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<title>Forward Industries Form 8-K for March 7, 2011</title>


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<font size="2">&nbsp;</font></b></p>

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<font size="2">&nbsp;</font></b></p>

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<font size="4">UNITED STATES </font></b></p>

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<font size="4">SECURITIES AND EXCHANGE COMMISSION </font></b></p>

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<font size="2">Washington,
D.C. 20549 </font> </b></p>

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<font size="2">&nbsp;</font></p>

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

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><b>
<font size="5">FORM 8-K</font></b><font size="5">&nbsp;</font></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'>
	<font size="2">&nbsp;&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>
	CURRENT
  REPORT</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">Pursuant
  to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b></p>
  <p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";text-align:center'>
	<font size="2">Date of report (Date of earliest
  event reported):&nbsp; </font> <b><font size="2">March 7, 2011</font></b></p>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'>&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="5">Forward Industries, Inc.</font></b></p>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><font style="font-size: 10.0pt">(Exact Name of Registrant as Specified in Its
  Charter)</font></p>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p>
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<font size="2">&nbsp;</font></p>

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<font size="2">&nbsp;</font></p>

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  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><b><font style="font-size: 10.0pt">New York</font></b></p>
  </td>
  <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><b><font style="font-size: 10.0pt">&nbsp;</font></b></p>
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  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><b><font style="font-size: 10.0pt">000-6669</font></b></p>
  </td>
  <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><b><font style="font-size: 10.0pt">&nbsp;</font></b></p>
  </td>
  <td valign=top style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><b><font style="font-size: 10.0pt">13-1950672</font></b></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
  <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">(State or other Jurisdiction of Incorporation)</font></p>
  </td>
  <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
  <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">&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
  <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">(Commission File Number)</font></p>
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  <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
  <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">&nbsp;</font></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'>
	<font size="2">(IRS Employer Identification No.)</font></p>
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<font size="2">&nbsp;</font></p>

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<font size="2">&nbsp;</font></p>

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  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 10.0pt">1801
  Green Road, Suite E<br>
  Pompano Beach, FL</font></b></p>
  </td>
  <td width=16 valign=bottom style='width:12.3pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><b><font style="font-size: 10.0pt">&nbsp;</font></b></p>
  </td>
  <td width=316 valign=bottom style='width:236.75pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><b><font style="font-size: 10.0pt">33064</font></b></p>
  </td>
 </tr>
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  <td width=303 valign=top style='width:227.3pt;padding:0in 5.4pt 0in 5.4pt'>
  <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">(Address of Principal Executive Offices)</font></p>
  </td>
  <td width=16 valign=top style='width:12.3pt;padding:0in 5.4pt 0in 5.4pt'>
  <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">&nbsp;</font></p>
  </td>
  <td width=316 valign=top style='width:236.75pt;padding:0in 5.4pt 0in 5.4pt'>
  <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">(Zip Code)</font></p>
  </td>
 </tr>
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<font size="2">&nbsp;</font></p>

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

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><font style="font-size: 10.0pt">Registrant&#146;s telephone number, including area code: <b>(954)
419-9544</b></font></p>

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

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  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><b><font style="font-size: 10.0pt">&nbsp;</font></b></p>
  </td>
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  <td width=331 valign=top style='width:248.1pt;padding:0in 5.4pt 0in 5.4pt'>
  <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">(Former name or former address if changed since last
  report)</font></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><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:0in;margin-bottom:.0001pt;text-indent:.5in'><font style="font-size: 10.0pt">&nbsp;</font></p>

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

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><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:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">[&nbsp;
]&nbsp; Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">[&nbsp;
]&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">[&nbsp;
]&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">[&nbsp;
]&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</font></p>

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<font size="2">&nbsp;</font></p>

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<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman"'><b>
<font size="2">Item 5.02(e)&nbsp;&nbsp;
Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.</font></b></p>

