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FORD > SEC Filings for FORD > Form 8-K on 17-Dec-2013All Recent SEC Filings

Show all filings for FORWARD INDUSTRIES INC

Form 8-K for FORWARD INDUSTRIES INC


17-Dec-2013

Change in Directors or Principal Officers


ITEM 5.02(e) DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On December 11, 2013, the Compensation Committee (the "Compensation Committee") of the Board of Directors of Forward Industries, Inc. (the "Company") approved the following bonus payments to Mr. Robert Garrett, Jr., Principal Executive Officer of the Company, and Mr. James O. McKenna, Principal Financial Officer of the Company, for services performed in the Company's fiscal year ended September 30, 2013: a total bonus payment to Mr. Garrett of $100,000, consisting of a performance target-based bonus in the amount of $75,000 and an additional discretionary bonus of $25,000; and a total bonus payment to Mr. McKenna of $86,000, consisting of a performance target-based bonus in the amount of $63,000 and an additional discretionary bonus of $23,000. Half of Mr. McKenna's bonus payment will represent a cash payout and the other half ($43,000) will be used to reduce a portion of Mr. McKenna's bonus prepaid in the Company's fiscal year ended September 30, 2012. The Compensation Committee also increased Mr. Garrett's base salary from $250,000 to $300,000, effective as of March 1, 2014.

The Compensation Committee further approved grants to Mr. Garrett and Mr. McKenna of incentive stock options ("ISOs") to purchase shares of the Company's common stock, par value $.01 per share, in the respective amounts of 25,000 ISOs to Mr. Garrett and 7,500 ISOs to Mr. McKenna. The ISOs have an exercise price of $1.59 per share, the closing market price of the Company's common stock on the grant date, and have a 10-year term and a three-year vesting period with equal installments on the first, second and third anniversary of the date of grant.


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