Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 914

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 7A
Chunk 914
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 in March 2025 and
was formally notified by Nasdaq in April that it was in compliance with all applicable continued listing standards and that the scheduled
hearing had been canceled.

Shares Reserved for Future Issuance

At September 30, 2025, the Company
had a total of 128,681,429 shares reserved for future issuance as follows: (i) 102,440,439 shares related to the ATM, (ii) 11,081,083
related to the Pre-Funded Warrants, (iii) 6,242,315 related to the Advisor Warrants and (iv) 8,917,592 related to the Lead Investor Warrants.

     F-27 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Tokenization of Common Stock

In September 2025, the Company
entered into a digital transfer agent agreement with Superstate Services LLC (“Superstate”) as its co-transfer agent, to give
shareholders the ability to tokenize their holdings of the Company’s common stock on the Solana blockchain. Any tokenized shares
are recorded and maintained by Superstate and represent the same ownership interests as the corresponding shares of the Company’s
common stock. At September 30, 2025, no shares of the Company’s common stock had been tokenized.

NOTE 9        
SHARE-BASED COMPENSATION

2021 Equity Incentive Plan

In February 2021, shareholders
of the Company approved the 2021 Equity Incentive Plan (the “2021 Plan”), which is administered by the Compensation Committee
of the Board of Directors and authorized 129,100 shares of common stock for grants of various types of equity awards to officers, directors,
employees and consultants. Upon approval of the 2021 Plan, no additional awards were granted under the 2011 Long Term Incentive Plan (the
“2011 Plan”), which expired according to its terms in March 2021. Shares authorized under the 2021 Plan included 100,000 new
shares and 29,100 shares that remained available under the 2011 Plan. Awards which are forfeited or expire are eligible for regrant under
the 2021 Plan. The exercise prices of stock options granted may not be less than the fair market value of the common stock as quoted on
the Nasdaq stock market on the grant date and the expiration date of