<html>

<head>
<!-- Document Prepared With EDGARSTAR Software-->
<!-- Copyright 2007 EDGARSTAR TRADEMARK-->
<!-- All rights reserved EDGAR2.com -->



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



</head>

<body lang=EN-US>

<div style='page:Section1;'>

<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'>&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'>&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">UNITED STATES </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="5">SECURITIES AND EXCHANGE COMMISSION </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'><b>Washington, D.C. 20549 </b></p>

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

<hr size=1 width="21%" noshade color=black align=center>

</div>

<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'>&nbsp;</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>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr style='page-break-inside:avoid'>
  <td width="100%" valign=top style='width:100.0%;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'>&nbsp;&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>CURRENT
  REPORT</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'><b>Pursuant
  to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></p>
  <h1 style='margin-right:0in;margin-left:0in;font-size:24.0pt;font-family:"Times New Roman";font-weight:bold;margin:0in;margin-bottom:.0001pt;text-align:center;
  page-break-after:avoid'>&nbsp;</h1>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>Date of report (Date of earliest
  event reported):&nbsp; <b>April 2, 2012</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-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(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>
  </td>
 </tr>
</table>

</div>

<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'>&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'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="90%"
 style='width:90.0%;border-collapse:collapse'>
 <tr>
  <td valign=top style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' width="30%">
  <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">New York</font></b></p>
  </td>
  <td valign=top style='padding:0in 5.4pt 0in 5.4pt' width="5%">
  <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>&nbsp;</b></p>
  </td>
  <td valign=top style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' width="30%">
  <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">000-6669</font></b></p>
  </td>
  <td valign=top style='padding:0in 5.4pt 0in 5.4pt' width="5%">
  <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>&nbsp;</b></p>
  </td>
  <td valign=top style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' width="30%">
  <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">13-1950672</font></b></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in 5.4pt 0in 5.4pt' width="30%">
  <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="1">(State or other Jurisdiction of Incorporation)</font></p>
  </td>
  <td valign=top style='padding:0in 5.4pt 0in 5.4pt' width="5%">
  <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="1">&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in 5.4pt 0in 5.4pt' width="30%">
  <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="1">(Commission File Number)</font></p>
  </td>
  <td valign=top style='padding:0in 5.4pt 0in 5.4pt' width="5%">
  <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="1">&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in 5.4pt 0in 5.4pt' width="30%">
  <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="1">(IRS Employer Identification No.)</font></p>
  </td>
 </tr>
</table>

</div>

<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="1">&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'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=303 valign=bottom style='width:227.3pt;border:none;border-bottom:
  solid windowtext 1.0pt;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'><b>
	<font size="2">3110 Main Street, Suite 400</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">Santa Monica,
   CA</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-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>&nbsp;</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-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">90405</font></b></p>
  </td>
 </tr>
 <tr>
  <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="1">(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="1">&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="1">(Zip Code)</font></p>
  </td>
 </tr>
</table>

</div>

<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="1">&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">&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> <b>
<font size="2">(310)
526-3005</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>&nbsp;</b></p>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=331 valign=top style='width:248.1pt;border:none;border-bottom:solid windowtext 1.0pt;
  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'><b>&nbsp;</b></p>
  </td>
 </tr>
 <tr>
  <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="1">(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-family:"Times New Roman";margin-bottom:.0001pt;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt;text-indent:.5in; margin-left:0in; margin-right:0in; margin-top:0in'>&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">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-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'>
<font size="2">[&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-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">[&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-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">[&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-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">[&nbsp;
]&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</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">&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'>&nbsp;</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>

<hr color="#000080"><font face="Times New Roman"><br clear=all
style='page-break-before:always'>


