Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 114

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 114
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 U.S. Treasury zero-coupon issues with a remaining term equivalent to the award’s
expected term. The Company has not historically paid any dividends on its common stock and had no intention to do so on the date the share-based
awards were granted. The Company accounts for forfeitures in the period they occur.

In applying the Black-Scholes
option pricing model to options granted, the Company used the following assumptions: 

    Schedule of assumptions used for options

    Fiscal 2025
     
    Fiscal 2024
  
    Expected term (years)
     
    2.5 - 3.0
     
    3.0
  
    Expected volatility
     
    63.2% - 84.2%
     
    66.4%
  
    Risk free interest rate
     
    3.5% - 4.2%
     
    4.8%
  
    Expected dividends
     
    –
     
    –

     F-28 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In Fiscal 2025, the Company made
the following option grants:

·In October 2024, options to non-employee directors
to purchase an aggregate of 48,020 shares of its common stock at an exercise price of $3.73 per share. The options vest one year from
the date of grant, expire five years from the date of grant and have an aggregate grant-date fair value of $80,000, which will be recognized,
net of forfeitures, ratably over the vesting period.

·In February 2025, options to its Chief Executive
Officer to purchase 13,779 shares of its common stock at an exercise price of $6.01 per share. The options vest one year from the date
of grant, expire five years from the date of grant, have an aggregate grant-date fair value of $40,000, which will be recognized, net
of forfeitures, ratably over the vesting period.

·In June 2025, options to non-employee directors
to purchase 36,441 shares of its common stock at an exercise price of $6.37 per share. The options vest one year from the date of grant,
expire five years from the date of grant, have an aggregate grant-date fair value of $120,000, which will