# EDGAR Filing Document

**Accession Number:** 0000038264
**File Stem:** 0001683168-26-003419
**Filing Date:** 2026-5
**Character Count:** 81476
**Document Hash:** ffc343d3a123ecd7bc001d4ba756fa81
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-26-003419.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001683168-26-003419

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forward Industries, Inc.
- **CENTRAL INDEX KEY:** 0000038264
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 131950672
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295495
- **FILM NUMBER:** 26932427

**BUSINESS ADDRESS:**
- **STREET 1:** 111 CONGRESS AVENUE
- **STREET 2:** SUITE 500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 631-547-3055

**MAIL ADDRESS:**
- **STREET 1:** 111 CONGRESS AVENUE
- **STREET 2:** SUITE 500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORWARD INDUSTRIES INC
- **DATE OF NAME CHANGE:** 19950105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PROGRESS HEAT SEALING CO INC
- **DATE OF NAME CHANGE:** 19721111

[**Table of Contents**](#toc)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

———————

**Form S-8**

———————

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**FORWARD INDUSTRIES, INC.**

*(Exact name of registrant as specified in its charter)*

 

---

| | |
|:---|:---|
| **Texas** | **13-1950672** |
| *(State or other jurisdiction of* | *(I.R.S. Employer* |
| *incorporation or organization)* | *Identification No.)* |

---

**111 Congress Avenue, Suite 500, Austin, Texas 78701**

*(Address of Principal Executive Offices) (Zip Code)*

**Forward Industries, Inc. 2021 Equity Incentive Plan**

*(Full title of the plan)*

**Georgia Quinn**

 **General Counsel** 

**111 Congress Avenue, Suite 500**

 **Austin, Texas 78701**

*(Name and address of agent for service)*

**(512) 256-9040**

*(Telephone number, including area code, of agent for service)*

 ****

***Copy to:***

**Brian Bernstein, Esq.**

**Nason, Yeager, Gerson, Harris & Fumero, P.A.**

**3001 PGA Boulevard, Suite 305**

**Palm Beach Gardens, Florida 33410**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

<br> Large accelerated filer ◻ Accelerated filer ◻ <br> Non-accelerated filer 🗹 Smaller reporting company 🗹

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ◻

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 is being filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act, to register a total of 8,724,667 of Common Stock of Forward Industries, Inc. (the "Company" or the "Registrant") issuable under the Forward Industries, Inc. 2021 Equity Incentive Plan, as amended (the "2021 Plan"). The Company previously registered 129,100 shares of Common Stock (as adjusted for the 2024 1-for-10 reverse stock split) issuable under the 2021 Plan pursuant to this Registration Statement on Form S-8 originally filed with the SEC on February 24, 2021, as amended by post-effective amendment No. 1 thereto filed on September 18, 2025 (the "Prior Form S-8"). Solely with respect to the additional shares of Common Stock issuable under the 2021 Plan being registered hereby, the Company hereby incorporates by reference, pursuant to General Instruction E of Form S-8, the contents of the Prior Form S-8, except, in each case, for Items 3, 5, 6 and 8 of Part II which are being updated by this Registration Statement.

This Registration Statement also includes a reoffer prospectus, prepared pursuant to General Instruction C to Form S-8, in accordance with the requirements of Part I of Form S-3, to be used by the Company's directors and executive officers (which we refer to as the "Selling Shareholders"), as described under the section entitled "Selling Shareholders" therein, in connection with reoffers and resales on a continuous or delayed basis of a total of 3,751,654 shares of Common Stock, including 1,371,606 shares of Common Stock underlying outstanding stock options granted under the 2021 Plan and not covered by the Prior Form S-8, 950,996 shares of Common Stock underlying outstanding restricted stock units ("RSUs") granted under the 2021 Plan and not covered by the Prior Form S-8, 1,156,736 shares of Common Stock underlying outstanding Performance Stock Units ("PSUs") granted under the 2021 Plan and not covered by the Prior Form S-8 and 50,000 shares of Common Stock and 222,316 shares of Common Stock underlying outstanding stock options granted under the 2021 Plan and covered by the Prior Form S-8. The Selling Shareholders (except for one former executive officer) are considered affiliates of the Company, as defined in Rule 405 under the Securities Act, and may be selling shares of Common Stock that constitute "restricted securities" or "control securities" within the meaning of General Instruction C to Form S-8. The reoffer prospectus updates and supplements the information contained in the reoffer prospectus previously filed with the SEC by post-effective amendment on September 18, 2025.

i

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**ITEM 1. PLAN INFORMATION**

This prospectus relates to a total of 8,724,667 shares of Common Stock issuable to employees, consultants, officers, and directors of Forward Industries, Inc. and its subsidiaries under the 2021 Plan.

We will send or give the documents containing the information specified in Part I of Form S-8 to employees as specified by the SEC pursuant to Rule 428(b)(1) under the Securities Act.

**ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION**

We will furnish without charge to each person to whom the prospectus is delivered, upon the oral or written request of such person, a copy of any and all of the documents incorporated by reference (other than exhibits to such documents). Requests should be directed to the attention of Forward Industries, Inc., 111 Congress Avenue, Suite 500, Austin, Texas 78701 or (512) 256-9040.

ii

**REOFFER PROSPECTUS**

**FORWARD INDUSTRIES, INC.**

**3,761,654 Shares of Common Stock**

This prospectus relates to the reoffer and resale of up to 3,761,654 shares of common stock, par value $0.01 per share (the "Common Stock") of Forward Industries, Inc. (the "Company") that may be reoffered or resold, from time to time, by certain selling shareholders (the "Selling Shareholders") described in this reoffer prospectus, including the shares of Common Stock that have been acquired or may hereafter be acquired by the Company's directors and executive officers deemed to be our "affiliates," as that term is defined in Rule 405 under the Securities Act of 1933 (the "Securities Act"), pursuant to the 2021 Plan. The names of the Selling Shareholders and the amount of shares of Common Stock available to be resold are set forth below under the caption "Selling Shareholders" to the extent we presently have such information. Additionally, other affiliate selling shareholders may elect to sell shares under this reoffer prospectus as they receive them from time to time in the future in which case, as their names and amounts of shares to be reoffered become known, we will supplement this reoffer prospectus with that information. See "[Selling Shareholders](#a_005)" beginning on page 3.

The Selling Shareholders may sell the shares of Common Stock, from time to time, as they may determine through public or private transactions or through other means described in the section entitled "Plan of Distribution" at prevailing market prices on The Nasdaq Capital Market (or such other available market), at prices different than prevailing market prices or at privately negotiated prices. The Selling Shareholders may sell the shares of Common Stock directly, or may sell them through brokers or dealers.

We will not receive any of the proceeds from the sale of these shares of Common Stock by the Selling Shareholders. We have agreed to pay all expenses relating to the registration of these shares of Common Stock. The Selling Shareholders will pay any brokerage commissions and/or similar charges incurred in connection with the sale of these shares of Common Stock.

Our Common Stock is traded on The Nasdaq Capital Market under the symbol "FWDI." On April 30, 2026, the last reported sales price of our Common Stock on The Nasdaq Capital Market was $4.61 per share.

