Document:

Exhibit 10.12

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) is entered into as of January ____, 2018 (the “Effective Date”) by and between
Intelligent Product Solutions, Inc., a New York corporation (the “Company”) and Robert Wild, an individual (“Employee”).
Each of the Company and Employee may be referred to herein individually as a “Party,” and collectively as the “Parties.”

 

WHEREAS, the Company
desires to employ Employee and Employee desires to be employed by the Company on the terms and conditions set forth herein.

 

NOW, THEREFORE,
in consideration of the mutual agreements and covenants, promises, and obligations contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.             Duties
and Extent of Services

 

1.1           Efforts.
During the term of employment, Employee shall devote his or her full-time business efforts to the performance of Employee’s duties
and the furtherance of the Company’s interests as well as the interests of the Company’s parent-company, Forward Industries,
Inc. and its subsidiaries (collectively, the “Parent”).

 

1.2           Duties. Employee shall serve as Senior Vice President with all duties, responsibilities and authority as are commensurate and consistent
with such position, and as may be, from time to time, assigned to Employee by the President and/or COO of the Company.

 

1.3           Place
of Performance. The principal place of Employee’s employment shall be the Company’s office currently located at Hauppauge,
New York; provided that, Employee may be required to travel on Company business while employed by the Company.

 

2.             Compensation

 

2.1           Base
Salary. The Company shall pay Employee an annual rate of base salary of $235,000.00 (“Base Salary”) in accordance
with the Company’s customary payroll practices and all applicable wage payment laws.

 

2.2           Additional
Benefits.

 

2.2.1        Employee
Benefits. While employed by the Company, Employee shall be entitled to all applicable Company benefits, which may be changed by the
Company at any time in the Company’s sole and absolute discretion and without notice of any kind to Employee. Current benefits
are summarized in Exhibit “A” attached hereto. Notwithstanding anything contained in Exhibit “A” to the contrary,
Employee shall be entitled to four (4) weeks PTO per calendar year.

 

2.2.2        Equity
Awards. On the Effective Date, the Company will cause its corporate parent, Forward Industries, Inc. (“Forward”) to grant
the following equity awards to the Executive pursuant to the Forward Industries, Inc. 2011 Long Term Incentive Plan (the “Plan”):
shares of Restricted Stock of Forward valued at $25,000, which shall vest as follows: $10,000 on the date hereof, and two (2) equal increments
of $7,500, the first six (6) months from the Effective Date and the second twelve (12) months from the Effective Date, subject to continued
employment with the Company on the applicable vesting date. The number of shares shall be determined by the average of the NASDAQ Closing
Price for Forward Industries, Inc. for the ten (10) trading days ending on the day prior to the Effective Date hereof. All other terms
and conditions of such awards shall be governed by the terms and conditions of the Plan (a copy of which is annexed as Exhibit “B”
attached hereto), the applicable award agreements and further subject to Section 7.4.4 herein.

  

2.2.3        Business
Expenses. Employee shall be entitled to reimbursement for reasonable and necessary out-of-pocket business, entertainment, and travel
expenses incurred by Employee in connection with the performance of Employee’s duties, in accordance with the Company’s expense
reimbursement policies, including but not limited to reimbursement for cell phone expenses and all tolls.

 

 

 

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3.             Disclosure
of Confidential Information

 

3.1           Confidential
Information.

 

3.1.1        For
purposes of this Agreement, “Confidential Information” includes, but is not limited to, all information not generally
known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to: business processes,
products, patents, sources of supply, customer dealings, data, source code, business plans, practices, methods, policies, publications,
research, operations, strategies, techniques, agreements, transactions, potential transactions, negotiations, know-how, trade secrets,
computer programs, computer software, applications, operating systems, software design, work-in-process, databases, records, systems,
supplier information, vendor information, financial information, results, legal information, marketing and advertising information, pricing
information, design information, personnel information, developments, reports, internal controls, graphics, drawings, market studies,
sales information, revenue, costs, notes, communications, algorithms, product plans, designs, models, ideas, inventions, unpublished patent
applications, original works of authorship, discoveries, experimental processes, experimental results, specifications, customer information,
customer lists, distributor lists, and buyer lists of the Company or its subsidiaries, affiliates or any existing or prospective customer,
supplier, investor or other associated third party, or of any other Person that has entrusted information to the Company in confidence.
Employee understands that the above list is not exhaustive, and that Confidential Information also includes other information that is
marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential
or proprietary in the context and circumstances in which the information is known or used. For purposes of this Agreement, “Person”
means an individual, corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated organization,
trust, association, or other entity.

 

3.1.2        Employee
recognizes, acknowledges and agrees that Employee has had and will continue to have access to secret and Confidential Information regarding
the Company. Employee acknowledges and agrees that such information is of great value to the Company, has been and at all times and shall
remain the sole and exclusive property of the Company, and will be acquired by Employee in the strictest of confidence. In consideration
of the obligations undertaken by the Company herein, Employee will not, at any time during or after Employee’s employment hereunder,
reveal, divulge or make known to any Person, any Confidential Information acquired by Employee during the course of his employment. Employee
agrees to use Employee’s best efforts to maintain the confidentiality of the Confidential Information during the course of, and
at all times after, Employee’s employment with the Company, including adopting and implementing all procedures prescribed by the
Company to prevent unauthorized use of Confidential Information or disclosure of Confidential Information to any unauthorized Person.
Employee shall take all necessary administrative, technical, and physical actions necessary to secure and protect the confidentiality,
integrity, and security of the Confidential Information, as well as any third-party financial information and Personally Identifiable
Information received, accessed, or used by Employee in the performance of Employee’s duties. “Personally Identifiable Information”
means information that, whether maintained or transmitted individually or in the aggregate with other information, and whether or not
Confidential Information, allows a natural person to be identified, including, but not limited to, the name, birthday, address, telephone
number, social security number or other unique identifiers of any natural person. Employee agrees that Employee will not download, upload,
or otherwise transfer copies of Confidential Information to any external storage media or cloud storage (except as authorized by the Company
when necessary in the performance of Employee’s duties for the Company and for the Company’s sole benefit).

 

3.1.3        Notwithstanding
the foregoing, Employee shall have no confidentiality obligations with respect to any Confidential Information that: (i) is or becomes
publicly known through publication, inspection of a product, or otherwise, and through no negligence or other wrongful act of Employee;
(ii) is obtained or received by Employee from a third party without similar restriction and without breach of any agreement; or (iii)
is required to be disclosed under applicable law or judicial process.

 

3.2           Whistleblower
Provision. Nothing contained in this Agreement shall be construed to prevent Employee from reporting any act or failure to act to
the Securities and Exchange Commission or other governmental body or prevent Employee from obtaining a fee as a “whistleblower”
under Rule 21F-17(a) under the Securities Exchange Act of 1934 or other rules or regulations implemented under the Dodd-Frank Wall Street
Reform Act and Consumer Protection Act.

 

 

 

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3.3           Notice
of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 (“DTSA”). Notwithstanding
any other provision of this Agreement, Employee will not be held criminally or civilly liable under any federal or state trade secret
law for any disclosure of a trade secret that is made (a) in confidence to a federal, state, or local government official, either directly
or indirectly, or to an attorney; and (b) solely for the purpose of reporting or investigating a suspected violation of law; or is made
in a complaint or other document filed under seal in a lawsuit or other proceeding. If Employee files a lawsuit for retaliation by the
Company for reporting a suspected violation of law, Employee may disclose the Company’s trade secrets to Employee’s attorney
and use the trade secret information in the court proceeding if Employee files any document containing trade secrets under seal and does
not disclose trade secrets, except pursuant to court order.

 

For purposes of Sections 3, 4, 5
and 6, “Company” shall include the Parent and the Parent’s subsidiaries and/or affiliates.

 

4.             Restrictive
Covenants

 

4.1           Non-Competition.
 Because of the Company’s legitimate business interest as described herein and the good and valuable consideration offered by
the Company to Employee, during Employee’s employment with the Company and for six (6) months thereafter, to run consecutively,
beginning on the Termination Date (as hereinafter defined), and whether employment is terminated at the option of Employee or the Company
for any reason or no reason at all, Employee agrees and covenants not to (on Employee’s own behalf or that of any Person other than
the Company) engage in Prohibited Activity.

