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July 1, 2014
13:31 EDTFORDWise condemns any 'extraordinary action' taken by Forward Industries
Terence Bernard Wise disclosed that he delivered a letter to Forward Industries' Chairman of the Board, expressing "strong condemnation of any prospective extraordinary action taken by the Board without shareholder approval prior to the contested 2014 Annual Meeting." Wise has engaged, and intends to continue to engage, in discussions with management and the board regarding the nomination of directors as well as ways to enhance stockholder value. He owns 19.6% of the company's outstanding shares.
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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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