**Investing in our Common Stock involves risks. See "[Risk Factors](#a_003)" beginning on page 3 of this reoffer prospectus.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined whether this reoffer prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The date of this reoffer prospectus is May 1, 2026.

iii

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#a_001) | 1 |
| [CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS](#a_002) | 1 |
| [RISK FACTORS](#a_003) | 2 |
| [USE OF PROCEEDS](#a_004) | 2 |
| [SELLING SHAREHOLDERS](#a_005) | 2 |
| [PLAN OF DISTRIBUTION](#a_006) | 5 |
| [LEGAL MATTERS](#a_007) | 5 |
| [EXPERTS](#a_008) | 5 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_009) | 6 |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#a_010) | 6 |

---

**You should rely only on information contained in this reoffer prospectus. We have not authorized anyone to provide you with information that is different from that contained in this reoffer prospectus. We are not offering to sell or seeking offers to buy shares of common stock in jurisdictions where offers and sales are not permitted. The information contained in this reoffer prospectus is accurate only as of the date of this reoffer prospectus, regardless of the time of delivery of this reoffer prospectus or of any sale of our common stock. We are responsible for updating this reoffer prospectus to ensure that all material information is included and will update this reoffer prospectus to the extent required by law.**

iv

**PROSPECTUS SUMMARY**

*This summary only highlights the more detailed information appearing elsewhere in this reoffer prospectus or incorporated by reference in this reoffer prospectus. It may not contain all of the information that is important to you. You should carefully read the entire reoffer prospectus and the documents incorporated by reference in this reoffer prospectus before deciding whether to invest in our securities. Unless otherwise indicated or the context requires otherwise, in this reoffer prospectus and any reoffer prospectus supplement hereto references to "Forward" "we," "us," and "our" refers to Forward Industries, Inc. and its consolidated subsidiaries.*

**Our Company**

We are a Solana focused digital asset treasury company, with the strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL related digital assets, protocols and businesses. Our mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to and investing in the Solana protocol, Solana developers and Solana related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, we launched our digital asset treasury strategy, which we have been executing to date by holding SOL, staking SOL, operating a SOL validator, engaging in the SOL decentralized finance ("DeFi") ecosystem and actively repurchasing shares of our common stock.

Under our new treasury policy and strategy, the principal holding in our treasury reserve on the balance sheet will be allocated to digital assets, primarily SOL, fwdSOL (a Liquid Staking Token, or "LST", developed by the Company in collaboration with Socean Labs Inc., doing business as Sanctum, on the Solana blockchain) and similar assets. We have selected SOL as our primary treasury asset because we believe it is earlier in its lifecycle, operationally superior, higher yield generating and underexposed as compared to Bitcoin and other digital assets, presenting a unique opportunity for Forward to become the largest Solana asset treasury operator in the industry. Our planned approach involves acquiring SOL, staking our holdings via our own validator, deploying SOL into various DeFi protocols to earn yield, fees or rewards, lending SOL to earn interest, pledging SOL as collateral to borrow other assets and generating revenue through strategic acquisitions, partnerships and deployments within the Solana ecosystem.

Forward also operates an engineering services business, which provides hardware and software product design and engineering services to customers predominantly located in the U.S.

**Corporate Information**

Our principal executive offices are located at 111 Congress Avenue, Suite 500, Austin, Texas 78701 and our telephone number is (512) 256-9040. Our corporate website address is www.forwardindustries.com/. The information on our website is not incorporated into this reoffer prospectus.

**CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS**

This reoffer prospectus and the documents incorporated by reference herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts, including statements regarding our future financial position, liquidity, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs.

The results anticipated by any or all of these forward-looking statements might not occur. Important factors, uncertainties and risks that may cause actual results to differ materially from these forward-looking statements are contained in the risk factors that follow and elsewhere in this reoffer prospectus and the incorporated documents. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For more information regarding some of the ongoing risks and uncertainties of our business, see the risk factors that follow and that are disclosed in the documents incorporated herein by reference.

**RISK FACTORS**

Investing in our Common Stock involves a high degree of risk. You should carefully consider the risks and uncertainties and all other information contained in this reoffer prospectus, including the risks and uncertainties concerning our business and an investment in our Common Stock discussed under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 filed with the SEC on December 11, 2025, and any subsequent filings with the SEC, which risk factors are incorporated herein by reference in their entirety. Additional risks and uncertainties not presently known to us, or that we currently deem immaterial, may also impair our business operations or our financial condition. If any of the risk factors occur, our business, financial condition, results of operations or prospects could be materially and adversely affected. In such case, the value and marketability of the Common Stock could decline.

**USE OF PROCEEDS**

This reoffer prospectus relates to shares of Common Stock being offered and sold for the account of the Selling Shareholders. We will not receive any proceeds from the sale of the Common Stock offered and sold pursuant to this reoffer prospectus. We will, however, receive the exercise price of the options at the time of their exercise. Such proceeds will be contributed to working capital and will be used for general corporate purposes.

We have agreed to pay all expenses relating to the registration of Common Stock to be offered and sold pursuant to this reoffer prospectus. The Selling Shareholders will pay any brokerage commissions and/or similar charges incurred in connection with the sale of these shares of Common Stock.

**SELLING SHAREHOLDERS**

This reoffer prospectus relates to the reoffer and resale by the Selling Shareholders listed below of shares of Common Stock which have been acquired or may be acquired by the Selling Shareholders who may be deemed "affiliates" of the Company pursuant to the 2021 Plan.

The following table sets forth as of May 1, 2026 with respect to the Selling Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of each Selling Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of shares of Common Stock beneficially owned by each Selling Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the maximum number of shares of Common Stock that each Selling Shareholder may offer for sale from time to time pursuant to this reoffer prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the number of shares of Common Stock and the percentage of Common Stock that would be beneficially owned by each Selling Shareholder assuming the sale of all shares offered hereby.

We may amend or supplement this reoffer prospectus form time to time in the future to update the information concerning the identities of the Selling Shareholders, the number of shares that may be sold by each such Selling Shareholder and information about the shares beneficially owned by such Selling Shareholders. The number of shares in the column "Shares of Common Stock Beneficially Owned Prior to the Offering" represents the total number of shares that a Selling Shareholder currently owns or has the right to acquire within 60 days of the date of this prospectus. The number of shares in the column "Shares of Common Stock Offered Pursuant to this Reoffer Prospectus" represents all of the shares that a Selling Shareholder may offer under this reoffer prospectus and includes shares issuable upon the exercise of options and vesting under Equity Award Agreements that have not yet vested and are not included in the column "Shares of Common Stock Beneficially Owned Prior to the Offering."

