Company: FWDI
Filing Date: 2025-01-17
Form Type: 10-K/A
Source: 0001683168-25-000424
Chunk: 13

Company: Forward Industries, Inc.
Filing Date: 2025-01-17
Form: 10-K/A
Chunk 13
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. KraMer’s annual base salary was reduced to
$225,000 per year.

Kathleen Weisberg.
Effective July 1, 2023, the Company and Kathleen Weisberg, the Company’s Chief Financial Officer, entered into a three-year Employment
Agreement. Pursuant to her Employment Agreement, Ms. Weisberg is paid an annual base salary of $250,000 and is eligible to earn a bonus
based on certain fiscal targets and performance metrics set by the Compensation Committee of the Board in consultation with the Chief
Executive Officer. No such targets or performance metrics have been set by the Compensation Committee. Ms. Weisberg has termination provisions
substantially similar to the Named Executive Officers as described below.

Bonus

Each of the Named Executive
Officers is entitled to receive discretionary bonuses at the discretion of the Compensation Committee.

Termination Provisions

Messrs. Wise and Severino
would be entitled to receive six months base salary and other benefits if their respective employment agreement is terminated by the
Company without cause or by the executive for good reason. Mr. Wild is entitled to any accrued but unpaid base salary and other benefits
if his employment agreement is terminated without cause.

“Cause” under
Messrs. Wise and Severino’s employment agreements generally means: (1) willful misconduct in connection with the performance of
any of his duties; (2) willful failure, neglect or refusal to perform his duties or services under the employment agreement, which failure,
neglect or refusal shall continue for a period of time after written notice has been given to the executive by or on behalf of the Board;
and (3) the commission of, conviction of, or nolo contendere or guilty plea in connection with, a felony or a crime of moral turpitude.
“Cause” under Mr. Wild’s employment agreement generally means: (1) dishonesty, illegal conduct, or gross misconduct;
(2) any commission of embezzlement, misappropriation, or fraud; (3) the conviction of, plea of guilty, or nolo contendere to a felony
or crime of moral turpitude; (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.

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“Good reason”
under Mr. Severino’s employment