Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 31

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 31
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 | Average Summary Compensation Table Total for non-PEO Named Executive Officers 
                                                                     (d)(3)($) |     | Average Compensation Actually Paid to non-PEO Named Executive Officers 
                                                                 (e)(2) |     | Value of Initial Fixed $100 Investment Based On Total Shareholder Return 
                                                                (f)(4)($) |     | Net Income 
  (g)(5)($) |
| 2024 |     |                                  252,750 |     |                           252,750 |     |                                                                       290,663 |     |                                                                290,543 |     |                                                                       15 |     | -1,950,587 |
| 2023 |     |                                  337,000 |     |                           337,000 |     |                                                                       304,945 |     |                                                                302,996 |     |                                                                       32 |     | -3,716,651 |
| 2022 |     |                                  330,750 |     |                           330,750 |     |                                                                       286,498 |     |                                                                285,882 |     |                                                                       56 |     | -1,378,251 |

______________

| (1) | Represents the amounts reported for Mr. Wise (the “PEO”) in the “Total” column of the “Summary Compensation Table” in each applicable year. |

| (2) | SEC rules require certain adjustments be made to the “Summary Compensation Table” totals to determine “compensation actually paid” as reported in the “Pay Versus Performance” table above. For purposes of the equity award adjustments shown below, no equity awards were cancelled as a result of a failure to meet vesting conditions. The valuation assumptions used to calculate fair values for purposes of the compensation actually paid calculation did not materially differ from those disclosed at the time of grant (as applicable). The following table details the applicable adjustments to the amount in the “Total” column of the “Summary Compensation Table” in each applicable year that were made to determine “compensation actually paid” (all amounts are averages for the NEOs other than the PEO): |

Relationship Between Compensation Actually Paid and our Total Shareholder Return

Our stock price performance
is not one of the elements used in determining Compensation Actually Paid to our Named Executive Officers. However, the amount of Compensation
Actually Paid to our Named Executive Officers aligns with the Company’s Total Shareholder Return (TSR) due to the fact that a portion
of the compensation paid to our Named Executive Officers