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Selling Shareholder** | **Shares of Common Stock Beneficially Owned Prior to the Offering (1)** | **Shares of Common<br> Stock Underlying Vested Awards Offered<br> Pursuant to this<br> Reoffer<br> Prospectus (2)** | **Shares of Common<br> Stock Underlying Unvested Awards Offered<br> Pursuant to this<br> Reoffer<br> Prospectus (3)** | **Shares of Common Stock Beneficially Owned After the Offering** | **Percentage of Shares of Common Stock Beneficially Owned After the Offering (1)** |
| **Officers and Directors** |  |  |  |  |  |
| Ryan Navi (4) | 10000 | 0 | 1322603 | 10000 | \* |
| Georgia Quinn (5) | 0 | 0 | 881735 | 0 | 0 |
| Mark Brazier (6) | 0 | 0 | 825000 | 0 | 0 |
| Michael Pruitt (7) | 129779 | 128779 | 75000 | 1000 | \* |
| Keith Johnson (8) | 49647 | 49647 | 112500 | 0 | 0 |
| Sangita Shah (9) | 160003 | 148890 | 112500 | 11113 | \* |
| Kathleen Weisberg (10) | 57500 | 57500 | 37500 | 0 | 0 |

---

\* Represents less than 1% of the number of shares of Common Stock outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Applicable percentages are based on 74,679,699 shares of Common
 Stock outstanding as of May 1, 2026, adjusted as required by rules of the SEC. Beneficial ownership is determined under the rules of the SEC and generally includes voting
or investment power with respect to securities. Shares of Common Stock underlying options and Performance Stock Units ("PSUs")
and Restricted Stock Units ("RSUs") which are vested or vest within 60 days are deemed outstanding for computing the percentage
of the person holding such securities but are not deemed outstanding for computing the percentage of any other person. Unless otherwise
indicated in the footnotes to this table, we believe that each of the shareholders named in the table has sole voting and investment power
with respect to the shares of Common Stock indicated as beneficially owned by them.

(2) Represents shares of Common Stock and shares of Common Stock underlying stock options that have vested
or will vest within 60 days.

(3) Represents shares underlying stock options, RSUs and PSUs that have not vested and may not vest. Shares
underlying unvested awards may not be sold unless and until such awards vest and the underlying shares are issued in accordance with the
terms of the award and the 2021 Plan. PSUs are subject to continued service and performance-based vesting conditions. The number of shares
shown in footnotes as issuable upon settlement of PSUs reflects the maximum number of shares that could become issuable upon achievement
of the highest level of performance under the PSU award terms. The actual number of shares issued upon settlement may be less than this
amount (including zero), and any unvested or unearned PSUs may be forfeited without consideration. Accordingly, there can be no assurance
that any shares underlying the PSUs will ever be issued to, or sold by, the Selling Shareholder.

(4) Mr. Navi is the Chief Investment Officer of the Company. Represents (i) 382,085 shares of Common Stock
issuable upon settlement of restricted stock units, (ii) 176,347 shares of Common Stock underlying stock options exercisable at $9.66
per share that vest in twelve equal quarterly installments beginning on December 1, 2026, (iii) 176,347 shares of Common Stock underlying
stock options exercisable at $14.49 per share that vest in twelve equal quarterly installments beginning on December 1, 2026, and (iv)
up to 587,824 shares of Common Stock that may become issuable upon settlement of PSUs, including PSUs that may vest and settle more than
60 days after the Determination Date.

(5) Ms. Quinn is the Company's General Counsel. Represents (i) 293,911 shares of Common Stock issuable
upon settlement of restricted stock units, (ii) 146,956 shares of Common Stock underlying stock options exercisable at $9.66 per share
that vest in twelve equal quarterly installments beginning on November 17, 2026, (iii) 146,956 shares of Common Stock underlying stock
options exercisable at $14.49 per share that vest in twelve equal quarterly installments beginning on November 17, 2026, and (iv) up to
293,912 shares of Common Stock that may become issuable upon settlement of PSUs, including PSUs that may vest and settle more than 60
days after the Determination Date.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Mr. Brazier is the Chief Financial Officer of the Company. Represents (i) 275,000 shares of Common Stock
issuable upon settlement of restricted stock units, (ii) 137,500 shares of Common Stock underlying stock options exercisable at $9.18
per share that vest in twelve equal quarterly installments beginning on April 13, 2027, (iii) 137,500 shares of Common Stock underlying
stock options exercisable at $13.77 per share that vest in twelve equal quarterly installments beginning on April 13, 2027, and (iv) up
to 275,000 shares of Common Stock that may become issuable upon settlement of PSUs, including PSUs that may vest and settle more than
60 days after the Determination Date.

(7) Mr. Pruitt is the Chief Executive Officer and a director of the Company. Represents (i) 90,000 shares
of Common Stock underlying stock options exercisable at $18.50 per share, (ii) 13,779 shares of Common Stock underlying stock options
exercisable at $6.01 per share, and (iii) 100,000 shares of Common Stock underlying stock options exercisable at $5.02 per share that
vest in four equal quarterly installments beginning on June 10, 2026. Of the options detailed in (iii) above, 25,000 shares of Common
Stock underlying stock options are included in the Vested Award Column as that amount will vest within 60 days.

(8) Mr. Johnson is a member of the Board of Directors. Represents (i) 12,147 shares of Common Stock underlying
stock options exercisable at $6.37 per share and (ii) 150,000 shares of Common Stock underlying stock options exercisable at $5.02 per
share that vest in four equal quarterly installments beginning on June 10, 2026. Of the options detailed in (ii) above 37,500 shares of
Common Stock underlying stock options are included in the Vested Award Column as that amount will vest within 60 days.

(9) Ms. Shah is a member of the Board of Directors. Represents (i) 1,947 shares of Common Stock underlying
stock options exercisable at $23.90 per share, (ii) 2,777 shares of Common Stock underlying stock options exercisable at $15.60 per share,
(iii) 2,463 shares of Common Stock underlying stock options exercisable at $17.20 per share, (iv) 2,807 shares of Common Stock underlying
stock options exercisable at $14.70 per share, (v) 4,158 shares of Common Stock underlying stock options exercisable at $10.30 per share,
(vi) 11,081 shares of Common Stock underlying stock options exercisable at $7.60 per share, (vii) 50,000 shares of Common Stock, (viii)
24,010 shares of Common Stock underlying stock options exercisable at $3.73 per share, (ix) 12,147 shares of Common Stock underlying stock
options exercisable at $6.37 per share, and (x) 150,000 shares of Common Stock underlying stock options exercisable at $5.02 per share
that vest in four equal quarterly installments beginning on June 10, 2026. Of the options detailed in (x) above, 37,500 shares of Common
Stock underlying stock options are included in the Vested Award Column as that amount will vest within 60 days. Ms. Shah also beneficially
owns 11,113 shares of Common Stock with her husband which are not being registered hereunder.

(10) Ms. Weisberg is the Director of Financial Reporting and former Chief Financial Officer of the Company
and is no longer deemed an affiliate of the Company. Notwithstanding her non-affiliate status, the shares covered by this reoffer prospectus
are being registered so that Ms. Weisberg may sell such shares pursuant to this reoffer prospectus until such time as she is no longer
subject to the more stringent resale limitations applicable to affiliates (or former affiliates) under Rule 144 under the Securities Act,
including the one-year holding period and the volume, manner of sale, and current public information requirements that continue to apply
to former affiliates for a period following their departure. The shares covered by this reoffer prospectus may be offered and sold by
Ms. Weisberg from time to time and represent (i) 45,000 shares of Common Stock underlying stock options exercisable at $18.50 per share
and (ii) 50,000 shares of Common Stock underlying stock options exercisable at $4.83 per share that vest in four equal installments beginning
on June 8, 2026. Of the options detailed in (ii) above, 12,500 shares of Common Stock underlying stock options are included in the Vested
Award Column as that amount will vest within 60 days.

**PLAN OF DISTRIBUTION**

The shares of Common Stock covered by this reoffer prospectus are being registered for the account of the Selling Shareholders.

