Company: FWDI
Filing Date: 2025-01-17
Form Type: 10-K/A
Source: 0001683168-25-000424
Chunk: 12

Company: Forward Industries, Inc.
Filing Date: 2025-01-17
Form: 10-K/A
Chunk 12
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Robert Wild.
In connection with the acquisition of IPS, effective January 18, 2018, the Company entered into an at-will employment agreement with
Robert Wild. Pursuant to his Employment Agreement, Mr. Wild was paid an annual base salary of $235,000. Mr. Wild’s base salary
has since been increased to $290,000 per year. Mr. Wild receives an additional $10,000 per year for auto and cell phone allowance.

Paul Severino.
In connection with the acquisition of IPS, effective January 18, 2018, the Company entered into a three-year employment agreement with
Paul Severino. Under the employment Agreement, Mr. Severino received an annual base salary of $256,000 and $1,500 per month for auto
and cell phone allowance. In May 2021, the Company entered into a one-year employment agreement (which extends on each one-year anniversary
thereafter unless requisite notice is provided by either party), with Mr. Severino whereby he will be paid an annual base salary of $251,000
and will be eligible to receive cash bonuses and equity compensation based on performance milestones established by the Company’s
Compensation Committee. No such performance metrics have been set by the Compensation Committee. In 2022, Mr. Severino’s annual
base salary was increased to $275,000, which was effective July 1, 2022. Additionally, effective July 2023, Mr. Severino’s annual
base salary was increased to $290,000. Effective September 1, 2024, Mr. Severino’s annual base salary was reduced to $230,000.
Effective January 1, 2025, Mr. Severino’s annual base salary was reduced to $170,000.

Key Employee (Non-NEO under SEC Rules and Regulations)

Tom KraMer.
In connection with the acquisition of Kablooe, effective August 17, 2020, the Company entered into a five-year employment agreement with
Tom KraMer. Under the employment agreement, Mr. KraMer receives an annual base salary of $250,000 per year and is eligible to receive
cash or equity bonuses based on fiscal year performance targets established by the Compensation Committee of the Company’s Board
of Directors in its discretion. Under certain circumstances, Mr. KraMer would be entitled to receive six months base salary and other
benefits if his employment agreement is terminated. Effective November 1, 2024, Mr