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<font size="2">&nbsp;<i>Equity Incentive Awards.</i>&nbsp; On March 7,
2011, following the Annual Meeting of Shareholders, the results of which are
detailed in <b>Item 5.07 below</b>, the Compensation Committee ( &#147;Compensation
Committee&#148;) of the Company&#146;s Board of Directors,
determined to award James O. McKenna, the Company&#146;s Chief Financial Officer/Treasurer,
options to purchase 100,000 shares of the Company&#146;s common stock, par value
$0.01 per share (&#147;Common Stock&#148;), pursuant to the Company&#146;s 2011 Long Term Incentive
Plan, which was approved by shareholders at the Annual Meeting. &nbsp;As to this
award:&nbsp; the grant date is March 9, 2011; the exercise price is equal to the
closing price of the Common Stock on the Nasdaq SmallCap Market on the grant
date; and the vesting schedule is as follows:&nbsp; (i) as to 50% of the grant
(50,000 shares), on the third anniversary of the grant date; (ii) as to 25% of
the grant (25,000 shares), on the fourth anniversary of the grant date; and
(iii) as to 25% of the grant (25,000 shares), on the fifth anniversary of the
grant date.</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-indent:27.0pt'>&nbsp;</p>

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<font size="2">In connection with the grant to Mr.
McKenna and grants to non-executive officers and employees that reflect the vesting schedule
described above, the Compensation Committee also determined to modify the
vesting schedule of the award of options to purchase 200,000 shares of Common
Stock granted to its President and Chief Executive Officer Brett M. Johnson in
November 2010 to conform it to the vesting schedule described above.&nbsp; That
award originally was to vest in equal 20% parts on each of the first five
anniversary dates of the grant date of November 5, 2010.</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-indent:27.0pt'>&nbsp;</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'><i>
<font size="2">Employment Agreement.</font></i><font size="2">&nbsp; The Compensation Committee on March 7,
2011, also approved changes in the terms of compensatory arrangements with Mr.
McKenna under his employment agreement with the Company, subject to and
effective upon his relocation to California in connection with the anticipated
move of the Company&#146;s executive offices to Los Angeles in the near future.&nbsp; The
changes relate to salary, housing allowance/relocation, and termination, as
described below.&nbsp; Other terms of the executive&#146;s employment agreement, a copy
of which is set forth as Exhibit 10.3 to the Company&#146;s Current Report on Form
8-K filed August 16, 2010, remain unchanged.</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-indent:27.0pt'>&nbsp;</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">Salary: increase of base salary to
$225,000 per annum from $175,000 per annum currently</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-indent:27.0pt'>&nbsp;</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">Housing Allowance/Relocation: (i) the
executive will be entitled to a housing allowance of $7,500 per month, or
$90,000 per annum, to assist in defraying the increase in housing costs
anticipated to be incurred by him and his family in the relocation.&nbsp; The
allowance will be phased out over time if, as, and to the extent that the
executive&#146;s base salary increases, with the percentage reduction in the
allowance exceeding the percentage increase in base salary, all according to a
schedule approved by the Compensation Committee.&nbsp; (ii) The Company will
reimburse the executive&#146;s reasonable out-of-pocket costs incurred in the
relocation.&nbsp; (iii) The Company will reimburse the executive&#146;s current monthly
expense in respect of his existing lease of his house in Florida until the
earlier of lease expiration in August 2011 or the date of early lease
termination.</font></p>

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<font size="2">Termination of Employment.&nbsp; The
executive&#146;s employment agreement will be amended to provide that, in the event
his employment with the Company is terminated by him for good reason (as it
will be re-defined in the agreement) or by the Company without cause, in either
case within the first 36 months after relocation, the Company will reimburse
him for his reasonable out-of-pocket costs incurred in connection with a return
to Florida, including the expense of termination of the lease of his California
residence not to exceed 12 months of such expense.</font></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>

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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>

<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-indent:27.0pt; margin-left:0in; margin-right:0in; margin-top:0in'><i>
<font size="2">Director Compensation, etc.</font></i><font size="2"> On March 7, 2011, in accordance with
existing practice the Compensation Committee also voted to recommend the grant
of awards of options to purchase 10,000 shares of Common Stock to each of the
Company&#146;s newly elected directors, Messrs. John Chiste, &nbsp;Fred Hamilton, Frank
LaGrange Johnson, Stephen Key, Owen P.J. King, and Louis Lipschitz, or 60,000
shares in the aggregate, as well as the grant of an award of options to
purchase 5,000 shares of Common Stock to the Company&#146;s Corporate Secretary,
Steven Malsin.&nbsp; These awards were approved by the Board of Directors, have
a grant date of March 9, 2011, and vest one year from the grant date, or March
8, 2012, subject to each grantee&#146;s compliance with the service period.&nbsp; The
option exercise price is equal to the closing bid price of the Company&#146;s Common
Stock on the Nasdaq SmallCap Market on the grant date.&nbsp; </font> </p>

