Forward Industries Elects New Directors
Ticker: FWDI · Form: 8-K · Filed: Sep 27, 2024 · CIK: 38264
Sentiment: neutral
Topics: board-of-directors, governance
TL;DR
Forward Industries adds two new directors to the board.
AI Summary
Forward Industries, Inc. announced on September 23, 2024, a change in its board of directors. Specifically, the company elected two new directors, Michael J. Rader and David M. S. Rader, to its Board of Directors, effective immediately. This move is part of the company's ongoing efforts to enhance its governance and strategic direction.
Why It Matters
The election of new directors can signal a shift in company strategy or governance, potentially impacting future performance and shareholder value.
Risk Assessment
Risk Level: low — The filing reports routine board changes, which typically carry low immediate risk.
Key Players & Entities
- Forward Industries, Inc. (company) — Registrant
- Michael J. Rader (person) — Newly elected director
- David M. S. Rader (person) — Newly elected director
- September 23, 2024 (date) — Effective date of director election
FAQ
Who were the individuals elected to the Board of Directors?
Michael J. Rader and David M. S. Rader were elected to the Board of Directors.
When was the election of the new directors effective?
The election of the new directors was effective immediately as of September 23, 2024.
What is the primary purpose of this 8-K filing?
This 8-K filing reports the election of directors to the company's Board of Directors.
What is the state of incorporation for Forward Industries, Inc.?
Forward Industries, Inc. is incorporated in New York.
What is the fiscal year end for Forward Industries, Inc.?
The fiscal year end for Forward Industries, Inc. is September 30.
Filing Stats: 470 words · 2 min read · ~2 pages · Grade level 11.4 · Accepted 2024-09-27 16:05:23
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share FORD The NASDAQ Capital Mar
- $30,000 — 25, non-employee directors will receive $30,000 per year (with a $10,000 supplement for
- $10,000 — s will receive $30,000 per year (with a $10,000 supplement for the lead director) in ca
- $40,000 — nted stock options with a fair value of $40,000 as calculated using the Black-Scholes v
Filing Documents
- forward_8k.htm (8-K) — 23KB
- 0001683168-24-006712.txt ( ) — 191KB
- ford-20240923.xsd (EX-101.SCH) — 3KB
- ford-20240923_lab.xml (EX-101.LAB) — 33KB
- ford-20240923_pre.xml (EX-101.PRE) — 22KB
- forward_8k_htm.xml (XML) — 3KB
02 Departure of Directors or Certain
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
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 2