulting from, or the injunction of any action constituting, a breach of any of the terms or provisions of this Agreement, then the party found to be at fault shall pay all reasonable costs and attorneys&#146;
fees of the other. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Jury Trial</U>. The Executive and Company hereby knowingly, voluntarily, and
intentionally waive any right that they may have to a trial by jury in respect of any litigation based hereon, or arising out of, under or in connection with this Agreement and any agreement, document or instrument contemplated to be executed in
connection herewith, or any course of conduct, course of dealing statements (whether verbal or written) or actions of any party hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.&nbsp;&nbsp;&nbsp;&nbsp;<U>Section Headings</U>. The article, section, and paragraph headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22.&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Third-Party Beneficiary</U>. Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any person other than the Company, the parties hereto, and their respective heirs, personal representatives, legal
representatives, successors, and permitted assigns, any rights or remedies under or by reason of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">23.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which together shall constitute one and the same instrument and agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COMPANY:</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">FORWARD AIR CORPORATION</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Bruce A. Campbell</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Bruce A. Campbell</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Chairman,&nbsp;Chief&nbsp;Executive&nbsp;Officer<U></U>&nbsp;&amp;&nbsp;President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXECUTIVE:</B></P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">/s/ Thomas Schmitt</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Thomas Schmitt</TD></TR>
</TABLE></DIV> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>d593968dex102.htm
<DESCRIPTION>EX-10.2
<TEXT>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PARTICIPATION AND RESTRICTIVE COVENANTS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This PARTICIPATION AND RESTRICTIVE COVENANTS AGREEMENT (this &#147;Agreement&#148; or this &#147;Restrictive Covenants Agreement&#148;) is
entered into as of June&nbsp;6, 2018, between Forward Air Corporation (the &#147;Company&#148;) and Thomas Schmitt (the &#147;Executive&#148;) (jointly the &#147;Parties&#148;) pursuant to which the Executive accepts participation in the Forward Air
Corporation Executive Severance and Change in Control Plan (the &#147;Severance Plan&#148;) subject to the terms and conditions thereof as amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">REASONS FOR THIS AGREEMENT: During Executive&#146;s relationship with the Company, Executive has learned, will learn, or has or will have
access to, important proprietary information related to the operations and business of Forward Air Corporation and its subsidiaries and affiliates (collectively, the &#147;Company&#146;s Business&#148;). Executive acknowledges that the proprietary
customer, operations, financial, and business information that has been or will be learned or accessible has been and will be developed through the Company&#146;s expenditure of substantial effort, time and money; and together with relationships
developed with customers and employees, could be used to compete unfairly with the Company. The Company&#146;s ability to sell its products and services on a competitive basis depends, in part, on its proprietary information and customer
relationships, and the Company would not share this information, provide training or promote Executive&#146;s relationship with customers if the Company believed that it would be used in competition with the Company, which <FONT
STYLE="white-space:nowrap">non-disclosure</FONT> would cause Executive&#146;s performance and opportunities to suffer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In consideration
of employment or continued employment, participation in the Severance Plan and other valuable consideration, the receipt and sufficiency of which are acknowledged, the Company and Executive agree: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS: For this Restricted Covenants Agreement, the following terms shall have the meaning specified below:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;PERSON: Any individual, corporation, limited liability company, partnership, joint venture, association,
unincorporated organization or other entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION DATE: The date of Executive&#146;s termination of
employment from the Company, whether such termination is voluntary or involuntary, or with or without cause. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;CUSTOMERS: All customers and actively sought prospective customers of the Company with whom Executive had business
contact, about whom Executive received Confidential Information, or whose business resulted in a commission or other payment being made to Executive during the Executive&#146;s employment with the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;CONFIDENTIAL INFORMATION: &#147;Confidential Information&#148; as defined herein shall exclude company trade
secrets and is defined as such other information not rising to the level of a trade secret, relating to the Company&#146;s customers, operation, finances, and business that derives value, actual or potential, from not being generally known to other