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<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-bottom:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-bottom:12.0pt;text-indent:27.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">On Monday, March 7, 2011, the Company held
its Shareholders Annual Meeting. The directors named below were elected and the
following matters were approved by shareholders at the Annual Meeting:</font></p>

<p style='margin-bottom:.0001pt;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 size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Election of a Board of Directors.</font></p>

<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:5.4pt;border-collapse:collapse' width="90%">
 <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:12.0pt;font-family:"Times New Roman";margin-left:.5in'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td colspan=4 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:12.0pt;font-family:"Times New Roman";margin-left:.75in;text-align:center;
  text-indent:-.75in'><b><font style="font-size: 10.0pt">Number of Shares Voted</font></b></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:12.0pt;font-family:"Times New Roman";margin-left:.5in'><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:.5in'><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:.5in'><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:.5in'><b><font style="font-size: 10.0pt">Name</font></b></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:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:center'><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:.5in;text-align:center'><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:-5.4pt;text-align:center'><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:-5.4pt;text-align:center'><b><font style="font-size: 10.0pt">For</font></b></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:12.0pt;font-family:"Times New Roman";margin-left:-4.5pt;text-align:center'><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:-4.5pt;text-align:center'><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:-4.5pt;text-align:center'><b><font style="font-size: 10.0pt">&nbsp;</font></b></p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:-4.5pt;text-align:right; margin-right:0in; margin-top:0in'><b><font style="font-size: 10.0pt">Withheld</font></b></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'>
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><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";text-align:center'><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";text-align:center'><b><font style="font-size: 10.0pt">Broker</font></b></p>
  <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">NonVotes</font></b></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:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.5in'><font style="font-size: 10.0pt">John Chiste</font></p>
  </td>
  <td valign=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:12.0pt;font-family:"Times New Roman";margin-left:-.9pt;text-align:center'><font style="font-size: 10.0pt">3,621,467</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:12.0pt;font-family:"Times New Roman";margin-left:-4.5pt;text-align:right'><font style="font-size: 10.0pt">309,781</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.2in;text-align:center'><font style="font-size: 10.0pt">3,239,444</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#B9DCFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.5in'><font style="font-size: 10.0pt">Fred Hamilton</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#B9DCFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:-.9pt;text-align:center'><font style="font-size: 10.0pt">3,620,997</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#B9DCFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:-4.5pt;text-align:right'><font style="font-size: 10.0pt">310,251</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#B9DCFF">
  &nbsp;</td>
  <td valign=top style='padding:0in; ' bgcolor="#B9DCFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.2in;text-align:center'><font style="font-size: 10.0pt">3,239,444</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:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.5in'><font style="font-size: 10.0pt">Frank LaGrange Johnson</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:12.0pt;font-family:"Times New Roman";margin-left:-.9pt;text-align:center'><font style="font-size: 10.0pt">3,881,774</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:12.0pt;font-family:"Times New Roman";margin-left:-4.5pt;text-align:right'><font style="font-size: 10.0pt">49,474</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.2in;text-align:center'><font style="font-size: 10.0pt">3,239,444</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#B9DCFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.5in'><font style="font-size: 10.0pt">Stephen Key</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#B9DCFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:-.9pt;text-align:center'><font style="font-size: 10.0pt">3,882,280</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#B9DCFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:-4.5pt;text-align:right'><font style="font-size: 10.0pt">48,968</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#B9DCFF">
  &nbsp;</td>
  <td valign=top style='padding:0in; ' bgcolor="#B9DCFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.2in;text-align:center'><font style="font-size: 10.0pt">3,239,444</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:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.5in'><font style="font-size: 10.0pt">Owen P.J. King</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:12.0pt;font-family:"Times New Roman";margin-left:-.9pt;text-align:center'><font style="font-size: 10.0pt">3,881,909</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:12.0pt;font-family:"Times New Roman";margin-left:-4.5pt;text-align:right'><font style="font-size: 10.0pt">49,339</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.2in;text-align:center'><font style="font-size: 10.0pt">3,239,444</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#B9DCFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.5in'><font style="font-size: 10.0pt">Louis Lipschitz</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#B9DCFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:-.9pt;text-align:center'><font style="font-size: 10.0pt">3,620,518</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#B9DCFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:-4.5pt;text-align:right'><font style="font-size: 10.0pt">310,730</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#B9DCFF">
  &nbsp;</td>
  <td valign=top style='padding:0in; ' bgcolor="#B9DCFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.2in;text-align:center'><font style="font-size: 10.0pt">3,239,444</font></p>
  </td>
 </tr>
</table>