The shares of Common Stock offered may be sold from time to time directly by or on behalf of each Selling Shareholder in one or more transactions on The Nasdaq Capital Market or any other stock exchange on which the Common Stock may be listed at the time of sale, in privately negotiated transactions, or through a combination of such methods, at market prices prevailing at the time of sale, at prices related to such prevailing market prices, at fixed prices (which may be changed) or at negotiated prices. The Selling Shareholders may sell shares through one or more agents, brokers or dealers or directly to purchasers. Such brokers or dealers may receive compensation in the form of commissions, discounts or concessions from the Selling Shareholders and/or purchasers of the shares or both. Such compensation as to a particular broker or dealer may be in excess of customary commissions.

In connection with their sales, a Selling Shareholder and any participating broker or dealer may be deemed to be "underwriters" within the meaning of the Securities Act, and any commissions they receive and the proceeds of any sale of shares may be deemed to be underwriting discounts and commissions under the Securities Act.

We are bearing all costs relating to the registration of the shares of Common Stock to be reoffered and resold pursuant to this reoffer prospectus. Any commissions or other fees payable to brokers or dealers in connection with any sale of the shares will be borne by the Selling Shareholders or other party selling such shares. Sales of the shares must be made by the Selling Shareholders in compliance with all applicable state and federal securities laws and regulations, including the Securities Act.

Any shares covered by this reoffer prospectus that qualify for sale under Rule 144 under the Securities Act may be sold under Rule 144 rather than under this reoffer prospectus. There is no assurance that the Selling Shareholders will sell all or a portion of the Common Stock offered hereby.

The Selling Shareholders may agree to indemnify any broker, dealer or agent that participates in transactions involving sales of the shares against certain liabilities in connection with the offering of the shares arising under the Securities Act.

The Selling Shareholders will be subject to the reoffer prospectus delivery requirements of the Securities Act, unless exempted therefrom.

**LEGAL MATTERS**

Certain legal matters in connection with the issuance of the shares of Common Stock offered hereby have been passed upon for the Company by Nason Yeager Gerson Harris & Fumero, P.A., 3001 PGA Boulevard, Suite 305, Palm Beach Gardens, Florida 33410.

**EXPERTS**

The consolidated financial statements of Forward Industries, Inc. and Subsidiaries for the year ended September 30, 2025 have been audited by CBIZ CPAs P.C., independent registered public accounting firm, as set forth in their report thereon appearing in Forward Industries, Inc. and Subsidiaries' Annual Report on Form 10-K for the year ended September 30, 2025, and incorporated by reference herein. Such consolidated financial statements are incorporated by reference herein in reliance upon such report, given on the authority of such firm as experts in accounting and auditing.

The consolidated financial statements of Forward Industries, Inc. and Subsidiaries for the year ended September 30, 2024 have been audited by CohnReznick LLP, independent registered public accounting firm, as set forth in their report thereon appearing in Forward Industries, Inc. and Subsidiaries' Annual Report on Form 10-K for the year ended September 30, 2025, and incorporated by reference herein. Such consolidated financial statements are incorporated by reference herein in reliance upon such report, which includes an explanatory paragraph on Forward Industries, Inc. and Subsidiaries' ability to continue as a going concern, given on the authority of such firm as experts in accounting and auditing.

**WHERE YOU CAN FIND MORE INFORMATION**

We file annual, quarterly and current reports and other information with the SEC. You can review our electronically filed reports, proxy and information statements on the SEC's web site at http://www.sec.gov/ or on our website at https://forwardindustries.com/investors#sec-filings/. Information included on our web site is not part of this reoffer prospectus.

We have filed with the SEC a registration statement on Form S-8, as amended, under the Securities Act, with respect to the shares of Common Stock offered by the Selling Shareholders pursuant to this reoffer prospectus. This reoffer prospectus, which constitutes part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits and schedules which are part of the registration statement. Some items included in the registration statement are omitted from the reoffer prospectus in accordance with the rules and regulations of the SEC. For further information with respect to us and the Common Stock offered by this reoffer prospectus, we refer you to the registration statement and the accompanying exhibits.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC allows us to "incorporate by reference" into this reoffer prospectus information that we file with the SEC in other documents. This means that we can disclose important information to you by referring to other documents that contain that information. Any information that we incorporate by reference is considered part of this reoffer prospectus.

We incorporate by reference, as of their respective dates of filing, the documents listed below that we have filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/38264/000168316825009068/forward_i10k-093025.htm) for the fiscal year ended September 30, 2025, filed on December 11, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Quarterly Report on [Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316826000960/forward_i10q-123125.htm) for the fiscal quarter ended December 31, 2025 filed on February 12, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Current Reports on Form 8-K filed on [March 9, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316826001618/forward_8k.htm) , [March 13, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316826001777/forward_8k.htm) , [March 19, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316826001997/forward_8k.htm) , [April 8, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316826002749/forward_8k.htm) and [April 17, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316826003049/forward_8k.htm) ;
and

&nbsp;&nbsp;&nbsp;&nbsp;(d) The description of our securities contained in [Exhibit 4.1](https://www.sec.gov/Archives/edgar/data/38264/000168316819004079/ford_ex0401.htm) to our Form 10-K filed with the SEC on December 27, 2019, as updated by any amendments and reports filed for the purpose of updating
such description

In addition, all other documents we file with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act of 1934 (except in each case the information contained in such documents to the extent "furnished" and not "filed") on or after the date of this reoffer prospectus and prior to the termination of this offering, shall be deemed to be incorporated by reference into this reoffer prospectus and to be a part of this reoffer prospectus from the date of the filing of such documents; *provided*, *however*, that documents or information deemed to have been furnished to and not filed with the SEC in accordance with the rules of the SEC shall not be deemed incorporated by reference into this reoffer prospectus.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this reoffer prospectus to the extent that a statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this reoffer prospectus.

The Company will provide a copy of any document incorporated by reference in this reoffer prospectus and any exhibit specifically incorporated by reference in those documents, at no cost, upon written or oral request. You may request this information by writing or calling us at the following address or phone number:

111 Congress Avenue, Suite 500

Austin, Texas 78701

(512) 256-9040

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.**

The documents listed below are incorporated by reference in the registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;(a) (a) Annual Report on [Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316825009068/forward_i10k-093025.htm) for the fiscal year ended September 30, 2025, filed on December 11, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Quarterly Report on [Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316826000960/forward_i10q-123125.htm) for the fiscal quarter ended December 31, 2025 filed on February 12, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Current Reports on Form 8-K filed on [March 9, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316826001618/forward_8k.htm) , [March 13, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316826001777/forward_8k.htm) , [March 19, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316826001997/forward_8k.htm) , [April 8, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316826002749/forward_8k.htm) and [April 17, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000038264/000168316826003049/forward_8k.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;(d) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act, since the end of the fiscal
year covered by the Annual Report on Form 10-K referred to above;

&nbsp;&nbsp;&nbsp;&nbsp;(e) The description of our securities contained in [Exhibit 4.1](https://www.sec.gov/Archives/edgar/data/38264/000168316819004079/ford_ex0401.htm) to our Form 10-K filed with the SEC on December 27, 2019, as updated by any amendments and reports filed for the purpose of updating
such description; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) All documents subsequently filed pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior
to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities
then remaining unsold, from the date of filing of such documents.

