<SEC-DOCUMENT>0000921895-21-000679.txt : 20210308
<SEC-HEADER>0000921895-21-000679.hdr.sgml : 20210308
<ACCEPTANCE-DATETIME>20210308171307
ACCESSION NUMBER:		0000921895-21-000679
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210308
DATE AS OF CHANGE:		20210308

SUBJECT COMPANY:	

	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:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22490
		FILM NUMBER:		21722882

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ancora Advisors, LLC
		CENTRAL INDEX KEY:			0001446114
		IRS NUMBER:				331033773
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		6060 PARKLAND BOULEVARD, SUITE 200
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44124
		BUSINESS PHONE:		2168254000

	MAIL ADDRESS:	
		STREET 1:		6060 PARKLAND BOULEVARD, SUITE 200
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44124
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a06470026_03082021.htm
<TEXT>
<HTML>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
The Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Soliciting Material Under Rule 14a-12</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORWARD AIR CORPORATION</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified in Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA CATALYST INSTITUTIONAL, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA CATALYST, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA MERLIN INSTITUTIONAL, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA MERLIN, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA CATALYST SPV I LP &ndash; SERIES I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA CATALYST SPV I LP &ndash; SERIES J</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA CATALYST SPV I LP &ndash; SERIES K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA CATALYST SPV I LP &ndash; SERIES L</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA CATALYST SPV I SPC LTD. &ndash; SEGREGATED
PORTFOLIO E</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA ADVISORS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA ALTERNATIVES LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA FAMILY WEALTH ADVISORS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE ANCORA GROUP INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INVERNESS HOLDINGS LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA HOLDINGS INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FREDERICK DISANTO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">JAMES M. CHADWICK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANDREW C. CLARKE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DAWN GARIBALDI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCOTT M. NISWONGER</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</P>

</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required.</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee paid previously with preliminary materials:</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of
its filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Amount previously paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Ancora Catalyst
Institutional, LP, together with the other participants named herein (collectively, &ldquo;Ancora&rdquo;), intends to file a preliminary
proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to be used to
solicit votes for the election of its slate of highly-qualified director nominees at the 2021 annual meeting of shareholders of
Forward Air Corporation, a Tennessee corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Item 1: On March
4, 2021, a podcast interview with Jim Chadwick, head of alternatives at Ancora Advisors LLC and a director nominee of Ancora, was
posted on The Deal&rsquo;s website. An audio recording of the interview is currently available at: https://podcasts.apple.com/us/podcast/activist-investing-today-ancoras-chadwick-on-kohls/id1463403514?i=1000511784196.
A written transcript of the interview is attached as Exhibit 1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Source:</B> The Deal. Activist Investing
Today podcast with Ronald Orol. The Deal is not a party to and has not endorsed our proxy solicitation and has not consented to
the use of this podcast interview in our proxy solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Item 2: On March
8, 2021, The Deal published the following article:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.5pt"><B>Activist
Investing Today Podcast: Ancora&rsquo;s Chadwick on Kohls, Forward Air</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Ancora&rsquo;s head of alternative investments,
discussed why retailers should consider sale leasebacks and how ex-CFOs and founders can help drive an activist campaign.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Struggling retailers should consider selling
