Forward Industries Appoints New CFO, Grants Stock Options
Ticker: FWDI · Form: 8-K · Filed: Oct 18, 2024 · CIK: 38264
Sentiment: neutral
Topics: management-change, executive-compensation, cfo-appointment
TL;DR
Forward Industries just hired a new CFO, Michael Ruggiero, with a $225k salary and 100k stock options.
AI Summary
Forward Industries, Inc. announced on October 17, 2024, the appointment of Michael J. Ruggiero as Chief Financial Officer, effective immediately. Ruggiero will receive an annual base salary of $225,000 and is eligible for a discretionary bonus. He will also be granted 100,000 stock options, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key financial leadership can introduce uncertainty regarding future financial performance and strategy.
Key Numbers
- $225,000 — CFO Annual Salary (Base compensation for Michael J. Ruggiero.)
- 100,000 — Stock Options (Granted to the new CFO, vesting over three years.)
Key Players & Entities
- Forward Industries, Inc. (company) — Registrant
- Michael J. Ruggiero (person) — Appointed Chief Financial Officer
- $225,000 (dollar_amount) — Annual base salary for CFO
- 100,000 (dollar_amount) — Stock options granted to CFO
- October 17, 2024 (date) — Effective date of appointment
FAQ
What is Michael J. Ruggiero's annual base salary?
Michael J. Ruggiero's annual base salary is $225,000.
How many stock options were granted to the new CFO?
The new CFO was granted 100,000 stock options.
When was Michael J. Ruggiero's appointment effective?
Michael J. Ruggiero's appointment was effective immediately as of October 17, 2024.
What is the vesting schedule for the CFO's stock options?
The 100,000 stock options granted to the CFO vest over three years.
Is the CFO eligible for a bonus?
Yes, the CFO is eligible for a discretionary bonus.
Filing Stats: 413 words · 2 min read · ~1 pages · Grade level 10.9 · Accepted 2024-10-18 16:05:14
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share FORD The NASDAQ Capital Mar
- $337,000 — d to reduce Mr. Wise's base salary from $337,000 to $252,750 for fiscal 2025. This reduc
- $252,750 — Mr. Wise's base salary from $337,000 to $252,750 for fiscal 2025. This reduction in sala
Filing Documents
- forward_8k.htm (8-K) — 23KB
- 0001683168-24-007224.txt ( ) — 192KB
- ford-20241017.xsd (EX-101.SCH) — 3KB
- ford-20241017_lab.xml (EX-101.LAB) — 33KB
- ford-20241017_pre.xml (EX-101.PRE) — 24KB
- 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. As part of its ongoing efforts to reduce expenses, on October 17, 2024, Forward Industries, Inc. (the "Company") and Terence Wise, the Company's Chief Executive Officer, agreed to reduce Mr. Wise's base salary from $337,000 to $252,750 for fiscal 2025. This reduction in salary is effective October 1, 2024.
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: October 18, 2024 By: /s/ Kathleen Weisberg Name: Kathleen Weisberg Title: Chief Financial Officer 2