**ITEM 4. DESCRIPTION OF SECURITIES.**

Not applicable.

**ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.**

None.

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.** 

The Texas Business Organizations Code (the "TBOC") permits a corporation to indemnify a director who was, is or is threatened to be a named defendant or respondent in a proceeding as a result of the performance of his duties if such person acted in good faith, reasonably believed, in the case of conduct in the person's official capacity as a director, that the person's conduct was in the best interests of the corporation and, in all other cases, that the person's conduct was not opposed to the best interests of the corporation, and, in the case of a criminal proceeding, did not have a reasonable cause to believe the person's conduct was unlawful. The corporation may indemnify such person against all judgments, fines, amounts paid in settlement and all expenses, including attorneys' and other experts' fees, costs and disbursements, actually and reasonably incurred by such person as a result of such action or proceeding, or any appeal therein, or actually and reasonably incurred by such person; provided, however that indemnification is not permitted if such person has been found liable for (a) willful or intentional misconduct in the performance of the person's duty to the corporation; (b) breach of the person's duty of loyalty; or (c) an act or omission not committed in good faith that constitutes a breach of a duty owed by the person to the corporation.

Sections 8.101 and 8.103 of the TBOC provide that a corporation may indemnify a person who was, is or is threatened to be a named defendant or respondent in a proceeding because the person is or was a director only if a determination is made that such indemnification is permissible under the TBOC: (i) by a majority vote of the directors who at the time of the vote are disinterested and independent, regardless of whether such directors constitute a quorum; (ii) by a majority vote of a board committee designated by a majority of disinterested and independent directors and consisting solely of disinterested and independent directors; (iii) by special legal counsel selected by the board of directors or a committee of the board of directors as set forth in (i) or (ii); (iv) by the shareholders in a vote that excludes the shares held by directors who are not disinterested and independent; or (v) by a unanimous vote of the shareholders.

Section 8.104 of the TBOC provides that the corporation may pay or reimburse, in advance of the final disposition of the proceeding, reasonable expenses incurred by a present director who was, is or is threatened to be made a named defendant or respondent in a proceeding after the corporation receives a written affirmation by the director of his good faith belief that he has met the standard of conduct necessary for indemnification under Section 8.101 and a written undertaking by or on behalf of the director to repay the amount paid or reimbursed if it is ultimately determined that he has not met that standard or if it is ultimately determined that indemnification of the director is not otherwise permitted under the TBOC. Section 8.105 also provides that reasonable expenses incurred by a former director or officer, or a present or former employee or agent of the corporation, who was, is or is threatened to be made a named defendant or respondent in a proceeding may be paid or reimbursed by the corporation, in advance of the final disposition of the action, as the corporation considers appropriate.

Section 8.105 of the TBOC provides that a corporation may indemnify and advance expenses to a person who is not a director, including an officer, employee or agent of the corporation as provided by: (i) the corporation's governing documents; (ii) an action by the corporation's governing authority; (iii) resolution by the shareholders; (iv) contract; or (v) common law. As consistent with Section 8.105, a corporation may indemnify and advance expenses to persons who are not directors to the same extent that a corporation may indemnify and advance expenses to directors.

Our Certificate of Incorporation and Bylaws provide for indemnification of our officers, directors and agents to the fullest extent permitted under the TBOC. However, (a) no indemnification may be made to or on behalf of any such person if a judgment or other final adjudication adverse to such person establishes that his or her acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated, or that he or she personally gained in fact a financial profit or other advantage to which he or she was not legally entitled; (b) no indemnification may be made if there has been a settlement approved by the court and the indemnification would be inconsistent with any condition with respect to indemnification expressly imposed by the court in approving the settlement; and (c) in the event of a proceeding by or in the right of the Corporation to procure a judgment in its favor, no indemnification may be made if it is settled or otherwise disposed of or such person shall have been finally adjudged liable to the Corporation, unless (and only to the extent that) the court in which the action was brought, or if no action was brought, any court of competent jurisdiction, determines upon application that, in view of all circumstances of the case, such person is fairly and reasonably entitled to indemnity for such portion of the settlement amount and expenses as the court deems proper.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, the SEC has taken the position that, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by us is against public policy as expressed in the Securities Act and we will be governed by the final adjudication of such issue.

**ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.**

The shares of restricted Common Stock previously issued under the 2021 Plan and the shares of Common Stock underlying the unvested RSUs and PSUs previously issued under the 2021 Plan, being registered for reoffer and resale hereby, have been issued without registration in reliance on the exemption from registration provided for in Section 4(a)(2) of the Securities Act and Rule 506(b) promulgated thereunder.

**ITEM 8. EXHIBITS.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** |
| <br>**Exhibit #** | <br>**Exhibit Description** | **Form** | **Date** | **Number** |
| 4.1 | [2021 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/38264/000168316820004438/forward_ex0401.htm) | 8-K | 12/23/2020 | 4.1 |
| 4.2 | [Amendment No.1 to the 2021 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/38264/000168316825007107/forward_ex0402.htm) | S-8 | 9/18/2025 | 4.2 |
| 4.3 | [Amendment No. 2 to the 2021 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/38264/000168316826001618/forward_ex1001.htm) | 8-K | 3/9/2026 | 10.1 |
| 5.1 | [Legal Opinion of Nason, Yeager, Gerson, Harris & Fumero, P.A.](forward_ex0501.htm) |  |  | Filed |
| 10.1 | [Form of Equity Award Agreement](forward_ex1001.htm) |  |  | Filed |
| 23.1 | [Consent of CBIZ CPAs P.C., independent registered public accounting firm](forward_ex2301.htm) |  |  | Filed |
| 23.2 | [Consent of CohnReznick LLP, independent registered public accounting firm](forward_ex2302.htm) |  |  | Filed |
| 23.3 | [Consent of Nason, Yeager, Gerson, Harris & Fumero, P.A.](forward_ex0501.htm) (included in Exhibit 5.1) |  |  |  |
| 107 | [Filing fee table](forward_ex107.htm) |  |  | Filed |

---

**ITEM 9. UNDERTAKINGS.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

---

| | |
|:---|:---|
| (i) | To include any prospectus required by section 10(a)(3) of the Securities Act; |
| (ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high and of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; |
| (iii) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; |
|  | provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.

****

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Austin, State of Texas, on May 1, 2026.

**FORWARD INDUSTRIES, INC.**

By: *<u>/s/ Michael Pruitt</u>*

Michael Pruitt

Interim Chief Executive Officer

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signatures** | **Title** | **Date** |
| */s/ Michael Pruitt* | Interim Chief Executive Officer (Principal Executive Officer) and Director | May 1, 2026 |
| Michael Pruitt | Interim Chief Executive Officer (Principal Executive Officer) and Director |  |
| */s/ Mark Brazier* | Chief Financial Officer (Principal Financial Officer) | May 1, 2026 |
| Mark *Brazier* |  |  |
| */s/ Pyahm Samani* | Chairman of the Board of Directors | May 1, 2026 |
| Pyahm (Kyle) Samani |  |  |
| */s/ Sangita Shah* | Director | May 1, 2026 |
| Sangita Shah | Director |  |
| */s/ Keith Johnson* | Director | May 1, 2026 |
| Keith Johnson |  |  |
| */s/ Saurabh Sharma* | Director | May 1, 2026 |
| Saurabh Sharma |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](image_001.jpg)

May 1, 2026

Forward Industries, Inc.