 

For purposes of this Section
4.1, “Prohibited Activity” is an activity in which Employee contributes his knowledge or efforts, directly or indirectly,
in whole or in part, as an employee, employer, owner, operator, manager, member, advisor, consultant, contractor, agent, partner, director,
stockholder, officer, volunteer, intern, or any other similar capacity to an entity whose business consists, exclusively or primarily,
of the provision of consulting services related to the design and/or engineering of products for consumer, industrial or commercial use.
Prohibited Activity also includes any activity that requires or may require the knowledge or disclosure of trade secrets, proprietary
information or Confidential Information. Activities which do not constitute “Prohibited Activity” may be performed as an employee,
independent contractor or consultant.

 

4.2           Non-Solicitation
of Employees. Employee agrees and covenants not to (on Employee’s own behalf or that of any other Person other than the Company),
directly or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of
the Company during the term of Employee’s employment hereunder and for a term of six (6) months thereafter, to run consecutively,
beginning on the Termination Date.

 

4.3           Non-Solicitation
of Customers.

 

4.3.1        Employee
understands and acknowledges that because of Employee’s experience with, and relationship to, the Company, Employee will have access
to information pertaining to the Company’s customers including, but not limited to, names, phone numbers, addresses, e-mail addresses,
order history, order preferences, chain of command, pricing information, and other information identifying such customers and the products
or services offered to same.

 

4.3.2        Employee
agrees and covenants, during the term of Employee’s employment hereunder and for six (6) months thereafter, to run consecutively,
beginning on the Termination Date, not to directly or indirectly (on Employee’s own behalf or that of any other Person other than
the Company) solicit, contact (including but not limited to e-mail, regular mail, express mail, telephone, fax, and instant message),
attempt to contact, or meet with any of the Company’s current or former customers or referral sources for purposes of offering or
accepting consulting services which are directly competitive with those offered by the Company. Employee understands and acknowledges
that a breach of this Section 4.3.2 will cause significant and irreparable harm to the Company.

 

4.4           Non-Disparagement.
Employee agrees and covenants that Employee will not, directly or indirectly, at any time during or after Employee’s employment
with the Company, make, publish or communicate to any Person or in any public forum any defamatory or disparaging remarks, comments, or
statements concerning the Company or its businesses, or any of its subsidiaries, affiliates, employees, officers, directors, investors,
managers, members, beneficial owners and other associated third parties.

 

 

 

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4.5           Reasonableness
of Restrictive Covenants. 

 

4.5.1        Employee
agrees that the promises made in this Section 4 are reasonable and necessary for the protection of the Company’s legitimate
business interests including, but not limited to: (i) the Confidential Information; client, customer, and vendor goodwill associated with
the specific marketing and trade area in which the Company conducts its business; (ii) the Company’s substantial relationships with
prospective and existing clients, customers, vendors, referral sources, and suppliers; and (iii) a productive, competent and undisrupted
workforce. Employee agrees that the restrictive covenants in this Section 4 will not prevent Employee from earning a livelihood
in Employee’s chosen business, they do not impose an undue hardship on Employee, and that they will not injure the public. If any
restriction is found by a court of competent jurisdiction to be unenforceable because it extends for too long a period of time, over too
broad a range of activities, or in too large a geographic area, that restriction shall be interpreted to extend only over the maximum
period of time, range of activities, or geographic area as to which it may be enforceable.

 

4.5.2        This
Section 4 does not, in any way, restrict or impede Employee from exercising protected rights to the extent that such rights cannot
be waived by agreement or from complying with any applicable law or regulation, or a valid order of a court of competent jurisdiction
or an authorized government agency, provided that such compliance does not exceed that required by such law, regulation, or order. Employee
shall promptly provide written notice of any such court or agency order to the Employee’s immediate superior at the Company.

 

5.             Proprietary Rights

 

5.1           Work
Product.

 

5.1.1        Employee
acknowledges and agrees that all right, title, and interest in and to all writings, works of authorship, technology, inventions, discoveries,
processes, techniques, methods, ideas, concepts, research, proposals, materials, and all other work product of any nature whatsoever,
that are created, prepared, produced, authored, edited, amended, conceived, or reduced to practice by Employee individually or jointly
with others during the period of his employment by the Company and that relate in any way to the business or contemplated business, products,
activities, research, or development of the Company or result from any work performed by Employee for the Company (in each case, regardless
of when or where prepared or whose equipment or other resources is used in preparing same), all rights and claims related to the foregoing,
and all printed, physical and electronic copies, and other tangible embodiments thereof (collectively, “Work Product”),
as well as any and all rights in and to United States and foreign: (i) patents, patent disclosures and inventions (whether patentable
or not); (ii) trademarks, service marks, trade dress, trade names, logos, corporate names, and domain names, and other similar designations
of source or origin, together with the goodwill symbolized by any of the foregoing; (iii) copyrights and copyrightable works (including
computer programs), mask works, and rights in data and databases; (iv) trade secrets, know-how, and other Confidential Information; and
(v) all other intellectual property rights, in each case whether registered or unregistered and including all registrations and applications
for, and renewals and extensions of, such rights, all improvements thereto and all similar or equivalent rights or forms of protection
in any part of the world (collectively, “Intellectual Property Rights”), shall be the sole and exclusive property of
the Company.

 

5.1.2        For
purposes of this Agreement, Work Product includes, but is not limited to, Company information, including plans, publications, research,
strategies, techniques, documents, contracts, terms of agreements, negotiations, know-how, computer programs, computer applications, software
design, web design, work in process, databases, manuals, results, developments, reports, graphics, drawings, market studies, formulae,
notes, communications, algorithms, product plans, product designs, styles, models, audiovisual programs, inventions, unpublished patent
applications, original works of authorship, discoveries, experimental processes, experimental results, specifications, customer information,
customer lists, marketing and advertising information and sales information.

 

5.2           Work
Made for Hire; Assignment. Employee acknowledges that, to the extent permitted by law, all Work Product consisting of copyrightable
subject matter created by Employee during his employment with the Company is a “work made for hire” as defined in 17 U.S.C.
§ 101 and such copyrights are therefore owned by the Company. To the extent that the foregoing does not apply, Employee hereby irrevocably
assigns to the Company, for no additional consideration, Employee’s entire right, title, and interest in and to all Work Product
and Intellectual Property Rights therein, including the right to sue, counterclaim, and recover for all past, present, and future infringement,
misappropriation, or dilution thereof, and all rights corresponding thereto throughout the world. Nothing contained in this Agreement
shall be construed to reduce or limit the Company’s rights, title, or interest in any Work Product or Intellectual Property Rights
so as to be less in any respect than that the Company would have had in the absence of this Agreement.

 

 

 

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5.3           Further
Assurances; Power of Attorney. During and after Employee’s employment, Employee agrees to reasonably cooperate with the Company
to: (i) apply for, obtain, perfect, and transfer to the Company the Work Product as well as any and all Intellectual Property Rights in
the Work Product in any jurisdiction in the world; and (ii) maintain, protect and enforce the same, including, without limitation, giving
testimony and executing and delivering to the Company any and all applications, oaths, declarations, affidavits, waivers, assignments,
and other documents and instruments as shall be requested by the Company. Employee hereby irrevocably grants the Company a power of attorney
to execute and deliver any such documents on Employee’s behalf and in Employee’s name and to do all other lawfully permitted
acts to transfer the Work Product to the Company and further the transfer, prosecution, issuance, and maintenance of all Intellectual
Property Rights therein, to the full extent permitted by law, in the event Employee does not promptly cooperate with the Company’s
request (without limiting the rights the Company shall have in such circumstances by operation of law). This power of attorney is coupled
with an interest and shall not be affected by Employee’s subsequent incapacity.

 

5.4           No
License. Employee understands that this Agreement does not, and shall not be construed to, grant Employee any license or right of
any nature with respect to any Work Product or Intellectual Property Rights or any Confidential Information, materials, software, or other
tools made available to him by the Company.

 

6.             Security

 

6.1           Security
and Access. Employee agrees and covenants: (i) to comply with all Company security policies and procedures as in force from time to
time including, without limitation, those regarding computer equipment, monitoring, internet, social media and instant messaging systems,
computer systems, e-mail systems, computer networks, document storage systems, software, data security, encryption, firewalls, passwords
and any and all other Company IT resources and communication technologies (“Facilities and Information Technology Resources”);
(ii) not to access or use any Facilities and Information Technology Resources except as authorized by the Company; and (iii) not to access
or use any Facilities and Information Technology Resources in any manner after the termination of Employee’s employment with the
Company. Employee agrees to notify the Company promptly in the event Employee learns of any violation of the foregoing by others, or of
any other misappropriation or unauthorized access, use, reproduction, or reverse engineering of, or tampering with any Facilities and
Information Technology Resources or other Company property or materials by others.