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

<p style='margin-bottom:.0001pt;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 the Company&#146;s 2011 Long Term Incentive Plan that authorizes 850,000
shares of Common Stock for grants of various types of equity awards to
officers, directors, and employees.</font></p>

<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:5.4pt;border-collapse:collapse' width="90%">
 <tr>
  <td width=155 valign=top style='width:116.1pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><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";text-align:center'><b><font style="font-size: 10.0pt">For</font></b></p>
  </td>
  <td width=157 valign=top style='width:117.9pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><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";text-align:center'><b><font style="font-size: 10.0pt">Against</font></b></p>
  </td>
  <td width=164 valign=top style='width:123.3pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><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";text-align:center'><b><font style="font-size: 10.0pt">Abstain</font></b></p>
  </td>
  <td width=184 valign=top style='width:137.7pt;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'><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";text-align:center'><b><font style="font-size: 10.0pt">Broker NonVotes</font></b></p>
  </td>
 </tr>
 <tr>
  <td width=155 valign=top style='width:116.1pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">3,181,395</font></p>
  </td>
  <td width=157 valign=bottom style='width:117.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">503,848</font></p>
  </td>
  <td width=164 valign=bottom style='width:123.3pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">246,005</font></p>
  </td>
  <td width=184 valign=top style='width:137.7pt;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">3,239,475</font></p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:12.0pt;text-indent:24.5pt'>&nbsp;</p>

<p style='margin-bottom:.0001pt;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;
Ratification of the appointment of J.H. Cohn LLP as the Company&#146;s independent
registered accounting firm in respect of the fiscal year ending September 30,
2011.</font></p>

<table class=MsoNormalTable border=0 cellpadding=0 width=652
 style='width:90%;margin-left:6.0pt;border-collapse:collapse'>
 <tr>
  <td width=157 valign=top style='width:117.9pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <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">For</font></b></p>
  </td>
  <td width=155 valign=top style='width:116.1pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <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">Against</font></b></p>
  </td>
  <td width=161 valign=top style='width:120.6pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <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">Abstain</font></b></p>
  </td>
  <td width=179 valign=top style='width:134.4pt;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">Broker NonVotes</font></b></p>
  </td>
 </tr>
 <tr>
  <td width=157 valign=top style='width:117.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">7,057,025</font></p>
  </td>
  <td width=155 valign=bottom style='width:116.1pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">49,858</font></p>
  </td>
  <td width=161 valign=bottom style='width:120.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">63,809</font></p>
  </td>
  <td width=179 valign=top style='width:134.4pt;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">0</font></p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.25in'>&nbsp;</p>

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

<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>

<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: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-bottom:.0001pt;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 size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Advisory (non-binding) vote as to approval of Company&#146;s Executive Compensation
programs.</font></p>

<table class=MsoNormalTable border=0 cellpadding=0 width=653
 style='width:90%;margin-left:5.4pt;border-collapse:collapse'>
 <tr>
  <td width=169 valign=top style='width:126.9pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <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">For</font></b></p>
  </td>
  <td width=157 valign=top style='width:117.9pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <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">Against</font></b></p>
  </td>
  <td width=145 valign=top style='width:108.9pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <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">Abstain</font></b></p>
  </td>
  <td width=181 valign=top style='width:135.9pt;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">Broker NonVotes</font></b></p>
  </td>
 </tr>
 <tr>
  <td width=169 valign=top style='width:126.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">3,589,507</font></p>
  </td>
  <td width=157 valign=bottom style='width:117.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">305,744</font></p>
  </td>
  <td width=145 valign=bottom style='width:108.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">35,997</font></p>
  </td>
  <td width=181 valign=top style='width:135.9pt;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">3,239,444</font></p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:12.0pt;text-indent:24.5pt'>&nbsp;</p>