111 Congress Avenue, Suite 500

Austin, Texas 78701

Attention: Michael Pruitt

Chief Executive Officer

Re: <u>Registration Statement on Form S-8</u>

Dear Mr. Pruitt:

We have acted as counsel to Forward Industries, Inc., a Texas corporation (the "Company"), in connection with the filing by the Company on the date hereof of a Registration Statement on Form S-8 (the "Registration Statement") with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"). The Registration Statement relates to 8,724,667 shares (the "Shares") of the Company's common stock, par value $0.01 per share (the "Common Stock"), which are issuable or may become issuable pursuant to awards granted or to be granted under the Company's 2021 Equity Incentive Plan (the "Plan").

The Registration Statement also includes a reoffer prospectus prepared pursuant to General Instruction C to Form S-8 and in accordance with the requirements of Part I of Form S-3 (the "Reoffer Prospectus"), to be used by certain affiliates of the Company identified therein (the "Selling Stockholders") in connection with reoffers and resales on a continuous or delayed basis of shares of Common Stock that have been or may be acquired by the Selling Stockholders upon exercise or settlement of awards granted under the Plan.

In connection with this opinion, we have examined such documents and such matters of fact and law as we have deemed necessary as a basis for this opinion, including, but not limited to, the Registration Statement, the Plan and the forms of award agreements thereunder, the Company's Certificate of Incorporation, as amended, and bylaws, and resolutions and other corporate records of the Company relating to the adoption of the Plan and the authorization and issuance of the Shares. We have assumed the genuineness and authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies thereof, the legal capacity of natural persons, and the due execution and delivery of all documents by the parties thereto (other than the Company), where due execution and delivery are a prerequisite to the effectiveness thereof.

We have also assumed that: (i) the Registration Statement, and any amendments thereto (including any post-effective amendments), will have become effective under the Securities Act and will remain effective, and no stop order suspending the effectiveness of the Registration Statement will have been issued and remain in effect, at the time any Shares are offered or sold as contemplated by the Registration Statement; (ii) the Reoffer Prospectus, as then amended or supplemented, will accurately describe the terms of the offering and sale of the Shares; (iii) all Shares will be offered and sold in compliance with applicable federal and state securities laws and in the manner stated in the Registration Statement and the applicable prospectus; and (iv) the Shares will be issued and delivered in accordance with the terms of the applicable Plan and the applicable award agreement.

The opinions expressed herein are limited to the Texas Business Organizations Code, as currently in effect, and we express no opinion as to the applicability or effect of any other law of the State of Texas, and we express no opinion as to the applicable or the effect of any laws of any other jurisdiction.

Based upon and subject to the foregoing and the limitations stated herein, we are of the opinion that the Shares have been duly authorized by all necessary corporate action on the part of the Company and, when issued, delivered and paid for in the manner contemplated by the applicable Plan and the applicable award agreement thereunder (and assuming the receipt by the Company of any consideration required therefor), will be validly issued, fully paid and non-assessable.

We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement and to the reference to our firm under the caption "Legal Matters" in the prospectus forming part of the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

This opinion is limited to the specific matters stated herein, and no opinion may be implied or inferred beyond the matters expressly stated herein. This opinion is rendered as of the date hereof, and we assume no obligation to update or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes in law that may hereafter occur.

Very truly yours,

<u>/s/ Nason, Yeager, Gerson, Harris & Fumero, P.A.</u>

Nason, Yeager, Gerson, Harris & Fumero, P.A.

## Exhibit 10.1

**Exhibit 10.1**

---

| | |
|:---|:---|
| ![](image_004.jpg) | Forward Industries, Inc.<br> 111 Congress Avenue, Suite 500<br> Austin, Texas 78701<br> www.forwardindustries.com |

---

**NON-QUALIFIED EQUITY**

**AWARD AGREEMENT**

THIS NON-QUALIFIED EQUITY AWARD AGREEMENT (the "Agreement") entered into as of [ ] (the "Grant Date") between **Forward Industries, Inc.**, a Texas corporation (the "Company") and **[ ]** (the "________"). This Agreement is being entered into pursuant to the 2021 Equity Incentive Plan, as amended (the "Plan"). Any defined terms that are not defined within this Agreement shall have the meanings ascribed to them in the Plan.

WHEREAS, pursuant to the Plan, it has been determined that in order to enhance the ability of the Company to attract and retain qualified employees, consultants and directors, the Company has granted the Recipient the right to receive certain equity awards and to purchase the common stock of the Company pursuant to stock options.

NOW THEREFORE, in consideration of the mutual covenants and promises hereafter set forth and for other good and valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows:

**1.** <u>Grant of Non-Qualified Options</u>. The Company irrevocably grants to the Recipient, as a matter of separate agreement and not in lieu of salary or other compensation for services, the right and option to purchase all or any part of <u>[ ]</u> shares of authorized but unissued or treasury common stock of the Company, par value $0.01 per share (the "Options") on the terms and conditions herein set forth.

**(a)** <u>Price</u>. [[ ] Options shall have an exercise price of $[ ] per share (the "200% Options") and [ ] Options shall have an exercise price of $[ ] per share (the "300% Options").] [The Options shall have an exercise price of $[ ] per share .]

**(b)** <u>Vesting - When Exercisable</u>. One-quarter (25%), or [ ] of the Options will vest on [one-year anniversary of Start Date] and the remaining three-quarters (75%) or [ ], will vest in 12 equal quarterly installments thereafter.

**(c)** <u>Expiration</u>. Subject to Sections 4 and 5 of this Agreement, the Options may be exercised at any time following vesting and prior to 5:00 p.m. New York time on the date that is **<u>ten</u>** years from the Grant Date (the "Expiration Date"), after which time the Options shall automatically expire and be forfeited without consideration.

**2.** <u>[If applicable] [Grant of RSUs.</u> The Company irrevocably grants to the Recipient, as a matter of separate agreement and not in lieu of salary or other compensation for services, <u>[ ]</u> restricted stock units (the "RSUs"), with each RSU representing the right to receive one share of the Company's common stock, upon vesting, on the terms and conditions herein set forth.]

**(a)** <u>Vesting</u>. One-quarter (25%), or [ ] of the RSUs will vest on [one-year anniversary of Start Date] and the remaining three-quarters (75%) or [ ] will vest in 12 equal quarterly installments thereafter.

**(b)** <u>Issuance</u>. Upon vesting, the Company shall issue to the Recipient one share of common stock for each vested RSU within 30 days following the applicable vesting date, subject to applicable tax withholding.

**3.** <u>[If applicable] [Grant of Performance Vesting RSUs</u>. The Company irrevocably grants to the Recipient, as a matter of separate agreement and not in lieu of salary or other compensation for services, <u>[ ]</u> performance vesting restricted stock units (the "PSUs"), with each PSU representing the right to receive one share of the Company's common stock, upon satisfaction of the performance conditions and vesting requirements set forth herein. The PSUs, RSUs, and Options are collectively referred to herein as the "Awards."]

