Kathleen Weisberg
About Kathleen Weisberg
Chief Financial Officer of Forward Industries, Inc. (appointed effective July 1, 2023), previously Corporate Controller (June 2020–June 2023), with earlier roles in SEC reporting at WW International, audit and corporate accounting at Symbol Technologies, and audit at Ernst & Young; age 53 as disclosed in 2024 proxy . Compensation initially set at $250,000 base salary with bonus eligibility tied to Compensation Committee-set metrics (none set); increased to $275,000 effective June 1, 2025, and severance enhanced to eight months of base salary in August 2025 . Company performance context during early tenure: Pay-versus-Performance table shows TSR value of $32 on a $100 initial investment for FY2023 and GAAP net loss of $(3,716,651), vs TSR $56 and net loss $(1,378,251) in FY2022 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Forward Industries, Inc. | Corporate Controller | June 2020 – June 2023 | Led corporate controllership prior to CFO appointment |
| Jungle Bob Enterprises, Inc. | Controller | 2017 – 2020 | Controller responsibilities at consumer products company |
| WW International, Inc. (Weight Watchers) | Senior Manager, SEC Reporting | 2003 – 2010 | SEC reporting function for public company |
| Symbol Technologies, Inc. | Senior Auditor; Corporate Accounting Manager | 1998 – 2003 | Audit and corporate accounting at device manufacturer |
| Ernst & Young LLP | Auditor | 1992 – 1998 | External audit experience |
External Roles
Not disclosed for Ms. Weisberg in company filings reviewed .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $62,500 (partial year from July 1, 2023; annualized salary $250,000) | $250,000 |
| Target Bonus % | Not set by Compensation Committee | Not set by Compensation Committee |
| Actual Bonus Paid ($) | $0 | $0 |
| All Other Compensation ($) | $1,999 | $7,995 |
| Post-FY Change | — | Base increased to $275,000 effective June 1, 2025 |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Bonus (CFO) | Discretionary (metrics to be set) | Not set | $0 (FY2024) | $0 (FY2024) | N/A |
The Compensation Committee indicated CFO bonus eligibility based on fiscal targets and performance metrics, but no specific targets or metrics were set during FY2023–FY2024 .
Equity Ownership & Alignment
| Metric | 12/22/2023 (Record Date) | 06/20/2025 (Record Date) | 08/15/2025 (Record Date) |
|---|---|---|---|
| Beneficial Ownership (Shares) | 0 | 0 | 0 |
| Ownership (% of SO) | 0% (10,061,185 SO) | 0% (1,125,998 SO) | 0% (1,718,181 SO) |
| Vested vs Unvested Shares | None disclosed | None disclosed | None disclosed |
| Options – Exercisable/Unexercisable | None outstanding | None outstanding | None outstanding (not listed among NEO awards) |
| Pledged as Collateral | Prohibited by Insider Trading Policy (hedging/pledging/shoring banned) | Prohibited | Prohibited |
| Ownership Guidelines | Not disclosed | Not disclosed | Not disclosed |
Employment Terms
| Item | Detail |
|---|---|
| Start Date; Role | CFO effective July 1, 2023 |
| Agreement Term | Three years from July 1, 2023 (initial six-month probationary period with no-fault termination right) |
| Base Salary | $250,000 at hire ; increased to $275,000 in Amendment dated Aug 11, 2025 |
| Bonus Eligibility | Eligible based on fiscal targets set by Compensation Committee; no targets set |
| Severance (Good Reason/Without Cause) | Initially six months base salary ; increased to eight months by Aug 11, 2025 Amendment; payable in lump sum within 15 days after Release effective |
| “Good Reason” | Material duty change; >10% salary decrease (except uniform reductions ≤10%); material breach by Company; failure of successor to assume agreement |
| “Cause” | Willful misconduct; willful failure/refusal after notice; felony/moral turpitude conviction/plea |
| D&O Indemnification | Covered under Company’s directors’ and officers’ liability insurance; indemnification during term |
| Non-Compete/Non-Solicit | Not disclosed in reviewed sections |
| Change-of-Control | Not disclosed in reviewed sections |
| Clawback | Board-adopted clawback per Nasdaq/SEC Rule 10D-1 (recoup “excess” incentive comp over 3-year lookback upon restatement) ; prior disclosure of clawback alignment in 2024 proxy |
| Anti-Hedging/Pledging | Officers, directors, employees prohibited from hedging, pledging, or shorting company stock |
| Related Party Transactions | None reportable for Ms. Weisberg under Item 404(a) as of appointment |
Investment Implications
- Pay-for-performance alignment: CFO compensation is predominantly fixed cash with no equity awards and no established performance bonus metrics in FY2023–FY2024; absence of equity ownership (0 shares across multiple record dates) limits “skin-in-the-game,” though hedging/pledging are prohibited by policy .
- Retention and severance economics: Severance uplift from six to eight months and base increase to $275,000 signal retention focus; lump-sum severance within 15 days post-release increases near-term cash outlay if departure occurs, but may reduce flight risk for a key finance leader during transition periods .
- Insider selling pressure: With no reported beneficial ownership and no outstanding awards, near-term insider sale pressure from Weisberg appears minimal; however, lack of ownership also reduces alignment with long-term TSR outcomes disclosed in pay-versus-performance .
- Governance and controls: Clear anti-hedging/pledging policy and clawback framework mitigate misalignment risk; D&O indemnification standard for officer roles; no change-of-control or restrictive covenants were disclosed in reviewed sections, limiting visibility into exit economics under M&A .
Note: Company TSR and net income figures cited provide context for tenure but are company-level metrics, not individual performance measures for the CFO .