Forward Industries Inc. Announces New Compensation Plan, Including Salary Increases and Stock Options for Key Executives and Directors

Reuters

06-05

Forward Industries Inc. Announces New Compensation Plan, Including Salary Increases and Stock Options for Key Executives and Directors

Forward Industries Inc. announced changes to its executive compensation terms, effective from May and June 2025. Interim CEO Michael Pruitt will receive an annual base salary of $200,000, effective May 16, 2025. The company's Chief Financial Officer, Kathleen Weisberg, will see her annual salary increased from $250,000 to $275,000, starting June 1, 2025. The board also approved the continuation of the vesting schedule for stock options previously granted to Mr. Pruitt. Furthermore, each independent director was granted 12,147 stock options valued at $40,000, exercisable at $6.37 per share, set to vest 12 months from the grant date. Additionally, annual cash compensation for independent directors was established: $100,000 for Chairperson Sangita Shah, $70,000 for Sharon Hyrnkow, and $40,000 for Keith Johnson, all effective June 1, 2025.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Forward Industries Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001683168-25-004223), on June 04, 2025, and is solely responsible for the information contained therein.

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Interim CEO Michael Pruitt will receive an annual base salary of $200,000, effective May 16, 2025. The company's Chief Financial Officer, Kathleen Weisberg, will see her annual salary increased from $250,000 to $275,000, starting June 1, 2025. The board also approved the continuation of the vesting schedule for stock options previously granted to Mr. Pruitt. Furthermore, each independent director was granted 12,147 stock options valued at $40,000, exercisable at $6.37 per share, set to vest 12 months from the grant date. Additionally, annual cash compensation for independent directors was established: $100,000 for Chairperson Sangita Shah, $70,000 for Sharon Hyrnkow, and $40,000 for Keith Johnson, all effective June 1, 2025.\n      \n\nDisclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. 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