Forward Air’s Cooperation Agreement with Ancora

On March 15, 2021, Forward Air Corporation (“Forward Air”), a leading asset‑light freight and logistics company, announced that it has appointed five independent directors to its Board of directors. Two of the new directors were recommended by Ancora Holdings, Inc. (together with its affiliates, “Ancora”), a significant shareholder, in connection with a cooperation agreement between Forward Air and Ancora. Ancora also endorsed the three new directors identified by Forward Air and has agreed to withdraw its director nominations previously submitted to Forward Air and support the Board’s full slate of directors at Forward Air’s upcoming annual meeting. In addition, Ancora has agreed to customary standstill, voting and other provisions. Cravath is representing Forward Air in connection with the agreement.

The Cravath team is led by partner Thomas E. Dunn and includes associates William F. Roegge and Patrick S. Taylor on corporate and activist defense matters. Michael Svedman also worked on this matter.