Company: FWDI
Filing Date: 2025-09-16
Form Type: 8-K
Source: 0001683168-25-007036
Chunk: 27

Company: Forward Industries, Inc.
Filing Date: 2025-09-16
Form: 8-K
Item: Item 8
Chunk 27
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3.60 per share and
an aggregate grant-date fair value of $120,000, which will be recognized, net of forfeitures, ratably over the vesting period.

     F-18 

In Fiscal 2023, the
Company granted options to three of its non-employee directors to purchase an aggregate of 12,474 shares of its common stock at an exercise
price of $10.30 per share. The options vested six months from the date of grant and expire five years from the date of grant. The options
have a weighted average grant-date fair value of $4.80 per share and an aggregate grant-date fair value of $60,000, which were recognized
ratably over the vesting period. 

The Company recognized compensation
expense for stock option awards of $101,000 and $86,000 during Fiscal 2024 and Fiscal 2023, respectively, which was recorded as a component
of general and administrative expenses in its consolidated statements of operations.

No options were exercised during
Fiscal 2024 and Fiscal 2023.

At September 30, 2024, there
were no material amounts of unrecognized compensation cost related to nonvested stock option awards.

The following table summarizes
stock option activity during Fiscal 2024:

     Schedule of stock option activity

    Weighted

    Weighted

    Average

    Average

    Aggregate

    Number of

    Exercise

    Remaining

    Intrinsic

    Options

    Price

    Life (Yrs.)

    Value

    Outstanding at September 30, 2023

    92,000

    $
    14.31

    Granted

    33,000

    $
    7.60

    Forfeited

    (11,000
    )
     
    $
    7.60

    Expired

    (33,000
    )
     
    $
    15.12

    Outstanding at September 30, 2024

    81,000

    $
    12.15

    2.5

    $
    –

    Exercisable at September 30, 2024

    59,000

    $
    13.86

    2.0

    $
    –

Options outstanding at September
30, 2024 have an exercise price between $7.60 and $23.90 per share.

NOTE 10