Persons, including, but not limited to, technical or <FONT STYLE="white-space:nowrap">non-technical</FONT> data, formulas, patterns, compilations (including compilations of customer information), programs (including fulfillment and marketing
programs), devices, methods (including fulfillment methods), techniques, processes, financial data (including sales forecasts), or lists of actual or potential customers or suppliers (including identifying information about those customers),
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
whether or not reduced to writing. Confidential Information includes information disclosed to the Company by third parties that the Company is obligated to maintain as confidential. Confidential
Information does not include information that: (i)&nbsp;was generally known to the relevant public at the time of disclosure; (ii)&nbsp;was lawfully received by Executive from a third party; (iii)&nbsp;was known to Executive prior to receipt from
the Company; or (iv)&nbsp;was independently developed by Executive or independent third parties; in each of the foregoing circumstances, this exception applies only if such public knowledge or possession by an independent third party was without
breach by Executive or any third party of any obligation of confidentiality or <FONT STYLE="white-space:nowrap">non-use,</FONT> including but not limited to the obligations and restrictions set forth in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;TERRITORY: the term &#147;Territory&#148; as used in this Restrictive Covenants Agreement means the continental
United States, Mexico and Canada, which is the territory in which the Company conducts the Company Business and the territory in which Executive provides services to the Company. Executive acknowledges and agrees that the direct and indirect scope
of Executive&#146;s duties and responsibilities and the breadth of the geography impacted by the Confidential Information to which the Executive may be exposed during Executive&#146;s employment with the Company are throughout the Territory. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;COMPETING BUSINESS: any Person (other than the Company but including Executive) providing or offering
less-than-truckload, truckload, intermodal, pool distribution, dedicated line haul, dedicated contract carriage, logistics or final mile delivery services, or any other goods or services identical to or reasonably substitutable for the goods and
services offered by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;RESTRICTED PERIOD: a period of 365 days following the later of (i)&nbsp;the
Termination Date or (ii)&nbsp;the date of the last payment of termination benefits, if any are owed, under either Section&nbsp;4.01 or 5.02 of the Severance Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;TRADE SECRETS AND CONFIDENTIAL INFORMATION: Executive shall not use or disclose the Company&#146;s trade secrets
during or after employment. Executive shall not use or disclose Confidential Information following the termination of employment for any reason, except in connection with his duties performed in accordance with his Employment Agreement or except
with the prior written consent of the Chairman of the Board of the Company; provided, however, Executive may make disclosures required by a valid order or subpoena issued by a court or administrative agency of competent jurisdiction, in which event
Executive will promptly notify the Company of such order or subpoena to provide the Company an opportunity to protect its interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;RETURN OF PROPERTY AND MATERIALS: On the Termination Date or for any reason or at any time at the Company&#146;s
request, Executive will deliver promptly to the Company all of the Company&#146;s property, including without limitation all materials, documents, plans, records, notes, or other papers and any copies, summaries or excerpts of any kind, and
computerized or electronic media in any format whatsoever, and any Company access keys or key cards, identification or credit cards, computer or electronic hardware or software, in Executive&#146;s possession or control relating in any way to the
Company&#146;s Business, which at all times shall be the property of the Company. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">4.&nbsp;&nbsp;&nbsp;&nbsp;NON-SOLICITATION</FONT> OF EMPLOYEES:
During employment and through the end of the Restricted Period, Executive will not <B>either on his own behalf or on behalf of any third party, except on behalf of the Company, directly or indirectly,</B> solicit or induce or in any manner attempt
to solicit or induce, any person employed by the Company to leave such employment, whether or not such employment is pursuant to a written contract with the Company or at will. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">5.&nbsp;&nbsp;&nbsp;&nbsp;NON-SOLICITATION</FONT> OF CUSTOMERS: During employment and through the end of the
Restricted Period, Executive will not <B>either on his own behalf or on behalf of any other Person, except on behalf of the Company, directly or indirectly,</B> solicit Customers on behalf of a Competing Business or for the purpose of
(i)&nbsp;providing or offering products or services identical to or reasonably substitutable for the products and services provided or offered by the Company, or (ii)&nbsp;lessening, in whole or in part, the Company&#146;s business or relationship
with its Customers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">6.&nbsp;&nbsp;&nbsp;&nbsp;NON-COMPETITION:</FONT> During employment and through the
end of the Restricted Period, Executive will not, within the Territory, engage in a Competing Business, provide services to a Competing Business similar to those that Executive provided to the Company, become an officer or director of a Competing