**(a)** <u>Performance Vesting</u>. [ ] PSUs shall vest, if at all, upon the Company holding [ ] SOL per Share outstanding, [ ] PSUs shall vest, if at all, upon the Company holding [ ] SOL per Share outstanding, [ ] PSUs shall vest, if at all, upon the Company holding [ ] SOL per Share outstanding and [ ] PSUs shall vest, if at all, upon the Company holding [ ] SOL per Share outstanding.

**(b)** <u>SOL per Share outstanding</u>. "SOL per Share outstanding" shall be determined by dividing the amount of SOL held by the Company (which shall include fwdSOL, loaned SOL, pledged SOL and SOL deployed in any Defi ecosystems) by the number of fully diluted shares outstanding at the time of measurement (which shall include all shares of common stock outstanding and all outstanding options, warrants, RSUs, PSUs and other convertible securities on an as-converted basis regardless of whether such awards are "in-the-money" or vested) using publicly filed data or as confirmed by the CFO.

**4.** <u>Forfeiture Events</u>. Notwithstanding any other provision of this Agreement, at the discretion of the Board or the Committee (as defined in the Plan), all Awards shall be immediately forfeited, and all vested but unexercised Options shall be immediately cancelled, if the Recipient:

**(a)** purchases or sells securities of the Company in violation of the Company's insider trading guidelines then in effect; (b) breaches any duty of confidentiality including that required by the Company's insider trading guidelines then in effect; (c) fails to assign any invention, technology, or related intellectual property rights to the Company if such assignment is a condition of any agreement between the Company and the Recipient; or (d) breaches their fiduciary duty to the Company.

**5.** <u>Termination of Relationship</u>.

**(a)** In addition to any other vesting requirements set forth in this Agreement, vesting of all Awards is contingent upon the Recipient's continued employment with the Company through each applicable vesting date.

**(b)** If for any reason, except death or disability as provided below, the Recipient ceases to act as a director, officer or employee, as applicable, of the Company, all vested Options may be exercised by the Recipient at any time and up until **<u>six months</u>** following the termination of service.

**(c)** If the Recipient's services in the capacity for which the Options were granted are terminated as a result of the Recipient's death, the Recipient's estate or any Transferee, as defined herein, shall have the right to exercise the Recipient's vested Options on or before **<u>one year</u>** from the date of the Recipient's death. For the purpose of this Agreement, "Transferee" shall mean a person to whom such shares are transferred by will or by the laws of descent and distribution.

**(d)** If the Recipient is unable to perform services in the capacity for which the Options were granted as a result of becoming disabled, within the meaning of Section 22(e)(3) of the Code, the Recipient shall have the right to exercise the vested Options on or before **<u>one year</u>** from that date.

**(e)** Notwithstanding anything contained in this Section 5, the Options may not be exercised after the Expiration Date.

**6.** <u>Profits on the Sale of Certain Shares; Redemption</u>. If any of the events specified in Section 4 of this Agreement occur within one year following the date the Recipient last performed services in the capacity for which the Awards were granted (the "Termination Date") (or such longer period required by any written agreement), all profits earned from the sale of the Company's securities, including the sale of shares of common stock underlying the Options, during the two-year period commencing one year prior to the Termination Date shall be forfeited and immediately paid by the Recipient to the Company. Further, in such event, the Company may at its option redeem shares of common stock acquired upon exercise of any Options by payment of the exercise price to the Recipient. To the extent that another written agreement with the Company extends the events in Section 5 beyond one year following the Termination Date, the two-year period shall be extended by an equal number of days. The Company's rights under this Section 6 do not lapse one year from the Termination Date but are a contract right subject to any appropriate statutory limitation period.

**7.** <u>Method of Option Exercise</u>. Unless the Company provides other instructions, the Options shall be exercisable by a written notice which shall:

**(a)** state the election to exercise the Options, the number of shares to be exercised, the person in whose name the stock certificate or certificates for such shares of common stock is to be registered, address and social security number of such person (or if more than one, the names, addresses and social security numbers of such persons);

**(b)** if applicable, contain such representations and agreements as to the holder's investment intent with respect to such shares of common stock as set forth in Section 11 hereof;

**(c)** be signed by the person or persons entitled to exercise the Options and, if the Options are being exercised by any person or persons other than the Recipient, be accompanied by proof, satisfactory to counsel for the Company, of the right of such person or persons to exercise the Options;

**(d)** be accompanied by full payment of the exercise price by tender to the Company (or tender to the Company's captive broker) of an amount equal to the exercise price multiplied by the number of underlying shares being purchased, either in cash, by wire transfer, or by certified check or bank cashier's check, payable to the order of the Company; and

**(e)** be accompanied by payment of any amount that the Company, in its sole discretion, deems necessary to comply with any federal, state or local withholding requirements for income and employment tax purposes. If the Recipient fails to make such payment in a timely manner, the Company may: (i) decline to permit exercise of the Options or (ii) withhold and set-off against compensation and any other amounts payable to the Recipient the amount of such required payment. Such withholding may be in the shares underlying the Options at the sole discretion of the Company.

The certificate or certificates for shares of common stock as to which the Options shall be exercised shall be registered in the name of the person or persons exercising the Options.

**8.** <u>Anti-Dilution Provisions</u>. The Awards shall have the anti-dilution rights set forth under Section 11 in the Plan.

**9.** <u>Necessity to Become Holder of Record</u>. Neither the Recipient, the Recipient's estate, nor any Transferee shall have any rights as a shareholder with respect to any of the shares underlying the Awards until such person shall have become the holder of record of such shares. No cash dividends or cash distributions, ordinary or extraordinary, shall be provided to the holder if the record date is prior to the date on which such person became the holder of record thereof.

**10.** <u>Reservation of Right to Terminate Relationship</u>. Nothing contained in this Agreement shall restrict the right of the Company to terminate the relationship of the Recipient at any time, with or without cause, subject to the terms of any separate written employment agreement or offer letter between the Company and the Recipient. The termination of the relationship of the Recipient by the Company, regardless of the reason therefore, shall have the results provided for in Sections 4 and 5 of this Agreement.

**11.** <u>Conditions to Exercise of Options</u>. If a Registration Statement on Form S-8 (or any other successor form) is not effective as to the shares of common stock issuable upon vesting or exercise of the Awards, as applicable, the remainder of this Section 11 is applicable as to federal law. In order to enable the Company to comply with the Securities Act of 1933 (the "Securities Act") and relevant state law, the Company may require the Recipient, the Recipient's estate, or any Transferee as a condition of the exercising of the Awards granted hereunder, to give written assurance satisfactory to the Company that the shares underlying the Awards are being acquired for such person's own account, for investment only, with no view to the distribution of same, and that any subsequent resale of any such shares either shall be made pursuant to a registration statement under the Securities Act and applicable state law which has become effective and is current with regard to the shares being sold, or shall be pursuant to an exemption from registration under the Securities Act and applicable state law.

The Awards are subject to the requirement that, if at any time the Board shall determine, in its discretion, that the listing, registration, or qualification of the shares of common stock underlying the Awards upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary as a condition of, or in connection with the issue or purchase of the shares underlying the Awards, the Awards may not be received or exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected, as applicable.

**12.** <u>Parties Bound by Plan</u>. This Agreement replaces any prior award agreement, stock option agreement, or offer letter previously provided to the Recipient, if any, with respect to these Awards. The Recipient acknowledges receipt of a copy of the Plan, as amended. The Plan and each determination, interpretation, or other action made or taken pursuant to the provisions of the Plan shall be final and shall be binding and conclusive for all purposes on the Company and the Recipient and their respective successors in interest.

