Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 99

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 99
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 of June 19, 2025.

WHEREAS, the Board of Directors
of the Corporation have approved the Amendment No. 1 to the Plan as set forth below.

NOW, THEREFORE, BE IT RESOLVED,
the Plan is hereby amended as follows:

| 1. | Section 4.1 of the Plan is hereby amended and restated in its entirety to read as follows:                                                  |
|    | Subject to adjustment in accordance                                                                                                         
 with Section 11 and 4.2 below, Shares authorized for Awards granted under the Plan on and after the Effective Date shall not exceed 429,100 
 shares. During the terms of the Awards, the Company shall keep available at all times the number of shares of Common Stock required to      
 satisfy such Awards. Shares of Common Stock available for distribution under the Plan may consist, in whole or in part, of authorized       
 and unissued shares, treasury shares or shares reacquired by the Company in any manner.                                                     |
| 2. | This Amendment No. 1 will be subject to approval by the shareholders of the Company within twelve (12) months following the date this       
 Amendment No. 1 is adopted by the Board of Directors. Such shareholder approval will be obtained in the manner and to the degree required   
 under applicable laws. In the event that such shareholder approval is not received, this Amendment No. 1 will become null and void and      
 without further effect and any awards under the Plan which included newly reserved shares will become void.                                 |
| 3. | Except as modified by this Amendment No. 1, the rest of the Plan remains unchanged and, as modified, continue in full force and effect.     |

IN WITNESS WHEREOF, the
Company has caused this Amendment No. 1 to the Plan to be signed by its Interim Chief Executive Officer as of the date first written above.

| Date: June 19, 2025 |        |                                 |
|:--------------------|:-------|:--------------------------------|
|                     | By:    |                                 |
|                     | Name:  | Michael Pruitt                  |
|                     | Title: | Interim Chief Executive Officer |

| D-1 |

Annex E

<div align='center'>2021 EQUITY INCENTIVE PLAN</div>

Forward
Industries, Inc. (the “Company”) hereby establishes this 2021 Equity Incentive Plan (the
“Plan”), effective December 17, 2020, subject to approval