and leasing back real estate to boost their valuations, according to Jim Chadwick, head of alternative investments and portfolio
manager at Ancora Advisors LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Big box retailers own real estate that is effectively
not getting any value from the markets &mdash; and in some cases the market isn&rsquo;t even aware of due to limited disclosure
requirements, Chadwick said during the latest episode of The Deal's Activist Investing Today podcast.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;What is new is that over the past several
years as retail has fallen out of favor and a lot of retailers are trading at very low multiples, when you see that and have an
asset [real estate] that is getting no value from the market and often times unknown by the market because of [very limited] disclosure
requirements,&rdquo; Chadwick said.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chadwick talked about the fund&rsquo;s sale
leaseback thesis for Kohl&rsquo;s Corp., (KSS) a discount retailer that Ancora and three other fund&rsquo;s targeted last month
with a change-of-control director contest. Chadwick suggested that proceeds from sale leasebacks could be used to de-leverage and
to buy back stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;In the case of Kohl&rsquo;s, as with
Big Lots, the real estate value was a significant portion of the market cap today,&rdquo; Chadwick said. &ldquo;We think at Kohl&rsquo;s
there is $7 billion of real estate value that could be monetized.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chadwick also discussed the fund&rsquo;s allocation
strategy as well as three director-election contests it launched in 2021. Among the campaigns, he discussed how Ancora was able
to get Forward Air Corp.&rsquo;s (FWRD) founder and ex-CFO to help drive the activist fund&rsquo;s campaign at the freight logistics
company and why he thinks both strategic and PE firms could bid to buy Blucora Inc.&rsquo;s (BCOR) TaxAct software business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Finally, Chadwick also explained how he developed
a &ldquo;passion&rdquo; for activism during a four-year stint working for Ralph Whitworth&rsquo;s pioneering activist fund Relational
Investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Source</B>: The Deal. The Deal is not a
party to and has not endorsed our proxy solicitation and has not consented to the use of this article in our proxy solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ronald Orol for The Deal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ancora Catalyst Institutional, LP, together
with the other participants named herein (collectively, &ldquo;Ancora&rdquo;), intends to file a preliminary proxy statement and
accompanying WHITE proxy card with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to be used to solicit votes for the
election of its slate of highly-qualified director nominees at the 2021 annual meeting of shareholders of Forward Air Corporation,
a Tennessee corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ANCORA STRONGLY ADVISES ALL SHAREHOLDERS OF
THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE
PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.
REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The participants in the proxy solicitation
are anticipated to be Ancora Catalyst Institutional, LP (&ldquo;Ancora Catalyst Institutional&rdquo;), Ancora Catalyst, LP (&ldquo;Ancora
Catalyst&rdquo;), Ancora Merlin Institutional, LP (&ldquo;Ancora Merlin Institutional&rdquo;), Ancora Merlin, LP (&ldquo;Ancora
Merlin&rdquo;), Ancora Catalyst SPV I LP &ndash; Series I (&ldquo;Ancora SPV I&rdquo;), Ancora Catalyst SPV I LP &ndash; Series
J (&ldquo;Ancora SPV J&rdquo;), Ancora Catalyst SPV I LP &ndash; Series K (&ldquo;Ancora SPV K&rdquo;), Ancora Catalyst SPV I LP
 &ndash; Series L (&ldquo;Ancora SPV L&rdquo;), Ancora Catalyst SPV I SPC Ltd. &ndash; Segregated Portfolio E (&ldquo;Ancora SPC
E&rdquo; and together with Ancora Catalyst Institutional, Ancora Catalyst, Ancora Merlin Institutional, Ancora Merlin, Ancora SPV
I, Ancora SPV J, Ancora SPV K and Ancora SPV L, the &ldquo;Ancora Funds&rdquo;), Ancora Advisors, LLC (&ldquo;Ancora Advisors&rdquo;),
Ancora Alternatives LLC (&ldquo;Ancora Alternatives&rdquo;), Ancora Family Wealth Advisors, LLC (&ldquo;Ancora Family Wealth&rdquo;),
The Ancora Group Inc. (&ldquo;Ancora Inc. &ldquo;), Inverness Holdings LLC (&ldquo;Inverness Holdings&rdquo;), Ancora Holdings
Inc. (&ldquo;Ancora Holdings&rdquo;), Frederick DiSanto, James M. Chadwick, Andrew C. Clarke, Dawn Garibaldi and Scott M. Niswonger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date hereof, Ancora Catalyst
Institutional directly owns 234,417 shares of common stock, par value $0.01 per share, of the Company (the &ldquo;Common
Stock&rdquo;). As of the date hereof, Ancora Catalyst directly owns 18,004 shares of Common Stock. As of the date hereof,
