Company: FWDI
Filing Date: 2025-08-12
Form Type: 8-K
Source: 0001683168-25-005974
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Company: Forward Industries, Inc.
Filing Date: 2025-08-12
Form: 8-K
Item: Item 3.02
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Item 3.02 Unregistered Sales of Equity Securities.

On August 8, 2025, Forward Industries (Asia-Pacific)
Corporation (“ FC”) converted 610 shares of Series A-1 Preferred Stock (“ Series A-1”) (Stated Value of $610,000)
in accordance with the terms of the Series A-1 and was issued 81,333 shares of common stock (based on a conversion price of $7.50 per
share) of Forward Industries, Inc. (the “ Company”).

The shares of common stock issued upon conversion
were issued in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as the transaction
constituted an exchange of securities by the Company with an existing security holder and no commission or other remuneration was paid
or given directly or indirectly for soliciting such exchange.

Following the conversion, the Company had 4,315
shares of Series A-1 outstanding all of which are held by FC.

Item 5.02 Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August
8, 2025, the Company appointed Fred Sklenar as the Chief Executive Officer and President of Kablooe Inc. (“ Kablooe”),
the Company’s wholly-owned subsidiary, effective August 18, 2025. Mr. Sklenar will receive an annual base salary of $175,000, payable
in accordance with the Company’s standard payroll practices, and is eligible to receive a performance bonus of $50,000, subject
to (i) his continued employment with the Company through August 18, 2026, and (ii) the achievement of certain performance milestones.

Mr. Tom KraMer, resigned from
all of his positions with Kablooe, including his position as Chief Executive Officer and President, effective August 18, 2025.

Mr. Sklenar, 61, has been the Director of Project Plans of Kabloee,
Inc. since January 2024. Prior to that, Mr. Sklenar was the Chief Operating Officer of Abstrategy Design, a design firm he
founded in 1991.

There are
no arrangements or understandings between Mr. Sklenar and any other persons, pursuant to which he was selected as Chief Executive Officer,
no family relationships among any of the Company’s directors or executive officers