<p style='margin-bottom:.0001pt;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 size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Advisory (non-binding) vote as to frequency of vote with respect to approval of
Company&#146;s Executive Compensation programs.</font></p>

<table class=MsoNormalTable border=0 cellpadding=0 width=654
 style='width:90%;border-collapse:collapse'>
 <tr>
  <td width=132 valign=top style='width:99.0pt;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">&nbsp;</font></b></p>
  <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">Votes for One Year</font></b></p>
  </td>
  <td width=138 valign=top style='width:103.5pt;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">&nbsp;</font></b></p>
  <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">Votes for Two Years</font></b></p>
  </td>
  <td width=135 valign=top style='width:101.1pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <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">Votes for
	<br>
	Three Years</font></b></p>
  </td>
  <td width=111 valign=top style='width:83.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <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">&nbsp;</font></b></p>
  <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">Abstain</font></b></p>
  </td>
  <td width=138 valign=top style='width:103.5pt;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">&nbsp;</font></b></p>
  <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">Broker NonVotes</font></b></p>
  </td>
 </tr>
 <tr>
  <td width=132 valign=top style='width:99.0pt;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">1,423,797</font></p>
  </td>
  <td width=138 valign=bottom style='width:103.5pt;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">2,130,594</font></p>
  </td>
  <td width=135 valign=bottom style='width:101.1pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">354,153</font></p>
  </td>
  <td width=111 valign=bottom style='width:83.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">22,704</font></p>
  </td>
  <td width=138 valign=top style='width:103.5pt;padding:0in 0in 0in 0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 10.0pt">3,239,444</font></p>
  </td>
 </tr>
</table>

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

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-bottom:12.0pt;text-indent:24.5pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">The Company intends to file a registration
statement on Form S-8 under the Securities Act of 1933 to register the shares
of common stock authorized for awards under the 2011 Long Term Incentive Plan.</font></p>

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";text-indent:.5in; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">None</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-indent:.5in'>&nbsp;</p>

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

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:6.0pt;text-indent:.5in;page-break-after:
avoid'><font style="font-size: 10.0pt">This Current Report on Form 8-K contains
forward-looking statements (within the meaning of the Private Securities
Litigation Reform Act of 1995) that are subject to risks and uncertainties.
Actual results may differ substantially from those expressed or implied in such
forward-looking statements due to a number of factors. Readers are cautioned
that all forward-looking statements are based on management&#146;s present
expectations, estimates and projections, but involve risks and uncertainty,
including without limitation, anticipated transaction structure and terms of
the transaction, status of the acquisition process, uncertainties in the
negotiation of definitive agreements, the due diligence process, the ability to
obtain necessary third party consents, as well as general market conditions, competition
and pricing. Please refer to the Company&#146;s report on Form 10-K for the year
ended September 30, 2010 and subsequent reports on Forms 10-Q and 8-K as filed
with the Securities and Exchange Commission for additional information. The
Company is under no obligation (and expressly disclaims any obligation) to
update or alter its forward-looking statements, whether as a result of new
information, future events or otherwise.</font></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-top:9.0pt;margin-right:0in;margin-bottom:0in;margin-left:0in;
margin-bottom:.0001pt'><font size="2">&nbsp;</font></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-bottom:6.0pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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-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; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;</font></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="98%"
 style='width:98.44%;margin-left:.75pt'>
 <tr>
  <td width="46%" style='width:46.56%;padding:0in 0in 0in 0in'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">Dated:
  March 11, 2011&nbsp;</font></p>
  </td>
  <td width="4%" valign=top style='width:4.66%;padding:0in 0in 0in 0in'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">By:&nbsp;&nbsp;</font></p>
  </td>
  <td width="48%" colspan=2 style='width:48.76%;padding:0in 0in 0in 0in'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><u><font style="font-size: 10.0pt">/s/
  Brett M. Johnson</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="46%" style='width:46.56%;padding:0in 0in 0in 0in'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td width="4%" style='width:4.66%;padding:0in 0in 0in 0in'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=top style='width:4%;padding:0in; '>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">Name:&nbsp;&nbsp;</font></p>
  </td>
  <td style='width:45%;padding:0in; '>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">Brett
  M. Johnson</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" style='width:46.56%;padding:0in 0in 0in 0in'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td width="4%" style='width:4.66%;padding:0in 0in 0in 0in'>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td valign=top style='width:4%;padding:0in; '>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">Title:&nbsp;</font></p>
  </td>
  <td style='width:45%;padding:0in; '>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">Principal
  Executive Officer</font></p>
  </td>
 </tr>
</table>