Ancora Merlin Institutional directly owns 230,999 shares of Common Stock. As of the date hereof, Ancora Merlin directly owns
21,450 shares of Common Stock. As of the date hereof, Ancora SPV I directly owns 165,004 shares of Common Stock. As of the
date hereof, Ancora SPV J directly owns 188,345 shares of Common Stock. As of the date hereof, Ancora SPV K directly owns
190,725 shares of Common Stock. As of the date hereof, Ancora SPV L directly owns 84,541 shares of Common Stock. As of the
date hereof, Ancora SPC E directly owns 483,130 shares of Common Stock. As of the date hereof, 135,884 shares of Common Stock
were held in a certain managed account for which Ancora Advisors serves as the investment adviser to (the &ldquo;Ancora
Advisors SMA&rdquo;). As of the date hereof, 1,300 shares of Common Stock were held in a certain managed account for which
Ancora Family Wealth serves as the investment adviser to (the &ldquo;Ancora Family Wealth SMA&rdquo;). As of the date hereof,
Mr. Clarke beneficially owns 2,500 shares of Common Stock held in the Andrew C. Clark revocable trust, of which Mr. Clarke is
the sole settlor, beneficiary and trustee. As of the date hereof, Mr. Niswonger directly owns 10,000 shares of Common Stock.
Ancora Advisors, as the investment adviser to the Ancora Advisors SMA, may be deemed the beneficial owner of the 135,884
shares of Common Stock held in the Ancora Advisors SMA. Ancora Alternatives, as the investment adviser to each of the Ancora
Funds and the general partner of each of the Ancora Funds other than Ancora SPC E, may be deemed the beneficial owner of an
aggregate of 1,616,615 shares of Common Stock owned by the Ancora Funds. Ancora Family Wealth, as the investment adviser to
the Ancora Family Wealth SMA, may be deemed the beneficial owner of the 1,300 shares of Common Stock held in the Ancora
Family Wealth SMA. Ancora Inc., as the sole member of Ancora Advisors, may be deemed the beneficial owner of the 135,884
shares of Common Stock held in the Ancora Advisors SMA. Inverness Holdings, as the sole member of Ancora Family Wealth, may
be deemed the beneficial owner of the 1,300 shares of Common Stock held in the Ancora Family Wealth SMA. Ancora Holdings, as
the sole member of each of Ancora Alternatives and Inverness Holdings and the sole shareholder of Ancora Inc., may be deemed
the beneficial owner of an aggregate of 1,753,799 shares of Common Stock owned by the Ancora Funds and held in the Ancora
Advisors SMA and Ancora Family Wealth SMA. Mr. DiSanto, as the Chairman and Chief Executive Officer of Ancora Holdings, may
be deemed the beneficial owner of 1,753,799 shares of Common Stock owned by the Ancora Funds and held in the Ancora Advisors
SMA and Ancora Family Wealth SMA. As of the date hereof, neither Mr. Chadwick nor Ms. Garibaldi owns any shares of Common
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
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<SEQUENCE>2
<FILENAME>ex1todfan14a06470026_030821.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>The Deal&rsquo;s Activist Investing Today
podcast with Ronald Orol: Interview with Jim Chadwick</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">This is Ron Orol, and you're here with
The Deal's Activist Investing Today podcast. And I'm really excited to report that we have Ancora Advisors' Jim Chadwick back with
us again.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Ancora, for those of you who don't know,
was formed in 2003 in Cleveland, and Jim has been around with the firm since 2014. And since that time, Ancora has engaged in many,
many activist campaigns and launched or participated in multiple proxy contests over the years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">For example, probably one of the better
known campaigns was Ancora and two other activist funds launched a successful campaign that shook up the Bed Bath &amp; Beyond
C-suite and board in 2019. And in 2020, Big Lots, another large retailer, added two candidates nominated by Ancora and another
activist to its board in the settlement, ending a change of control contest there. So, some pretty high-profile successful campaigns
under Ancora's belt so far.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">So this year, Ancora has three separate
proxy fights underway. And I guess probably the most high-profile of that is Kohl's, the discount retailer, where Ancora and three
other funds, two of which participated with Ancora in the Bed Bath &amp; Beyond campaign from 2019, are seeking to take control
of the board of Kohl's. And then, separately, Ancora wants to select four directors to the board of wealth management and tax company,
Blucora, and it has four candidates up for election to the freight and logistics company Forward Air. So, three proxy fights for
2021 for Ancora &ndash; busy, busy, busy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Thanks, Jim, for taking a little time.
