Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 106

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 106
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 may rely on any determination that a Participant is disabled
for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in which a Participant
participates.

“Disqualifying Disposition” has the meaning set forth in Section 14.12.

“Effective Date” shall mean the date as of which this Plan is adopted by the Board.

| E-3 |

“Employee”
means any person, including an Officer or Director, employed by the Company or an Affiliate; provided, that, for purposes of determining
eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a parent or subsidiary corporation
within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director’s fee by the Company or
an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate.

“Exchange Act” means the Securities Exchange Act of 1934.

“Exchange Act Person” means any natural person, entity or "group" (within the meaning of Section 13(d) or 14(d) of the
Exchange Act), except that "Exchange Act Person" will not include (i) the Company or any subsidiary of the Company, (ii)
any employee benefit plan of the Company or any subsidiary of the Company or any trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any subsidiary of the Company, (iii) an underwriter temporarily holding securities
pursuant to a registered public offering of such securities, (iv) an entity owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their ownership of stock of the Company; or (v) any natural person, entity
or "group" (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that is the owner, directly or indirectly,
of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding securities.

“Fair Market Value” means, as of the last trading day before the grant of the Award, the value of the Common Stock as determined below.
If the Common Stock is listed on any established stock exchange or a national market system, including without limitation, the
New York Stock Exchange, the NASDAQ Stock Market or the OTC Markets, the Fair Market Value shall be the closing price of a share
of Common Stock as quoted on such exchange or system.