<SEC-DOCUMENT>0000921895-25-001307.txt : 20250507
<SEC-HEADER>0000921895-25-001307.hdr.sgml : 20250507
<ACCEPTANCE-DATETIME>20250507122855
ACCESSION NUMBER:		0000921895-25-001307
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250507
DATE AS OF CHANGE:		20250507
EFFECTIVENESS DATE:		20250507

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FORWARD AIR CORP
		CENTRAL INDEX KEY:			0000912728
		STANDARD INDUSTRIAL CLASSIFICATION:	ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				621120025
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22490
		FILM NUMBER:		25920256

	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 Alternatives LLC
		CENTRAL INDEX KEY:			0001836192
		ORGANIZATION NAME:           	
		EIN:				854053337
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		6060 PARKLAND BLVD.
		STREET 2:		SUITE #200
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44124
		BUSINESS PHONE:		216-825-4000

	MAIL ADDRESS:	
		STREET 1:		6060 PARKLAND BLVD.
		STREET 2:		SUITE #200
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44124
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>px14a6g06470026_05072025.htm
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">NOTICE OF EXEMPT SOLICITATION<BR>
<FONT STYLE="font-weight: normal">Submitted Pursuant to Rule 14a-6(g)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Amendment No. ____)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Name of the Registrant:<BR>
<BR>
Forward Air Corporation</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Name of Person Relying on Exemption:<BR>
<BR>
Ancora Alternatives LLC</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Address of Person Relying on the Exemption:<BR>
<BR>
C/O ANCORA HOLDINGS GROUP, LLC<BR>
6060 Parkland Boulevard, Suite 200<BR>
Cleveland, Ohio 44124</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Written Material. The following written materials are attached:<BR>
Press Release, dated May 7, 2025.</TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">*&#9;*&#9;*</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Written materials are submitted pursuant
to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. This is not a solicitation of authority to vote your proxy.
Ancora Alternatives LLC (together with its affiliates, &ldquo;Ancora&rdquo;) is not asking for your proxy card and will not accept proxy
cards if sent. The cost of this filing is being borne entirely by Ancora.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>PLEASE NOTE: Ancora is not asking for
your proxy card and cannot accept your proxy card. Please DO NOT send us your proxy card.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><I>(Written material follows on next page)</I></P>

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

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<P STYLE="font: 18pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Ancora Issues Letter to Forward Air Shareholders
Regarding the Need to Vote <U>AGAINST</U> Three Unfit Legacy Directors at 2025 Annual Meeting</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Announces Intent to Vote <U>AGAINST Chairman
George S. Mayes, Jr.</U>, <U>Director Javier Polit</U> and <U>Director Laurie A. Tucker</U></I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Believes These Directors Cannot be Trusted to
Support a Credible Strategic Review Given Their Egregious M&amp;A Records &ndash; Including on the Omni Acquisition &ndash; and Histories
of Presiding Over Massive Value Destruction</I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Contends the Board&rsquo;s Conscious Flip-Flopping
on Applicability of the Tennessee Business Combination Act is Clear Evidence of Entrenchment </I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Warns the Board Against Continuing to Drag its
Feet and Attempting to Self-Sabotage the Strategic Review </I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group,
LLC (together with its affiliates, &ldquo;Ancora&rdquo; or &ldquo;we&rdquo;) today issued the below letter to shareholders of Forward
Air Corporation (NASDAQ: FWRD) (&ldquo;Forward Air&rdquo; or the &ldquo;Company&rdquo;) outlining its reasons why shareholders should
join Ancora in voting <B><U>AGAINST</U></B> three current members of the Board of Directors (the &ldquo;Board&rdquo;) at the 2025 Annual
Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;): <B><U>Chairman George S. Mayes, Jr.</U></B>, <B><U>Director Javier Polit</U></B>
and <B><U>Director Laurie A. Tucker</U></B>. Ancora maintains that these directors, who supported Forward Air&rsquo;s disastrous acquisition
of Omni Logistics, LLC (&ldquo;Omni&rdquo;) in 2023 and then resisted public calls from several shareholders to run a strategic review
in 2024, cannot be trusted to oversee a credible process that results in a value-maximizing outcome for shareholders.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">***</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">Fellow Shareholders,</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Ancora, which first invested in Forward Air in
2020, currently has an approximately 4.1% stake and is a top 10 shareholder of the Company. We have a long history of engaging with Forward
Air&rsquo;s leadership to deliver value-enhancing suggestions pertaining to capital allocation, corporate governance, operations and strategy.
Within a year of our initial campaign &ndash; which resulted in a refresh of the Board and stronger financial and operational discipline
 &ndash; the Company&rsquo;s shares rose significantly and reached an all-time high of more than $121 in January 2022.<FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>1</SUP></FONT>
Unfortunately, the Board&rsquo;s debt-fueled acquisition of Omni and evident resistance to running a credible strategic review of sale
options have been the primary catalysts of tremendous value destruction. Today, Forward Air&rsquo;s shares trade at just $16.75.<FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 9pt; line-height: 107%"><SUP>1</SUP></FONT>
<FONT STYLE="font-size: 9pt">Closing price as of January 4, 2022 was $121.98.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 9pt; line-height: 107%"><SUP>2</SUP></FONT>
<FONT STYLE="font-size: 9pt">Closing price as of May 6, 2025.</FONT></P>