I really appreciate you speaking with the Activist Investing Today podcast.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Sure. Happy to be here.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Okay. So first, maybe, Jim, you could
tell us a little background about Ancora and your role at the firm. I suspect that you're a kind of a lead or heavily involved
in the activist investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Yeah, that's right. Yeah. So Ancora,
as you mentioned earlier, was started in 2003 in Cleveland, Ohio. Today, the firm has about 9 billion of AUM spread out among a
bunch of different categories, including fixed income, long only, and family wealth products, retirement planning services. And
embedded within all that is our alternatives group, and so our alternatives group's where our hedge funds reside. I'm the managing
director of that group. Within it, we have three separate hedge funds, two of which are heavily engaged in activism. We have a
multi-strategy fund that was our original fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And then, we have a dedicated activist-only
fund, which actually I joined the firm in 2014 to help launch with my partners there, Fred DiSanto and Brian Hopkins. And so, that
fund has been in business since '14. And as we've grown that fund along with our multi-strat, we ramped up our activist efforts
along the way. The firm has about four offices around the country today, although we still primarily are in Cleveland and a totally
employee-owned company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Okay. Super. Thanks, Jim. So I think
our audience would be interested in a little bit of information about your background before Ancora. And you worked for Ralph Whitworth
and David Batchelder at pioneer activist fund Relational Investors before you joined Ancora. And I've written numerous stories
about Relational, and not only its activist campaigns, but its huge influence to kind of lobbying on Capitol Hill and at the SEC
to kind of create the world we have today for activist investors. So tell us a little about that experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Definitely, it did, I mean, is the short
answer. But, so, I joined the firm in 1999. Relational had been around a few years at that point, was still relatively small, maybe
$300, $400 million when I joined. As you mentioned, Ralph Whitworth and David Batchelder were the two managing partners, both of
which had come out of that hostile, raider environment of the '80s. Both worked for T Boone Pickens. David was the president of
Mesa back in the '80s, and Ralph was effectively Boone's right hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And when they started their own firm
here in San Diego back then, to start Relational, they wanted to just create a modified version of what they were doing in the
'80s that no longer is really possible kind of post poison pill legislation. And so, they created what they first described as
a premium-free LBO strategy, which later was modified to more of what they called relationship investing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And so out of that, I think, was born
the idea of activism as we know it. They weren't the only ones that were doing it then, but they certainly probably had the most,
at least probably the only pure play focused fund of what we think about today where we see a lot of activist funds. They're the
first that I can think of that really was an activist-only manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And so, I was there for four years, watched
the firm grow significantly, got to spend a lot of time with Rob and David and John Sullivan, one of the other partners. And so,
yeah, through them, I developed a passion for doing this, and obviously something I've carried through my career. I think the style
of investing, the way they go about doing what they do. I looked at the similarities and differences &ndash; similarities, obviously,
the style of activism we engage in and the approach to it is very similar. I think it's a constructive form where we're looking
to do a lot of things behind the scenes first and not necessarily public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And, in fact, I think there's a lot of
situations where even Ancora is activist and a name that we don't file in that we're never over 5%, and we're able to do everything
behind the scenes. And that's definitely something Relational did all the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">But, obviously, the difference is, with
Ancora, we're running more of a traditional hedge fund, so we're actually hedging investments and running it more as a portfolio
of companies versus Relational, which is a little bit more one-off in nature and not hedged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Interesting, yeah. No, anyways, I thought
maybe we could talk about some of the campaigns that you're working on right now. And I've noticed a little bit of at least some
aspects of the various campaigns are similar. And so, I thought maybe we could talk about Kohl's and the discount retailer, which
The Deal had put on our watchlist of potential companies that could be targeted by activists already a few years ago, and kind
of been waiting to see if anybody would launch a campaign there, and lo and behold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">So a big part of your campaign there
involves urging &ndash; I mean, it's one aspect of a number of different things you want, but urgent Kohl&rsquo;s to sell and leaseback
it's real estate. And Kohl's owns about 30% of its stores plus its headquarters, most of its distribution and fulfillment centers.
