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FORWARD AIR CORP

FWRD · FY2025

MISALIGNED

CEO Package

$5.6M

Pay Ratio

—

Shawn Stewart

Pay outran TSR by +480 pts

C. H. ROBINSON WORLDWIDE, INC.

CHRW · FY2025

ALIGNED

CEO Package

$11.0M

Pay Ratio

—

David P. Bozeman

Returns outran pay growth by +10.1 pts

EXPEDITORS INTERNATIONAL OF WASHINGTON INC

EXPD · FY2025

ALIGNED

CEO Package

$1.4M

Pay Ratio

—

Jeffrey S. Musser

Pay reset -83.2% while TSR improved +47.4 pts

CEOTotal Compensation — All Companies

FWRD$5.6MCHRW$11.0MEXPD$1.4M

All values are grant-date fair value as reported in proxy statements.

Key Differences

The fastest way to read this comparison before dropping into the tables.

CHRW carries the largest package at $11.0M, about 8.2x EXPD.
FWRD reads misaligned, while CHRW looks aligned.
FWRD is the most equity-heavy package, while EXPD leans hardest on non-equity incentive compensation.

Pay Component Breakdown

Latest CEO package mix by company. This stays on the CEO package even if the chart above is showing Top 5 pay.

FWRD

Shawn Stewart

$5.6M

base salary16%
stock awards73%
non-equity incentive compensation11%
other compensation0%

CHRW

David P. Bozeman

$11.0M

base salary10%
stock awards63%
non-equity incentive compensation26%
other compensation1%

EXPD

Jeffrey S. Musser

$1.4M

base salary2%
non-equity incentive compensation98%
other compensation0%

Quick Comparison

CompanyCEOLatest YearTotal Comp
FORWARD AIR CORP(FWRD)Shawn Stewart2025$5.6M
C. H. ROBINSON WORLDWIDE, INC.(CHRW)David P. Bozeman2025$11.0M
EXPEDITORS INTERNATIONAL OF WASHINGTON INC(EXPD)Jeffrey S. Musser2025$1.4M

Note: All compensation values shown are grant-date fair value as reported in proxy statements. Direct comparisons should account for differences in company size, industry, and compensation structure.

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