Company: FWDI
Filing Date: 2025-01-17
Form Type: 10-K/A
Source: 0001683168-25-000424
Chunk: 11

Company: Forward Industries, Inc.
Filing Date: 2025-01-17
Form: 10-K/A
Chunk 11
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 |        | 257,995 |
| Chief Financial Officer         |     |      | 2023 |     |           |  62,500 |     |           |      – |     |        | – |     |        | – |     |                                  |  1,999 |     |        |  64,499 |

_________________________

| (1) | Mr. Wise’s salary includes                                                                  
 $1,000 per month for a total of $12,000 in lieu of reimbursement for company expenses. Ms.  
 Weisberg was appointed Chief Financial Officer on July 1, 2023, and her salary is $250,000. 
 Because of the date of Ms. Weisberg’s appointment, only three months compensation is        
 disclosed for fiscal 2023 above.                                                            |
| (2) | Represents cash bonuses                                                                     |
| (3) | All other compensation for:                                                                 |

| a. | Mr. Wild primarily represents (i)                                                         
 $10,000 in reimbursements for auto and phone allowances and (ii) Company contributions to 
 401k plans of $10,238.                                                                    |
| b. | Mr. Severino primarily represents (i) $18,000 of reimbursements                           
 for auto and phone allowances and (ii) Company contributions to 401k plans of $9,975.     |
| c. | Mr. KraMer represents the Company’s contribution to a 401(k) plan of $7,799;              
 and (ii) a benefits allowance of $9,960.                                                  |

<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. Mr. Wise is currently employed under an oral
agreement on terms identical to his prior Employment Agreement. 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.

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