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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders will recall that the Board only launched
the long overdue review of strategic alternatives in January 2025 following a disclosure of interest from a potential acquirer and several
months after public urging from multiple large, independent shareholders.<FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>3</SUP></FONT>
The Board&rsquo;s timing leads us to ask if it disingenuously announced a strategic review just one month ahead of the nomination window
for the 2025 Annual Meeting in order to stave off an election contest? It certainly seems that way to us.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the four months since its announcement, the
Board has moved alarmingly slowly, causing us to become deeply troubled by its apparent inability or unwillingness to advance shareholders&rsquo;
best interests. We fear that the Board has not even entered into non-disclosure agreements with any interested parties as of the date
of this letter.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As such, we plan to send the Board a clear message
that the status quo is unacceptable in light of the significant value that has been destroyed and the time-sensitive opportunity currently
in front of Forward Air.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Ancora is <U>voting &ldquo;AGAINST&rdquo;</U>
the following long-serving Board members at the 2025 Annual Meeting: <U>Chairman George S. Mayes, Jr.</U>, <U>Director Javier Polit</U>
and <U>Director Laurie A. Tucker</U>.</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Given that Forward Air has a clear resignation
policy for directors who receive more votes &ldquo;against&rdquo; their election than votes &ldquo;for&rdquo; their election, we feel
this is the right step to take in order to obtain accountability and deliver a strong mandate to the remaining Board members.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In our view, these three targeted directors cannot
be trusted to oversee the Company&rsquo;s current strategic review based on their history of inaction, failed oversight and highly problematic
decisions related to transactions:</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Each of the targeted directors was on the Board when it decided to pursue the Omni acquisition in August
2023 and bears responsibility for the disastrous deal.</B> The Omni transaction was egregious for Forward Air shareholders from the beginning,
as evidenced by the fact that it was intentionally structured to avoid a pre-closing shareholder vote, was funded by a whopping $1.85
billion in debt and effectively coerced shareholders to vote for their own dilution. The deal incurred substantial earnings quality risk
and introduced significant potential competitive disadvantages for the Company&rsquo;s core domestic freight forwarding customers. Post-closing,
the acquisition resulted in the addition of four Omni-designated directors to the combined Company&rsquo;s Board and cemented an approximately
38% voting block that is contractually required to vote in favor of directors nominated by the Board.<FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>4</SUP></FONT>
As a leading independent proxy advisor noted, with the Omni transaction, Forward Air has &ldquo;[joined] the ranks of acquirers that remain
public with a substantial overhang on shares and under a cloud of poor governance.&rdquo;<FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>5</SUP></FONT>
While the Board has replaced the Company&rsquo;s CEO and tinkered with its composition, this does not absolve the targeted directors,
who have stood by while shareholder value has been destroyed.</TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 9pt; line-height: 107%"><SUP>3</SUP></FONT>
<FONT STYLE="font-size: 9pt">Irenic Capital Management, L.P.&rsquo;s letter to the Board was reported by The Wall Street Journal on May
28, 2024 (https://www.wsj.com/business/logistics/activist-investor-irenic-builds-stake-in-forward-air-f2d213de). Clearlake Capital Group,
LP filed a Schedule 13D on August 14, 2024 (https://www.sec.gov/Archives/edgar/data/912728/000114036124037374/ef20032426_sc13d.htm).
Ancora issued an open letter to the Board on August 20, 2024 (https://businesswire.com/news/home/20240820689918/en/Ancora-Issues-Letter-to-Forward-Air-Corporations-Board-of-Directors-Regarding-the-Need-to-Initiate-a-Strategic-Review-Based-on-Acquirer-Interest).
Alta Fox Capital Management, LLC issued an open letter to the Board on October 7, 2024 (https://businesswire.com/news/home/20241007028837/en/Alta-Fox-Calls-for-Immediate-Strategic-Review-at-Forward-Air-Corporation).</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%"><SUP>4</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Revised deal terms reduced the equity dilution to approximately
35.5% at closing.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 9pt; line-height: 107%"><SUP>5</SUP></FONT>
<FONT STYLE="font-size: 9pt">Institutional Shareholder Services Inc. (&ldquo;ISS&rdquo;) report dated September 22, 2023. Permission
