Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 30

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 30
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 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 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.

| 20 |

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 
          ($) |