UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 22, 2008
Forward Industries, Inc.
(Exact name of registrant as specified in its charter)
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New York |
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000-6669 |
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13-1950672 |
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(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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1801 Green Road, Suite E Pompano Beach, FL |
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33064 |
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(Address of principal executive offices) |
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Registrant’s telephone number, including area code
(954) 419-9544
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(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02(b) and 5.02(d): Death of Director; Compensatory
Arrangements
Jerome
E. Ball, Chairman of the Board of Directors of Forward Industries, died on
April 22, 2008. A press release issued by the Company announcing Mr.
Ball's death is attached hereto as Exhibit [99.1]. Mr. Ball's death
leaves a vacancy on the Board. At the present time, the Nominating Committee
of the Board of Directors has not settled on immediate arrangements regarding
the nomination or naming of a successor director, if any. At the time of
his death, Mr. Ball was serving as a consultant to the Company with a two year
term expiring December 31, 2009, in consideration of a monthly consulting fee
of $10,000. The Agreement provides that if at any time during its term
the Agreement is terminated by Mr. Ball's death or permanent disability, his
estate would be entitled to payment of one-half the monthly payments remaining
under the Agreement at the time of such termination. Accordingly, the
Company anticipates making a payment of $100,000 to Mr. Ball's estate within
thirty days of termination.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit 99.1 Press Release issued on April 24, 2008.
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.,
By:
/s/ Douglas W. Sabra
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Name Douglas W. Sabra
Title: Chief Executive Officer
Dated: April 24, 2008