Forward Industries Inc. filed SEC Form 8-K: Creation of a Direct Financial Obligation, Leadership Update
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Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On October 28, 2024, the Special Committee of the Board of Directors of Forward Industries, Inc. (the “Company”) approved and ratified the extension of the maturity date of that certain $1.6 million promissory note (which has been reduced to $600,000 as a result of $1,000,000 principal payments previously made) issued by the Company to Forward Industries (Asia-Pacific) Corporation (“Forward China”) to June 30, 2025. Forward China is an entity which is owned by the Company’s Chairman and Chief Executive Officer.
In connection with the extension, the Company and Forward China entered into an amendment to the Note.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As part of its ongoing efforts to reduce expenses, on October 28, 2024, the Company and Tom KraMer, the President and Chief Executive Officer of Kablooe, Inc., the Company’s wholly-owned subsidiary, agreed to reduce Mr. KraMer’s base salary from $250,000 to $225,000. This reduction in salary is effective November 1, 2024.
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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: November 1, 2024 | By: | /s/ Kathleen Weisberg | |
| Name: Kathleen Weisberg | |||
| Title: Chief Financial Officer | |||
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