</font>


<p style='margin-right:0in;margin-left:0in;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";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:1.0in;text-align:justify;text-indent:-1.0in'><b>ITEM
1.02.<font size="3">&nbsp;&nbsp;&nbsp;&nbsp; </font>TERMINATION
OF A MATERIAL DEFINITIVE AGREEMENT<font size="3">.</font></b></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";text-indent:.5in'>The information
contained in Item 5.02 with respect to the Consulting Agreement (as defined
below) is incorporated by reference into this Item 1.02.</p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:6.0pt'><b>ITEM 5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION
OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF
CERTAIN OFFICERS.</b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:0in'><b>(c) and (e).</b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;
text-indent:.5in'><b><u>Appointment
of Co-Chief Executive Officers</u></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:13.0pt;text-align:justify;text-indent:
..5in;line-height:13.0pt;text-autospace:none'>On April 2, 2012, the Board of Directors of Forward Industries,
Inc., a New York corporation (the &#147;Company&#148;), appointed Robert Garrett Jr. and
Brett Johnson as Co-Chief Executive Officers of the Company.&nbsp; Mr. Johnson
has served as the Company&#146;s President and Chief Executive Officer since August
2010.&nbsp; Mr. Garrett has served as a consultant to the Company pursuant to a
consulting agreement (the &#147;Consulting Agreement&#148;) since October 1, 2011, as
previously described in the Company&#146;s Current Report on Form 8-K filed March 1,
2012.&nbsp; In connection with Mr. Garrett&#146;s appointment as the Company&#146;s
Co-Chief Executive Officer, the Consulting Agreement was terminated effective
as of February 29, 2012. </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:13.0pt;text-align:justify;text-indent:
..5in;line-height:13.0pt;text-autospace:none'>Mr. Garrett, age 45, served as a consultant to the Company from
October 2011 to February 2012.&nbsp; Prior to joining the Company, Mr. Garrett was
the president of Arcadia Aviation, which he founded in 2005 to acquire aviation
service businesses catering to the corporate jet marketplace at underdeveloped
airports in close proximity to the nation&#146;s top metropolitan areas.&nbsp;
Previously, Mr. Garrett managed the operational turnaround of a consumer
products company on behalf of Union Capital Corporation, a New York private
equity firm.&nbsp; Before Union Capital, Mr. Garrett worked for Sony Corporation
where he was the senior financial executive of a joint venture between Sony
Corporation of America and Sony Pictures.&nbsp; Mr. Garrett has served as a director
of the Company since February 2012 and serves on the Board of Directors of the
YMCA of Greater New York and the Interfaith Center of New York.</p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;
text-indent:27.35pt'><b><u>Employment
Agreements</u></b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:27.35pt'>On April 2,
2012, in connection with the appointment of Messrs. Garrett and Johnson as
Co-Chief Executive Officers, the Company entered into employment agreements
with each of Robert Garrett Jr. and Brett Johnson.</p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;
text-indent:27.35pt'><i>Robert
Garrett Employment Agreement</i></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:27.35pt'>Under his employment
agreement, Mr. Garret is employed as the Company&#146;s Co-Chief Executive Officer,
effective as of March 1, 2012, at an annual salary of $250,000.&nbsp;In
executing his employment agreement, Mr. Garrett is entitled to receive a
signing bonus of $9,167. During Mr. Garrett&#146;s first year of employment he shall
receive a bonus not less than $50,000 cash, to be paid in four quarterly equal
installments.&nbsp; During each year of his employment, Mr. Garrett is eligible to
receive an annual bonus at the discretion of the Compensation Committee in a
combination of cash or equity based compensation. </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:27.35pt'>In connection with Mr.
Garrett&#146;s appointment as Co-Chief Executive Officer, Mr.
Garrett was granted options to purchase 140,000 shares of the Company&#146;s common stock
pursuant to the Company&#146;s 2011 Long Term Incentive Plan. The grant date of this
award is April 4, 2012 and the exercise price is $3.00 per share for the first
100,000 options, and $3.77 per share for the second 40,000 options. The vesting
schedule is as follows:&nbsp; (i) 66,666 of the options shall vest on first
anniversary of the grant date; (ii) 66,666 of the options shall vest on second
anniversary of the grant date; and (iii) the remainder shall vest on the third
anniversary of the grant date. In addition, under Mr. Garrett&#146;s employment
agreement, he is entitled to be granted options to purchase an additional
60,000 shares of the Company&#146;s common stock, no later than October 1, 2012,
with an exercise price equal to the greater of the fair market value per share
on the date of grant, or $3.77 per share, for the first 10,000 options, and
$5.31 per share for the second 50,000 options. The additional 60,000 options
shall vest on the third anniversary of the grant date.</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:27.35pt'>&nbsp;</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>

<hr color="#000080"><font face="Times New Roman"><br clear=all
style='page-break-before:always'>


