Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-17

Forward Air (FWRD)

CEO Shawn Stewart was paid $5,561,309 in fiscal year 2025, ↑ up 21.8% from fiscal year 2024, the 35th percentile of its disclosed peer group (SEC filing 0001104659-26-051569 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,561,309 ↑
Shawn Stewart total, FY2025
35th
CEO pay percentile vs peers
140.2:1
CEO-to-median pay ratio
95.64%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Shawn Stewart (Chief Executive Officer), FY2025 total compensation $5,561,309 (base salary $900,000) [exec_comp, SEC accession 0001104659-26-051569, filed 2026-04-29]

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FWRD's next annual pay disclosure, estimated April 15, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Shawn Stewart$900,000$0$4,037,990$0$617,400$0$5,919$5,561,309
Chief Executive Officer
Jamie Pierson625,00002,187,9900321,56305,4133,139,966
Chief Financial Officer
Jerome Lorrain234,17601,184,25000048,3361,466,762
Executive Chairman
Michael Hance500,0000600,0000257,25006,2691,363,519
Chief Legal Officer and Secretary
Eric Brandt525,0000500,0000261,226001,286,226
Chief Commercial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Shawn Stewart$5,561,309$4,564,259—↑ +997,050
Jamie Pierson3,139,9661,708,716—↑ +1,431,250
Jerome Lorrain1,466,762———
Michael Hance1,363,5191,995,8861,044,012↓ −632,367
Eric Brandt1,286,226———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against FWRD
11 companies name FWRD as a compensation peer

Each company listed discloses FWRD in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named FWRD in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Ana AmicarellaFormer director (through FY2025)$46,731
Charles L. AndersonIndependent Director$225,000
Christine M. GorjancIndependent Director$240,549
Dale W. BoylesIndependent Director$240,000
George S. Mayes, JrFormer director (through FY2025)$97,912
Javier PolitFormer director (through FY2025)$42,280
Laurie A. TuckerFormer director (through FY2025)$46,731
Michael B. HodgeFormer director (through FY2025)$199,070
Paul SvindlandLead Independent Director$221,566
Robert L. Edwards, JrIndependent Director$230,549
Valerie BonebrakeFormer director (through FY2025)$42,280
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michael HancePSU2025-02-193,7807,560—15,120$299,981
Eric BrandtRSU2025-02-19——8,028—249,984
Eric BrandtPSU2025-02-193,1506,300—12,600249,984
Jamie PiersonRSU2025-02-19——18,465—575,000
Jamie PiersonPSU2025-02-1933,33333,333—33,3331,037,990
Shawn StewartRSU2025-02-19——38,536—1,200,011
Jamie PiersonPSU2025-02-197,24614,491—28,982575,003
Shawn StewartPSU2025-02-1933,33333,333—33,3331,037,990
Michael HanceRSU2025-02-19——9,634—300,003
Shawn StewartPSU2025-02-1922,68245,363—90,7261,800,004
Jerome LorrainPSU2025-07-113,5237,046—14,092300,019
Jerome LorrainPSU2025-07-1125,00025,000—25,000684,250
Jerome LorrainRSU2025-07-11——7,307—199,993
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michael Hance$300,003$299,981$050.0%
Eric Brandt249,984249,984050.0%
Jamie Pierson575,0001,612,993073.7%
Shawn Stewart1,200,0112,837,994070.3%
Jerome Lorrain199,993984,269083.1%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jamie PiersonRSU31,427—$785,675
Jamie PiersonPSU62,917—1,572,925
Eric BrandtPSU6,300—157,500
Michael HanceRSU37,525—938,125
Shawn StewartRSU72,506—1,812,650
Eric BrandtRSU8,028—200,700
Michael HancePSU46,930—1,173,250
Michael HanceOption1,101115.42—
Shawn StewartPSU155,129—3,878,225
Jerome LorrainPSU32,046—801,150
Jerome LorrainRSU7,307—182,675
05