And I noticed that this was something that you were successful in your efforts in campaigns at &ndash; and correct me if I got
this mistaken &ndash; but I believe you were successful in your campaigns at both Bed Bath &amp; Beyond and also Big Lots to kind
of drive those companies to sell and lease back some of their real estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">So, I guess, one, why do you think that
would be important for Kohl's to do? And is this kind of a general trend that a lot of retailers have sold their real estate and
leased it back? And yeah, maybe just talk about that aspect of the campaign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Yeah. I think the common theme, obviously,
sales-leaseback and all three being retailers. In the case of Kohl's, as was the case with Big Lots, the real estate value was
a significant portion of the market cap today. In the case of Kohl's, we believe there's north of $7 billion of real estate value
there that could be monetized. And so, I think where it comes into play with retail specifically, I mean it's nothing new per se,
but I think what is new is as last several years as retail has fallen out of favor and a lot of retailers are trading at very low
multiples, like Big Lots, is trading less than probably three times EBITDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And so, when you see something like that
where you have an asset that is getting effectively no value from the market, oftentimes unknown by the market because the disclosure
requirements under GAAP are very limited in terms of what you have to say about your real estate value or term market value real
estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">So, here you have a situation where you
have a stock that's trading at a really low multiple, and that was true of Kohl's when we started this campaign too. And then,
you have real estate value that's a significant portion of the overall evaluation, but most likely not getting any credit from
the market in general.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And so, it becomes something where, to
us, it's an incremental value that can be added here that shareholders can benefit from. I mean, it doesn't have to be used just
for buy-backs. It can be used for deleverage. There's a bunch of different opportunities. In the case of Kohl's, I think that pathway
remains to be seen, but certainly, the same groups that we've worked with in both Bed Bath and Big Lots are certainly aware and
have looked at this Kohl's situation very carefully. And so, we do know that there is interested parties that would like to execute
this type of transaction, and the company to-date has done some very limited versions of sales-leaseback, so we'll see where this
goes as the campaign goes on.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">But I think if we were looking at the
campaign in pieces, I think the sales-leaseback is the low hanging fruit, the short-term piece that, it is significant, but we're
looking at building long-term value. That's a part of it. And the other part of it is just effectively changes on the board level
that really oversee the business better, improve the issues that have led to bad performance there for years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Yeah. No, so this is a fascinating. So
at Ancora, I guess one of the things you guys do is you dig into these businesses beyond which you could even find in securities
filings and sell-side analyst reports and, for example, identified this value of the real estate. And you also do research to find
out whether somebody would be interested in buying it and leasing it back and all these kinds of things. Whenever I talk to sell-side
analysts, they're often struggled to tell me anything about the real estate value of these companies, and that's an interesting
point that it's not disclosed. So anyway, so that's an interesting aspect [inaudible 00:09:29].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">[crosstalk 00:09:29] check it out with
the sell-side to know if it really is not baked into the prices. Like Big Lots, I remember specifically talking to a couple of
sell-siders and saying, &quot;Do you know if there's a significant amount of real estate value here that these guys could monetize?&quot;
And they're like, &quot;No, I don't think it's anything material.&quot; And I was like, &quot;Okay.&quot; Those are the things
you're looking for, sort of a general view that there isn't real value there on this asset that you know is very valuable. And
then, we're looking for ways to bring that to market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And we did a calculation that Big Lots
shares have been on kind of a tear since they engaged in that recent sale-leaseback transaction. So, I will be continuing to follow
Big Lots going forward. So I wanted to ask you about another interesting aspect of commonality I've seen in some of Ancora's campaigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And so, I find that you guys have been
pretty successful at getting key former executives to participate in your campaigns. For example, in your campaign at Forward Air,
this is this logistics freight forwarding company that's kind of very specialized and transports kind of large freight from airport
hangars in one city to airport hangars in another city. You nominated the Forward Air's founder and it's ex-CFO. And I feel like
you guys have nominated other people that worked at your targeted companies in your director sites as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">So I guess, one, how do you get these
