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<title>Forward Industries Form 8K</title>



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<div style='page:Section1;'>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

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<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>

<hr size=3 width="100%" noshade color=black align=left>

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<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font><b>UNITED STATES</b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>SECURITIES AND EXCHANGE
COMMISSION</b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>Washington, D.C. 20549</b></p>

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<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="4">FORM 8-K </font> </b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>CURRENT REPORT </b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>Pursuant to Section 13 OR 15(d) of </b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>The Securities Exchange Act of 1934 </b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>Date of Report (Date of
earliest event reported) </p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>February 8, 2010</b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="6">Forward Industries, Inc.</font></b></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">(Exact name of registrant
as specified in its charter) </font> </b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="95%"
 style='width:95.0%'>
 <tr>
  <td width="34%" style='width:34.0%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="1%" valign=bottom style='width:1.0%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="32%" style='width:32.0%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="1%" valign=bottom style='width:1.0%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="32%" style='width:32.0%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 10.0pt">New York</font></b></p>
  </td>
  <td valign=bottom style='padding:0in 0in 0in 0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=bottom style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 10.0pt">000-6669</font></b></p>
  </td>
  <td valign=bottom style='padding:0in 0in 0in 0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=bottom style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 10.0pt">13-1950672</font></b></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">(State or Other
  Jurisdiction</font></b></p>
  <p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:.75pt;
  margin-left:0in;text-align:center'><b><font size="2">of Incorporation)</font></b></p>
  </td>
  <td valign=bottom style='padding:0in 0in 0in 0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">(Commission</font></b></p>
  <p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:.75pt;
  margin-left:0in;text-align:center'><b><font size="2">File Number)</font></b></p>
  </td>
  <td valign=bottom style='padding:0in 0in 0in 0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">(IRS Employer</font></b></p>
  <p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:.75pt;
  margin-left:0in;text-align:center'><b><font size="2">Identification No.)</font></b></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="75%"
 style='width:75.0%'>
 <tr>
  <td width="52%" style='width:52.0%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="1%" valign=bottom style='width:1.0%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="47%" style='width:47.0%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
  <p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">1801 Green Road, Suite E</font></b></p>
  <p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:.75pt;
  margin-left:0in;text-align:center'><b><font size="2">Pompano Beach, FL </font></b></p>
  </td>
  <td valign=bottom style='padding:0in 0in 0in 0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=bottom style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 10.0pt">33064</font></b></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 7.5pt">(Address of principal executive offices)</font></b></p>
  </td>
  <td valign=bottom style='padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><font style="font-size: 7.5pt">&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 7.5pt">(Zip&nbsp;Code)</font></b></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">Registrant&#146;s telephone
number, including area code </font> </p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">(954) 419-9544 </font> </b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="80%"
 style='width:80.0%'>
 <tr>
  <td width="100%" style='width:100.0%;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border:none;border-bottom:solid black 1.0pt;padding:
  0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><font style="font-size: 7.5pt">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td nowrap valign=top style='padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 7.5pt">(Former name or former address, if changed since last
  report)</font></b></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">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: </font> </p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
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  <td width="6%" valign=top style='width:6.0%;padding:0in 0in 0in 0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Wingdings";margin-left:0in; margin-right:0in; margin-top:0in'>
	o</p>
  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><font style="font-size: 10.0pt">Written communications
  pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></p>
  </td>
 </tr>
</table>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="6%" valign=top style='width:6.0%;padding:0in 0in 0in 0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Wingdings";margin-left:0in; margin-right:0in; margin-top:0in'>
	o</p>
  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><font style="font-size: 10.0pt">Soliciting material
  pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></p>
  </td>
 </tr>
</table>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="6%" valign=top style='width:6.0%;padding:0in 0in 0in 0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Wingdings";margin-left:0in; margin-right:0in; margin-top:0in'>
	o</p>
  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><font style="font-size: 10.0pt">Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b)) </font></p>
  </td>
 </tr>
</table>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 7.5pt">&nbsp;</font></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="6%" valign=top style='width:6.0%;padding:0in 0in 0in 0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Wingdings";margin-left:0in; margin-right:0in; margin-top:0in'>
	o</p>
  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><font style="font-size: 10.0pt">Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c)) </font></p>
  </td>
 </tr>
</table>

