Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 23

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 23
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 |     |                               | – |     |        |  70,000 |

_______________________

| (1) | Amounts reported represent the aggregate grant date fair value of awards  computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“ASC 718”), disregarding estimates of forfeitures related to service-based vesting conditions. These amounts do not reflect the actual economic value that may be realized by the directors upon the vesting, exercise or settlement of the awards. |
| (2) | Mr. Ziglar resigned as a director effective February 2024, at which time all unvested equity awards were forfeited in accordance with their terms.                                                                                                                                                                                                                                                                                          |

| 14 |

<div align='center'>Executive Compensation</div>

The following table presents the
compensation earned in fiscal 2024 and 2023 by (i) all persons who served as our principal executive officer during fiscal 2024 and (ii)
our other most highly compensated executive officers who were serving as executive officers at the end of fiscal 2024 whose total compensation
exceeded $100,000 (collectively, our “Named Executive Officers” or “NEOs”).

<div align='center'>Summary Compensation Table</div>

| Name and Principal Position (a) |     | Year 
  (b) |     | Salary    
 ($)(c)(1) |         |     | Bonus     
 ($)(d)(2) |        |     | Stock Awards 
 ($)(e)       |   |     | Option Awards 
 ($)(f)        |   |     | All Other Compensation ($)(i)(3) |        |     | Total  
 ($)(j) |         |
| Terence Wise (4)                |     | 2024 |     |           | 240,750 |     |           |      – |     |              | – |     |               | – |     |                                  | 12,000 |     |        | 252,750 |
| Former Chief Executive Officer  |     | 2023 |     |           | 325,000 |     |           |      – |     |              | – |     |               | – |     |                                  | 12,000 |     |        | 337,000 |
| Paul Severino (4)               |     | 2024 |     |           | 285,000 |     |           |  8,222 |     |              | – |     |