SHAREHOLDER PROTECTION RIGHTS AGREEMENT dated as of June 9, 2010 between Forward Industries, Inc. and American Stock Transfer & Trust Company LLCShareholder Protection Rights Agreement • June 15th, 2010 • Forward Industries Inc • Plastics products, nec • New York
This SHAREHOLDER PROTECTION RIGHTS AGREEMENT, dated as of June 9, 2010 (as amended from time to time, this “Agreement”), between Forward Industries, Inc., a New York corporation (the “Company”), and American Stock Transfer & Trust Company LLC, a New York limited liability trust company, as Rights Agent (the “Rights Agent”, which term shall include any successor Rights Agent hereunder).
FORWARD INDUSTRIES, INC. LETTERHEAD]Forward Industries Inc • June 15th, 2010 • Plastics products, nec
On June 9, 2010, the Board of Directors (the “Board”) of Forward Industries, Inc. (the “Company”), with the unanimous recommendation of the Special Committee of the Board, comprised solely of independent members of the Board (the “Special Committee”), adopted a Shareholder Protection Rights Agreement (the “Rights Plan”) by majority vote and declared an issuance of one common share purchase right (a “Right”) for each share of common stock of the Company, par value $0.01 per share (the “Common Stock”), to the shareholders of record at the close of business on June 21, 2010. A summary of the Rights Plan is enclosed. This letter briefly describes the Rights Plan and the Board of Director’s reasons for adopting it.