 

6.2           Exit
Obligations. Upon either the voluntary or involuntary termination of Employee’s employment or the request of the Company’s
during Employee’s employment, Employee shall: (i) provide or return to the Company any and all Company property and data and all
Company documents and materials belonging to the Company and stored in any fashion, including but not limited to those that constitute
or contain any Confidential Information or Work Product, that are in the possession or control of Employee, whether they were provided
to Employee by the Company or any of its subsidiaries or affiliates or created by Employee in connection with his employment by the Company;
and (ii) delete or destroy all copies of any such documents and materials not returned to the Company that remain in Employee’s
possession or control, including those stored on any non-Company devices, networks, storage locations, or media in Employee’s possession
or control.

 

7.             Term
and Termination of Employment

 

7.1           Term.
The Company and the Employee acknowledge and agree that the Employee’s employment is and shall continue to be at-will, as defined
under applicable law. If Employee’s employment terminates for any reason, the Employee shall not be entitled to any payments, benefits,
damages, awards or compensation other than as provided for in this Section 7, or as may otherwise be established under the Company’s
then existing employee benefit plans or policies at the time of such termination.

 

7.2           Termination
Without Cause.

 

7.2.1        Employee’s
employment with the Company may be terminated:

 

7.2.1.1       
By Employee at any time and for any reason or no reason at all upon at least fourteen (14) days’ advance written notice to the Company;

 

 

 

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7.2.1.2       
By the Company at any time and for any reason or no reason at all upon ninety (90) days’ advance written notice to Employee; or

 

7.2.1.3 By the Company,
upon the death or Disability (as hereinafter defined) of Employee, or pursuant to a Change of Control (as hereinafter defined).

 

7.3           Termination
For Cause. The Company may terminate Employee’s employment with the Company at any time for Cause. For purposes of this Agreement,
“Cause” shall mean:

 

7.3.1        Employee’s
dishonesty, illegal conduct, or gross misconduct, which is, in each case, injurious to the Company or its affiliates or subsidiaries;

 

7.3.2        Employee’s
embezzlement, misappropriation, or fraud, whether or not related to Employee’s employment with the Company;

 

7.3.3        Employee’s
conviction or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes
a misdemeanor involving moral turpitude (or state law equivalent);

 

7.3.4        Employee’s
willful and material failure to perform his duties;

 

7.3.5        Employee’s
willful unauthorized disclosure of Confidential Information;

 

7.3.6        Employee’s
material breach of any obligation under this Agreement or any other written agreement between Employee and the Company; or

 

7.3.7        any material
failure by Employee to comply with the Company’s written policies or rules, as they may be in effect from time to time during the
Term.

 

In the event of a breach
of Subsections 7.3.1 through 7.3.3 above, the Company may terminate Employee without notice and with immediate effect. Subject
to the immediately preceding sentence, the Company shall not terminate Employee’s employment for Cause unless and until the Company
delivers to Employee written notice setting forth that Employee has engaged in the conduct described in any of Subsections 7.3.5
through 7.3.8 above. Employee shall have ten (10) business days from the delivery of such written notice by the Company within
which to cure any acts constituting Cause; provided however, that if the Company reasonably expects irreparable injury from a delay of
ten (10) business days, the Company may give Employee notice of such shorter period within which to cure as is reasonable under the circumstances,
and which may include the termination of Employee’s employment without notice and with immediate effect.

 

7.4           Compensation
Upon Termination Without Cause. Upon Employee’s termination pursuant to the provisions of Sections 7.2.1.2 and 7.2.1.3
hereof, Employee shall be entitled to receive:

 

7.4.1        any accrued
but unpaid Base Salary, which shall be paid on the pay date immediately following the Termination Date (as hereinafter defined) in accordance
with the Company’s customary payroll procedures;

 

7.4.2        reimbursement
for unreimbursed business expenses properly incurred by Employee, which shall be subject to and paid in accordance with the Company’s
expense reimbursement policy; and

 

7.4.3        such employee
benefits, if any, to which Employee may be entitled under the Company’s employee benefit plans as of the Termination Date; provided
that, in no event shall Employee be entitled to any payments in the nature of severance or termination payments except as specifically
provided herein.

 

 

 

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7.4.4        shares vested
pursuant to Section 2.2.2 as of the Termination Date shall not be subject to forfeiture or any buy back option of the Company under any
circumstances.

 

7.5           Disability.
For purposes of this Agreement, “Disability” shall mean Employee’s inability, due to physical or mental incapacity,
to perform the essential functions of his job, with or without reasonable accommodation, for ninety (90) days out of any three hundred
sixty-five (365) day period or ninety (90) consecutive days. Any question as to the existence of Employee’s Disability as to which
Employee and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Employee
and the Company. If Employee and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician
and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing
to the Company and Employee shall be final and conclusive for all purposes of this Agreement. Upon termination for Disability, the Employee
shall be entitled to such payments and reimbursements as are described in Section 7.4.

 

7.6           Change
of Control. For purposes of this Agreement, “Change of Control” shall mean the occurrence of any of the following
after the Effective Date:

 

7.6.1        one Person
(or more than one Person acting as a group) acquires ownership of more than fifty percent (50%) of the total issued and outstanding shares
of the Company; or

 

7.6.2        the sale of
all or substantially all of the Company’s assets.

 

7.6.3        Change of
Control shall not include the transactions described in Sections 7.6.1 and 7.6.2 if any such transaction is with a parent, affiliate or
subsidiary of the Company.

 

Notwithstanding the foregoing,
Employee shall not be entitled to any salary or benefits whatsoever [in accordance with Section 7.6 hereof] in the event Employee enters
into an employment agreement (whether written or oral) with any Person acquiring control of the Company within fourteen (14) days of any
such Change of Control.

 

7.7       Termination
Date. Employee’s “Termination Date” shall be:

 

7.7.1        If
Employee’s employment hereunder terminates on account of Employee’s death, the date of Employee’s death;

 

7.7.2        If
Employee’s employment hereunder is terminated on account of Employee’s Disability, the date that it is determined that Employee
has a Disability;

 

7.7.3        If
Employee’s employment hereunder is terminated on account of a Change of Control, the date that it is fourteen (14) days after any
such Change of Control;

 

7.7.4        If
Employee terminates his employment, the date specified in the Employee’s notice of termination, which shall be no less than fourteen
(14) days following the date on which the notice of termination is delivered; provided that, the Company may waive all or any part of
the fourteen (14) day notice period for no consideration by giving written notice to Employee and for all purposes of this Agreement,
Employee’s Termination Date shall be the date determined by the Company;

 

7.7.5        If
the Company terminates Employee’s employment for Cause, the date the notice of termination is delivered to Employee; and

 

7.7.6        If
the Company terminates the Employees employment without Cause, the date specified in the Company’s notice of termination.

 

 

 

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8.             Section
409A

 

8.1           General
Compliance.  This Agreement is intended to comply with Section 409A of the Internal Revenue Code (“Section 409A”)
or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision
of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A
or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an
involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For
purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments
to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under
Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement
comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other
expenses that may be incurred by Employee on account of non-compliance with Section 409A.

 

8.2           Specified
Employees. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to Employee in connection with
his termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section
409A and Employee is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i), then such payment or
benefit shall not be paid until the first payroll date to occur following the six (6)-month anniversary of the Termination Date (the “Specified
Employee Payment Date”). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment
Date shall be paid to Employee in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid
without delay in accordance with their original schedule.

 

8.3           Reimbursements.
To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance
with the following: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot
affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (ii) any reimbursement
of an eligible expense shall be paid to Employee on or before the last day of the calendar year following the calendar year in which the
expense was incurred; and (iii) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation
or exchange for another benefit.

 

9.             Miscellaneous

 

9.1           Governing
Law; Jurisdiction and Venue. This Agreement shall be governed by the laws of New York, without regard to conflict of law principles.
Any action or proceeding by either of the Parties to enforce this Agreement shall be brought only in a state or federal court located
in the State of New York, County of New York. The Parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive
the defense of inconvenient forum with respect to the maintenance of any such action or proceeding in such venue.

 

9.2           Indemnification.
Employee shall indemnify and hold harmless the Company from and against any and all loss, liability, cost or expense based upon, arising
out of or otherwise in respect of any material breach or violation of Sections 3,4 or 5 of this Agreement by Employee.

