Forward Air Corporation (NASDAQ: FWRD) said it has adopted a Rule 10b5-1 plan for the purpose of repurchasing approximately 1.1 million shares of its common stock.
The plan has been established in connection with the two million share repurchase program that was previously announced on February 10, 2014.
A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.
A broker selected by Forward Air will have the authority under the terms and limitations specified in the Plan to repurchase shares on the company´s behalf in accordance with the terms of the Plan. Because the repurchases under the Plan are subject to certain pricing parameters, there is no guarantee as to the exact number of shares that will be repurchased under the Plan, or that there will be any repurchases pursuant to the Plan.
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