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee has designed our executive compensation program to attract, develop, reward and retain key talent to facilitate achievement of our annual, long-term and strategic goals. One of the Committee's objectives is to align executives' interests with stockholders' interests by creating a pay-for-performance culture at the executive level, with the ultimate goal of increasing stockholder value.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)—
Independent consultantMeridian Compensation Partners, LLC
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1724,784,2421,130,305136,74095.64%Passed
20242024-06-0318,037,4754,696,9431,349,00379.34%Passed
20232023-05-0922,571,8581,913,3887,90892.19%Passed
20222022-05-1024,603,827213,2677,07599.11%Passed
20212021-05-1925,519,673146,65823,78299.34%Passed
20202020-05-1225,180,432249,48911,57699.02%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1795.64%a
20242024-06-0379.34%b
20232023-05-0992.19%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not considered as votes cast and will have no effect on the approval of these proposals, other than for purposes of determining if a quorum is present.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the vote on these proposals.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)140.2 : 1
CEO total compensation$5,561,309
Median employee compensation$39,663
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Christine M. GorjancIndependent · Audit (Chair) · Compensation · Corporate Governance and Nominating$110,549$130,000$0$0$0$240,549
Dale W. BoylesIndependent · Audit · Corporate Governance and Nominating110,000130,000000240,000
Robert L. Edwards, JrIndependent · Compensation (Chair) · Not standing for re-election100,549130,000000230,549
Charles L. AndersonIndependent · Compensation · Not standing for re-election95,000130,000000225,000
Paul SvindlandIndependent · Lead Independent Director · Audit · Compensation (Chair) · Corporate Governance and Nominating · Newly elected91,566130,000000221,566
Michael B. HodgeIndependent · Departed during FY69,070130,000000199,070
George S. Mayes, JrIndependent · Departed during FY97,912000097,912
Ana AmicarellaIndependent · Departed during FY46,731000046,731
Laurie A. TuckerIndependent · Departed during FY46,731000046,731
Valerie BonebrakeIndependent · Departed during FY42,280000042,280
Javier PolitIndependent · Departed during FY42,280000042,280
Jerome LorrainEmployee director · Board Chair · Executive (Chair)000—00
Shawn StewartEmployee director · Executive000—00
09

Board fee structure and ownership guideline

Annual cash retainer$85,000
Annual equity retainer$130,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)10,000 / 50,000
Stock ownership guideline5x annual cash retainer ($425,000)
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$852,668
Equity awards (grant-date value)$780,000
All other compensation$0
Total cost of the board$1,632,668

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Forward Air names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Forward Air.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1XPO, Inc.2025Mario Harik$872,198$9,876,760$0$1,236,906$12,001,545
2Old Dominion Freight Line, Inc.2025Kevin Freeman1,033,6802,377,60608,167,84711,615,896
3C.H. Robinson Worldwide, Inc.2025David Bozeman1,100,9626,984,38302,879,61811,045,949
4Ryder System, Inc.2025Robert Sanchez1,100,0017,159,49501,675,89410,178,386
5Expeditors International of Washington, Inc.2025Daniel Wall100,0005,940,13403,600,7299,643,863
6J.B. Hunt Transport Services, Inc.2025Shelley Simpson961,3856,927,52901,067,4219,004,371
7GXO Logistics, Inc.2025Patrick Kelleher239,6156,506,536060,2267,628,275
8RXO, Inc.2025Drew Wilkerson703,1546,339,646—529,2497,589,549
9Schneider National, Inc.2025Mark Rourke1,000,0005,704,1740569,1207,380,101
10Saia, Inc.2025Frederick Holzgrefe980,0005,176,716006,312,241
11Werner Enterprises, Inc.2025Derek Leathers974,0774,200,0000745,1066,048,549
12Forward Air2025Shawn Stewart900,0004,037,9900617,4005,561,309
13Knight-Swift Transportation Holdings, Inc.2025Adam Miller950,0003,242,667—803,1305,011,329
14Landstar Systems, Inc.2025Frank Lonegro800,0003,473,0490210,0004,574,887
15Hub Group, Inc.2024Phillip Yeager850,0002,400,342—552,5003,964,450
16ArcBest Corporation2025Seth Runser575,000390,254—201,9881,234,403
17Marten Transport, Ltd.2025Randolph Marten801,483342,998001,154,303
18Heartland Express, Inc.2025Michael Gerdin1,050,0000001,070,362

