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| FORD > SEC Filings for FORD > Form 8-K on 16-Dec-2008 | All Recent SEC Filings |
16-Dec-2008
Results of Operations and Financial Condition, Change in Directors or Prin
On Monday, December 15, 2008, the Company issued a press release announcing its results of operations for the fiscal year ended September 30, 2008. A copy of the press release is attached as Exhibit 99.1.
More complete information relating to results of operations is contained in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2008, filed with the Commission on December 16, 2008.
On Tuesday, December 9, 2008, the Compensation Committee of the Board of Directors of Forward Industries, Inc. (the "Company") approved the terms of performance-based targets that will determine the amount, if any, of non-equity incentive (bonus) compensation that can be earned in respect of the fiscal year ending September 30, 2009 ("Fiscal 2009"), by the Company's Named Executive Officers pursuant to their respective employment agreements.
Douglas W. Sabra, President (chief executive officer) and Acting Chairman of the Board, will be entitled to earn bonus compensation to the extent of 5% of operating income (exclusive of "other income (expense")), if any, recorded by the Company in Fiscal 2009. James O. McKenna, Vice President and Chief Financial Officer, will be entitled to earn bonus compensation to the extent of 2% of operating income (exclusive of "other income (expense")), if any, recorded by the Company in Fiscal 2009. In addition, Messrs. Sabra and McKenna may be entitled to bonus based on achievement of one or more of operational, financial, execution, or other goals at the end of Fiscal 2009, in the discretion of the Committee.
On Tuesday, December 9, 2008, the Compensation Committee of the Company also determined to award Mr. Sabra and Mr. McKenna 15,000 shares and 6,000 shares, respectively, of restricted stock pursuant to the Company's 2007 Equity Incentive Plan. These awards shall vest in equal amounts over three years commencing on the first anniversary of the grant date, which shall be the second business day after release of results of operations for the fiscal year ended September 30, 2008, and shall have a grant price per share as of the close of trading on the grant date. Results of operations for Fiscal 2008 were released on December 15, 2008.
Item 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On Tuesday, December 9, 2008, the Compensation Committee of the Board of Directors of the Company determined to reduce directors' fees for participation in telephonic meetings of the Board and Committees of the Board to $500.00 per meeting from $2,000.00 per meeting, subject to certain exceptions for meetings on specified matters as the Compensation Committee may, from time to time, determine.
(d) Exhibits.
Exhibit 99.1 Press release issued on December 15, 2008
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