 

9.3           Entire
Agreement. Unless specifically provided herein, this Agreement contains all of the understandings and representations between Employee
and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations
and warranties, both written and oral, with respect to such subject matter. The Parties mutually agree that the Agreement can be specifically
enforced in court and can be cited as evidence in legal proceedings alleging breach of the Agreement.

 

9.4           Modification
and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing
and signed by Employee and the Company. No waiver by either Party of a breach of any condition or provision of this Agreement to be performed
by the other Party shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent
time, nor shall the failure of or delay by either Party in exercising any right, power, or privilege hereunder operate as a waiver thereof
to preclude any other or further exercise thereof or the exercise of any other such right, power, or privilege.

 

 

 

    	 	8	 

     

    

 

9.5           Severability.
Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any portion
of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder of this
Agreement, the balance of which shall continue to be binding upon the Parties with any such modification to become a part hereof and treated
as though originally set forth in this Agreement.

 

9.6           Insider
Trading Policy. The Employee acknowledges that the Parent is publicly-held and, as a result, has implemented inside information policies
designed to preclude its employees and those of its subsidiaries and affiliates from violating the federal securities laws by trading
on material, non-public information or passing such information on to others in breach of any duty owed to the Company, or any third party.
The Employee shall promptly execute any agreements generally distributed by the Parent or Company to its employees requiring such employees,
including the Employee, to abide by its inside information policies.

 

9.7           Representations
of Employee. Employee represents that Employee is able to accept his employment with the Company and carry out the work that it would
involve without: (i) interfering with or hindering Employee’s ability to undertake the obligations and expectations of employment
with the Company; or (ii) breaching any legal restrictions on his activities, such as non-competition, non-solicitation, or other work-related
restrictions imposed by a current or former employer or any other Person. Employee also represents that Employee will inform the Company
about any such restrictions and provide the Company with as much information about them as possible, including any agreements between
Employee and such Person describing such restrictions on his activities. Employee further confirms that Employee will not remove or take
any documents or proprietary data or materials of any kind, electronic or otherwise, from any Person and provide them to the Company without
written authorization from such Person, nor will Employee use or disclose any such confidential information during the course and scope
of his employment with the Company.

 

9.8           Withholding.
The Company shall have the right to withhold from any amount payable hereunder any federal, state, and local taxes in order for the Company
to satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

9.9           Intentionally
Deleted.

 

9.10         Notification
to Subsequent Employer. Employee authorizes the Company to provide a copy of the restrictive covenants sections of this Agreement
to any subsequent employer.

 

9.11         Successors
and Assigns. This Agreement is personal to Employee and shall not be assigned by Employee. Any purported assignment by Employee shall
be null and void from the initial date of the purported assignment. The Company may assign this Agreement to any successor or assign (whether
direct or indirect, by purchase, merger, consolidation, or otherwise) of all or substantially all of the business or assets of the Company.
This Agreement shall inure to the benefit of the Company and permitted successors and assigns.

 

9.12         Notice.
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 next business day delivery to the addresses
detailed below (or to such other address, as either of them, by notice to the other may designate from time to time), or by e-mail delivery
(in which event a copy shall immediately be sent by FedEx or similar receipted delivery), as follows:

 

To the Company:     Intelligent Product Solutions,
Inc.

700 Veterans Memorial Highway

Hauppauge, New York 11788

Attn: Michael Matte, CFO

Email: mmatte@forwardindustries.com

 

 

 

    	 	9	 

     

    

 

With a copy to:        Nason,
Yeager, Gerson White & Lioce, P.A.

Attn: Brian Bernstein

3001 PGA Blvd., Suite
305

Palm Beach Gardens, Florida
33410

Email: bbernstein@nasonyeager.com

 

To the Executive:   

 

9.13       Survival.
 On the Termination Date, the respective rights and obligations of the Parties hereto shall survive such termination to the extent
expressly set forth herein or, if not expressly set forth herein, for a period of time necessary to carry out the intentions of the Parties
hereto.

 

9.14       Remedies.
Employee acknowledges and agrees that it would be difficult to measure the damages to the Company from any breach or threatened breach
by Employee of Sections 3, 4, 5, and 6 of this Agreement; that injury to the Company from any such breach would be
irreparable; and that money damages would therefore be an inadequate remedy for any such breach. Employee agrees that if Employee breaches
or threatens to breach any of his obligations under this Agreement, then the Company, in addition to any other remedies available to it
under law, shall be entitled to specific performance and other equitable relief, including temporary and permanent injunctive relief,
to enforce Sections 3, 4, 5, and 6 of this Agreement.

 

9.15       Prevailing
Party. In the event any dispute arises out of or relating to this Agreement, whether in law or equity, the prevailing Party shall
be entitled to recover, in addition to the relief awarded, its reasonable attorneys' fees, paralegals' fees and costs, including, without
limitation, fees and costs for any appeal, efforts for the collection of amounts owed or fees related thereto and hereto, and fees incurred
in connection with any fee dispute.

 

9.16       Headings.
The headings used in this Agreement are solely for convenience of reference and shall not affect its interpretation.

 

9.17       ACKNOWLEDGEMENT
OF FULL UNDERSTANDING.  EMPLOYEE ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS
AGREEMENT. EMPLOYEE ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS
CHOICE BEFORE SIGNING THIS AGREEMENT, AND THAT ANY RULE OF CONSTRUCTION TO THE EFFECT THAT AMBIGUITIES ARE TO BE RESOLVED AGAINST THE
DRAFTING PARTY SHALL NOT APPLY IN THE INTERPRETATION OF THIS AGREEMENT.

 

9.18       WAIVER
OF JURY TRIAL.  EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT, INCLUDING ANY EXHIBITS,
SCHEDULES, AND ATTACHMENTS ATTACHED HERETO, IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH PARTY IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS
AGREEMENT, INCLUDING ANY EXHIBITS, SCHEDULES, AND ATTACHMENTS ATTACHED HERETO, OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

9.19       Gender
Neutral. Where appropriate herein, the references to the masculine gender shall include the feminine and neuter, and vice versa, and
the singular shall include the plural and the plural the singular, in each case as the context may require.

 

9.20       Counterparts.
 This Agreement may be executed in separate counterparts, and by facsimile signature or e-mail of a PDF signature, each of which shall
be deemed an original, but all of which taken together shall constitute one and the same instrument.

 

[Signature Page Follows]

 

 

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, the Parties hereto have
executed this Agreement as of the Effective Date.

 

 

	INTELLIGENT PRODUCT SOLUTIONS, INC.:  	 	EMPLOYEE:  
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name:	 	 	Name:	Robert Wild
	 	 	 	 	 
	Title:	 	 	 	 

 

 

 

 

 

    	 	11	 

     

    

 

[EXHIBIT “A”]

 

 

 

 

 

 

 

 

 

 

 

 

    	 	12	 

     

    

 

[EXHIBIT “B”]

 

 

 

 

 

 

 

 

 

 

 

 

    	 	13Exhibit 10.13

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (this “Agreement”)
is entered into as of August 17, 2020 (the “Effective Date”), by and between Kablooe, Inc., a New York corporation
(the “Company”) and Tom KraMer, an individual (“Executive”). Each of the Company and the Executive
may be referred to herein individually as a “Party,” and collectively as the “Parties.”

 

RECITALS:

 

WHEREAS,
the Company and the Executive are parties to that certain Asset Purchase Agreement, dated effective as of August 17, 2020, by and among
Forward Industries, Inc. (“Forward”), the Company, Kablooe Design, Inc., a Minnesota corporation (“Kablooe”),
and the Executive (the “Acquisition Agreement”);

 

WHEREAS,
pursuant to the Acquisition Agreement, the Company purchased substantially all of the assets of Kablooe of which the Executive is the
sole owner;

 

WHEREAS,
the Company desires to employ the Executive and to ensure the continued availability to the Company of Executive’s services post-acquisition,
and the Executive is willing to accept such employment and render such services on the terms and conditions set forth herein; and

 

WHEREAS,
the Company desires to preserve and protect its legitimate business interests further by restricting competitive activities of the Executive
during the term of this Agreement and for a reasonable time following the termination of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which the Parties hereby
acknowledge, the Parties agree as follows:

 

1.             EMPLOYMENT
TERM

 

The term of employment hereunder
(the “Term”) shall commence on the Commencement Date (as defined herein) and shall continue for five (5) years thereafter,
unless earlier terminated in accordance with the terms of this Agreement. For purposes of this Agreement, the “Commencement Date”
shall be the date in which that certain Transition Services Agreement by and between Kablooe, the Company and Executive dated as of even
date herewith is terminated or otherwise expires.

