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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________

 

FORM 8-K

______________

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): September 28, 2021

 

Forward Industries, Inc.

(Exact name of registrant as specified in its charter)

 

New York   001-34780   13-1950672
(State or Other Jurisdiction   (Commission   (I.R.S. Employer
of Incorporation)   File Number)   Identification No.)

 

 

700 Veterans Memorial Hwy. Suite 100
Hauppauge, New York
  11788
(Address of Principal Executive Office)   (Zip Code)

 

(631) 547-3041

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share FORD The NASDAQ Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

     

 

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On September 28, 2021, the Board of Directors of Forward Industries, Inc. approved the compensation for its non-employee directors for fiscal year 2022. The non-employee directors will be paid $60,000 per annum (with a $20,000 supplement for the Lead Director) in cash payable quarterly in advance at the beginning of each quarter. Additionally, each non-employee director will be issued a total of $80,000 of five-year stock options ($20,000 per quarter) with the number of options calculated based on the black scholes option pricing model. The issuances will be made in four increments at the beginning of each quarter (first issuance October 1, 2021). One half of each issuance shall be fully vested and the other half shall vest one year from the issuance dates, subject to continued service.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  FORWARD INDUSTRIES, INC.  
       
Date: October 4, 2021 By: /s/ Anthony Camarda  
    Name: Anthony Camarda  
    Title:   Chief Financial Officer  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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