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Forward Air68%PSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Meridian Compensation Partners, LLC
ArcBest Corporationnot disclosedC-LTIP 60 · RSU 40not disclosedMeridian Compensation Partners, LLC
C.H. Robinson Worldwide, Inc.171%PSU 60 · RSU 40NoSemler Brossy
Expeditors International of Washington, Inc.not disclosedPSU 50 · RSU 50NoMeridian Compensation Partners, LLC
GXO Logistics, Inc.not disclosednot disclosedYes — Relative Total Shareholder Return (rTSR) compared to the S&P MidCap 400 IndexF.W. Cook
Heartland Express, Inc.not disclosedRestricted Stock 100not disclosednot disclosed
Hub Group, Inc.not disclosedRSU 50 · PRSU 50NoAon
J.B. Hunt Transport Services, Inc.not disclosedPSU 60 · RSU 40NoMeridian Compensation Partners, LLC
Knight-Swift Transportation Holdings, Inc.not disclosedPRSU 60 · RSU 40not disclosedPearl Meyer
Landstar Systems, Inc.not disclosednot disclosednot disclosedFW Cook; Compensation Strategies, Inc.
Marten Transport, Ltd.not disclosednot disclosednot disclosedGrant Thornton LLP
Old Dominion Freight Line, Inc.not disclosednot disclosedYes — Three-year relative TSR compared to companies in the Dow Jones Transportation AveragePearl Meyer
RXO, Inc.not disclosedPRSU 50 · RSU 50not disclosedPearl Meyer & Partners, LLC
Ryder System, Inc.90%PSU 60 · RSU 40NoFW Cook
Saia, Inc.not disclosedPSU 50 · Restricted Stock 50not disclosedMercer
Schneider National, Inc.not disclosedPSU 50 · RSU 50Yes — RELATIVE TOTAL SHAREHOLDER RETURN (rTSR)Frederic W. Cook & Co, Inc.
Werner Enterprises, Inc.not disclosednot disclosednot disclosedFrederic W. Cook & Co.
XPO, Inc.not disclosednot disclosednot disclosedExequity LLP

