Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 27

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 27
---
pitude; (4) willful and material
failure to perform duties; (5) willful unauthorized disclosure of the Company’s confidential information; (6) the material breach
of the employment agreement; and (7) the material failure to comply with the Company’s written policies or rules.

Effective May 16, 2025, in connection with the Transaction Agreement, the Company and Terence Wise, who served as the Chief Executive Officer of the Company, the Chairman of the Board, and a director, entered into a Separation Agreement (the “Separation Agreement”). Pursuant to the Separation Agreement, Mr. Wise resigned from all of his positions with the Company, including his positions as Chief Executive Officer, Chairman of the Board, and director.As consideration for Mr. Wise’s execution and compliance with the Separation
Agreement, including his waiver and release of claims and other post-termination obligations, the Company entered into the Transaction
Agreement.

Post-Fiscal Year 2024 Compensation Arrangement Changes

Effective May 16, 2025, Mr. Michael Pruitt was appointed as the Company’s Interim Chief Executive Officer. Under his interim employment arrangement, Mr. Pruitt receives an annual base salary of $200,000. Effective June 1, 2025, Ms. Weisberg’s annual base salary was increased to $275,000.

Retirement Plans

The Company has a 401(k) plan
and provides an employer matching contribution, for all of its employees, including Named Executive Officers. The Company does not offer
any nonqualified pension plans, supplemental executive retirement plans, or other plans that provide for the payment of retirement benefits.

| 17 |

Outstanding Awards at Fiscal Year End

Listed below is information with
respect to unexercised options, stock that has not vested, and equity incentive plan awards for each Named Executive Officer outstanding
as of September 30, 2024:

<div align='center'>Outstanding Equity Awards At Fiscal Year-End 2024</div>

| Name (a)          |     |         Number of Securities Underlying 
 Unexercised Options (#) Exercisable (b) |     | Number of Securities Underlying           
 Unexercised Options (#) Unexercisable (c) |     | Equity Incentive Plan                                                
 Awards: Number of Securities Underlying Unexercised Unearned Options 
 (#)(d)                                                               |     | Option Exercise Price 
                ($)(e) |     | Option Ex