<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'>

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

<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>

<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>

</div>

</body>

</html>
[{"type": "8-K", "sequence": "1", "filename": "esforward8k.htm", "secsgml_size_bytes": 60738}]
{"company-data": {"conformed-name": "FORWARD INDUSTRIES INC", "cik": "0000038264", "assigned-sic": "3089", "irs-number": "131950672", "state-of-incorporation": "NY", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-34780", "film-number": "11682544"}, "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 8-K for March 7, 2011
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):
March 7, 2011
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 follow
provisions:
[ 
]  Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ 
]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ 
]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ 
]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 5.02(e)  
Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.
Equity Incentive Awards.
On March 7,
2011, following the Annual Meeting of Shareholders, the results of which are
detailed in
Item 5.07 below
, the Compensation Committee ( "Compensation
Committee") of the Company's Board of Directors,
determined to award James O. McKenna, the Company's Chief Financial Officer/Treasurer,
options to purchase 100,000 shares of the Company's common stock, par value
$0.01 per share ("Common Stock"), pursuant to the Company's 2011 Long Term Incentive
Plan, which was approved by shareholders at the Annual Meeting.  As to this
award:  the grant date is March 9, 2011; the exercise price is equal to the
closing price of the Common Stock on the Nasdaq SmallCap Market on the grant
date; and the vesting schedule is as follows:  (i) as to 50% of the grant
(50,000 shares), on the third anniversary of the grant date; (ii) as to 25% of
the grant (25,000 shares), on the fourth anniversary of the grant date; and
(iii) as to 25% of the grant (25,000 shares), on the fifth anniversary of the
grant date.
In connection with the grant to Mr.
McKenna and grants to non-executive officers and employees that reflect the vesting schedule
described above, the Compensation Committee also determined to modify the
vesting schedule of the award of options to purchase 200,000 shares of Common
Stock granted to its President and Chief Executive Officer Brett M. Johnson in
November 2010 to conform it to the vesting schedule described above.  That
award originally was to vest in equal 20% parts on each of the first five
anniversary dates of the grant date of November 5, 2010.
Employment Agreement.
The Compensation Committee on March 7,
2011, also approved changes in the terms of compensatory arrangements with Mr.
McKenna under his employment agreement with the Company, subject to and
effective upon his relocation to California in connection with the anticipated
move of the Company's executive offices to Los Angeles in the near future.  The
changes relate to salary, housing allowance/relocation, and termination, as
described below.  Other terms of the executive's employment agreement, a copy
of which is set forth as Exhibit 10.3 to the Company's Current Report on Form
8-K filed August 16, 2010, remain unchanged.
Salary: increase of base salary to
$225,000 per annum from $175,000 per annum currently
Housing Allowance/Relocation: (i) the
executive will be entitled to a housing allowance of $7,500 per month, or
$90,000 per annum, to assist in defraying the increase in housing costs
anticipated to be incurred by him and his family in the relocation.  The
allowance will be phased out over time if, as, and to the extent that the
executive's base salary increases, with the percentage reduction in the
allowance exceeding the percentage increase in base salary, all according to a
schedule approved by the Compensation Committee.  (ii) The Company will
reimburse the executive's reasonable out-of-pocket costs incurred in the
relocation.  (iii) The Company will reimburse the executive's current monthly
expense in respect of his existing lease of his house in Florida until the
earlier of lease expiration in August 2011 or the date of early lease
termination.
Termination of Employment.  The
executive's employment agreement will be amended to provide that, in the event
his employment with the Company is terminated by him for good reason (as it