Business, or otherwise directly or indirectly, own, manage, operate, join, control, finance or participate in the ownership, management, operation, control, or financing of a Competing Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;DISPARAGEMENT: Executive shall not at any time make false, misleading or disparaging statements about the Company or
any subsidiary of the Company, including its products, management, employees, and customers. &#147;Disparaging&#148; statements are those that impugn the character, honesty, integrity, morality, business acumen, or abilities of the individual or
entity being disparaged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;OWNERSHIP OF CONFIDENTIAL INFORMATION: The Executive hereby agrees that any and all
improvements, inventions, discoveries, formulas, processes, methods, <FONT STYLE="white-space:nowrap">know-how,</FONT> confidential data, trade secrets and other proprietary information (collectively &#147;Work Product&#148;) within the scope of any
business of the Company or any affiliate which the Executive may conceive or make or has conceived or made during his employment with the Company shall be and are the sole and exclusive property of the Company, and that the Executive shall, wherever
requested to do so by the Company, at its expense, execute and sign any and all applications, assignments or other instruments and do all other things which the Company may deem necessary or appropriate (i)&nbsp;in order to apply for, obtain,
maintain, enforce or defend letters patent of the United States or any foreign country for any Work Product, or (ii)&nbsp;in order to assign, transfer, convey or otherwise make available to the Company the sole and exclusive right, title and
interest in and to any Work Product. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;NO WAIVER: The failure of the Company to insist upon the performance of
any of the terms and conditions in this Agreement, or the failure to prosecute any breach of any of the terms and conditions of this Agreement, shall not be construed thereafter as a waiver of any such terms or conditions. This entire Agreement
shall remain in full force and effect as if no such forbearance or failure of performance had occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;DEFEND
TRADE SECRETS ACT OF 2016: Executive is also hereby notified, in accordance with the Defend Trade Secrets Act of 2016, that he will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade
secret that: (a)&nbsp;is made (i)&nbsp;in confidence to a federal, state or local government official, either directly or indirectly, </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
or to an attorney; and (ii)&nbsp;solely for the purpose of reporting or investigating a suspected violation of law; or (b)&nbsp;is made in a complaint or other document that is filed under seal
in a lawsuit or other proceeding. Executive represents and warrants he has been notified by this Agreement that if he files a lawsuit for retaliation by the Company for reporting a suspected violation of law, he may disclose the Company&#146;s trade
secrets to his attorney and use the trade secret information in the court proceeding if he: (x)&nbsp;files any document containing the trade secret under seal; and (y)&nbsp;does not disclose the trade secret, except pursuant to court order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;INJUNCTIVE RELIEF<B>: </B>Executive understands that, in the event of a breach or threatened breach of this
Agreement by Executive, the Company may suffer irreparable harm and will therefore be entitled to injunctive relief, without prior notice to Executive and without the posting of a bond or other guarantee, to enforce this Agreement. This provision is
not a waiver of any other rights which the Company may have under this Agreement, including the right to recover attorneys&#146; fees and costs to cover the expenses it incurs in seeking to enforce this agreement, as well as to any other remedies
available to it, including money damages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;CONSTRUCTION: The Parties agree that the covenants set forth herein
are reasonable with respect to their duration, geographical area and scope. If any provision of this Agreement is deemed or held to be illegal, invalid, or unenforceable under present or future laws effective during the Term hereof, this Agreement
shall be considered divisible and inoperative as to such provision to the extent it is deemed to be illegal, invalid or unenforceable, and in all other respects this Agreement shall remain in full force and effect; provided, however, that if any
provision of this Agreement is deemed or held to be illegal, invalid or unenforceable there shall be added hereto automatically a provision as similar as possible to such illegal, invalid or unenforceable provision as shall be legal, valid or
enforceable; and provided further that if any provision of this Agreement is deemed or held to be illegal, invalid or unenforceable by any judicial body of competent jurisdiction, it shall have the power to reduce the scope, duration, or area of the
term or provision, to delete specific words or phrases, or to replace any illegal, invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the illegal,
invalid or unenforceable term or provision. Further, should any provision contained in this Agreement ever be reformed or rewritten by any judicial body of competent jurisdiction, such provision as so reformed or rewritten shall be binding upon the
Executive and the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Executive agrees and acknowledges that the restrictions contained in this Agreement
