Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 24

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 24
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 Ms. Weisberg’s appointment, only three months compensation is disclosed for fiscal 2023 above. |    |                                                                                                                                                       |                                                                                             |
| (2) | Represents cash bonuses.                                                                                                                                                                                                                                                                                                                |    |                                                                                                                                                       |                                                                                             |
| (3) | All other compensation for:                                                                                                                                                                                                                                                                                                             |    |                                                                                                                                                       |                                                                                             |
|     |                                                                                                                                                                                                                                                                                                                                         | a. | Mr. Wild primarily represents (i) $10,000 in reimbursements for auto and phone allowances and (ii) Company contributions to 401k plans of $10,238.    |                                                                                             |
|     |                                                                                                                                                                                                                                                                                                                                         | b. | Mr. Severino primarily represents (i) $18,000 of reimbursements for auto and phone allowances and (ii) Company contributions to 401k plans of $9,975. |                                                                                             |
|     |                                                                                                                                                                                                                                                                                                                                         | c. |                                                                                                                                                       | Mr. KraMer (i) represents the Company’s contribution to a 401(k) plan of $7,799; and (ii) a 
 benefits allowance of $9,960.                                                               |
| (4) | Mr. Wise and Mr. Severino resigned in May 2025.                                                                                                                                                                                                                                                                                         |    |                                                                                                                                                       |                                                                                             |

| 15 |

<div align='center'>Named Executive Officer Employment Compensation Arrangements/Agreements</div>

Terence Wise. Effective
May 16, 2018, the Company and Terence Wise entered into a three-year Employment Agreement. Pursuant to his Employment Agreement, Mr. Wise
received an annual base salary of $300,000. This Employment Agreement has expired. Following expiration of his written Employment Agreement,
Mr. Wise continued employment under substantially similar terms, though not formalized in writing. In November 2021, Mr. Wise’s
base salary was increased to $325,000 per year, effective January 1, 2022. Mr. Wise is also paid $1,000 per month to cover various expenses
in the performance of his duties as the Chairman and Chief Executive Officer of the Company. In December 2023, Mr. Wise agreed to a 25%
reduction in his annual base salary for fiscal 2024. Mr. Wise resigned in May 2025. See “Separation Agreement” discussed below.

Robert Wild. In
connection with the acquisition of IPS, effective January 18, 2018, the Company entered into an at-will employment agreement with