 

2.             EMPLOYMENT
DUTIES AND SERVICES

 

The Company hereby employs the
Executive as its Chief Executive Officer for the Term of this Agreement, and the Executive hereby accepts such employment and agrees to
undertake the duties and responsibilities inherent in such position. In such position, the Executive shall have such duties, authority,
and responsibilities as shall be determined from time to time by Forward’s President (and Chief Executive Officer) and the Board
of Directors of Forward (the “Board”), which duties, authority, and responsibilities are consistent with the Executive's
position. The duties, authority and responsibilities undertaken by the Executive may be altered or modified from time to time by Forward’s
President (and Chief Executive Officer), and the Board; provided, however, that the Executive’s duties and responsibilities shall
be no less than those traditionally inherent in the position of Chief Executive Officer. The Executive agrees to abide by the rules, regulations,
instructions, personnel practices and policies of the Company and Forward, and any changes thereto that are applicable to the employees
of the Company and Forward in general.

 

Subject to reasonable absences
for vacation and illness in accordance with Company (or Forward’s) policies, the Executive shall serve the Company faithfully and
to the best of Executive’s ability and shall devote Executive’s full time and attention to the business and affairs of the
Company and Forward, and consistent with the restrictive covenants set forth in Section 9, will not engage in consulting work or any trade
or business for Executive’s own account or for and on behalf of any other Person (as defined below) that competes, conflicts or
materially interferes with the performance of Executive’s duties hereunder in any way. Notwithstanding the foregoing, the Executive
may engage in charitable activities, for reasonable periods of time during the Term so long as such charitable activities do not interfere
with the Executive’s obligations under this Agreement. The Executive also shall perform services for Forward and such subsidiaries
of Forward, including but not limited to Intelligent Product Solutions, Inc. and Forward Industries (IN), Inc. as may be necessary and
requested from time to time.

 

 

 

    	 	1	 

     

    

 

3.             COMPENSATION

 

(a)           Salary.
The Executive shall be entitled to receive for all services rendered by the Executive in any and all capacities in connection with the
Executive’s employment hereunder a salary (as it may be adjusted from time to time, “Salary”) at the rate of
Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) per annum, payable in equal instalments in accordance with the prevailing
practices of the Company (but not less frequently than monthly).

 

(b)           Bonus:
Calculation and Payment.

 

(i)             The Executive shall be eligible to receive a bonus with respect to each full fiscal year or part thereof (subject to Sections 3-8 hereof)
in respect of his employment hereunder, as set forth in this Section 3. The amount of bonus, if any, that the Executive is eligible to
earn in any fiscal year during the Term hereof pursuant to this Section 3(b) shall be based on the fiscal targets and performance metrics
that Forward’s Compensation Committee of the Board (the “Compensation Committee”) adopts, in its sole discretion,
from year to year. The Executive’s bonus may be awarded to the Executive in a combination of cash, restricted stock, restricted
stock units, stock options, and/or other equity, the combination and vesting of which shall be determined by the Compensation Committee
in its sole discretion consistent with the terms of Forward’s equity incentive plan then in effect.

 

(ii)           The Compensation Committee shall have the authority to pay the Executive a discretionary bonus from time to time based upon the Executive’s
and the Company’s performance.

 

(c)           Expenses.
The Executive will be reimbursed for all reasonable and necessary expenses incurred by the Executive in carrying out the duties contemplated
under this Agreement, in accordance with Company’s (or Forward’s) practices and procedures in effect from time to time, as
such practices may be changed from time to time by the Board.

 

(d)           Benefits.
The Executive shall be entitled to participate in all group health and other insurance programs and all other fringe benefits (including
vacation) and retirement plans (including any 401(k) plan) or other compensatory plans that the Company (or Forward) may hereafter elect
to make available to its executives generally on terms no less favorable than those provided to other executives generally, provided
the Executive meets the qualifications therefor. This Agreement shall not require the Company to establish any such program or plan.

 

(e)           Withholding.
All payments required to be made by the Company hereunder to the Executive shall be subject to the withholding of authorized deductions
and such amounts relating to taxes and other governmental assessments as the Company may reasonably determine it should withhold pursuant
to any applicable law, rule or regulation.

 

(f)            409A.
The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Internal Revenue Code Section
409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly,
to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.

 

(i)             A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment
of any amounts or benefits upon or following a termination of employment that are considered “nonqualified deferred compensation”
under Code Section 409A unless such termination is also a “separation from service” within the meaning of Code Section 409A
and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment”
or like terms shall mean “separation from service.” If the Executive is deemed on the date of termination to be a “specified
employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment that is considered non-qualified
deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall
be made or provided at the date which is the earlier of (A) the expiration of the six month period measured from the date of such “separation
from service” of the Executive, and (B) 30 days from the date of the Executive’s death.

 

 

 

    	 	2	 

     

    

 

(ii)            With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by
Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit,
(ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that this foregoing clause (ii) shall
not be violated without regard to expenses reimbursed under any arrangement covered by Internal Revenue Code Section 105(b) solely because
such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before
the last day of the Executive’s taxable year following the taxable year in which the expense occurred.

 

(iii)           For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be
treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment
period with reference to a number of days (e.g., “within 60 days following the date of termination”), the actual date of payment
within the specified period shall be within the sole discretion of the Company to comply with Code Section 409A.

 

(g)           Clawback
Provisions. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation, or any other
compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Company which is subject
to recovery under any law, government regulation, or stock exchange listing requirement, will be subject to such deductions and clawback
as may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement (or any policy adopted
by the Company and/or Forward, as applicable, pursuant to any such law, government regulation or stock exchange listing requirement).

 

4.             TERMINATION
BY THE COMPANY FOR CAUSE 

 

(a)           The Board may, by written notice given at any time during the Term, or any renewal thereof, terminate the employment of the Executive
for Cause, as determined by the Board. For purposes of this Agreement, “Cause” shall mean the Executive’s:

 

(i)             willful misconduct in connection with the performance of any of his duties or services hereunder, including without limitation (1) misappropriation
or improper diversion of funds, rights or property of the Company, Forward or any subsidiary or affiliate, or (2) securing or attempting
to secure personally (including for the benefit of any family member, or person sharing the same household, or any entity (corporate,
partnership, unincorporated association, proprietorship, limited liability company, trust, or otherwise) in which the Executive has any
economic or beneficial interest) any profit or benefit in connection with any transaction entered into on behalf of the Company, Forward
or any subsidiary or affiliate unless the transaction benefiting the entity has been approved by the Board upon the basis of full disclosure
of such benefit, or (3) material breach of (x) any provision of this Agreement or (y) Forward’s Insider Trading Policy or Code of
Business Conduct and Ethics or other material policy or procedure of the Company or any subsidiary or affiliate, as in effect from time
to time, or (4) any other action in violation of the Executive’s fiduciary duty owed to the Company, Forward or any subsidiary or
affiliate or the Executive’s acting in a manner adverse to the interests of the Company, Forward or any subsidiary or affiliate
and for his own pecuniary benefit or that of a family member (or member of his household) or any entity (as described in clause (i)(2)
of Section 4(a) above) in which he or any such Person has an economic or beneficial interest or (5) the Executive’s failure to cooperate,
if requested by the Board, with any investigation or inquiry into his or the Company’s, Forward’s or any subsidiary’s
or affiliate’s business practices, whether internal or external. For purposes of this Agreement, “Person” means
an individual, corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated organization,
trust, association, or other entity.

 

(ii)           willful failure, neglect or refusal to perform his duties or services under this Agreement, which failure, neglect or refusal shall continue
for a period of 15 days after written notice thereof shall have been given to the Executive by or on behalf of the Board;

 

(iii)          commission of, conviction of, or nolo contendere or guilty plea in connection with, a felony or a crime of moral turpitude; and/or

 

(iv)          material breach or default by either of Executive or Kablooe under the Acquisition Agreement or any ancillary agreement entered into in
connection therewith.

 

 

 

    	 	3	 

     

    

 

(b)           Termination for Cause under paragraph (a) of this Section 4 shall be effective immediately upon the giving of such written notice. For
purposes of this Agreement, an act or failure to act on the Executive’s part shall be considered “willful” if it was
done or omitted to be done by him not in good faith.