</font>


<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:27.35pt'>&nbsp;</p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:27.35pt'>Mr.
Garrett&#146;s employment agreement provides for successive one-year renewal terms,
unless either party provides written notice of its intention not to renew the
agreement not later than 90 days prior to the end of the term (or renewal
period). In the event the Company provides such notice of non-renewal after the
first term, Mr. Garrett would be entitled to receive a severance payment equal
to six (6) months of his salary. In the event the Company provides such notice
of non-renewal in any subsequent term, Mr. Garrett would be entitled to receive
a severance payment equal to three (3) months of his salary. If the Company
gives such notice for reasons other than non-renewal, death, disability or
cause and no change of control (as defined in the employment agreement) has
occurred, Mr. Garrett would be entitled to receive: (i) (A) in the case of a
termination by the Company without cause, salary at the then prevailing rate
for the greater of six months or the balance of the term as severance, or (B) if
Mr. Garrett terminates his employment agreement for good reason under
circumstances that do not constitute a change in control (as this term is defined
in his agreement) severance equal to six (6) months of salary at the then
prevailing rate; (ii) health insurance for Mr. Garret and his family to be paid
for by the Company for a period equal to the greater of six months or the
balance of the term; (iii) accrued discretionary bonus, if any; and (iv)
immediate vesting of any unvested options pursuant to applicable equity
compensation plans.&nbsp; If Mr. Garrett&#146;s employment is terminated without cause,
or if he terminates his employment for good reason (as defined in the
employment agreement), in either case within one year of a change of control
(as defined), he is entitled to receive the following payments and benefits: (i)
severance equal to 12 months of salary; (ii) health insurance for Mr. Garret
and his family to be paid for by the Company for a period equal to 12 months;
(iii) accrued discretionary bonus, if any; and (iv) immediate vesting of any
unvested options pursuant to applicable equity compensation plans. </p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:27.35pt'>Mr.
Garrett&#146;s employment agreement binds him to customary non-competition and
non-solicitation covenants of up to one year following the expiration of the
employment term, in addition to certain confidentiality, employee
non-solicitation, and intellectual property covenants. <b>&nbsp;</b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;
text-indent:27.35pt'><i>Brett
Johnson Employment Agreement</i></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:27.35pt'>Under his employment
agreement, Mr. Johnson is employed as the Company&#146;s Co-Chief Executive Officer,
effective March 1, 2012, at an annual salary of $250,000.&nbsp; During Mr.
Johnson&#146;s first year of employment, he is eligible to earn a bonus of up to
$50,000, based on achievement of certain performance goals defined in his
employment agreement. Up to 50% of such performance bonus, if any, shall be
paid to Mr. Johnson subsequent to September 30, 2012 and March 31, 2013,
respectively, in a combination of cash or equity based compensation.&nbsp; During
each year of his employment, Mr. Johnson is eligible to receive an annual bonus
at the discretion of the Compensation Committee in a combination of cash or
equity based compensation.</p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:27.35pt'>Mr.
Johnson&#146;s employment agreement provides for successive one-year renewal terms,
unless either party provides written notice of its intention not to renew the
agreement not later than 90 days prior to the end of the term (or renewal
period). In the event the Company provides such notice of non-renewal after the
first term, Mr. Johnson would be entitled to receive a severance payment equal
to six (6) months of his salary. In the event the Company provides such notice
of non-renewal in any subsequent term, Mr. Johnson would be entitled to receive
a severance payment equal to three (3) months of his salary. If the Company
gives such notice for reasons other than non-renewal, death, disability or
cause and no change of control (as defined in the employment agreement) has
occurred, Mr. Johnson would be entitled to receive: (i) (A) in the case of a
termination by the Company without cause, salary at the then prevailing rate
for the greater of six months or the balance of the term as severance, or (B) if
Mr. Johnson terminates his employment agreement for good reason under
circumstances that do not constitute a change in control (as this term is
defined in his agreement) severance equal to six (6) months of salary at the
then prevailing rate; (ii) health insurance for Mr. Johnson and his family to
be paid for by the Company for a period equal to the greater of six months or
the balance of the term; (iii) accrued discretionary bonus, if any; and (iv)
immediate vesting of any unvested options pursuant to applicable equity
compensation plans.&nbsp; If Mr. Johnson&#146;s employment is terminated without cause,
or if he terminates his employment for good reason (as defined in the
employment agreement), in either case within one year of a change of control
(as defined), he is entitled to receive the following payments and benefits: (i)
severance equal to 12 months of salary; (ii) health insurance for Mr. Johnson
and his family to be paid for by the Company for a period equal to 12 months;
(iii) accrued discretionary bonus, if any; and (iv) immediate vesting of any
unvested options pursuant to applicable equity compensation plans. </p>
<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:27.35pt'>&nbsp;</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>

