Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1206

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 9B
Chunk 1206
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 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 be recognized, net of forfeitures,
ratably over the vesting period.

·In September 2025, options to non-employee directors
and management to purchase an aggregate of 180,000 shares of its common stock at an exercise price of $18.50 per share. The options vested
upon grant, expire five years from the date of grant, and had an aggregate grant-date fair value of $1,428,000, which was fully recognized
on the date of grant. 

In Fiscal 2024, the Company granted
options to three of its non-employee directors to purchase an aggregate of 33,243 shares of its common stock at an exercise price of $7.60
per share. The options vested one year from the date of grant, expire five years from the