 

(c)           Upon termination of employment by the Company for Cause, the Executive shall be entitled to receive, and his sole remedies under this
Agreement shall be:

 

(i)             any earned and unpaid Salary accrued through the date of termination for Cause, payable in a lump sum not later than 15 days following
the Executive’s termination of employment;

 

(ii)           compensation for any unused vacation days accrued in the fiscal year in which termination occurs through the date of termination, payable
as in clause (i) of this Section 4(c);

 

(iii)          except for any bonus compensation (for which the Executive shall not be eligible), any unpaid benefits accrued through the day immediately
prior to the date of termination that may be due the Executive under any employee benefit plans or programs of the Company (or Forward),
payable in accordance with the terms of such plans or programs, together with any documented, unreimbursed business expenses, payable
in accordance with the Company’s (or Forward’s) policies; and

 

(iv)          any stock options, grants of common stock, restricted share grants or other benefits under any of the Company’s (or Forward’s)
compensation plans may not be exercised or obtained on or after the effective date of termination and shall be forfeited for no consideration
in accordance with the provisions of the plan.

 

(d)           Termination of the Executive’s employment under this Section 4 shall be in addition to and not exclusive of any other rights and
remedies that the Company has or may have relating to the Executive with respect to the facts and circumstances pertaining to such termination.

 

5.             TERMINATION
BY THE EXECUTIVE FOR GOOD REASON OR TERMINATION WITHOUT CAUSE

 

(a)           In the event the Executive terminates his employment under this Agreement for Good Reason (as hereinafter defined), or in the event the
Executive’s employment is terminated without Cause, which termination shall be effective as of the date specified by the Company
in written notice delivered to the Executive not fewer than 15 days prior to the date of termination other than due to death or Disability
(as hereinafter defined), the Executive shall be entitled to receive, and his sole remedies under this Agreement shall be:

 

(i)             any earned and unpaid Salary accrued through the date of termination, payable in a lump sum not later than 15 days following the Executive’s
termination of employment;

 

(ii)            Salary, at the annualized rate in effect on the date of termination of the Executive’s employment (or, in the event a reduction
in Salary is a basis for termination for Good Reason, then the Salary in effect immediately prior to such reduction), equal to the amount
of Salary payable for a period of six months or at the longest period offered to other executives of the Company and/or Forward, which
may be reviewed and increased by the Board from time to time, following such termination, payable in a lump sum not later than 15 days
following the date the Release in Exhibit I becomes fully effective and nonrevocable by its terms;

 

(iii)           compensation for any unused vacation days accrued in the fiscal year in which termination occurs through the date of termination, payable
as in clause (i) of this Section 5(a);

 

(iv)           any unpaid benefits accrued through the day immediately prior to the date of termination that may be due the Executive under any employee
benefit plans or programs of the Company, payable in accordance with the terms of such plans or programs, together with any documented,
unreimbursed business expenses, payable in accordance with the Company’s (or Forward’s) policies; and

 

 

 

    	 	4	 

     

    

 

(v)           provided that the Release in Exhibit I becomes fully effective and nonrevocable by its terms, any stock options, grants of Common
Stock, restricted share grants or other benefits under any of the Company’s (or Forward’s) compensation plans that were vested
as of 5:00 PM New York time on the date immediately prior to the date of termination, may be exercised (in the case of options) or delivered
(in the case of restricted stock) in accordance with the terms of such plans and any applicable plan award agreements with the Executive.

 

(b)           Termination by the Executive for Good Reason shall be effected by his giving prior written notice to the Company, in which case this Agreement
shall terminate on the date specified in such notice; provided, however, that the circumstances or event asserted as the basis for termination
for Good Reason must have occurred no later than 20 days before such notice, and provided, that such notice shall specify (i) in reasonable
detail the circumstances or event asserted as the basis for termination for Good Reason, and (ii) a date of termination that shall be
at least 30 days after the date of delivery of such notice; and provided, further, that the Company shall have the right during such 30
day period to remedy the circumstances or event giving rise to the notice of termination for Good Reason prior to the date specified in
such notice, in which case no right of termination or other right shall exist.

 

(c)           For purposes of this Agreement, the term “Good Reason” shall mean:

 

(i)             the assignment to the Executive without his consent of duties materially inconsistent with the Executive’s position as contemplated
by Section 2 of this Agreement;

 

(ii)            a decrease in annual Salary rate, other than an across the board decrease in salary applicable to all senior executives of the Company
of not more than 10%;

 

(iii)           any failure by the Company to perform any material obligation under, or its breach of a material provision of, this Agreement; or

 

(iv)           pursuant to Section 13(b) of this Agreement, failure of any Successor to expressly assume and agree to perform this Agreement in the same
manner and to the same extent as the Company would have had there been no Successor.

 

6.             TERMINATION
FOR DEATH OR DISABILITY

 

(a)           The Executive’s employment shall terminate immediately upon his death or Disability (as hereinafter defined). Upon such termination,
the Executive, his estate, or his beneficiaries, as the case may be, shall be entitled to receive, and their sole remedies under this
Agreement shall be:

 

(i)             subject to Section 6(b), any earned and unpaid Salary accrued through the date of termination, payable in a lump sum not later than 15
days following the Executive’s termination of employment;

 

(ii)            subject to Section 6(b), compensation for any unused vacation days accrued in the fiscal year in which termination occurs through the
date of termination, payable as in clause (i) of this Section 6(a);

 

(iii)           any unpaid benefits accrued through the date of termination that may be due the Executive under any employee benefit plans or programs
of the Company (or Forward), payable in accordance with the terms of such plans or programs, together with any documented, unreimbursed
business expenses, payable in accordance with the Company’s (or Forward’s) policies; and

 

(iv)          
provided that the Release in Exhibit I becomes fully effective and nonrevocable by its terms (which may be executed upon the Executive’s
death or Disability by his executor or estate, as applicable) any stock options, grants of Common Stock, restricted share grants or other
benefits under any of the Company’s compensation plans that were vested as of 5:00 PM New York time on the date immediately prior
to the date of termination, may be exercised (in the case of options) or delivered (in the case of restricted stock) in accordance with
the terms of such plans and any applicable plan award agreements with the Executive.

 

 

 

    	 	5	 

     

    

 

(b)           For purposes of this Agreement, the term “Disability” shall mean any disability, illness, or other incapacity that
prevents the Executive from performing services as contemplated by Section 2, for 60 or more consecutive days, or for an aggregate of
90 days in any consecutive 12-month period. In such event, the Company shall have the right to terminate this Agreement upon 10 days’
prior written notice to the Executive. During the period of any such disability, illness, or incapacity, (i) the obligation of the Company
to pay Salary to the Executive pursuant to Section 3 shall be reduced to the extent of any amount received by the Executive pursuant to
any disability insurance policy maintained and paid for by the Company, and (ii) no bonus compensation or other employee benefits shall
accrue or be earned or count toward proration. Termination under this Section shall not prejudice any rights of the Executive under disability
policies, if any, being maintained by the Company (or Forward) for the Executive under the terms of this Agreement.

 

7.             TERMINATION
UPON EXPIRATION OF THE TERM

 

(a)           The Executive’s employment shall terminate upon the expiration of the Term. Upon such termination, the Executive shall be entitled
to receive, and his sole remedies under this Agreement shall be:

 

(i)             any earned and unpaid Salary accrued through the date of termination, payable in a lump sum not later than 15 days following the Executive’s
termination of employment;

 

(ii)            compensation for any unused vacation days accrued in the fiscal year in which termination occurs through the date of termination, payable
as in clause (i) of this Section 7(a);

 

(iii)           any unpaid benefits accrued through the date of termination that may be due the Executive under any employee benefit plans or programs
of the Company (or Forward), payable in accordance with the terms of such plans or programs, together with any documented, unreimbursed
business expenses, payable in accordance with the Company’s (or Forward’s) policies; and

 

(iv)          provided that the Release in Exhibit I becomes fully effective and nonrevocable by its terms, any stock options, grants of Common
Stock, restricted share grants or other benefits under any of the Company’s compensation plans that were vested as of 5:00 PM New
York time on the date immediately prior to the date of termination, may be exercised (in the case of options) or delivered (in the case
of restricted stock) in accordance with the terms of such plans and any applicable plan award agreements with the Executive.

 

8.             OBLIGATIONS
UPON TERMINATION

 

(a)           Upon the termination of employment for any reason hereunder, all provisions of this Agreement shall terminate except for Sections 4-12
of this Agreement and the provisions contained in Exhibit I hereto, the terms of which shall survive such termination, and the
Company and Forward shall have no further obligation to the Executive hereunder, except as herein and therein expressly provided. The
Company shall comply with the terms of settlement of all deferred compensation arrangements to which the Executive is a party in accordance
with his duly executed deferral election forms and plan provisions.

