Company: FWDI
Filing Date: 2025-01-17
Form Type: 10-K/A
Source: 0001683168-25-000424
Chunk: 14

Company: Forward Industries, Inc.
Filing Date: 2025-01-17
Form: 10-K/A
Chunk 14
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 agreement generally means: (1) the assignment to the executive without his consent of duties materially
inconsistent with such executive’s position; (2) any failure by the Company to perform any material obligation under, or its breach
of a material provision of, the employment agreement; or (3) the failure of a successor company to expressly assume the respective executive’s
employment agreement. “Good Reason” under Mr. Wise’s employment agreement generally means (1) the assignment to the
executive without his consent of duties materially inconsistent with such executive’s position; (2) a decrease in annual salary
rate, other than an across the board decrease in salary applicable to all senior executive of the Company of not more than 10%; (3) any
failure by the Company to perform any material obligation under, or its breach of a material provision of, the employment agreement;
(4) the failure of a successor company to expressly assume the respective executive’s employment agreement.

Retirement Plans

The Company has a 401(k)
plan and provides an employer matching contribution, for all of its employees, including Named Executive Officers. The Company does not
offer any nonqualified pension plans, supplemental executive retirement plans, or other plans that provide for the payment of retirement
benefits.

Outstanding Awards at Fiscal Year End

Listed below is information
with respect to unexercised options, stock that has not vested, and equity incentive plan awards for each Named Executive Officer outstanding
as of September 30, 2024:

<div align='center'>Outstanding Equity Awards At Fiscal Year-End 2024</div>

| Name (a)          |     | Number of Securities Underlying Unexercised Options 
 (#) Exercisable (b)                                 |        |     | Number of Securities Underlying Unexercised Options 
 (#) Unexercisable (c)                               |   |     | Equity Incentive Plan Awards: Number of Securities Underlying 
 Unexercised Unearned Options                                  
 (#)(d)                                                        |   |     | Option Exercise Price 
 ($)(e)                |       |     | Option Expiration Date 
 (f)                    |           |     | Number of Shares or Units of Stock That Have Not Vested 
 (#)(g)                                                  |   |     | Market Value of Shares or Units of Stock That Have Not 
 Vested ($)(h)                                          |   |     | Equity Incentive Plan Awards: Number of Unearned Shares, 
 Units or