Company: FWDI
Filing Date: 2025-01-17
Form Type: 10-K/A
Source: 0001683168-25-000424
Chunk: 16

Company: Forward Industries, Inc.
Filing Date: 2025-01-17
Form: 10-K/A
Chunk 16
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 Our compensation has the following risk-limiting characteristics:

| · | Our                                                                                               
 base pay programs consisting of competitive salary rates provide a reliable level of income       
 on a regular basis, which decreases incentive on the part of our executives to take unnecessary   
 or imprudent risks;                                                                               |
| · | Awards                                                                                            
 are not tied to formulas that could focus executives on specific short-term outcomes;             |
| · | Equity                                                                                            
 awards, when issued, may be recovered by us should a restatement of earnings occur upon which     
 incentive compensation awards were based, or in the event of wrongdoing by the recipient;         
 and                                                                                               |
| · | Equity                                                                                            
 awards, generally, have multi-year vesting which aligns the long-term interests of our executives 
 with those of our shareholders and, again, discourages the taking of short-term risk at the       
 expense of long-term performance.                                                                 |

Additionally, our Board
has adopted a clawback policy in accordance with the rules of the Nasdaq Stock Exchange, to recoup “excess” incentive compensation,
if any, earned by current and former executive officers during a three year look back period in the event of a financial restatement
due to material noncompliance with any financial reporting requirement under the securities laws (with no fault required).

Equity Compensation Plan Information

The following chart reflects
the number of securities granted and the weighted average exercise price for our compensation plans as of September 30, 2024.

| Name of Plan                                               |     | Number of Securities to be Issued                                                 
 Upon Exercise of Outstanding Options, Restricted Stock Units, warrants and rights 
 (a)                                                                               |        |     | Weighted-Average Exercise Price             
 of Outstanding Options, Warrants and Rights 
 ($)(b)                                      |        |     | Number of Securities Remaining Available                                                    
 for Future Issuance Under Compensation Plans (excluding securities reflected in column (a)) 
 (c)                                                                                         |           |
| Equity compensation plans approved by security holders     |     |                                                                                   |        |     |                                             |        |     |                                                                                             |           |
| 2021 Equity Incentive Plan                                 |     |                                                                                   | 48,188 |     |                                             | $11.47 |     |                                                                                             | 1,242,808 |
| 2011 Long Term Incentive Plan                              |     |                                                                                   | 33,241 |     |                                             | $13.15 |     |                                                                                             |         – |
| Equity compensation plans not approved