very important people, former top level C-suite employees at the companies that you launch campaigns at, to participate in your
slate? And, I guess, what does it say about the companies if you're able to bring these kind of director candidates on board?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Yeah, I mean, when you're dealing with
like Forward Air, for example, with the founder of the business, the ex-CFO is a widely respected industry executive, I mean, it
shows that people that know the asset really well, if they're willing to go into an investment group that's going to be activist,
they're willing to put themselves on the line that they think there's a real opportunity there and the business is likely being
mismanaged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And so, I think for us bringing in experts
like that, obviously, part of it, actually helps when we're working on the analysis itself and putting together the thesis. We're
working with these same people to make sure that are they where we're going with valuation, or where we're going with the activist
strategy that is something that actually we can fully vet and validate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Also bringing them in there, having somebody
that can actually implement it. I think portfolio managers are activists in general. A lot of us have experience in the boardroom,
but few of us have actually really been operators. And so, we do like to bring effectively an operating partner in with us that
is more day-to-day knowledgeable about what would happen in the operations in the business. So it's either the business is the
target or it's the business that something similar that they would have a good perspective on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And so, even when you look at this, the
current slate at Kohl's, Tom Kingsbury, who's actually an ex-employee of Kohl's and then became a runaway success as the CEO of
Burlington, he's an all-star in that discount space. And so, having him on our slate here, the same thing. So that's somebody who
just knows the business really well who's executed at a really high level, who's widely respected by other investors in the street.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And so, we're trying to bring people
like that to the table when we're getting involved. But also, ultimately most of these campaigns end in settlements. And so, you're
also wanting to put your best foot forward with your best people, and those are oftentimes the ones you're using kind of at the
finish line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">I'm fascinated, I'm wondering what comes
first, the chicken or the egg? We often see kind of ex-CEOs or founders who have left companies and then watched them deteriorate
and want to come back and influence the business that they left behind. In these situations, is it often plant or launch campaign,
and then you go and field and find these people? Or is it that maybe they want to do something, they come to you... You don't have
to talk about this specific situation, but when you kind of bring in these founders and ex-CFO type people, is it often that they
come to you, and they're saying, &quot;We don't know how to run a proxy fight. We don't know the logistics of these things and
the connections with the proxy solicitors and the PR and all this stuff. Can you do this for us, and we'll partner with you?&quot;
I guess, what comes first, you or the ex-executives?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">I mean, I think for activists in general
and for us too, I would say it usually goes one of two ways. There's usually you're finding the opportunity as the activist and
you know that there's X executives of the company that while you're doing your diligence on the company, you're reaching out to
speak to people about the business, get their thoughts. And then, through those interactions, you end up determining there could
be a much, much bigger campaign here and bring in these people with you to have execute it.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">I mean, I think, usually for us, we're
finding the name first, and then, the person. In the case of Forward Air specifically, Andy Clarke is somebody we worked with a
lot, so it was a situation where we put Andy on the board of Element Fleet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">That's the ex-CFO. You put him on the
board of Element Fleet right in the other campaign. Yeah, go ahead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">[&hellip;] 2018. And then, we put him
on the board of Big Lots last year. And so, he's one of the guys we've used frequently as a director. He's really good in the boardroom,
particularly with something where obviously we know what his skill set is. We've known Andy for over 20 years. And with this company,
when we first identified it specifically, it was based on the stock trading down significantly, and then not recovering with the
rest of the group. So it really stood out.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And so, it was a name that we looked
at and have talked to them about in the past. And it's one of those things where it's like, well, if that thing ever ends up really
dislocating from the group, it might be something to talk about. And I think that kind of a conversation then turns into something
much bigger. That's the primary way it happens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">The other way I've been involved with
