Forward Industries, Inc. (NASDAQ:FORD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
On February 11, 2020, the Board of Directors (the “Board”) of Forward Industries, Inc. (the “Company”) approved annual director compensation for the Company’s three non-employee directors (Sangita Shah, Howard Morgan and James Ziglar). The compensation plan provides for a total of $100,000 of compensation which is comprised of: (i) $60,000 of cash compensation and (ii) $40,000 of five-year stock options based on the Black-Scholes value at time of grant (68,419 options per director).
Additionally, the Board granted an additional 42,762 five-year stock options to Sangita Shah for her service as lead director. All of the stock options granted vest on February 11, 2021 (subject to continued service in the capacity in which the options were granted) and are exercisable at $1.13 per share.
Item 5.07 Submission of Matters to a Vote of Security Holders.
On February 11, 2020, the Company held its 2020 annual shareholders’ meeting and the results of each of the proposals are listed below.