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Forward Air in fiscal 2025?
As disclosed, Shawn Stewart (Chief Executive Officer) was the highest-paid executive at Forward Air in fiscal 2025, with total compensation of $5,561,309.
How does Forward Air's chief executive pay compare to its disclosed peer group?
As disclosed, Shawn Stewart's total compensation ranked at the 35th percentile of Forward Air's disclosed peer group.
What is Forward Air's CEO-to-median employee pay ratio?
As disclosed, Forward Air's CEO-to-median employee pay ratio was 140.2:1.
How did shareholders vote on Forward Air's executive compensation?
As disclosed, 95.64% of shareholders supported Forward Air's executive compensation in the latest say-on-pay vote.
How much does Forward Air spend in total on board compensation for fiscal 2025?
As disclosed, Forward Air reported total board compensation of $1,632,668 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Shawn StewartDEF 14A2026-04-290001104659-26-051569Section “Summary Compensation Table”. As printed: 5,561,309. Filing ↗machine: t28 · r1 · c47 · span 679731–679740
2Section 01, Jamie PiersonDEF 14A2026-04-290001104659-26-051569Section “Summary Compensation Table”. As printed: 3,139,966. Filing ↗machine: r3 · c47 · span 689080–689089
3Section 01, Jerome LorrainDEF 14A2026-04-290001104659-26-051569Section “Summary Compensation Table”. As printed: 1,466,762. Filing ↗machine: r5 · c47 · span 698546–698555
4Section 01, Michael HanceDEF 14A2026-04-290001104659-26-051569Section “Summary Compensation Table”. As printed: 1,363,519. Filing ↗machine: r7 · c47 · span 707764–707773
5Section 01, Eric BrandtDEF 14A2026-04-290001104659-26-051569Section “Summary Compensation Table”. As printed: 1,286,226. Filing ↗machine: r10 · c47 · span 721549–721558
6Section 03, Michael Hance PSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 845565–845572
7Section 03, Eric Brandt RSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 869623–869630
8Section 03, Eric Brandt PSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 863851–863858
9Section 03, Jamie Pierson RSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 808775–808782
10Section 03, Jamie Pierson PSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 802983–802992
11Section 03, Shawn Stewart RSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 784648–784657
12Section 03, Jamie Pierson PSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 797104–797111
13Section 03, Shawn Stewart PSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 778831–778840
14Section 03, Michael Hance RSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 851354–851361
15Section 03, Shawn Stewart PSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 772925–772934
16Section 03, Jerome Lorrain PSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 821393–821400
17Section 03, Jerome Lorrain PSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 827297–827304
18Section 03, Jerome Lorrain RSUDEF 14A1900-01-010001104659-26-051569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 833111–833118
19Section 07, pay ratioDEF 14A2026-04-290001104659-26-051569Section “CEO Pay Ratio”. As printed: 140.2 : 1. Filing ↗
20Section 08, Christine M. GorjancDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 240,549. Filing ↗machine: t11 · r6 · c23 · span 246008–246015
21Section 08, Dale W. BoylesDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 240,000. Filing ↗machine: t11 · r4 · c23 · span 240749–240756
22Section 08, Robert L. Edwards, JrDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 230,549. Filing ↗machine: t11 · r5 · c23 · span 243392–243399
23Section 08, Charles L. AndersonDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 225,000. Filing ↗machine: t11 · r2 · c23 · span 235407–235414
24Section 08, Paul SvindlandDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 221,566. Filing ↗machine: t11 · r10 · c23 · span 256882–256889
25Section 08, Michael B. HodgeDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 199,070. Filing ↗machine: t11 · r7 · c23 · span 248740–248747
26Section 08, George S. Mayes, JrDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 97,912. Filing ↗machine: t11 · r8 · c5 · span 249923–249929
27Section 08, Ana AmicarellaDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 46,731. Filing ↗machine: t11 · r1 · c5 · span 231260–231266
28Section 08, Laurie A. TuckerDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 46,731. Filing ↗machine: t11 · r11 · c5 · span 258087–258093
29Section 08, Valerie BonebrakeDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 42,280. Filing ↗machine: t11 · r3 · c5 · span 236612–236618
30Section 08, Javier PolitDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 42,280. Filing ↗machine: t11 · r9 · c5 · span 252650–252656
31Section 08, Jerome LorrainDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 0. Filing ↗
32Section 08, Shawn StewartDEF 14A2026-04-290001104659-26-051569Section “Director Compensation”. As printed: 0. Filing ↗
33Section 06, 2026 voteForm 8-K2026-06-170001628280-26-043864Item 5.07 · say-on-pay result. As reported: 95.64% (votes for as printed: 24,784,242). Filing ↗
34Section 06, 2024 voteForm 8-K2024-06-040001628280-24-026636Item 5.07 · say-on-pay result. As reported: 79.34% (votes for as printed: 18,037,475). Filing ↗
35Section 06, 2023 voteForm 8-K2023-05-110001628280-23-017644Item 5.07 · say-on-pay result. As reported: 92.19% (votes for as printed: 22,571,858). Filing ↗
36Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
37Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
38Section 09b board cost (computed)Computed——Cash 852,668 + equity 780,000 + all other 0 = 1,632,668, summed across the director compensation table rows.machine: formula: Σ = 1,632,668
39XPO, Inc., Section 10b CEO totalDEF 14A2026-04-070001104659-26-040425CEO total compensation as printed in XPO, Inc.'s own proxy. As printed: 12,001,545. Filing ↗machine: r4 · c49 · span 1080319–1080329
40Old Dominion Freight Line, Inc., Section 10b CEO totalDEF 14A2026-04-200000878927-26-000006CEO total compensation as printed in Old Dominion Freight Line, Inc.'s own proxy. As printed: 11,615,896. Filing ↗machine: t7 · r4 · c12 · span 336288–336298
41C.H. Robinson Worldwide, Inc., Section 10b CEO totalDEF 14A2026-03-240001043277-26-000011CEO total compensation as printed in C.H. Robinson Worldwide, Inc.'s own proxy. As printed: 11,045,949. Filing ↗machine: r3 · c39 · span 1034575–1034585
42Ryder System, Inc., Section 10b CEO totalDEF 14A2026-03-110001628280-26-016651CEO total compensation as printed in Ryder System, Inc.'s own proxy. As printed: 10,178,386. Filing ↗machine: t211 · r2 · c8 · span 970489–970499
43Expeditors International of Washington, Inc., Section 10b CEO totalDEF 14A2026-03-240001193125-26-121388CEO total compensation as printed in Expeditors International of Washington, Inc.'s own proxy. As printed: 9,643,863. Filing ↗machine: r2 · c6 · span 687349–687359
44J.B. Hunt Transport Services, Inc., Section 10b CEO totalDEF 14A2026-03-110001437749-26-007732CEO total compensation as printed in J.B. Hunt Transport Services, Inc.'s own proxy. As printed: 9,004,371. Filing ↗machine: r1 · c21 · span 825167–825176
45GXO Logistics, Inc., Section 10b CEO totalDEF 14A2026-04-220001104659-26-046343CEO total compensation as printed in GXO Logistics, Inc.'s own proxy. As printed: 7,628,275. Filing ↗machine: t205 · r5 · c14 · span 1215049–1215059
46RXO, Inc., Section 10b CEO totalDEF 14A2026-03-300001140361-26-011983CEO total compensation as printed in RXO, Inc.'s own proxy. As printed: 7,589,549. Filing ↗
47Schneider National, Inc., Section 10b CEO totalDEF 14A2026-03-170001104659-26-029426CEO total compensation as printed in Schneider National, Inc.'s own proxy. As printed: 7,380,101. Filing ↗machine: r1 · c42 · span 1012102–1012111
48Saia, Inc., Section 10b CEO totalDEF 14A2026-03-160001193125-26-107135CEO total compensation as printed in Saia, Inc.'s own proxy. As printed: 6,312,241. Filing ↗machine: r2 · c19 · span 1046323–1046332
49Werner Enterprises, Inc., Section 10b CEO totalDEF 14A2026-03-310000793074-26-000083CEO total compensation as printed in Werner Enterprises, Inc.'s own proxy. As printed: 6,048,549. Filing ↗machine: r3 · c24 · span 647131–647140
50Forward Air (subject), Section 10b CEO totalDEF 14A2026-04-290001104659-26-051569CEO total compensation as printed in Forward Air's own proxy. As printed: 5,561,309. Filing ↗machine: t28 · r1 · c47 · span 679731–679740
51Knight-Swift Transportation Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-020001492691-26-000025CEO total compensation as printed in Knight-Swift Transportation Holdings, Inc.'s own proxy. As printed: 5,011,329. Filing ↗