do not preclude Executive from earning a livelihood, nor do they unreasonably impose limitations on Executive&#146;s ability to earn a living. Executive agrees and acknowledges that the potential harm to the Company, and any of its subsidiaries and
affiliates, of the <FONT STYLE="white-space:nowrap">non-enforcement</FONT> of the provisions of this Agreement outweighs any potential harm to Executive of their enforcement by injunction or otherwise. Executive expressly acknowledges and agrees
that each and every restraint imposed by the provisions of this Agreement is reasonable with respect to subject matter, activity restraints, time period and geographical area. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event the parties litigate the enforceability of any of the provisions of this Agreement, the time period
for the respective restrictive covenants shall be tolled until such litigation is resolved by final judgment, including any appeal. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The language in all parts of this Agreement will be construed, in all
cases, according to its fair meaning, and not for or against either Party hereto. The Parties acknowledge that each Party and its counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any
ambiguities are to be resolved against the drafting party will not be employed in the interpretation of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The captions of the Paragraphs of this Agreement are for convenience of reference only and in no way define, limit
or affect the scope or substance of any Paragraph of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;FORUM SELECTION AND CHOICE OF LAW: This
Agreement shall be interpreted, construed and governed by and under the laws of the State of Georgia, not including the choice of law rules thereof. Each party irrevocably (i)&nbsp;consents to the exclusive jurisdiction and venue of the courts
located in Fulton County, Georgia in any and all actions arising under or relating to this Agreement, and (ii)&nbsp;waives any jurisdictional defenses (including personal jurisdiction and venue) to any such action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company and the Executive have executed this Restrictive Covenants Agreement as of the date first written above. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PARTICIPANT:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">FORWARD AIR CORPORATION:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas Schmitt</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Bruce A. Campbell</TD></TR>
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<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(signature)</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Bruce A. Campbell</TD></TR>
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<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Chairman, Chief Executive Officer &amp; President</TD></TR>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">Thomas Schmitt</TD>
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<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;(print name)</TD>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d593968dex103.htm
<DESCRIPTION>EX-10.3
<TEXT>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WAIVER AND ACKNOWLEDGMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This <B>WAIVER AND ACKNOWLEDGMENT </B>(this &#147;<U>Waiver</U>&#148;) is entered into on June&nbsp;11, 2018 by and between Forward Air
Corporation, a Tennessee corporation (the &#147;<U>Company</U>&#148;), and Bruce A. Campbell, the President and Chief Executive Officer of the Company (the &#147;<U>Executive</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company and Executive are parties to that certain Employment Agreement dated as of October&nbsp;30, 2007, as amended from
time to time (the &#147;Employment Agreement&#148;) which sets out the terms and conditions of the Executive&#146;s employment with the Company including Executive&#146;s compensation, severance benefits upon termination of employment and
restrictive covenants; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Board of Directors of the Company (the &#147;Board&#148;) and Executive have discussed
Executive&#146;s retirement as President and Chief Executive Officer of the Company and have worked together to identify his successor, Thomas Schmitt (the &#147;Successor&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>upon the effective date of the appointment of Successor as the Company&#146;s President and Chief Executive Officer (the
&#147;Effective Date&#148;), the Company and Executive have agreed that Executive will assume the position of Executive Chairman until the Company&#146;s 2019 annual meeting of shareholders or such later date as the Board and Executive may agree
(the &#147;Transition&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, in connection with the Transition, the Company and Executive wish to enter into this
Waiver pursuant to which the parties acknowledge and agree as to the Executive&#146;s change in position and compensation upon the Effective Date and Executive waives any rights he may have to severance benefits under the Employment Agreement as a
result of the Transition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW THEREFORE</B>, the undersigned hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Transition, the Company and Executive hereby acknowledge and agree that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;As of the Effective Date, Executive will step down as President and Chief Executive Officer of the Company and will
thereafter be employed by the Company as Executive Chairman until the date of the Company&#146;s 2019 annual meeting of shareholders or such later date as agreed to in writing by the Company and Executive (the &#147;Resignation Date&#148;).
