Company: FWDI
Filing Date: 2025-02-03
Form Type: 8-K
Source: 0001683168-25-000650
Chunk: 0

Company: Forward Industries, Inc.
Filing Date: 2025-02-03
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 28, 2025, the Board of Directors of
Forward Industries, Inc. (the “ Company”) appointed Michael Pruitt as a director of the Company, as well as a member of the
Audit and Risk Committee and Nominating Committee, effective February 1, 2025. Mr. Pruitt will receive $30,000 for the first 12
months of his service as a director and stock options with a fair value of $40,000 as calculated using the Black-Scholes valuation methodology.
The stock options will vest 12 months from the effective date of the appointment, subject to continued service as a director of the Company
on the vesting date. Since the beginning of fiscal 2024 through the date hereof, there have been no transactions with the Company,
and there are currently no proposed transactions with the Company in which Mr. Pruitt had or will have a direct or indirect material
interest within the meaning of Item 404(a) of Regulation S-K.

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SIGNATURES