will be re-defined in the agreement) or by the Company without cause, in either
case within the first 36 months after relocation, the Company will reimburse
him for his reasonable out-of-pocket costs incurred in connection with a return
to Florida, including the expense of termination of the lease of his California
residence not to exceed 12 months of such expense.
Director Compensation, etc.
On March 7, 2011, in accordance with
existing practice the Compensation Committee also voted to recommend the grant
of awards of options to purchase 10,000 shares of Common Stock to each of the
Company's newly elected directors, Messrs. John Chiste,  Fred Hamilton, Frank
LaGrange Johnson, Stephen Key, Owen P.J. King, and Louis Lipschitz, or 60,000
shares in the aggregate, as well as the grant of an award of options to
purchase 5,000 shares of Common Stock to the Company's Corporate Secretary,
Steven Malsin.  These awards were approved by the Board of Directors, have
a grant date of March 9, 2011, and vest one year from the grant date, or March
8, 2012, subject to each grantee's compliance with the service period.  The
option exercise price is equal to the closing bid price of the Company's Common
Stock on the Nasdaq SmallCap Market on the grant date.
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On Monday, March 7, 2011, the Company held
its Shareholders Annual Meeting. The directors named below were elected and the
following matters were approved by shareholders at the Annual Meeting:
1.       
Election of a Board of Directors.
Number of Shares Voted
Name
For
Withheld
Broker
NonVotes
John Chiste
3,621,467
309,781
3,239,444
Fred Hamilton
3,620,997
310,251
3,239,444
Frank LaGrange Johnson
3,881,774
49,474
3,239,444
Stephen Key
3,882,280
48,968
3,239,444
Owen P.J. King
3,881,909
49,339
3,239,444
Louis Lipschitz
3,620,518
310,730
3,239,444
2.       
Approval of the Company's 2011 Long Term Incentive Plan that authorizes 850,000
shares of Common Stock for grants of various types of equity awards to
officers, directors, and employees.
For
Against
Abstain
Broker NonVotes
3,181,395
503,848
246,005
3,239,475
3.       
Ratification of the appointment of J.H. Cohn LLP as the Company's independent
registered accounting firm in respect of the fiscal year ending September 30,
2011.
For
Against
Abstain
Broker NonVotes
7,057,025
49,858
63,809
0
4.       
Advisory (non-binding) vote as to approval of Company's Executive Compensation
programs.
For
Against
Abstain
Broker NonVotes
3,589,507
305,744
35,997
3,239,444
5.       
Advisory (non-binding) vote as to frequency of vote with respect to approval of
Company's Executive Compensation programs.
Votes for One Year
Votes for Two Years
Votes for
Three Years
Abstain
Broker NonVotes
1,423,797
2,130,594
354,153
22,704
3,239,444
The Company intends to file a registration
statement on Form S-8 under the Securities Act of 1933 to register the shares
of common stock authorized for awards under the 2011 Long Term Incentive Plan.
ITEM 9.01.
FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
None
Forward Looking Statements
This Current Report on Form 8-K contains
forward-looking statements (within the meaning of the Private Securities
Litigation Reform Act of 1995) that are subject to risks and uncertainties.
Actual results may differ substantially from those expressed or implied in such
forward-looking statements due to a number of factors. Readers are cautioned
that all forward-looking statements are based on management's present
expectations, estimates and projections, but involve risks and uncertainty,
including without limitation, anticipated transaction structure and terms of
the transaction, status of the acquisition process, uncertainties in the
negotiation of definitive agreements, the due diligence process, the ability to
obtain necessary third party consents, as well as general market conditions, competition
and pricing. Please refer to the Company's report on Form 10-K for the year
ended September 30, 2010 and subsequent reports on Forms 10-Q and 8-K as filed
with the Securities and Exchange Commission for additional information. The
Company is under no obligation (and expressly disclaims any obligation) to
update or alter its forward-looking statements, whether as a result of new
information, future events or otherwise.
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.
Dated:
  March 11, 2011
By:
/s/
  Brett M. Johnson
Name:
Brett
  M. Johnson
Title:
Principal
  Executive Officer