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<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<b>
<font size="2">ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. </font></b></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-indent:27.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">After the close of
markets on Monday, February 8, 2010, the Company issued a press release
announcing its results of operations for the fiscal first quarter ended December 31, 2009.&nbsp; A copy of the press release is attached as Exhibit 99.1.</font></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">ITEM 5.02(e)&nbsp; CERTAIN COMPENSATORY ARRANGEMENTS</font></b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><b><font style="font-size: 10.0pt">&nbsp;</font></b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-indent:27.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">On Tuesday, February 9,
2010, following the Annual Meeting of Shareholders, the Compensation Committee
of the Company&#146;s Board of Directors voted to approve stock option awards to
purchase the Company&#146;s common stock to the Company&#146;s directors as follows:
15,000 shares each to Messrs. Galloway, Lipschitz, and Schiffman, and 10,000
shares each to Messrs. Hamilton and Chiste, or 65,000 shares in the aggregate.
In addition, the Company&#146;s Secretary, Mr. Malsin, received a grant of options
to purchase 5,000 shares of the Company&#146;s common stock.&nbsp; These awards have
a grant date of February 11, 2010, and vest one year from the grant date, or February 10 , 2011, subject to each grantee&#146;s compliance with the service period.&nbsp;
The option exercise price will be equal to the closing bid price of the
Company&#146;s common stock on the Nasdaq SmallCap Market on the grant date.&nbsp;
These grants were approved by the Board of Directors.</font><font style="font-size: 10.0pt"> </font></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in'><b><font size="2">ITEM 3.03; 8.01&nbsp;(MATERIAL MODIFICATION TO RIGHTS OF SECURITY HOLDERS;
SHAREHOLDER VOTE; OTHER EVENTS)</font></b></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:27.0pt'><font size="2">On
 Tuesday, February 9, 2010, the Company held its annual meeting of shareholders.
The directors named below were elected and the following matters were approved
by shareholders at the Annual Meeting of Shareholders:</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-indent:-.25in;page-break-after:avoid'><font style="font-size: 10.0pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Election of a Board of Directors.</font></p>

<table class=MsoNormalTable border=0 cellpadding=0 width=444
 style='width:75%;margin-left:41.4pt;border-collapse:collapse'>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td colspan=3 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.75in;text-align:center;
  text-indent:-.75in'><font style="font-size: 10.0pt">Number of Shares Voted</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in'><font style="font-size: 10.0pt">Name</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">For</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">Withheld</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.5in'><font style="font-size: 10.0pt">John Chiste.................................. </font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">2,413,171</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">336,733</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.5in'><font style="font-size: 10.0pt">Bruce Galloway........................... </font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">2,412,726</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">337,178</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.5in'><font style="font-size: 10.0pt">Fred Hamilton.............................. </font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">2,404,796</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">345,108</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.5in'><font style="font-size: 10.0pt">Louis Lipschitz............................ </font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">2,400,301</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">349,603</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.5in'><font style="font-size: 10.0pt">Douglas Sabra............................. </font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">2,443,847</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">306,057</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.5in'><font style="font-size: 10.0pt">Michael Schiffman</font>.................</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">2,423,386</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><font style="font-size: 10.0pt">326,518</font></p>
  </td>
 </tr>
</table>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Arial Unicode MS";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in'>&nbsp;</p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
..5in;text-indent:-.25in'><font size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Approval
of an amendment to the Company&#146;s 2007 Equity Incentive Plan to increase the
number of shares of Common Stock authorized for grants by 400,000 shares.</font></p>

