Forward Industries, Inc. 8-K

What Happened Forward Industries, Inc. announced that on March 10, 2026 its Board approved grants of non‑qualified stock options under the Company’s 2021 Equity Incentive Plan to directors Sangita Shah, Keith Johnson and interim CEO Michael Pruitt. Each received 100,000 five‑year options with an exercise price of $5.02 per share. Ms. Shah and Mr. Johnson received an additional 50,000 options each for committee service (25,000 for Audit & Risk and 25,000 for Compensation). Options vest in four equal quarterly installments (25% each), beginning three months after the grant, subject to continued service.

On March 13, 2026 the Company and Michael Pruitt agreed to amend his Employment Agreement: the term is extended through June 30, 2026 and will automatically renew for successive three‑month periods (first renewal would extend to September 30, 2026) unless either party gives at least 30 days’ written notice not to renew.

Key Details

• Grants approved March 10, 2026 under the 2021 Equity Incentive Plan.
• Option amounts: 100,000 options each to Sangita Shah, Keith Johnson, Michael Pruitt; plus 50,000 additional options each for Shah and Johnson for committee service.
• Exercise price: $5.02 per share; term: five years. Vesting: four equal quarterly installments starting three months after grant, subject to continued service.
• Employment amendment dated March 13, 2026 extends Michael Pruitt’s term to June 30, 2026 with automatic three‑month renewals unless 30 days’ notice of non‑renewal is given.

Why It Matters These actions affect executive and director compensation and could lead to future share dilution if the options are exercised. The quarterly vesting ties the awards to continued board and committee service, while the employment amendment keeps the interim CEO in place through at least June 30, 2026 (and possibly longer in short, rolling extensions), providing management continuity in the near term. Investors should watch for any future disclosures about option exercises or further changes to executive arrangements.