Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 66

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 66
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ing date until a future payment date or event set out in the participant’s
award agreement. The Committee has the discretion to credit RSUs or DSUs with dividend equivalents.

Performance Share Awards

A performance award is an award of shares of common
stock or units that are only earned if certain conditions are met. The Committee has the discretion to determine the number of shares
of common stock or stock-denominated units subject to a performance share award, the applicable performance period, the conditions that
must be satisfied for a participant to earn an award, and any other terms, conditions and restrictions of the award.

Performance Cash Awards

A performance cash award is a cash award (for a dollar
value not in excess of $50,000) that is payable contingent upon the attainment during a performance period of certain performance goals.
The Committee has the discretion to determine the length of the applicable performance period, the conditions that must be satisfied for
a participant to earn an award, and any other terms, conditions and restrictions of the award. The Company may still award cash bonuses
or similar cash-based compensation outside of the 2021 Plan.

Vesting

The 2021 Plan allows for awards subject to either
time-based vesting or performance-based vesting, or both as determined by the Committee. The Committee has the authority to determine
the vesting schedule of each award, and to accelerate the vesting and exercisability of any award.

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Adjustments Upon Changes in Stock

In the event of changes in the outstanding common
stock or in the capital structure of the Company by reason of any stock or extraordinary cash dividend, stock split, reverse stock split,
an extraordinary corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or
other relevant change in capitalization occurring after the grant date of any award, awards granted under the 2021 Plan and any award
agreements, the exercise price of options and SARs, the maximum number of shares of common stock subject to all awards and the maximum
number of shares of common stock with respect to which any one person may be granted awards during any period will be equitably adjusted
or substituted, as to the number, price or kind of a share of common stock or other consideration subject to such awards to the extent
necessary to preserve the economic intent of the award.

Unless the Committee specifically determines that
such adjustment is in the best interests of the Company or its affiliates, the Committee will, in the case of incentive stock