52Landstar Systems, Inc., Section 10b CEO totalDEF 14A2026-03-230001193125-26-118697CEO total compensation as printed in Landstar Systems, Inc.'s own proxy. As printed: 4,574,887. Filing ↗machine: r3 · c39 · span 755488–755497
53Hub Group, Inc., Section 10b CEO totalDEF 14A2025-04-030001140361-25-012045CEO total compensation as printed in Hub Group, Inc.'s own proxy. As printed: 3,964,450. Filing ↗
54ArcBest Corporation, Section 10b CEO totalDEF 14A2026-03-130001104659-26-027357CEO total compensation as printed in ArcBest Corporation's own proxy. As printed: 1,234,403. Filing ↗
55Marten Transport, Ltd., Section 10b CEO totalDEF 14A2026-03-170001437749-26-008503CEO total compensation as printed in Marten Transport, Ltd.'s own proxy. As printed: 1,154,303. Filing ↗machine: span 368330–368339
56Heartland Express, Inc., Section 10b CEO totalDEF 14A2026-04-020000799233-26-000017CEO total compensation as printed in Heartland Express, Inc.'s own proxy. As printed: 1,070,362. Filing ↗machine: r2 · c18 · span 336103–336112
57Section 10a, Marten Transport, Ltd. reciprocityDEF 14A—0001437749-26-008503Marten Transport, Ltd.'s most recent proxy was read; its disclosed peer group does not include Forward Air. Filing ↗
58Section 10a, Expeditors International of Washington, Inc. reciprocityDEF 14A—0001193125-26-121388Expeditors International of Washington, Inc.'s most recent proxy was read; its disclosed peer group does not include Forward Air. Filing ↗
59Section 10a, Ryder System, Inc. reciprocityDEF 14A—0001628280-26-016651Ryder System, Inc. names Forward Air in its own disclosed peer group (read from its most recent proxy). Filing ↗
60Section 10a, RXO, Inc. reciprocityDEF 14A—0001140361-26-011983RXO, Inc.'s most recent proxy was read; its disclosed peer group does not include Forward Air. Filing ↗
61Section 10a, Werner Enterprises, Inc. reciprocityDEF 14A—0000793074-26-000083Werner Enterprises, Inc.'s most recent proxy was read; its disclosed peer group does not include Forward Air. Filing ↗
62Section 10a, XPO, Inc. reciprocityDEF 14A—0001104659-26-040425XPO, Inc.'s most recent proxy was read; its disclosed peer group does not include Forward Air. Filing ↗
63Section 10a, Landstar Systems, Inc. reciprocityDEF 14A—0001193125-26-118697Landstar Systems, Inc.'s most recent proxy was read; its disclosed peer group does not include Forward Air. Filing ↗
64Section 10a, Hub Group, Inc. reciprocityDEF 14A—0001140361-25-012045Hub Group, Inc. names Forward Air in its own disclosed peer group (read from its most recent proxy). Filing ↗
65Section 10a, Heartland Express, Inc. reciprocityDEF 14A—0000799233-26-000017Heartland Express, Inc.'s most recent proxy was read; its disclosed peer group does not include Forward Air. Filing ↗
66Section 10a, ArcBest Corporation reciprocityDEF 14A—0001104659-26-027357ArcBest Corporation names Forward Air in its own disclosed peer group (read from its most recent proxy). Filing ↗
67Section 10a, Saia, Inc. reciprocityDEF 14A—0001193125-26-107135Saia, Inc. names Forward Air in its own disclosed peer group (read from its most recent proxy). Filing ↗
68Section 10a, C.H. Robinson Worldwide, Inc. reciprocityDEF 14A—0001043277-26-000011C.H. Robinson Worldwide, Inc.'s most recent proxy was read; its disclosed peer group does not include Forward Air. Filing ↗
69Section 10a, Schneider National, Inc. reciprocityDEF 14A—0001104659-25-024115Schneider National, Inc.'s most recent proxy was read; its disclosed peer group does not include Forward Air. Filing ↗
70Section 10a, J.B. Hunt Transport Services, Inc. reciprocityDEF 14A—0001437749-26-007732J.B. Hunt Transport Services, Inc. names Forward Air in its own disclosed peer group (read from its most recent proxy). Filing ↗
71Section 10a, GXO Logistics, Inc. reciprocityDEF 14A—0001104659-26-046343GXO Logistics, Inc.'s most recent proxy was read; its disclosed peer group does not include Forward Air. Filing ↗
72Section 10a, Old Dominion Freight Line, Inc. reciprocityDEF 14A—0000878927-26-000006Old Dominion Freight Line, Inc.'s most recent proxy was read; its disclosed peer group does not include Forward Air. Filing ↗
73Section 10a, Knight-Swift Transportation Holdings, Inc. reciprocityDEF 14A—0001492691-26-000025Knight-Swift Transportation Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Forward Air. Filing ↗

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