it or seen it happen is where you're a shareholder in a company, an activist, you're starting to either exert pressure and all
of a sudden people start coming out of the woodworks. And that includes former executives and others that reach out to you directly
saying, &quot;Hey, I agree with everything you said,&quot; or, &quot;Hey, if you want to try something else, I'd love to work with
you to do this.&quot; And so, it's usually one or the other, but I know we've done both.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">No, that's fascinating. And clearly,
you guys have developed a reputation of governance-focused activism that helped to bring in some of these types of people. So,
okay, so let's say that the deal... We like to talk about deals, obviously. So I wanted to talk a little bit, one aspect of your
Forward Air campaign, which is this idea that you wanted them to stop making acquisitions and consider divesting its intermodal
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Now, the intermodal business is a smaller
trucking business that often transports freight to and from railroads. And it's apparently, tell me if I'm correct, there's kind
of no relationship really between the core business, which is the large freight forwarding business from airports, the airports
and city-to-city with the smaller trucking business. It sounds like it has synergies, but there's no real synergies, and you think
that they should consider divesting that. Why?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Yeah. I mean, starting with the synergy
argument before we get into the other pieces, I mean, we definitely do not believe there are synergies between those two assets.
Effectively from what we can see, there's no overlap in terms of volumes between the two networks, between their core expedited
LTL network and what they're doing on their intermodal, which is more drayage in general. Secondarily, there's no customer overlap.
And then, there also appears to be no overlap from the standpoint of the sales, like you know your sales team or your operations
people.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">So it's just something where across the
board, I think having those two assets together by themselves, other than adding scale into the company as a whole, it does not
provide any synergy benefits that we can see, and nor have ever been demonstrated by the company to date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">I think, additionally, there's nothing
wrong with that business. Drayage or intermodal is not a bad business at all, but their core airport-to-airport network, as you
referred to it at the start of the call is a very high margin, high return business. When Andy Clarke was there and Scott was there
back in the early 2000s, when it was a standalone airport-to-airport model basically, it was a company doing almost 40% plus ROIC
and really high EBITDA margins as well. And since that time, effectively, I think today, the returns are less than 15%. The margins
have dropped considerably. They're operating at an OR of over 90%, which it's pretty poor, where it was under 80. That's effectively
the opposite of your margin in the logistics space.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">So, I mean, it's an asset that as they've
diversified in intermodal is something that, like I said, it's a fine business, but it's a lower margin, lower return business.
I think when you combine a lower margin, lower return business with a gem, you're just making the gem worth less, and that's effectively
what we're concerned about. So we don't think additional acquisitions, capital spend on the intermodal assets makes sense. And
if anything, we think divesting it would be the way to go.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">They just bought a small company to add
to the intermodal, that smaller trucking business, after you launched your campaign. So, I mean, it's kind of insignificant in
the big scheme of things, but you'd wanted them to stop making acquisitions and kind of reevaluate their assets overall. It doesn't
sound like they're listening to you, at least not yet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">We've had a lot of dialogue with that
management team and a couple of the board members. I'd say that's an area we have not found any common ground yet. So that's something
we definitely do not believe is the best use of capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">All right, well, we'll be paying close
attention to the Forward Air situation and your campaign with the founder and ex-CFO there. So that's quite interesting. We have
a little bit of more time, so I thought maybe we could talk about your third proxy contest, which is at Forward Air, you're seeking
to install four directors. At Blucora, you're also seeking to install four directors. And so, Blucora is a wealth management and
tax company and a large presentation letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">One small aspect of it that I thought
was quite interesting because it kind of overlaps a little bit with this thesis you have at Forward Air, which is you want them
to consider divesting their TaxAct tax software business. And so, tell us a little bit of why you think that they should divest
that unit? And also curious about, I believe you filed a lawsuit to challenge the company's bylaws, what's that all about?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">I think the lawsuit is more pre-emptory.
