Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 23

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 23
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<div align='center'>Named Executive Officer Employment Compensation Arrangements/Agreements</div>

Terence Wise. Effective
May 16, 2018, the Company and Terence Wise entered into a three-year Employment Agreement. Pursuant to his Employment Agreement, Mr. Wise
received an annual base salary of $300,000. This Employment Agreement has expired. Following expiration of his written Employment Agreement,
Mr. Wise continued employment under substantially similar terms, though not formalized in writing. In November 2021, Mr. Wise’s
base salary was increased to $325,000 per year, effective January 1, 2022. Mr. Wise is also paid $1,000 per month to cover various expenses
in the performance of his duties as the Chairman and Chief Executive Officer of the Company. In December 2023, Mr. Wise agreed to a 25%
reduction in his annual base salary for fiscal 2024. Mr. Wise resigned in May 2025. See “Separation Agreement” discussed below.

Robert Wild. In
connection with the acquisition of IPS, effective January 18, 2018, the Company entered into an at-will employment agreement with 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