<hr color="#000080"><font face="Times New Roman"><br clear=all
style='page-break-before:always'>


</font>


<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:27.35pt'>&nbsp;</p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:27.35pt'>Mr.
Johnson&#146;s employment agreement binds him to customary non-competition and
non-solicitation covenants of up to one year following the expiration of the
employment term, in addition to certain confidentiality, employee
non-solicitation, and intellectual property covenants. </p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-indent:27.35pt'>The
foregoing summaries of the employment agreements between the Company and each
of Robert Garrett Jr. and Brett Johnson do not purport to be complete and are
subject to, and qualified in thier entirety by, the full text of the employment
agreements, which are attached hereto as Exhibit 10.1 and Exhibit 10.2 and are
incorporated by reference into this Current Report on Form 8-K</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><b>ITEM 9.01.
FINANCIAL STATEMENTS AND EXHIBITS.</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";'><b>(d) Exhibits</b></p>

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

<table border="0" width="100%">
	<tr>
		<td valign="top" width="13%"><u>
<font size="3">Exhibit No.</font></u></td>
		<td width="87%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:12.0pt;page-break-after:avoid; margin-top:0in'>
<font size="3"><u>Description</u></font></p>

		</td>
	</tr>
	<tr>
		<td valign="top" width="13%">10.1</td>
		<td width="87%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-bottom:12.0pt; margin-top:0in'>Employment Agreement, effective as of March 1, 2012, by and
between Forward Industries, Inc. and Robert Garrett Jr.</p>

		</td>
	</tr>
	<tr>
		<td valign="top" width="13%">10.2</td>
		<td width="87%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-bottom:12.0pt; margin-top:0in'>Employment
Agreement, effective as of March 1, 2012, by and between Forward Industries, Inc. and Brett Johnson.</p>
		</td>
	</tr>
</table>

<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'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:6.0pt'><b>SIGNATURES</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'>&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.</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'>&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'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="98%"
 style='width:98.44%;margin-left:.75pt'>
 <tr>
  <td width="46%" style='padding:0in; '>
  <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'>Dated:
  April 6, 2012&nbsp;</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-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'>By:&nbsp;&nbsp;</p>
  </td>
  <td width="48%" colspan=2 style='padding:0in; '>
  <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'>
	<u>/s/ Robert
  Garrett Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</u></p>
  </td>
 </tr>
 <tr>
  <td width="46%" style='padding:0in; '>
  <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'>&nbsp;</p>
  </td>
  <td width="4%" style='width:4.66%;padding:0in 0in 0in 0in'>
  <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'>&nbsp;</p>
  </td>
  <td valign=top style='width:4%;padding:0in; '>
  <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'>
	Name:&nbsp;</p>
  </td>
  <td style='width:45%;padding:0in; '>
  <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'>Robert
  Garrett Jr.</p>
  </td>
 </tr>
 <tr>
  <td width="46%" style='padding:0in; '>
  <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'>&nbsp;</p>
  </td>
  <td width="4%" style='width:4.66%;padding:0in 0in 0in 0in'>
  <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'>&nbsp;</p>
  </td>
  <td valign=top style='width:4%;padding:0in; '>
  <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'>Title:&nbsp;</p>
  </td>
  <td style='width:45%;padding:0in; '>
  <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'>Principal
  Executive Officer</p>
  </td>
 </tr>
</table>

<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'>&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'>&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'>&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'>&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'>&nbsp;</p>