**13.** <u>Severability</u>. In the event any parts of this Agreement are found to be void, the remaining provisions of this Agreement shall nevertheless be binding with the same effect as though the void parts were deleted.

**14.** <u>Benefit</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their legal representatives, successors and assigns.

**15.** <u>Notices and Addresses</u>. All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing, and shall be sufficiently given if delivered to the addressees in person, by FedEx or similar receipted delivery, or email (followed by receipted delivery) as follows:

---

| | |
|:---|:---|
| **If to the Company:**<br> 111 Congress Avenue, Suite 500<br> Austin, Texas, 78701<br> Attention: Mark Brazier, CFO<br> Email: MBrazier@forwardindustries.com<br> Email: Legal@forwardindustries.com | **If to the Recipient:**<br> At the address and/or email address provided on the signature page of this Agreement |

---

or to such other address as either of them, by notice to the other may designate from time to time.

**16.** <u>Attorney's Fees</u>. In the event that there is any controversy or claim arising out of or relating to this Agreement, or to the interpretation, breach or enforcement thereof, and any action or proceeding is commenced to enforce the provisions of this Agreement, the prevailing party shall be entitled to a reasonable attorney's fee, costs and expenses.

**17.** <u>Governing Law</u>. This Agreement and any dispute, disagreement, or issue of construction or interpretation arising hereunder whether relating to its execution, its validity, the obligations provided herein or performance shall be governed or interpreted according to the laws of the State of Texas without regard to choice of law considerations.

**18.** <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual, PDF, electronic or facsimile signature.

[Signature Page to Follow]

IN WITNESS WHEREOF the parties hereto have set their hand and seals the day and year first above written.

FORWARD INDUSTRIES, INC.

By:<u> </u>_______________________________

Mark Brazier

Chief Financial Officer

RECIPIENT:

Address:

Email:

*[Signature Page to Equity Award Agreement]*

## Exhibit 23.1

**Exhibit 23.1**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated December 11, 2025 with respect to the financial statements of Forward Industries Inc. for the year ended September 30, 2025, included in the Annual Report on Form 10-K. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ CBIZ CPAs P.C.

Melville, New York

May 1, 2026

## Exhibit 23.2

**Exhibit 23.2**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We consent to the incorporation by reference in this Registration Statement on Form S-8 pertaining to the 2021 Equity Incentive Plan of Forward Industries, Inc. and Subsidiaries of our report dated December 27, 2024 (except Notes 1, 2 and 3, as to which the date is September 16, 2025 and Note 16, as to which date is December 11, 2025), with respect to the consolidated financial statements of Forward Industries, Inc. and Subsidiaries for the year ended September 30, 2024. Our audit report includes an explanatory paragraph relating to Forward Industries, Inc. and Subsidiaries' ability to continue as a going concern.

We also consent to the reference to our firm under the caption "Experts."

/s/ CohnReznick LLP

Holmdel, New Jersey

May 1, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**Forward Industries, Inc.**

**Table 1: Newly Registered Securities**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Shares Reserved for Future Issuance under the 2021 Plan | (1) | Other | 4816229 | $4.23 | $20372648.67 | 0.0001381 | $2813.46 |
| Equity | Share Issuable upon Exercise of Outstanding Options under the 2021 Plan | (2) | Other | 1371606 | 8.25 | 11315749.50 | 0.0001381 | 1562.71 |
| Equity | Shares Issuable upon Vesting of Outstanding RSUs and PSUs under the 2021 Plan | (3) | Other | 2107732 | $4.23 | $8915706.36 | 0.0001381 | $1231.26 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $40604104.53 |  | 5607.43 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $5607.43 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) This Registration Statement on Form S-8 registers a total of 8,724,667 shares of Common Stock, par value $0.01 per share ("Common Stock"), of Forward Industries, Inc. (the "Registrant") issuable under the Forward Industries, Inc. 2021 Equity Incentive Plan, as amended (the "2021 Plan"). The Registrant previously registered 429,100 shares of Common Stock issuable under the 2021 Plan pursuant to the Registration Statement on Form S-8 originally filed with the Securities and Exchange Commission (the "SEC") on February 24, 2021, as amended by post-effective amendment No. 1 thereto filed on September 18, 2025 (the "Prior Form S-8"). This Registration Statement also covers the reoffer and resale of these shares by certain selling stockholders named in the reoffer prospectus included herein, prepared in accordance with General Instruction C of Form S-8. Pursuant to Rule 457(h)(3) of the Securities Act, no additional filing fee is required for the resale of such shares that were previously registered. Represents shares of Common Stock available for future grants under the 2021 Plan as of the date of this Registration Statement. Estimated in accordance with Rule 457(c) and (h) solely for the purpose of calculating the registration fee on the average of the high and low prices of the Common Stock as reported on The Nasdaq Capital Market on April 29, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) This Registration Statement on Form S-8 registers a total of 8,724,667 shares of Common Stock, par value $0.01 per share ("Common Stock"), of Forward Industries, Inc. (the "Registrant") issuable under the Forward Industries, Inc. 2021 Equity Incentive Plan, as amended (the "2021 Plan"). The Registrant previously registered 429,100 shares of Common Stock issuable under the 2021 Plan pursuant to the Registration Statement on Form S-8 originally filed with the Securities and Exchange Commission (the "SEC") on February 24, 2021, as amended by post-effective amendment No. 1 thereto filed on September 18, 2025 (the "Prior Form S-8"). This Registration Statement also covers the reoffer and resale of these shares by certain selling stockholders named in the reoffer prospectus included herein, prepared in accordance with General Instruction C of Form S-8. Pursuant to Rule 457(h)(3) of the Securities Act, no additional filing fee is required for the resale of such shares that were previously registered. Represents shares of Common Stock underlying outstanding stock options. Estimated in accordance with Rule 457(h) solely for the purpose of calculating the registration fee based upon the weighted average exercise price of the outstanding options.

&nbsp;&nbsp;&nbsp;&nbsp;(3) This Registration Statement on Form S-8 registers a total of 8,724,667 shares of Common Stock, par value $0.01 per share ("Common Stock"), of Forward Industries, Inc. (the "Registrant") issuable under the Forward Industries, Inc. 2021 Equity Incentive Plan, as amended (the "2021 Plan"). The Registrant previously registered 429,100 shares of Common Stock issuable under the 2021 Plan pursuant to the Registration Statement on Form S-8 originally filed with the Securities and Exchange Commission (the "SEC") on February 24, 2021, as amended by post-effective amendment No. 1 thereto filed on September 18, 2025 (the "Prior Form S-8"). This Registration Statement also covers the reoffer and resale of these shares by certain selling stockholders named in the reoffer prospectus included herein, prepared in accordance with General Instruction C of Form S-8. Pursuant to Rule 457(h)(3) of the Securities Act, no additional filing fee is required for the resale of such shares that were previously registered. Represents shares of Common Stock underlying RSUs and PSUs issued under the 2021 Plan. Estimated in accordance with Rule 457(c) and (h) solely for the purpose of calculating the registration fee on the average of the high and low prices of the Common Stock as reported on The Nasdaq Capital Market on April 29, 2026.