Forward Air Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
April 30 2024 - 5:56PM
Business Wire
Forward Air Corporation (NASDAQ:FWRD) (the “Company”) announced
that it granted equity awards on April 29, 2024 as a material
inducement to employment of the newly-hired Chief Executive
Officer, Shawn Stewart.
As previously disclosed, the Company and Mr. Stewart entered
into an employment agreement in connection with Mr. Stewart’s
appointment as Chief Executive Officer. Pursuant to the employment
agreement, the following equity awards were approved for issuance
to Mr. Stewart in accordance with Nasdaq Listing Rule 5635(c)(4):
(i) 50,955 restricted shares of Company common stock, which will
vest equally on each of the first, second and third anniversaries
of the grant date, subject to Mr. Stewart’s continuous employment
through the applicable vesting date and (ii) 76,433 performance
share units, with the performance period ending on December 31,
2026, in alignment with the performance period of other executive
officers of the Company and subject to Mr. Stewart’s continuous
employment through the applicable vesting date. The inducement
awards to Mr. Stewart were granted as a material inducement to his
employment and were approved by the Board of Directors (the
“Board”) of the Company and the Compensation Committee of the Board
on April 22, 2024.
The awards were granted to Mr. Stewart pursuant to the terms of
his employment agreement, which will be filed with the Company’s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.
The awards were granted pursuant to stand-alone inducement award
agreements outside of the Company’s 2016 Omnibus Incentive
Compensation Plan but are generally subject to the same terms and
conditions that apply to awards granted under the Company’s 2016
Omnibus Incentive Compensation Plan.
About Forward Air Corporation
Forward Air is a leading asset-light provider of transportation
services across the United States, Canada and Mexico. We provide
expedited less-than-truckload services, including local pick-up and
delivery, shipment consolidation/deconsolidation, warehousing, and
customs brokerage by utilizing a comprehensive national network of
terminals. In addition, we offer truckload brokerage services,
including dedicated fleet services, and intermodal, first- and
last-mile, high-value drayage services, both to and from seaports
and railheads, dedicated contract and Container Freight Station
warehouse and handling services. Forward also operates a full
portfolio of multimodal solutions, both domestically and
internationally, via Omni Logistics. Omni Logistics is a global
provider of air, ocean and ground services for mission-critical
freight. We are more than a transportation company. Forward is a
single resource for your shipping needs. For more information,
visit our website at www.forwardaircorp.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240430845157/en/
Forward Air Corporation Justin Moss, 404-362-8933
jmoss@forwardair.com
Forward Air (NASDAQ:FWRD)
Historical Stock Chart
From Apr 2024 to May 2024
Forward Air (NASDAQ:FWRD)
Historical Stock Chart
From May 2023 to May 2024