Executive shall perform such duties as are customarily performed by one holding the position of Executive Chairman and shall additionally render such other services and duties as may be reasonably assigned to him from time to time by the Company,
consistent with his position. Executive shall at all times report to the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;As of the Effective Date,
Executive&#146;s compensation shall be as set forth below, which shall replace and supersede Executive&#146;s current compensation: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;through December&nbsp;31, 2018, Executive will continue to receive his current base salary of $850,000, a target
bonus opportunity of 125% of base salary and the other benefits set forth in Section&nbsp;6(c) of the Employment Agreement; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Beginning on January&nbsp;1, 2019 through the Resignation Date, Executive will receive a <FONT
STYLE="white-space:nowrap">pro-rated</FONT> base salary of $750,000; a <FONT STYLE="white-space:nowrap">pro-rated</FONT> target bonus opportunity equal to 100% of base salary and the other benefits set forth in Section&nbsp;6(c) of the Employment
Agreement. Executive shall not be entitled to receive an annual long-term equity award in his role as Executive Chairman. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;As of the Resignation Date, Executive&#146;s employment with the
Company and the Employment Agreement shall terminate and be of no further force and effect (the &#147;Termination&#148;) other than the restrictive covenants set forth in Section&nbsp;9 of the Employment Agreement. For purposes of clarity, that
Restrictive Covenants Agreement dated as of October&nbsp;30, 2007 between the Company and Executive shall remain in full force and effect following the Transition and the Termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;Executive hereby irrevocably and unconditionally waives any and all rights to receive or be entitled to any
severance amounts or benefits in connection with the Transition or the Termination including any severance benefits set forth in the Employment Agreement (including with respect to a Material Change in Duties (as defined in the Employment Agreement)
and as set forth in Section&nbsp;7(e) of the Employment Agreement), any equity grant agreements between the Company and Executive, the Company&#146;s Amended and Restated Stock Option and Incentive Plan, the Company&#146;s 2016 Omnibus Incentive
Plan or the Company&#146;s Executive Severance Plan (the &#147;<U>Waived Benefits</U>&#148;) . For purposes of clarity, the Executive hereby waives only those Waived Benefits that may be triggered as a result of the Transition or Termination and
will, until such time as Executive resign his position as Executive Chairman, continue to maintain any severance benefits to which he is entitled other than as a result of the Transition or Termination including as a result of a Change of Control.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;This Waiver may be executed in counterparts, each of which shall be an original and which taken together shall
constitute one and the same document. This Waiver Agreement may be executed and delivered by facsimile signature and facsimile signature shall be treated as an original. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have executed this Waiver and Acknowledgment on the day
and year first above written. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">FORWARD AIR CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael L. Hance</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael L. Hance</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Senior Vice President and Chief Legal Officer</TD></TR>
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<TD HEIGHT="32" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EXECUTIVE:</P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">/s/ Bruce A. Campbell</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Bruce A. Campbell</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g593968image000190.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>NEWS RELEASE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORWARD AIR CORPORATION ANNOUNCES EXECUTIVE LEADERSHIP TEAM TRANSITION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GREENEVILLE, Tenn.&#151;(BUSINESS WIRE)&#151;June 12, 2018&#151; Forward Air Corporation (Nasdaq: FWRD) today announced that its Board of Directors has
approved a number of key strategic leadership changes as part of its succession planning process. Thomas (Tom) Schmitt has been elected to serve as the Company&#146;s President and Chief Executive Officer, succeeding Bruce A. Campbell, who has
served as President since 1998 and as Chief Executive Officer since October 2003. Mr.&nbsp;Schmitt currently serves as a Management Board member and the Chief Commercial Officer for Schenker AG, a $20&nbsp;billion global logistics company. He joined
Schenker AG as a member of the Management Board in June 2015. Mr.&nbsp;Schmitt will begin serving as President and CEO of Forward Air effective upon his departure from Schenker AG after a coordinated transition plan expected to be completed in the
Fall 2018. The Board expects to appoint Mr.&nbsp;Schmitt to the Forward Air Board of Directors at that time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before becoming the Chief Commercial Officer
for the contract logistics business of Schenker AG, Mr.&nbsp;Schmitt served as Chief Executive Officer and President of AquaTerra Corporation, an office nourishment and premium water export company based in Canada, from January, 2013.