<table class=MsoNormalTable border=0 cellpadding=0 width=444
 style='width:75%;margin-left:41.4pt;border-collapse:collapse'>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'><font style="font-size: 10.0pt">For</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'><font style="font-size: 10.0pt">Against</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'><font style="font-size: 10.0pt">Abstain</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'><font style="font-size: 10.0pt">2,114,485</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'><font style="font-size: 10.0pt">621,203</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'><font style="font-size: 10.0pt">14,215</font></p>
  </td>
 </tr>
</table>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Arial Unicode MS";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:24.5pt'>&nbsp;</p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
..5in;text-indent:-.25in'><font size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Approval
of an amendment to the Company&#146;s Certificate of Incorporation to
reduce the shareholder voting requirement to approve certain significant
transactions to a majority vote of all shares outstanding from two-thirds
currently.</font></p>

<table class=MsoNormalTable border=0 cellpadding=0 width=444
 style='width:75%;margin-left:41.4pt;border-collapse:collapse' id="table1">
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-top:0in'><font style="font-size: 10.0pt">For</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-top:0in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-top:0in'><font style="font-size: 10.0pt">Against</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-top:0in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-top:0in'><font style="font-size: 10.0pt">Abstain</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <font style="font-size: 10.0pt">5,941,483</font></td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  &nbsp;</td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p align="center"><font style="font-size: 10.0pt">810,472</font></td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  &nbsp;</td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <font style="font-size: 10.0pt">45,000</font></td>
 </tr>
</table>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Arial Unicode MS";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
..25in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=3 width="100%" noshade color="#999999" align=center>

</div>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>-1- </p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<font face="Times New Roman">

<br clear=all
style='page-break-before:always'>


</font>


<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=3 width="100%" noshade color="#999999" align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-indent:-.25in;page-break-after:avoid'><font style="font-size: 10.0pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ratification of the appointment of
Kaufman, Rossin &amp; Co., P.A. as the independent registered public accounting
firm for the Company for the Fiscal Year ending September 30, 2010.</font></p>

<table class=MsoNormalTable border=0 cellpadding=0 width=444
 style='width:75%;margin-left:41.4pt;border-collapse:collapse' id="table2">
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-top:0in'><font style="font-size: 10.0pt">For</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-top:0in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-top:0in'><font style="font-size: 10.0pt">Against</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-top:0in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";margin-top:0in'><font style="font-size: 10.0pt">Abstain</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <font style="font-size: 10.0pt">6,535,815</font></td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  &nbsp;</td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <font style="font-size: 10.0pt">217,275</font></td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  &nbsp;</td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <font style="font-size: 10.0pt">43,865</font></td>
 </tr>
</table>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:24.5pt'>&nbsp;</p>
<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:24.5pt'><font size="2">The
Company intends to file a registration statement on Form S-8 under the
Securities Act of 1933 to register the additional shares of common stock
authorized for awards under the 2007 Equity Incentive Plan.</font></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:24.5pt'><font size="2">On
February 9, 2010, shareholders approved an amendment to the Company&#146;s Certificate of Incorporation that reduces the shareholder voting requirement to
approve a merger or consolidation; a sale, lease or exchange of all or
substantially all the assets of the Company not in the ordinary course of
business; a binding share exchange; and dissolution to approval by a majority
of all shares outstanding from two-thirds currently.&nbsp; The Board of Directors
had previously adopted such proposed amendment. On or about February 11, 2010, the Company filed a Certificate
of Amendment to its Certificate of Incorporation (the &#147;Amended
Certificate&#148;) with the Department of State of the State of New York in order to
effect such amendment.</font></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:24.5pt'><font size="2">The
foregoing is qualified in its entirety by reference to the full text of the
Amended Certificate, a copy of which is filed herewith as Exhibit 99.2 to this
Current Report on Form 8-K and is incorporated by reference herein. </font> </p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">ITEM 9.01. FINANCIAL
STATEMENTS AND EXHIBITS. </font> </b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><font style="font-size: 10.0pt">(c) Exhibits.</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press release issued on February 8, 2010</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">Exhibit 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment to Certificate
of Incorporation of Forward Industries, Inc.</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">&nbsp;</font></p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=3 width="100%" noshade color="#999999" align=center>