 

(b)           In the event of a termination of employment by the Executive on his own initiative during the Term or any renewal thereof by delivery
of written notice of such resignation 10 business days in advance, other than due to Disability or termination for Good Reason, the Executive
shall have the same entitlements as provided in Section 4, Termination by the Company for Cause.

 

(c)           In the event of a termination of employment, payment made and performance by the Company in accordance with the provisions of Section
4, 5, 6, or 7 as the case may be, and this Section 8 shall operate to fully discharge and release the Company, Forward and their respective
affiliates, subsidiaries, directors, officers, managers, employees, contractors, consultants, shareholders, members, successors, assigns,
agents, and representatives (all of the foregoing collectively, the “releasees”) from any further obligation or liability
with respect to the Executive’s rights under this Agreement. Other than payment and performance as aforesaid, none of the releasees
shall have any further obligation or liability to the Executive or any other person or entity arising out of termination of the Executive’s
employment under this Agreement except as expressly set forth in Exhibit I hereto. The Company’s payment of any severance
or other amounts pursuant to this Agreement shall be subject to delivery by the Executive to the Company of a release in form and substance
satisfactory to the Company releasing any and all claims the Executive, his estate, representatives, and assigns may have against the
Company and any other releasee arising out of this Agreement, as substantially set forth in Exhibit I hereto.

 

 

 

    	 	6	 

     

    

 

9.             RESTRICTIVE
COVENANTS

 

(a)           Non-Competition.
In connection with the Acquisition Agreement, including the transfer of goodwill, which Forward and the Company consider to be a valuable
asset, and in exchange for good and valuable consideration offered to the Executive including the payments and benefits under this Agreement,
the Executive agrees, during the Term of this Agreement and for 24 consecutive months thereafter beginning on the termination date (the
“Restricted Period”), to run consecutively, beginning on the last day of the Term, not to (on Executive’s own
behalf or that of any Person other than the Company), (i) engage in or assist others (other than the Company) in engaging in the Restricted
Business in the Territory; or (ii) have an interest in any Person that engages directly or indirectly in the Restricted Business in the
Territory in any capacity, including as a partner, shareholder, member, employee, principal, agent, director, officer, trustee or consultant
(except as a passive investment of less than two percent (2%) of the outstanding equity securities of any Person listed on any national
securities exchange or traded actively in any national over-the-counter market so long as such Party has no other relationship with such
Person in violation of this Agreement).

 

For purposes of this Section
9(a), (i) “Restricted Business” means any business or activity that competes, directly or indirectly, with the business
of providing medical device design and development services; and (ii) “Territory” means anywhere in the entire world.
For the avoidance of doubt, Restricted Business also includes any activity that requires or may require the knowledge or disclosure of
the Company’s or its affiliate’s and/or subsidiary’s trade secrets, proprietary information or other Confidential Information
(as defined below).

 

(b)           Non-Solicitation
of Employees. During the Restricted Period, to run consecutively, beginning on the last day of the Term, the Executive agrees (on
Executive’s own behalf or that of any Person other than the Company), not to, directly or indirectly, hire or solicit any Person
who is or was employed or engaged by the Company during the Restricted Period, or encourage any such employee or consultant to leave
such employment or consulting position or hire any such employee or consultant who has left such employment or consulting position, except
pursuant to a general solicitation which is not directed specifically to any such employees or consultants.

 

(c)           Non-Solicitation
of Clients and/or Customers.

 

(i)             The Executive understands and acknowledges that because of the Executive’s experience with, and relationship to, the Company, the
Executive will have access to information pertaining to the Company’s customers and clients including, but not limited to, names,
phone numbers, addresses, e-mail addresses, order history, order preferences, chain of command, pricing information, and other information
identifying such customers or clients and the products or services offered to same.

 

(ii)            During the Restricted Period, to run consecutively, beginning on the last day of the Term, the Executive agrees (on Executive’s
own behalf or that of any Person other than the Company), not to, directly or indirectly, cause, induce or encourage any material actual
or prospective client, customer, supplier or licensor of the Company’s business (including any existing or former client or customer
of Kablooe or the Company and any Person that becomes a client or customer of the Company’s business after the Closing), or any
other Person who has a material business relationship with the Company’s business, to terminate or modify any such actual or prospective
relationship. The Executive understands and acknowledges that a breach of this Section 9(c) will cause significant and irreparable harm
to the Company and Forward.

 

(d)           Non-Disparagement.
The Executive agrees and covenants that he will not, directly or indirectly, at any time during or after Executive’s employment
with the Company, make, publish or communicate to any Person or in any public forum any defamatory or disparaging remarks, comments,
or statements concerning the Company, Forward, or their respective businesses, or any of their respective subsidiaries, affiliates, and
each of their respective employees, officers, directors, investors, shareholders, managers, members, beneficial owners and other associated
third parties. The Company and Forward also agree to use reasonable efforts to cause Forward’s senior level executive management
not to directly or indirectly make any defamatory or disparaging remarks concerning the Executive.

 

 

 

    	 	7	 

     

    

 

(e)           Reasonableness
of Restrictive Covenants.

 

(i)            The
Executive agrees that the promises made in this Section 9 are reasonable and necessary for the protection of the Company’s legitimate
business interests including, but not limited to: (i) the Confidential Information; client, customer, supplier or licensor, and vendor
goodwill associated with the specific marketing and trade area in which the Company conducts its business; (ii) the Company’s substantial
relationships with prospective and existing client, customer, supplier or licensor and referral sources; and (iii) a productive, competent
and undisrupted workforce. The Executive agrees that the restrictive covenants in this Section 9 will not prevent the Executive from earning
a livelihood in the Executive’s chosen business, they do not impose an undue hardship on the Executive, and that they will not injure
the public. If any restriction is found by a court of competent jurisdiction to be unenforceable because it extends for too long a period
of time, over too broad a range of activities, or in too large a geographic area, that restriction shall be interpreted to extend only
over the maximum period of time, range of activities, or geographic area as to which it may be enforceable.

 

This Section
9 does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such rights cannot be waived
by agreement or from complying with any applicable law or regulation, or a valid order of a court of competent jurisdiction or an authorized
government agency, provided that such compliance does not exceed that required by such law, regulation, or order. The Executive shall
promptly provide written notice of any such court or agency order to the Board.

 

(f)            Upon the expiration or termination of this Agreement for any reason, the Executive shall promptly deliver to the Company all documents,
papers and records in his possession relating to the business or affairs of the Company, Forward or any subsidiary or affiliate and that
he obtained or received in his capacity as an employee or officer of the Company, Forward or any subsidiary or affiliate and any other
Company, Forward, subsidiary or affiliate property or equipment in his possession or control.

 

(g)           In the event that either Party shall violate or be in violation of any provision of this Section 9 (which provisions the parties hereby
acknowledge are reasonable and equitable), in addition to the parties right to exercise any and all remedies, legal and equitable, which
it may have under applicable laws, the Executive shall not be entitled to any, and hereby waives any and all rights to, each and every,
termination payment or benefit under this Agreement.

 

(h)           The Executive acknowledges and agrees that the provisions of Section 9 and Section 10 hereof constitute independent, separable and severable
covenants, for which the Executive is receiving consideration, which shall survive the termination of employment, and which shall be enforceable
by the Company notwithstanding any rights or remedies the Company may have under any other provision hereof.

 

10.           DISCLOSURE
OF CONFIDENTIAL INFORMATION

 

(a)           Confidential
Information.

 

(i)             For purposes of this Agreement, “Confidential Information” includes, but is not limited to, all information not generally
known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to:  business processes,
products, patents, sources of supply, customer dealings, client dealings, data, source code, business plans, practices, methods, policies,
publications, research, operations, strategies, techniques, agreements, transactions, potential transactions, negotiations, know-how,
trade secrets, computer programs, computer software, applications, operating systems, software design, work-in-process, databases, records,
systems, supplier information, vendor information, financial information, results, legal information, marketing and advertising information,
pricing information, design information, personnel information, developments, reports, internal controls, graphics, drawings, market studies,
sales information, revenue, costs, notes, communications, algorithms, product plans, designs, models, ideas, inventions, unpublished patent
applications, original works of authorship, discoveries, experimental processes, experimental results, specifications, customer information,
client information, customer lists, client lists, distributor lists, and buyer lists of the Company, Forward or their respective subsidiaries,
affiliates or any existing or prospective customer, client, supplier, investor or other associated third party, or of any other Person
that has entrusted information to the Company in confidence. The Executive understands that the above list is not exhaustive, and that
Confidential Information also includes other information that is marked or otherwise identified as confidential or proprietary, or that
would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which the information
is known or used.