Mr.&nbsp;Schmitt has prior experience in the transportation and logistics industry, initially as a senior engagement manager for McKinsey+Company in Atlanta and subsequently in executive management roles, including President and CEO, FedEx Global
Supply Chain Services, and President and CEO, Purolator, Inc. based in Memphis, Tennessee, and Toronto, Canada, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Bruce Campbell,
who has also served as Chairman of the Company&#146;s Board since 2007, will step down from his role as President and Chief Executive Officer when Mr.&nbsp;Schmitt joins the Company. At that time, Mr.&nbsp;Campbell will become Executive Chairman. In
that role, Mr.&nbsp;Campbell will continue to serve as Chairman of the Board of Directors. It is expected that Mr.&nbsp;Campbell will remain as Executive Chairman until the Company&#146;s 2019 annual meeting of shareholders, at which time, in order
to ensure a continued, successful management transition, the Company plans to retain Mr.&nbsp;Campbell as a consultant for a period of time following his resignation as Executive Chairman. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C. Robert Campbell, the Company&#146;s lead independent director, commented &#147;We are thrilled to have Tom join Forward Air as our new President and
CEO.&#148; Mr.&nbsp;Campbell continued, &#147;Tom is an innovative leader who has achieved major results throughout his career, and we are excited to see the impact he will make as the leader of the Forward Air team.&#148; Mr.&nbsp;Campbell also
commented on Bruce Campbell&#146;s tenure with Forward Air. &#147;Under Bruce&#146;s tremendous leadership, the Company grew to the $1&nbsp;billion plus enterprise that it is today. He has shaped the Company into the provider of the best in class
services that keep our customer&#146;s businesses moving forward.&#148; Mr.&nbsp;Campbell continued, &#147;The entire board thanks Bruce for his leadership of Forward Air for almost 28 years, and appreciates his willingness to continue that
leadership as Executive Chairman to ensure a smooth transition and great start for Tom and our Forward Air team.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Bruce Campbell said,
&#147;It has been a tremendous honor to serve as the President and CEO of Forward Air Corporation, and I am incredibly proud of everything our team has accomplished together. The Board and I are confident that Tom is the right person to lead our
team and build on our momentum.&#148; Campbell continued, &#147;Tom is a highly strategic leader with extensive experience in many areas of the transportation and logistics industry. We are fortunate to have him as our next CEO.&#148; </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;I am certain I can speak on behalf of the entire Forward Air team in thanking Bruce Campbell for his
decades of leading the right way - with incredible passion, energy and impact,&#148; said Schmitt. &#147;I am honored to join him and our Forward Air teammates to build on the remarkable reality they have created.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company also announced additional organizational changes and promotions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Chris C. Ruble, President Expedited Services, has been appointed as Chief Operating Officer of the Company&#146;s Expedited business, which includes the Expedited LTL, Truckload and Pool segments. Mr.&nbsp;Ruble joined
Forward Air in 1996 as a Terminal Manager and was promoted to Regional Vice President in 1997. In 2001, he was promoted to the Company&#146;s Senior Vice President of Operations. In 2007 he was promoted to Executive Vice President, Operations, and
in 2016, he was promoted to President, Expedited Services. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Matthew J. Jewell, President, Logistics Services, has been appointed as President of the Company&#146;s Intermodal business. Mr.&nbsp;Jewell joined Forward Air in 2002 and served as Senior Vice President and General
Counsel until 2008. In 2008, he was promoted to Executive Vice President and Chief Legal Officer. In 2014, he was promoted to Executive Vice President of Intermodal Services and Chief Strategy Officer, and in 2016, he was promoted to President,
Logistics Services. In his new role, Mr.&nbsp;Jewell will be focused on growing the Company&#146;s Intermodal business. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Bruce
Campbell said, &#147;Chris and Matt are gifted leaders who have been instrumental in the growth and success of the Company. These role changes position both of them for continued success and expand our capability to execute on our long-term growth
strategy.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Forward Air Corporation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward Air keeps your business moving forward by providing services within four business segments: Expedited LTL (provides expedited regional, inter-regional
and national LTL services, including local <FONT STYLE="white-space:nowrap">pick-up</FONT> and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals);
Truckload Premium Services (provides expedited truckload brokerage, dedicated fleet services, as well as high-security and temperature-controlled logistics services); Intermodal (provides <FONT STYLE="white-space:nowrap">first-and</FONT> last-mile
high-value drayage services both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services); and Pool Distribution (provides high-frequency handling and distribution of time sensitive
product to numerous destinations within a specific geographic region). For more information, visit our website at <U>https://www.forwardaircorp.com</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release may contain statements that might be considered as forward-looking statements or predictions of future operations including with respect to
the effective date of Mr.&nbsp;Schmitt&#146;s employment as President and Chief Executive Officer and election to the Board, Mr.&nbsp;Campbell&#146;s transition to Executive Chairman and future consulting arrangement and the successful management
transition. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management&#146;s belief or interpretation of information currently available. These statements and
assumptions involve certain risks and uncertainties. Actual events may differ from these expectations as specified from time to time in filings with the Securities and Exchange Commission. We assume no duty to update these statements as of any
future date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTACT: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward Air Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael J. Morris, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">404-362-8933</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>mmorris@forwardair.com </U></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
