Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 64

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 64
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2021 Plan.

Eligibility

The Committee may grant awards to any employee, consultant,
or director of the Company and its affiliates. Only employees are eligible to receive incentive stock options.

Shares Available for Awards; Limits on Awards

The 2021 Plan currently authorizes
the issuance of up to 129,100 shares of common stock. As of the record date, there were 146,432 shares of common stock subject to outstanding
restricted stock awards and stock options, which includes 36,441 whose vesting is subject to approval of this 2021 Plan Amendment. No
additional shares are available for issuance under the 2021 Plan. In the event this proposal is not approved, the 36,441 options will
be terminated.

As of the record date, there
are no shares remaining for future grants under the 2021 Plan. The 2021 Plan Amendment will increase the remaining shares for future grants
under the 2021 Plan to 282,668 shares.

If any outstanding award expires or is canceled, forfeited,
or terminated without issuance of the full number of shares of common stock to which the award related, then the shares subject to such
award will again become available for future grant under the 2021 Plan.

Types of Awards that May Be Granted

Subject to the limits in the 2021 Plan, the Committee
has the authority to set the size and type of award and any vesting or performance conditions. The types of awards that may be granted
under the 2021 Plan are: stock options (including both incentive stock options (ISOs) and non-qualified stock options), stock appreciation
rights (SARs), restricted stock, restricted stock units (RSUs), performance share awards, and performance cash awards.

Stock Options

A stock option is the right to purchase shares of
common stock at a future date at a specified price per share called the exercise price. An option may be either an ISO or a non-qualified
stock option. ISOs and non-qualified stock options are taxed differently, as described under Federal Income Tax Consequences of Awards.
Except in the case of options granted pursuant to an assumption or substitution for another option, the exercise price of a stock option
may not be less than the fair market value (or in the case of an ISO granted to a ten percent shareholder, 110% of the fair market value)
of a share of common stock on the grant date. As noted above, as of the record date under the