</div>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>-1- </p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

</div>

<font face="Times New Roman">

<br clear=all
style='page-break-before:always'>


</font>


<div style='page:Section3;'>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=3 width="100%" noshade color="#999999" align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">SIGNATURES </font> </b></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;</font></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-indent:24.5pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">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. </font> </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><b><font style="font-size: 10.0pt">Forward Industries Inc.,</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><b><font style="font-size: 10.0pt">&nbsp;</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><b><font style="font-size: 10.0pt">By</font></b><font style="font-size: 10.0pt">:</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">/s/ Douglas W. Sabra</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">_______________________________________</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><b><font style="font-size: 10.0pt">Name </font></b><font style="font-size: 10.0pt">Douglas
W. Sabra</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><b><font style="font-size: 10.0pt">Title:</font></b><font style="font-size: 10.0pt"> President
(Principal Executive Officer)</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'><b><font style="font-size: 10.0pt">Dated:</font></b><font style="font-size: 10.0pt"> February 12, 2010</font></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=3 width="100%" noshade color="#999999" align=center>

</div>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>-2- </p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

</div>

<font face="Times New Roman">

<br clear=all
style='page-break-before:always'>


</font>


<div style='page:Section4;'>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=3 width="100%" noshade color="#999999" align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">EXHIBIT INDEX </font> </b></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-1.0in'>
<b><u><font style="font-size: 10.0pt">Exhibit No.</font></u><font style="font-size: 10.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Description</u></font><u><font style="font-size: 10.0pt">&nbsp;</font></u></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>
<font style="font-size: 10.0pt">Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press
release issued by the Company on February 8, 2010</font></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>
<font style="font-size: 10.0pt">Exhibit 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Amendment to Certificate
of Incorporation of Forward Industries, Inc.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=3 width="100%" noshade color="#999999" align=center>

</div>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>-3- </p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

</div>

</body>

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{"company-data": {"conformed-name": "FORWARD INDUSTRIES INC", "cik": "0000038264", "assigned-sic": "3089", "irs-number": "131950672", "state-of-incorporation": "NY", "fiscal-year-end": "0908"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-06669", "film-number": "10597353"}, "business-address": {"street1": "1801 GREEN ROAD", "street2": "SUITE E", "city": "POMPANO BEACH", "state": "FL", "zip": "33064", "phone": "9544199544"}, "mail-address": {"street1": "1801 GREEN RD", "street2": "SUITE E", "city": "POMPANO BEACH", "state": "FL", "zip": "33064"}, "former-company": {"former-conformed-name": "PROGRESS HEAT SEALING CO INC", "date-changed": "19721111"}}
Forward Industries Form 8K
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported)
February 8, 2010
Forward Industries, Inc.
(Exact name of registrant
as specified in its charter)
New York
000-6669
13-1950672
(State or Other
  Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1801 Green Road, Suite E
Pompano Beach, FL
33064
(Address of principal executive offices)
(Zip Code)
Registrant's telephone
number, including area code
(954) 419-9544
(Former name or former address, if changed since last
  report)
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:
o
Written communications
  pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
  pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))
o
Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
After the close of
markets on Monday, February 8, 2010, the Company issued a press release
announcing its results of operations for the fiscal first quarter ended December 31, 2009.  A copy of the press release is attached as Exhibit 99.1.
ITEM 5.02(e)  CERTAIN COMPENSATORY ARRANGEMENTS
On Tuesday, February 9,
2010, following the Annual Meeting of Shareholders, the Compensation Committee
of the Company's Board of Directors voted to approve stock option awards to
purchase the Company's common stock to the Company's directors as follows:
15,000 shares each to Messrs. Galloway, Lipschitz, and Schiffman, and 10,000
shares each to Messrs. Hamilton and Chiste, or 65,000 shares in the aggregate.
In addition, the Company's Secretary, Mr. Malsin, received a grant of options
to purchase 5,000 shares of the Company's common stock.  These awards have
a grant date of February 11, 2010, and vest one year from the grant date, or February 10 , 2011, subject to each grantee's compliance with the service period. 
The option exercise price will be equal to the closing bid price of the
Company's common stock on the Nasdaq SmallCap Market on the grant date. 
These grants were approved by the Board of Directors.
ITEM 3.03; 8.01 (MATERIAL MODIFICATION TO RIGHTS OF SECURITY HOLDERS;
SHAREHOLDER VOTE; OTHER EVENTS)
On
 Tuesday, February 9, 2010, the Company held its annual meeting of shareholders.
The directors named below were elected and the following matters were approved
by shareholders at the Annual Meeting of Shareholders:
1.       
Election of a Board of Directors.
Number of Shares Voted
Name
For
Withheld
John Chiste..................................
2,413,171
336,733
Bruce Galloway...........................
2,412,726
337,178
Fred Hamilton..............................
2,404,796
345,108
Louis Lipschitz............................
2,400,301
349,603
Douglas Sabra.............................
2,443,847
306,057
Michael Schiffman
.................
2,423,386
326,518
2.       
Approval
of an amendment to the Company's 2007 Equity Incentive Plan to increase the
number of shares of Common Stock authorized for grants by 400,000 shares.
For
Against
Abstain
2,114,485
621,203
14,215
3.       
Approval
of an amendment to the Company's Certificate of Incorporation to
reduce the shareholder voting requirement to approve certain significant
transactions to a majority vote of all shares outstanding from two-thirds
currently.
For
Against
Abstain
5,941,483
810,472
45,000
-1-
4.       
Ratification of the appointment of
Kaufman, Rossin & Co., P.A. as the independent registered public accounting
firm for the Company for the Fiscal Year ending September 30, 2010.
For
Against
Abstain
6,535,815
217,275
43,865
The
Company intends to file a registration statement on Form S-8 under the
Securities Act of 1933 to register the additional shares of common stock
authorized for awards under the 2007 Equity Incentive Plan.
On
February 9, 2010, shareholders approved an amendment to the Company's Certificate of Incorporation that reduces the shareholder voting requirement to
approve a merger or consolidation; a sale, lease or exchange of all or
substantially all the assets of the Company not in the ordinary course of
business; a binding share exchange; and dissolution to approval by a majority
of all shares outstanding from two-thirds currently.  The Board of Directors
had previously adopted such proposed amendment. On or about February 11, 2010, the Company filed a Certificate
of Amendment to its Certificate of Incorporation (the "Amended
Certificate") with the Department of State of the State of New York in order to
effect such amendment.
The
foregoing is qualified in its entirety by reference to the full text of the
Amended Certificate, a copy of which is filed herewith as Exhibit 99.2 to this
Current Report on Form 8-K and is incorporated by reference herein.
ITEM 9.01. FINANCIAL
STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit 99.1            Press release issued on February 8, 2010
Exhibit 99.2            Amendment to Certificate
of Incorporation of Forward Industries, Inc.
-1-
SIGNATURES
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.
Forward Industries Inc.,
By
:
/s/ Douglas W. Sabra
_______________________________________
Name
Douglas
W. Sabra
Title:
President
(Principal Executive Officer)
Dated:
February 12, 2010
-2-
EXHIBIT INDEX
Exhibit No.
Description
Exhibit 99.1            Press
release issued by the Company on February 8, 2010
Exhibit 99.2           
Amendment to Certificate
of Incorporation of Forward Industries, Inc.
-3-