Forward Industries Announces Board and Executive Changes
Ticker: FWDI · Form: 8-K · Filed: Dec 13, 2024 · CIK: 38264
Sentiment: neutral
Topics: management-change, compensation
TL;DR
Forward Industries reshuffled its board and exec pay structure. Big changes coming?
AI Summary
Forward Industries, Inc. announced on December 11, 2024, changes in its board of directors and executive compensation arrangements. The filing details the departure of certain officers and directors, the election of new directors, and updates to compensatory plans.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future performance.
Risk Assessment
Risk Level: medium — Changes in leadership and compensation can introduce uncertainty regarding future strategy and execution.
Key Players & Entities
- Forward Industries, Inc. (company) — Registrant
- December 11, 2024 (date) — Date of earliest event reported
FAQ
Who are the departing directors or officers?
The filing indicates the departure of certain officers and directors, but specific names are not detailed in the provided text.
Who are the newly elected directors?
The filing mentions the election of directors, but their names are not specified in the provided text.
What specific changes were made to compensatory arrangements?
The filing notes updates to compensatory arrangements for certain officers, but the details of these changes are not provided in the excerpt.
What is the exact date of the report?
The exact date of the report is December 13, 2024, and the earliest event reported is December 11, 2024.
What is Forward Industries, Inc.'s state of incorporation?
Forward Industries, Inc. is incorporated in New York.
Filing Stats: 503 words · 2 min read · ~2 pages · Grade level 10.4 · Accepted 2024-12-13 16:02:13
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share FORD The NASDAQ Capital Mar
- $170,000 — asis and his salary shall be reduced to $170,000 per year (plus prior allowances). Ther
Filing Documents
- forward_8k.htm (8-K) — 28KB
- 0001683168-24-008710.txt ( ) — 196KB
- ford-20241211.xsd (EX-101.SCH) — 3KB
- ford-20241211_lab.xml (EX-101.LAB) — 33KB
- ford-20241211_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 December 11, 2024, the Board of Directors of Forward Industries, Inc. (the "Company") appointed Robert Wild as Chief Executive Officer of Intelligent Product Solutions, Inc., a subsidiary of the Company ("IPS") effective January 1, 2025. Mr. Wild is currently the Chief Operating Officer of IPS. Paul Severino shall remain as President of IPS and beginning January 1, 2025, Mr. Severino shall be employed on a part-time basis and his salary shall be reduced to $170,000 per year (plus prior allowances). There was no arrangement or understanding between Mr. Wild and any other persons pursuant to which he was selected as an officer and there are no related party transactions between the Company and Mr. Wild reportable under Item 404(a) of Regulation S-K. Mr. Wild's background is disclosed in the Company's DEF 14A filed on January 2, 2024. 2
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: December 13, 2024 By: /s/ Kathleen Weisberg Name: Kathleen Weisberg Title: Chief Financial Officer 3