to quote ISS was neither sought nor obtained.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>The targeted directors have overseen years of massive value destruction.</B> Under the stewardship
of the targeted directors, Forward Air has delivered negative total returns and significantly underperformed relevant indexes. The evidence
suggests shareholders can expect lasting damage should these directors remain in their seats.</TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Total Shareholder Returns Under the Targeted Directors</I></B><FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>6</SUP></FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 40%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>George S. Mayes, Jr. (4+ Years) </B></FONT></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Javier Polit </B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(4+ Years)</B></P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Laurie A. Tucker (5+ Years)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Forward Air</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D1D1D1; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(81.5%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D1D1D1; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(81.5%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D1D1D1; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(73.0%)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">S&amp;P 500 Index</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">51.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">51.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">105.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Russell 2000 Index</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(10.2%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(10.2%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">39.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">S&amp;P 500 Air Freight &amp; Logistics Index</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(20.7%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(20.7%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19.9%</FONT></TD></TR>
  <TR STYLE="background-color: #DAE9F7">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Forward Air vs. S&amp;P 500 Index</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(132.9%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(132.9%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(178.8%)</B></FONT></TD></TR>
  <TR STYLE="background-color: #DAE9F7">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Forward Air vs. Russell 2000 Index</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(71.3%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(71.3%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(112.2%)</B></FONT></TD></TR>
  <TR STYLE="background-color: #DAE9F7">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Forward Air vs. S&amp;P 500 Air Freight &amp; Logistics Index</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(60.8%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(60.8%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(92.9%)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>The Board appears to be slow-walking the Company&rsquo;s sale process.</B> In October 2024, the press
reported that Forward Air retained investment bankers to lead a strategic review.<FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>7</SUP></FONT>
To avoid interfering with the sale process, we chose not to nominate new director candidates for election to the Board this year. However,
the Board has demonstrated an alarming lack of urgency in pursuing a sale &ndash; and the Company&rsquo;s stock has suffered for it. It
took the Board three months after hiring bankers to even announce a formal sale process. Since October, Forward Air&rsquo;s stock has
declined by more than 58% as the Board has not reported any meaningful progress.<FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>8</SUP></FONT>
We have serious concerns about the ability of the targeted directors to oversee the Company&rsquo;s strategic review in light of their
shared history of poor decisions on transactions. The Board cannot ignore the feedback of its shareholder base, which has been vocal about
the need for a transaction &ndash; especially in the absence of a standalone plan that will reverse the Company&rsquo;s value destruction.</TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 9pt; line-height: 107%"><SUP>6</SUP></FONT>
<FONT STYLE="font-size: 9pt">FactSet. Data as of May 6, 2025. George S. Mayes, Jr. and Javier Polit joined the Board on March 15, 2021,
while Laurie A. Tucker was appointed to the Board effective October 22, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-size: 9pt; line-height: 107%"><SUP>7</SUP></FONT>
<FONT STYLE="font-size: 9pt">FreightWaves article dated October 17, 2024 (https://www.freightwaves.com/news/forward-air-retains-investment-bankers-to-sell-company-sources-say).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 9pt; line-height: 107%"><SUP>8</SUP></FONT>
<FONT STYLE="font-size: 9pt">On October 17, 2024, the date of the FreightWaves report, the Company&rsquo;s stock closed at $40.16. On
May 6, 2025, the Company&rsquo;s stock closed at $16.75.</FONT></P>

