<SEC-DOCUMENT>0001683168-20-000527.txt : 20200219
<SEC-HEADER>0001683168-20-000527.hdr.sgml : 20200219
<ACCEPTANCE-DATETIME>20200218194202
ACCESSION NUMBER:		0001683168-20-000527
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200211
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
FILED AS OF DATE:		20200219
DATE AS OF CHANGE:		20200218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Forward Industries, Inc.
		CENTRAL INDEX KEY:			0000038264
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS PRODUCTS, NEC [3089]
		IRS NUMBER:				131950672
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34780
		FILM NUMBER:		20627133

	BUSINESS ADDRESS:	
		STREET 1:		477 ROSEMARY AVE.
		STREET 2:		SUITE 219
		CITY:			WEST PALM BEACH
		STATE:			FL
		ZIP:			33401
		BUSINESS PHONE:		561-465-0071

	MAIL ADDRESS:	
		STREET 1:		477 ROSEMARY AVE.
		STREET 2:		SUITE 219
		CITY:			WEST PALM BEACH
		STATE:			FL
		ZIP:			33401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FORWARD INDUSTRIES INC
		DATE OF NAME CHANGE:	19950105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROGRESS HEAT SEALING CO INC
		DATE OF NAME CHANGE:	19721111
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ford_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
<B>February 11, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>Forward
Industries, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>New York</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>001-34780</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>13-1950672</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">of Incorporation)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">File Number)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>477 S. Rosemary
Ave.&nbsp;&nbsp;Ste. 219</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>West Palm Beach,
Florida 33401</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Office)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><U>(561)
465-0030</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">o&nbsp;
</FONT>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><BR>
<FONT STYLE="font-family: Wingdings">o&nbsp; </FONT>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><BR>
<FONT STYLE="font-family: Wingdings">o&nbsp; </FONT>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><BR>
<FONT STYLE="font-family: Wingdings">o&nbsp; </FONT>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered pursuant to Section
12(b) of the Act:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 37%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, par value $0.01 per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">FORD</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">The NASDAQ Capital Market</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2
of the Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">Emerging growth
company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.02&nbsp;Departure of Directors
or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 11, 2020,
the Board of Directors (the &ldquo;Board&rdquo;) of Forward Industries, Inc. (the &ldquo;Company&rdquo;) approved annual director
compensation for the Company&rsquo;s three non-employee directors (Sangita Shah, Howard Morgan and James Ziglar).&nbsp; The compensation
plan provides for a total of $100,000 of compensation which is comprised of: (i) $60,000 of cash compensation and (ii) $40,000
of five-year stock options based on the Black-Scholes value at time of grant (68,419 options per director).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, the Board
granted an additional 42,762 five-year stock options to Sangita Shah for her service as lead director.&nbsp;&nbsp; All of the stock
options granted vest on February 11, 2021 (subject to continued service in the capacity in which the options were granted) and
are exercisable at $1.13 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.07 Submission of Matters to a
Vote of Security Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 11, 2020, the Company held its 2020 annual shareholders&rsquo; meeting and the results of each of the proposals are
listed below.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 36%"><FONT STYLE="font-size: 10pt"><B>Proposal</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 13%"><FONT STYLE="font-size: 10pt"><B>Withheld</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 14%"><FONT STYLE="font-size: 10pt"><B>Abstain</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 14%"><FONT STYLE="font-size: 10pt"><B>Broker Non-Vote</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(1) To elect the following as directors:</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Terence Wise</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,852,345</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">111,189</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,153,220</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Sangita Shah</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,902,849</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">60,685</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,153,220</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Howard Morgan</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,854,419</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">109,115</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,153,220</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">James Ziglar</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,838,733</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">124,801</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,153,220</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(2) To ratify the appointment of our independent registered public accounting firm for fiscal 2020.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7,167,220</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">822,442</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">127,092</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(3) Advisory vote to approve executive
compensation (say on pay)</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,836,017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">92,294</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">35,223</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,153,220</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>1 year</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>2 years</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>3 years</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Abstain</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Broker Non-Vote</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(4) Advisory vote on the frequency of say on pay voting </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">788,326</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">19,309</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,127,990</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">27,909</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were 9,533,851 shares outstanding
on the record date of the meeting and a total of 8,116,754 shares were voted. All of the proposals were approved and shareholders
voted to hold the say on pay frequency vote every three years. The Company has considered the outcome of Proposal 4 (the frequency
of say on pay) and has determined, as was recommended with respect to this proposal by the Company&rsquo;s Board of Directors in
the proxy statement, that the Company will hold future say on pay votes every three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Immediately
following the  meeting, our Board was comprised of </FONT>all of the nominees listed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

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    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>FORWARD INDUSTRIES, INC.</B></FONT></TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Date: February 18, 2020</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/&nbsp;Michael Matte</FONT></TD>
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    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">Name: Michael Matte</FONT></TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp; Chief Financial Officer</FONT></TD>
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