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News Breaks
June 13, 2014
09:29 EDTFORDForward Industries responds to Terence Wise's 'intention to seek control'
Forward Industries said, "Wise has published his nomination letter to the Board of Directors of the Company in which he raises a number of purported reasons for submitting his nomination. However, Mr. Wise's past conduct may demonstrate his true intentions: To gain "creeping control" of your Company without paying a premium; To perpetuate and enhance the cash flows from his multi-million dollar related party arrangement, which he fears the Board may terminate. The other members of the Board, excluding Mr. Wise and his designee Howard Morgan believe Mr. Wise's action is not in the best interests of the Company and its shareholders."
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January 21, 2015
13:30 EDTFORDForward Industries CEO Robert Garrett resigns
Forward Industries disclosed in a regulatory filing that on January 21, Forward Industries announced that Robert Garrett, Jr. voluntarily resigned from his position as CEO of the company, effective January 15. In connection with that announcement, the company entered into an agreement with Garrett, pursuant to which Garrett agreed to waive all payments under his Employment Agreement, dated as of March 1, 2012, and all future claims against the company. Under the Agreement, for six months following his termination of active employment, Mr. Garrett will receive his regular monthly base salary and will remain eligible to participate in medical and dental plans similar to his current coverage level for a period of twelve months. Mr. Garrett will also receive a cash lump sum amount of $7,852.44 in lieu of shares of restricted stock of the company that would otherwise vest on November 8. In addition, Garrett will retain certain other ancillary benefits for limited periods. The Agreement includes customary confidentiality, non-solicitation, non-competition, non-disparagement and release provisions.
January 15, 2015
17:12 EDTFORDForward Industries says certain convertible preferred stock holders to liquidate
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