Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 24

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 24
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 effective July 1, 2022. Additionally, effective July 2023, Mr. Severino’s annual base salary was
increased to $290,000. Effective September 1, 2024, Mr. Severino’s annual base salary was reduced to $230,000. Effective January
1, 2025, Mr. Severino’s annual base salary was reduced to $170,000. Mr. Severino resigned from the Company in May 2025.

Key Employee (Non-NEO under SEC Rules and Regulations)

Tom KraMer. In connection
with the acquisition of Kablooe, effective August 17, 2020, the Company entered into a five-year employment agreement with Tom KraMer.
Under the employment agreement, Mr. KraMer receives an annual base salary of $250,000 per year and is eligible to receive cash or equity
bonuses based on fiscal year performance targets established by the Compensation Committee of the Company’s Board of Directors in
its discretion. Under certain circumstances, Mr. KraMer would be entitled to receive six months base salary and other benefits if his
employment agreement is terminated. Effective November 1, 2024, Mr. KraMer’s annual base salary was reduced to $225,000 per year.

Kathleen Weisberg.
Effective July 1, 2023, the Company and Kathleen Weisberg, the Company’s Chief Financial Officer, entered into a three-year Employment
Agreement. Pursuant to her Employment Agreement, Ms. Weisberg is paid an annual base salary of $250,000 and is eligible to earn a bonus
based on certain fiscal targets and performance metrics set by the Compensation Committee of the Board in consultation with the Chief
Executive Officer. No such targets or performance metrics have been set by the Compensation Committee.

Discretionary Bonus

Each of the Named Executive Officers
is eligible to receive discretionary bonuses as determined by the Compensation Committee.

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Termination Provisions

Ms. Weisberg would be entitled
to receive six months base salary and other benefits if her employment agreement is terminated by the Company without cause or by the
executive for good reason. “Good Reason” under Ms. Weisberg’s employment agreement generally means (1) the assignment
to the executive without her consent of duties materially inconsistent with such executive’s position; (2) a decrease in annual
salary rate, other than an across the board decrease in salary applicable to all senior executives of the Company of not more