</div>

</body>

</html>
[{"type": "8-K", "sequence": "1", "filename": "esforward8k.htm", "secsgml_size_bytes": 35778}]
{"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": "12748494"}, "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
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):
April 2, 2012
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.)
3110 Main Street, Suite 400
Santa Monica,
   CA
90405
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(310)
526-3005
(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
1.02.
TERMINATION
OF A MATERIAL DEFINITIVE AGREEMENT
.
The information
contained in Item 5.02 with respect to the Consulting Agreement (as defined
below) is incorporated by reference into this Item 1.02.
ITEM 5.02      DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION
OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF
CERTAIN OFFICERS.
(c) and (e).
Appointment
of Co-Chief Executive Officers
On April 2, 2012, the Board of Directors of Forward Industries,
Inc., a New York corporation (the "Company"), appointed Robert Garrett Jr. and
Brett Johnson as Co-Chief Executive Officers of the Company.  Mr. Johnson
has served as the Company's President and Chief Executive Officer since August
2010.  Mr. Garrett has served as a consultant to the Company pursuant to a
consulting agreement (the "Consulting Agreement") since October 1, 2011, as
previously described in the Company's Current Report on Form 8-K filed March 1,
2012.  In connection with Mr. Garrett's appointment as the Company's
Co-Chief Executive Officer, the Consulting Agreement was terminated effective
as of February 29, 2012.
Mr. Garrett, age 45, served as a consultant to the Company from
October 2011 to February 2012.  Prior to joining the Company, Mr. Garrett was
the president of Arcadia Aviation, which he founded in 2005 to acquire aviation
service businesses catering to the corporate jet marketplace at underdeveloped
airports in close proximity to the nation's top metropolitan areas. 
Previously, Mr. Garrett managed the operational turnaround of a consumer
products company on behalf of Union Capital Corporation, a New York private
equity firm.  Before Union Capital, Mr. Garrett worked for Sony Corporation
where he was the senior financial executive of a joint venture between Sony
Corporation of America and Sony Pictures.  Mr. Garrett has served as a director
of the Company since February 2012 and serves on the Board of Directors of the
YMCA of Greater New York and the Interfaith Center of New York.
Employment
Agreements
On April 2,
2012, in connection with the appointment of Messrs. Garrett and Johnson as
Co-Chief Executive Officers, the Company entered into employment agreements
with each of Robert Garrett Jr. and Brett Johnson.
Robert
Garrett Employment Agreement
Under his employment
agreement, Mr. Garret is employed as the Company's Co-Chief Executive Officer,
effective as of March 1, 2012, at an annual salary of $250,000. In
executing his employment agreement, Mr. Garrett is entitled to receive a
signing bonus of $9,167. During Mr. Garrett's first year of employment he shall
receive a bonus not less than $50,000 cash, to be paid in four quarterly equal
installments.  During each year of his employment, Mr. Garrett is eligible to
receive an annual bonus at the discretion of the Compensation Committee in a
combination of cash or equity based compensation.
In connection with Mr.
Garrett's appointment as Co-Chief Executive Officer, Mr.
Garrett was granted options to purchase 140,000 shares of the Company's common stock
pursuant to the Company's 2011 Long Term Incentive Plan. The grant date of this
award is April 4, 2012 and the exercise price is $3.00 per share for the first
100,000 options, and $3.77 per share for the second 40,000 options. The vesting
schedule is as follows:  (i) 66,666 of the options shall vest on first
anniversary of the grant date; (ii) 66,666 of the options shall vest on second
anniversary of the grant date; and (iii) the remainder shall vest on the third
anniversary of the grant date. In addition, under Mr. Garrett's employment
agreement, he is entitled to be granted options to purchase an additional
60,000 shares of the Company's common stock, no later than October 1, 2012,
with an exercise price equal to the greater of the fair market value per share
on the date of grant, or $3.77 per share, for the first 10,000 options, and
$5.31 per share for the second 50,000 options. The additional 60,000 options
shall vest on the third anniversary of the grant date.
Mr.
Garrett's employment agreement provides for successive one-year renewal terms,
unless either party provides written notice of its intention not to renew the
agreement not later than 90 days prior to the end of the term (or renewal
period). In the event the Company provides such notice of non-renewal after the
first term, Mr. Garrett would be entitled to receive a severance payment equal
to six (6) months of his salary. In the event the Company provides such notice
of non-renewal in any subsequent term, Mr. Garrett would be entitled to receive
a severance payment equal to three (3) months of his salary. If the Company
gives such notice for reasons other than non-renewal, death, disability or
cause and no change of control (as defined in the employment agreement) has
occurred, Mr. Garrett would be entitled to receive: (i) (A) in the case of a
termination by the Company without cause, salary at the then prevailing rate
