Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 32

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 32
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 is comprised of equity awards. In 2024, 2023, and 2022, the amount of Compensation
Actually Paid to our Named Executive Officers was less than the Summary Compensation Table total for the Named Executive Officers due
to the decline in fair value of equity awards due in part to the declining stock price and TSR.

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Relationship Between Compensation Actually Paid and our Net Income (Loss)

GAAP net income (loss) is a measure
of our overall profitability that we believe is a factor that can drive our stock price performance. However, Compensation Actually Paid
is less sensitive to our annual GAAP income (loss) because management and our Board does not believe that our GAAP income (loss) is the
only meaningful measure in allowing investors to evaluate management’s performance, primarily due to: (i) losses incurred by our
now discontinued retail segment which the Board believes was as a result of supply chain issues and the pandemic which were outside of
the control of our NEOs and (ii) the need to retain key executives with the skills to provide the leadership the Company needs to succeed.

| Year |     | Name       |     |      Summary 
 Compensation 
  Table Total 
          ($) |     | Deduct “Stock 
   Awards” and 
       “Option 
       Awards” 
   reported in 
       Summary 
  Compensation 
         Table 
           ($) |     |   Add Year- 
    End Fair 
    Value of 
 Outstanding 
         and 
    Unvested 
      Equity 
      Awards 
  Granted in 
    the Year 
         ($) |     | Add (Deduct) 
    Year over 
  Year Change 
      in Fair 
     Value of 
  Outstanding 
 and Unvested 
       Equity 
       Awards 
   Granted in 
  Prior Years 
          ($) |     |     Add Fair 
  Value as of 
 Vesting Date 
    of Equity 
       Awards 
  Granted and 
    Vested in 
     the Year 
          ($) |     |           Add 
      (Deduct) 
     Year over 
   Year Change 
 in Fair Value 
     of Equity 
        Awards 
    Granted in 
   Prior Years 
         which 
     Vested in 
      the Year 
           ($) |     | Add Value 
    of any 
 Dividends 
  or Other 
  Earnings 
   Paid in 
  the Year 
       ($) |     |  Compensation 
 Actually Paid 
           ($) |
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