UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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).
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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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