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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">Forward Air&rsquo;s balance sheet and
leverage profile is an acute concern, with significantly greater debt than historical levels and industry norms. Further, the Company
has materially underperformed its deleveraging targets following the consummation of the Omni transaction, which has resulted in multiple
covenant breaches that had to be rectified with material credit amendments. The longer inaction persists, the more likely it becomes that
Forward Air encounters further distress and negative financial and operational outcomes. This leaves shareholders in a precarious position,
as we are the ones responsible for bearing the cost of the Board&rsquo;s inaction.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">We continue to believe that the private
market is the best place for Forward Air to fix its balance sheet issues, improve operations and profitability, and serve customers and
other stakeholders. We also expect a sale to deliver a meaningful premium relative to the Company&rsquo;s current share price, while eliminating
further risk for long-suffering shareholders. Simply put, we see no reason why the Board should not continue down this path and expedite
its sale process &ndash; especially since Forward Air already has multiple private equity firms in its shareholder base.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>We believe the Board&rsquo;s transparent flip-flop regarding the applicability of the Tennessee Business
Combination Act last year was an unconscionable entrenchment maneuver. </B>If the Board&rsquo;s decision did not stem from a focus on
self-preservation and prolonging a standalone existence for Forward Air, then the directors are just lacking the competence and knowledge
to serve as fiduciaries. We would welcome the opportunity to be proven wrong if the Board could address the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">How could the Board possibly determine in May
2024, just a week after a potential friendly acquirer filed a Schedule 13G disclosing holdings of more than 10% of the Company&rsquo;s
shares, that the Tennessee Business Combination Act was all of a sudden applicable at Forward Air? The Company had been disclosing the
exact opposite in public filings for many years: &ldquo;We have elected to not be subject to the Tennessee Business Combination Act.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the Company needed to reincorporate in Delaware
to ensure a comprehensive strategic review, why didn&rsquo;t the Board move quickly to call a special meeting months ago for the purpose
of reincorporating or hold its 2025 Annual Meeting in a more timely manner? We note that, historically, Forward Air has held its annual
meetings in early May. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Why did the Board wait several months to announce
a strategic review, despite vocal suggestions to explore a sale from approximately 25% of the Company&rsquo;s shareholder base?</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Why did Forward Air wait several months to announce
a strategic review, even though the Company&rsquo;s share price appreciation clearly reflected shareholders&rsquo; enthusiasm for a sale?</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">How can Mr. Mayes, Mr. Polit and Ms. Tucker be
trusted to evaluate sale options after they bet the house on the enormously value-destructive acquisition of Omni?</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Importantly, why should Forward Air shareholders
entrust these three individuals to determine fair value for the Company after approving the value-destructive Omni transaction? These
three directors may be more concerned about personal liability than maximizing value for shareholders. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Should the Board continue trying to buy itself
another year of life at shareholders&rsquo; expense, we hope each of these incumbent directors are held accountable at the upcoming Annual
Meeting. It is time for the entire Board to recognize that shareholders will not tolerate more episodes of avoidable value destruction
at Forward Air. One way or another, change is coming to the Company.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sincerely,</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Fredrick D. DiSanto</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Chairman and Chief Executive Officer</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Ancora Holdings Group, LLC</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">James Chadwick</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">President</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Ancora Alternatives LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>About Ancora</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Founded in 2003, Ancora Holdings Group, LLC offers
integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across
the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension
plans to deliver long-term value. Ancora&rsquo;s comprehensive service offering is complemented by a dedicated team that has the breadth
of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives
is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy
and commodities. For more information about Ancora Alternatives, please visit&nbsp;<FONT STYLE="color: #467886">www.ancoraalts.com</FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR
PROXY. DO NOT SEND US YOUR PROXY CARD. ANCORA IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. ANCORA IS NOT
ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Contacts</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Longacre Square Partners LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Greg Marose / Bela Kirpalani, 646-386-0091</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #467886">gmarose@longacresquare.com</FONT>&nbsp;/&nbsp;<FONT STYLE="color: #467886">bkirpalani@longacresquare.com</FONT><BR>
<BR>
Saratoga Proxy Consulting LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">John Ferguson / Joseph Mills, 212-257-1311</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #467886">info@saratogaproxy.com</P>





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