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

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 25
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 Robert
Wild. Pursuant to his Employment Agreement, Mr. Wild was paid an annual base salary of $235,000. Mr. Wild’s base salary has since
been increased to $290,000 per year. Mr. Wild receives an additional $10,000 per year for auto and cell phone allowance.

Paul Severino. In
connection with the acquisition of IPS, effective January 18, 2018, the Company entered into a three-year employment agreement with Paul
Severino. Under the employment Agreement, Mr. Severino received an annual base salary of $256,000 and $1,500 per month for auto and cell
phone allowance. In May 2021, the Company entered into a one-year employment agreement (which extends on each one-year anniversary thereafter
unless requisite notice is provided by either party), with Mr. Severino whereby he will be paid an annual base salary of $251,000 and
will be eligible to receive cash bonuses and equity compensation based on performance milestones established by the Company’s Compensation
Committee. No such performance metrics have been set by the Compensation Committee. In 2022, Mr. Severino’s annual base salary was
increased to $275,000, which was effective July 1, 2022. Additionally, effective July 2023, Mr. Severino’s annual base salary was
increased to $290,000. Effective September 1, 2024, Mr. Severino’s annual base salary was reduced to $230,000. Effective January
1, 2025, Mr. Severino’s annual base salary was reduced to $170,000. Mr. Severino resigned from the Company in May 2025.

Key Employee (Non-NEO under SEC Rules and Regulations)

Tom KraMer. In connection
with the acquisition of Kablooe, effective August 17, 2020, the Company entered into a five-year employment agreement with Tom KraMer.
Under the employment agreement, Mr. KraMer receives an annual base salary of $250,000 per year and is eligible to receive cash or equity
bonuses based on fiscal year performance targets established by the Compensation Committee of the Company’s Board of Directors in
its discretion. Under certain circumstances, Mr. KraMer would be entitled to receive six months base salary and other benefits if his
employment agreement is terminated. Effective November 1, 2024, Mr. KraMer’s annual base salary was reduced to $225,000 per year.