# EDGAR Filing Document

**Accession Number:** 0000912728
**File Stem:** 0000000000-25-009079
**Filing Date:** 2025-8
**Character Count:** 7820
**Document Hash:** b2619fcea859a27dcc431a991ca3a237
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009079.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0000000000-25-009079

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250825

**FILED FOR**: 

**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:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 000-22490

**BUSINESS ADDRESS:**
- **STREET 1:** 3200 OLYMPUS BOULEVARD
- **STREET 2:** SUITE 300
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75019
- **BUSINESS PHONE:** 817-552-5270

**MAIL ADDRESS:**
- **STREET 1:** 3200 OLYMPUS BOULEVARD
- **STREET 2:** SUITE 300
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LANDAIR SERVICES INC
- **DATE OF NAME CHANGE:** 19930928
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001628280-25-014482

## Text-Extract

```

                                                             August 25, 2025

Jamie Pierson
Chief Financial Officer
Forward Air Corp
1915 Snapps Ferry Road
Building N
Greeneville, TN 37745

       Re: Forward Air Corp
           Form 10-K for the Fiscal Year ended December 31, 2024
           Filed March 24, 2025
           File No. 000-22490
Dear Jamie Pierson:

       We have reviewed your July 28, 2025 response to our comment letter and
have the
following comments.

       Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.

       After reviewing your response to this letter, we may have additional
comments.
Unless we note otherwise, any references to prior comments are to comments in
our June 27,
2025 letter.

Form 10-K for the Fiscal Year ended December 31, 2024
Financial Statements
Note 3 - Acquisitions, page F-22

1.     We note that in response to the last point of prior comment four you
refer to Schedule
       II of the response for a description of the interests established as
part of the Up-C
       structure, which includes a representation that each of the Company
Series B
       Preferred Stock/Units and the Company Series C Preferred Stock/Units are
equivalent
       to 1/1000 of a common share. Please reconcile that view with your
description of
       terms, indicating that a single Series B Unit is equivalent to a common
share with
       respect to voting and exchange rights, and that a single Series C Unit
is equivalent to a
       common share with respect to both dividend and conversion rights. Please
identify the
       particular features of the Units that are in fact equal to 1/1000 of a
common share, if
 August 25, 2025
Page 2

      such features exist, and explain the reasons for this structure
considering those
      features that your disclosures indicate are equivalent.

2.    We note your response to prior comment five indicating that you did not
consider the
      disclosure requirements in FASB ASC 805-20-30-1 and 7 to be applicable,
stating
      that "no noncontrolling interest was present or recognized in the
purchase accounting
      of the Omni Acquisition" and you attribute the noncontrolling interest
entirely to the
      formation of the Up-C structure, as if this were a discrete and unrelated
event.

      However, in the third paragraph of the revisions outlined in Schedule III
of your
      response, and now present in your interim report, you explain that the
Up-C structure
      was established prior to the acquisition and reference the purchase
accounting applied
      when stating "...the noncontrolling interest related to Opco Class B
Units and Opco
      Series C-2 Preferred Units (totaling a 30.5% economic interest in Opco)
was
      measured and recognized based on the fair market value of net assets
acquired in the
      Omni Acquisition and the historical carrying value of the Company   s
operating assets
      so contributed." We also note that you report a $412 million
noncontrolling interest
      arising in connection with the acquisition in your equity statement on
page F-8.

      Given that your new disclosure and earlier reporting in the equity
statement are
      inconsistent with having not identified a noncontrolling interest in your
purchase price
      allocation on page F-24, and considering your statement that
"...shareholders of Omni
      did not retain a direct interest in the Omni business or acquire any
direct interest in the
      legacy Forward business" further revisions to your financial statements
and
      disclosures appear to be necessary to resolve the inconsistent reporting
and to clarify
      whether or not in your view the noncontrolling interest arises in
connection with the
      acquisition, and if not how your transaction structure obviates the need
to recognize
      the noncontrolling interest in your purchase price allocation,
notwithstanding the fact
      that a noncontrolling interest was established concurrently with the
acquisition.

      In either case please modify your presentation in the equity statement
and expand
      your disclosure to separately report the composition of value ascribed to
the
      noncontrolling interest, to include identifying the amount attributable
to the
      acquisition and separately the amount representing dilution to your
interest in the
      legacy Forward Air business, to comply with FASB ASC 810-10-50-1A(c.2 and
d).

3.    We note your response to prior comment seven explaining that while the
$13.3
      million liability recognized in connection with your acquisition based on
terms of
      the tax receivable agreement ("TRA") with former shareholders of Omni
"...does not
      take into account any liabilities which may be incurred under the TRA as
a result of
      any [future] exchanges of Opco Class B Units...or any payments that would
be
      required under the early termination provisions of the TRA."

      However, it appears that you have nevertheless declined to provide an
estimate of the
      reasonably possible range of payments beyond the amounts accrued, and
have not
      provided any incremental disclosures to explain how the amount accrued
compares to
 August 25, 2025
Page 3

       the payment that would be required under the early termination
provisions.

       We understand from your extensive list of reasons why the estimate has
not been
       disclosed that you would need to base any estimate on assumptions about
matters that
       will not be known until some future date. However, given the general and
early
       termination provisions, we continue to believe that you should provide
updated
       estimates of the amounts payable under the TRA at each balance sheet
date, based on
       the then existing market price of your shares and the assumption that
all criteria for
       payment had been met on the balance sheet date. We reissue prior comment
seven.

       Please contact Gus Rodriguez at 202-551-3752 or Karl Hiller at
202-551-3686 if you
have questions regarding comments on the financial statements and related
matters.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Energy &
Transportation

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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