Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 29

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 29
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)
does not create risks that are reasonably likely to have a material adverse effect on the Company. Our compensation has the following
risk-limiting characteristics:

| · | Our base pay programs consist of competitive salary rates that provide a reliable level of income on a regular basis, which helps align executive incentives with appropriate risk management;                                         |
| · | Awards are not tied to formulas that could focus executives on specific short-term outcomes;                                                                                                                                           |
| · | Equity awards, when issued, may be recovered by us should a restatement of earnings occur upon which incentive compensation awards were based, or in the event of wrongdoing by the recipient; and                                     |
| · | Equity awards, generally, have multi-year vesting which aligns the long-term interests of our executives with those of our shareholders and, again, discourages the taking of short-term risk at the expense of long-term performance. |

Additionally, our Board has adopted
a clawback policy in accordance with the rules of the Nasdaq Stock Exchange and SEC Rule 10D-1. This policy requires the recoupment of
any “excess” incentive compensation (as defined in the applicable rules) earned by current and former executive officers during
the three-year period preceding the date on which the Company is required to prepare an accounting restatement due to material noncompliance
with any financial reporting requirement under the securities laws, regardless of whether individual fault is established.

| 18 |

Equity Compensation Plan Information

The following table reflects
the number of securities authorized for issuance under our equity compensation plans, including the number of securities to be issued
upon exercise of outstanding awards and the weighted average exercise price for such awards, as of September 30, 2024.

| Name of Plan                                               
 Equity compensation plans approved by security holders     |     | Number of Securities to be Issued Upon Exercise of Outstanding Options, Restricted Stock Units, warrants and rights 
 (a)                                                                                                                 |        |     | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights 
 ($)(b)                                                                      |       |     | Number of Securities Remaining Available for Future Issuance Under Compensation Plans (excluding securities reflected in column (a)) 
 (c)                                                                                                                                  |        |
|:-----------------------------------------------------------|:----|:--------------------------------------------------------------------------------------------------------------------|-------:|:----|:----------------------------------------------------------------------------|------:|:----|:-------------------------------------------------------------------------------------------------------------------------------------|-------:|
| 2021 Equity Incentive Plan                                 |     |                                                                                                                     | 48,192 |     |