Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 104

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 104
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 of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing
definition will apply. To the extent required for compliance with Section 409A of the Code, in no event will a Change in Control
be deemed to have occurred if such transaction is not also a "change in the ownership or effective control of" the Company
or "a change in the ownership of a substantial portion of the assets of" the Company as determined under Treasury Regulations
Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). The Board may, in its sole discretion and without
a Participant's consent, amend the definition of "Change in Control" to conform to the definition of "Change in
Control" under Section 409A of the Code, and the regulations thereunder.

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“Code”
means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be
deemed to include a reference to any regulations promulgated thereunder.

“Committee”
means a committee of two or more members of the Board appointed by the Board to administer the Plan in accordance with Section
3.3 and Section 3.4.

“Common Stock”
means the common stock, $0.001 par value per share, of the Company, or such other securities of the Company as may be designated
by the Committee from time to time in substitution thereof.

“ Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a "Consultant" for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant
under this Plan only if a registration statement on Form S-8 under the Securities Act is available to register either the offer
or the sale of the Company's securities to such person.

“ Continuous Service” means that the Participant's service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a