It's preventative in terms of the kind of actions they've taken against us, trying to throw up obstacles in nominating directors.
And they've thrown up an awful lot, which I think is unfortunate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Specifically to the TaxAct asset, in
terms of why sell it? I think it's a similar answer to the last question, which is that the business, despite the fact they keep
saying, &quot;We think there are synergies between these two businesses. At some point, we're going to demonstrate it.&quot; And
now, it's like they were going to do that in June or whatever at their analyst day, they've never provided any real synergies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">We've talked to a lot of people that
cover the company that know the company, former executives of the company. I don't believe there are any. So it's something where
it's a business that does not need to be together with the other. And, to us, it's something where effectively, it's just an aggregation
of assets. And this is a company with extremely high corporate costs and corporate executives that aren't running the actual divisions.
And so, from their standpoint, they want as much sales and EBITDA as possible to keep getting paid. And the underlying businesses
themselves, they effectively don't make sense being together.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">The TaxAct business is one that the asset,
I think there was a time several years ago where that was considered their best asset. And then, as they started getting more and
more into this asset management business, this RIA business, and rolling it up, that business is the one that I think has the most...
In general today has the most interest from the market, both from other participants and just general growth and kind of momentum
behind it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">The TaxAct piece, on the other hand,
is something where it was effectively priced at a pretty significant discount to Turbo Tax. And then, over time, they continued
to take pricing up to the point that the differences in cost became rather immaterial, which kind of put them in sort of a no man's
land there. And then, last year with what happened with COVID, the tax season getting delayed and pushed back, and that hurt them,
could happen again this year, is something where in general, the company has some leverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">We think it's much smarter for them to
focus on the core RIA business, which we think is a lot more valuable, has a lot more optionality, a lot more growth potential.
And to us, the tax piece, the TaxAct piece creates a distraction that I think they could monetize it at a pretty good valuation,
and it would definitely be transformative for the business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">I mean, is that something you think that
somebody would be interested in buying the TaxAct software business, or is it something that could be spun off on its own, or how
do you envision that?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">I think there would be buyers, for sure.
They'd have to run a process, but we definitely do believe there are buyers, both potentially financial buyers and strategics that
I think would make sense. There's been a real interest shown in some other assets, the Credit Karma situation that wasn't too long
ago here. We know that that was a very crowded process and there was a lot of buyers there. I think TaxAct would fit very nicely
with that same group. And so, if they were to go and try to shop the asset, I think they wouldn't have a problem finding someone.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And again, this is one of these situations
where the TaxAct unit, the combination of this wealth management and tax software company, it's kind of the... the tax software
business's value is hidden in the overall valuation of the company. Is that kind of the thing?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">One or the other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">One or the other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Either way, it's hard to value because
you've got two totally different businesses. And so, I think it's difficult to really value the company effectively, and I think
that being pure play one or the other. And I don't know a shareholder that doesn't think that it should be the TaxAct piece to
go, if it's either one of them. But together, it just doesn't make sense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And look, they have challenges across
the business. That's part of the reason I think there's a sense of urgency on the campaign is they've had a lot of attrition on
the asset management side. A lot of people have left the business. A lot of people are leaving the business. And there's a lot
of things that are not being done by the corporate team there and the board that are impacting the overall valuation of the company
today.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">And we're not running a control slate,
but our intention is by putting people on the board that have real experience in the RIA world, and that includes our CEO and chairman,
Fred DiSanto, who certainly knows that business as well as anybody. I think it would make a significant difference because they
do have damage control to do there.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Yeah. No, that's a really interesting
campaign too. We'll be watching that extremely close. And so, we are out of time. I just want to thank James Chadwick. We've been
talking to James Chadwick of Ancora Advisors, and we really appreciate you taking a little time to chat with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Jim
Chadwick:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">I'm happy to do so. Thanks again, Ron.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">Ron
Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">You've been listening to the Activist
Investing Today podcast with Ron Orol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"></P>

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