Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 67

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 67
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 options
(“ISOs”), ensure that any adjustments made will not constitute a modification, extension or renewal of the ISO within the
meaning of Section 424(h)(3) of the Internal Revenue Code (the “Code”) and in the case of non-qualified stock options, ensure
that any adjustments will not constitute a modification of such non-qualified stock options within the meaning of Section 409A of the
Code. Any adjustments will be made in a manner which does not adversely affect the exemption provided under Rule 16b-3 under the Exchange
Act. The Company will give participants notice of any adjustment.

Change in Control

Unless otherwise provided in an award agreement, in
the event of a change in control of the Company, (i) the vesting of all awards under the 2021 Plan will fully accelerate and all outstanding
options and SARs will become immediately exercisable, (ii) the restricted period will expire immediately with respect to all outstanding
restricted stock and restricted stock units, and (iii) in the case of performance share awards and performance cash awards, all incomplete
performance periods in effect on the date the change in control occurs will end on the date of such change in control and the Committee
will (a) determine the extent to which performance goals with respect to each such performance period have been met and (b) cause applicable
participants to be paid partial or full awards for each such performance period based upon the Committee’s determination of the
degree to which performance goals were attained or, if not determinable, assuming that the applicable “target” levels of performance
have been attained, or on such other basis determined by the Committee.

In addition, in the event
of a change in control, the Committee may, in its discretion and upon at least 10 days' advance notice to the affected persons, cancel
any outstanding awards and pay to the holders the value of the awards based upon the price per share of common stock received or to be
received by other shareholders of the Company in the event. In the case of any option or SAR with an exercise price that equals or exceeds
the price paid for a share of common stock in connection with the change in control, the Committee may cancel the option or SAR without
the payment of any consideration.

“Change in Control” generally means, with certain exceptions, the occurrence of: (i) any
person becomes the owner of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding