Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 115

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 115
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 terms of the Awards, the Company shall keep available at all times the number
of shares of Common Stock required to satisfy such Awards. Shares of Common Stock available for distribution under the Plan may
consist, in whole or in part, of authorized and unissued shares, treasury shares or shares reacquired by the Company in any manner.

4.2 If
any shares subject to an Award granted under the Plan are forfeited, an Award granted under the Plan expires or otherwise terminates
without issuance of shares, or an Award granted under the Plan is settled for cash (in whole or in part) or otherwise does not
result in the issuance of all or a portion of the shares subject to such Award (except as described below with respect to stock
settled Stock Appreciation Rights), such shares shall, to the extent of such forfeiture, expiration, termination, cash settlement
or non-issuance, again be available for grant under the Plan in accordance with Section 4.3 below. Notwithstanding anything to
the contrary contained herein: shares subject to an Award under the Plan shall not again be made available for issuance or delivery
under the Plan if such shares are (a) shares tendered in payment of an Option, (b) shares delivered or withheld by the Company
to satisfy any tax withholding obligation, or (c) shares covered by a stock-settled Stock Appreciation Right or other Awards that
were not issued upon the settlement of the Award.

4.3 Any
shares that again become available for Awards under the Plan pursuant to this Section shall be added as one share for every one
share subject to the Awards.

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5. Eligibility.

5.1 Eligibility for Specific Awards. Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options
may be granted to Employees, Consultants and Directors and those individuals whom the Committee determines are reasonably expected
to become Employees, Consultants and Directors following the Grant Date.

5.2 Ten Percent Shareholders. A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise
Price is at least 110% of the Fair Market Value of the Common Stock at the Grant Date and the Option is not exercisable after the
expiration of five years from the Grant Date.

6. Option Provisions. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall
be subject to the conditions set forth in this Section 6