UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 23, 2024, the Board of Directors of Forward Industries, Inc. (the “Company”) approved the compensation for its non-employee directors for fiscal year 2025. In fiscal 2025, non-employee directors will receive $30,000 per year (with a $10,000 supplement for the lead director) in cash payable quarterly in advance at the beginning of each quarter. In addition, effective October 1, 2024, each non-employee director will be granted stock options with a fair value of $40,000 as calculated using the Black-Scholes valuation methodology. The options will vest 12 months from the grant date subject to continued service as a director of the Company on the vesting date.
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: September 27, 2024 | By: | /s/ Kathleen Weisberg | |
| Name: Kathleen Weisberg | |||
| Title: Chief Financial Officer | |||
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