Company: FWDI
Filing Date: 2025-05-22
Form Type: 8-K
Source: 0001683168-25-003941
Chunk: 5

Company: Forward Industries, Inc.
Filing Date: 2025-05-22
Form: 8-K
Item: Item 3.02
Chunk 5
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Item 3.02. Unregistered Sales of Equity Securities.

The information contained above in Item 1.01 regarding
the issuance of 24,929 commitment shares is hereby incorporated by reference into this Item 3.02.

   3  

Item 5.02 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In connection with the closing of the Transaction
Agreement, the Company and Terence Wise, who served as the Chief Executive Officer of the Company, the Chairman of the Board, and a director,
effective May 16, 2025, entered into a Separation Agreement on May 16, 2025 (the “ Separation Agreement”). Pursuant to the
Separation Agreement, Mr. Wise resigned from all of his positions with the Company, including his positions as Chief Executive Officer,
Chairman of the Board, and director. Mr. Wise’s resignation was not in connection with any known disagreement with the Company on
any matter relating to its operations, policies, or practices. The Company thanks Mr. Wise for his service and contributions to the Company.

On May 16, 2025, the Company appointed Michael
Pruitt as interim Chief Executive Officer, effective immediately. Mr. Pruitt founded Avenel Financial Group, a boutique financial services
firm concentrating on emerging technology company investments in 1999. In 2001, Mr. Pruitt formed Avenel Ventures, a technology investment
and private venture capital firm. In February 2005, Mr. Pruitt formed Chanticleer Holdings, Inc., then a public holding company
(now known as Sonnet BioTherapeutics Holdings, Inc.), and he served as Chairman of the Board of Directors and Chief Executive Officer
until April 1, 2020, at which time the restaurant operations of Chanticleer Holdings were spun out into a new public entity, Amergent
Hospitality Group, Inc., where Mr. Pruitt continues to serve as its Chairman and Chief Executive Officer. Since October 2020, Mr. Pruitt
has been a member of the Board of Directors of IMAC Holdings, Inc. (OTCQB: BACK) and currently serves on its Compensation Committee and
as Chair of its Audit Committee. Since July 2023, Mr. Pruitt has served as the Interim Chief Executive Officer of Amaze Holdings, Inc.
(NYSE American: AMZW) (Formerly, Fresh Vine Wine, Inc