for the greater of six months or the balance of the term as severance, or (B) if
Mr. Garrett terminates his employment agreement for good reason under
circumstances that do not constitute a change in control (as this term is defined
in his agreement) severance equal to six (6) months of salary at the then
prevailing rate; (ii) health insurance for Mr. Garret and his family to be paid
for by the Company for a period equal to the greater of six months or the
balance of the term; (iii) accrued discretionary bonus, if any; and (iv)
immediate vesting of any unvested options pursuant to applicable equity
compensation plans.  If Mr. Garrett's employment is terminated without cause,
or if he terminates his employment for good reason (as defined in the
employment agreement), in either case within one year of a change of control
(as defined), he is entitled to receive the following payments and benefits: (i)
severance equal to 12 months of salary; (ii) health insurance for Mr. Garret
and his family to be paid for by the Company for a period equal to 12 months;
(iii) accrued discretionary bonus, if any; and (iv) immediate vesting of any
unvested options pursuant to applicable equity compensation plans.
Mr.
Garrett's employment agreement binds him to customary non-competition and
non-solicitation covenants of up to one year following the expiration of the
employment term, in addition to certain confidentiality, employee
non-solicitation, and intellectual property covenants.
Brett
Johnson Employment Agreement
Under his employment
agreement, Mr. Johnson is employed as the Company's Co-Chief Executive Officer,
effective March 1, 2012, at an annual salary of $250,000.  During Mr.
Johnson's first year of employment, he is eligible to earn a bonus of up to
$50,000, based on achievement of certain performance goals defined in his
employment agreement. Up to 50% of such performance bonus, if any, shall be
paid to Mr. Johnson subsequent to September 30, 2012 and March 31, 2013,
respectively, in a combination of cash or equity based compensation.  During
each year of his employment, Mr. Johnson is eligible to receive an annual bonus
at the discretion of the Compensation Committee in a combination of cash or
equity based compensation.
Mr.
Johnson's employment agreement provides for successive one-year renewal terms,
unless either party provides written notice of its intention not to renew the
agreement not later than 90 days prior to the end of the term (or renewal
period). In the event the Company provides such notice of non-renewal after the
first term, Mr. Johnson would be entitled to receive a severance payment equal
to six (6) months of his salary. In the event the Company provides such notice
of non-renewal in any subsequent term, Mr. Johnson would be entitled to receive
a severance payment equal to three (3) months of his salary. If the Company
gives such notice for reasons other than non-renewal, death, disability or
cause and no change of control (as defined in the employment agreement) has
occurred, Mr. Johnson would be entitled to receive: (i) (A) in the case of a
termination by the Company without cause, salary at the then prevailing rate
for the greater of six months or the balance of the term as severance, or (B) if
Mr. Johnson terminates his employment agreement for good reason under
circumstances that do not constitute a change in control (as this term is
defined in his agreement) severance equal to six (6) months of salary at the
then prevailing rate; (ii) health insurance for Mr. Johnson and his family to
be paid for by the Company for a period equal to the greater of six months or
the balance of the term; (iii) accrued discretionary bonus, if any; and (iv)
immediate vesting of any unvested options pursuant to applicable equity
compensation plans.  If Mr. Johnson's employment is terminated without cause,
or if he terminates his employment for good reason (as defined in the
employment agreement), in either case within one year of a change of control
(as defined), he is entitled to receive the following payments and benefits: (i)
severance equal to 12 months of salary; (ii) health insurance for Mr. Johnson
and his family to be paid for by the Company for a period equal to 12 months;
(iii) accrued discretionary bonus, if any; and (iv) immediate vesting of any
unvested options pursuant to applicable equity compensation plans.
Mr.
Johnson's employment agreement binds him to customary non-competition and
non-solicitation covenants of up to one year following the expiration of the
employment term, in addition to certain confidentiality, employee
non-solicitation, and intellectual property covenants.
The
foregoing summaries of the employment agreements between the Company and each
of Robert Garrett Jr. and Brett Johnson do not purport to be complete and are
subject to, and qualified in thier entirety by, the full text of the employment
agreements, which are attached hereto as Exhibit 10.1 and Exhibit 10.2 and are
incorporated by reference into this Current Report on Form 8-K
ITEM 9.01.
FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit No.
Description
10.1
Employment Agreement, effective as of March 1, 2012, by and
between Forward Industries, Inc. and Robert Garrett Jr.
10.2
Employment
Agreement, effective as of March 1, 2012, by and between Forward Industries, Inc. and Brett Johnson.
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:
  April 6, 2012
By:
/s/ Robert
  Garrett Jr.
Name:
Robert
  Garrett Jr.
Title:
Principal
  Executive Officer