 

 

 

    	 	8	 

     

    

 

(ii)           The Executive recognizes, acknowledges and agrees that Executive has had and will continue to have access to secret and Confidential Information
regarding the Company and/or Forward. The Executive acknowledges and agrees that such information is of great value to the Company
and Forward, has been and at all times and shall remain the sole and exclusive property of the Company and Forward, as applicable, and
will be acquired by Employee in the strictest of confidence. In consideration of the obligations undertaken by the Company herein, the
Executive will not, at any time during or after Employee’s employment hereunder, reveal, divulge or make known to any Person, any
Confidential Information acquired by Executive during the course of his employment. The Executive agrees to use Executive’s best
efforts to maintain the confidentiality of the Confidential Information during the course of, and at all times after, the Executive’s
employment with the Company, including adopting and implementing all procedures prescribed by the Company to prevent unauthorized use
of Confidential Information or disclosure of Confidential Information to any unauthorized Person. The Executive shall take all necessary
administrative, technical, and physical actions necessary to secure and protect the confidentiality, integrity, and security of the Confidential
Information, as well as any third-part financial information and Personally Identifiable Information received, accessed, or used by the
Executive in the performance of the Executive’s duties. “Personally Identifiable Information” means information
that, whether maintained or transmitted individually or in the aggregate with other information, and whether or not Confidential Information,
allows a natural person to be identified, including, but not limited to, the name, birthday, address, telephone number, social security
number or other unique identifiers of any natural person. The Executive agrees that he will not download, upload, or otherwise transfer
copies of Confidential Information to any external storage media or cloud storage (except as authorized by the Company when necessary
in the performance of the Executive’s duties for the Company and for the Company’s sole benefit).

 

(iii)          Notwithstanding
the foregoing, the Executive shall have no confidentiality obligations with respect to any Confidential Information that: (i) is or becomes
publicly known through publication, inspection of a product, or otherwise, and through no negligence or other wrongful act of the Executive;
(ii) is obtained or received by the Executive from a third party without similar restriction and without breach of any agreement; or
(iii) is required to be disclosed under applicable law or judicial process.

 

(b)            Whistleblower
Provision. Nothing contained in this Agreement shall be construed to prevent the Executive from reporting any act or failure to act
to the Securities and Exchange Commission or other governmental body or prevent the Executive from obtaining a fee as a “whistleblower”
under Rule 21F-17(a) under the Securities Exchange Act of 1934 or other rules or regulations implemented under the Dodd-Frank Wall Street
Reform Act and Consumer Protection Act.

 

(c)            Notice
of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 (“DTSA”).  Notwithstanding
any other provision of this Agreement, the Executive will not be held criminally or civilly liable under any federal or state trade secret
law for any disclosure of a trade secret that is made (a) in confidence to a federal, state, or local government official,
either directly or indirectly, or to an attorney; and (b) solely for the purpose of reporting or investigating a suspected
violation of law; or is made in a complaint or other document filed under seal in a lawsuit or other proceeding. If the Executive files
a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose the Company’s trade
secrets to the Executive’s attorney and use the trade secret information in the court proceeding if the Executive files any document
containing trade secrets under seal and does not disclose trade secrets, except pursuant to court order.

 

For purposes
of Sections 3, 4, 5, 6, 9, 10, 11 and 12, the “Company” shall include Forward and their respective subsidiaries and affiliates.

 

 

 

    	 	9	 

     

    

 

11.           PROPRIETARY
RIGHTS

 

(a)           Work
Product. The Executive acknowledges and agrees that all right, title, and interest in and to all writings, works of authorship, technology,
inventions, discoveries, processes, techniques, methods, ideas, concepts, research, proposals, materials, and all other work product
of any nature whatsoever, that are created, prepared, produced, authored, edited, amended, conceived, or reduced to practice by the Executive
individually or jointly with others during the period of his employment by the Company and that relate in any way to the business or
contemplated business, products, activities, research, or development of the Company or result from any work performed by the Executive
for the Company (in each case, regardless of when or where prepared or whose equipment or other resources is used in preparing same),
all rights and claims related to the foregoing, and all printed, physical and electronic copies, and other tangible embodiments thereof
(collectively, “Work Product”), as well as any and all rights in and to United States and foreign: (i) patents, patent
disclosures and inventions (whether patentable or not); (ii) trademarks, service marks, trade dress, trade names, logos, corporate names,
and domain names, and other similar designations of source or origin, together with the goodwill symbolized by any of the foregoing;
(iii) copyrights and copyrightable works (including computer programs), mask works, and rights in data and databases; (iv) trade secrets,
know-how, and other Confidential Information; and (v) all other intellectual property rights, in each case whether registered or unregistered
and including all registrations and applications for, and renewals and extensions of, such rights, all improvements thereto and all similar
or equivalent rights or forms of protection in any part of the world (collectively, “Intellectual Property Rights”),
shall be the sole and exclusive property of the Company. For purposes of this Agreement, Work Product includes, but is not limited to,
Company information, including plans, publications, research, strategies, techniques, documents, contracts, terms of agreements, negotiations,
know-how, computer programs, computer applications, software design, web design, work in process, databases, manuals, results, developments,
reports, graphics, drawings, market studies, formulae, notes, communications, algorithms, product plans, product designs, styles, models,
audiovisual programs, inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes,
experimental results, specifications, customer information, customer lists, marketing and advertising information and sales information.

 

(b)           Work
Made for Hire; Assignment. The Executive acknowledges that, to the extent permitted by law, all Work Product consisting of copyrightable
subject matter created by the Executive during his employment with the Company is a “work made for hire” as defined in 17
U.S.C. § 101 and such copyrights are therefore owned by the Company. To the extent that the foregoing does not apply, the Executive
hereby irrevocably assigns to the Company, for no additional consideration, the Executive’s entire right, title, and interest in
and to all Work Product and Intellectual Property Rights therein, including the right to sue, counterclaim, and recover for all past,
present, and future infringement, misappropriation, or dilution thereof, and all rights corresponding thereto throughout the world. Nothing
contained in this Agreement shall be construed to reduce or limit the Company’s rights, title, or interest in any Work Product
or Intellectual Property Rights so as to be less in any respect than that the Company would have had in the absence of this Agreement.

 

(c)           Further
Assurances; Power of Attorney. During and after the Executive’s employment, the Executive agrees to reasonably cooperate with
the Company to: (i) apply for, obtain, perfect, and transfer to the Company the Work Product as well as any and all Intellectual Property
Rights in the Work Product in any jurisdiction in the world; and (ii) maintain, protect and enforce the same, including, without limitation,
giving testimony and executing and delivering to the Company any and all applications, oaths, declarations, affidavits, waivers, assignments,
and other documents and instruments as shall be requested by the Company. The Executive hereby irrevocably grants the Company a power
of attorney to execute and deliver any such documents on the Executive’s behalf and in the Executive’s name and to do all
other lawfully permitted acts to transfer the Work Product to the Company and further the transfer, prosecution, issuance, and maintenance
of all Intellectual Property Rights therein, to the full extent permitted by law, in the event the Executive does not promptly cooperate
with the Company’s request (without limiting the rights the Company shall have in such circumstances by operation of law). This
power of attorney is coupled with an interest and shall not be affected by the Executive’s subsequent incapacity.

 

(d)           No
License. The Executive understands that this Agreement does not, and shall not be construed to, grant the Executive any license or
right of any nature with respect to any Work Product or Intellectual Property Rights or any Confidential Information, materials, software,
or other tools made available to him by the Company.

 

(e)           Notice
to Employee. THE FOREGOING NOTWITHSTANDING, THIS AGREEMENT DOES NOT APPLY TO AN INVENTION FOR WHICH NO EQUIPMENT, SUPPLIES, FACILITY
OR TRADE SECRET INFORMATION OF THE EMPLOYER WAS USED AND WHICH WAS DEVELOPED ENTIRELY ON THE EMPLOYEE’S OWN TIME, AND (1) WHICH
DOES NOT RELATE (A) DIRECTLY TO THE BUSINESS OF THE EMPLOYER OR (B) TO THE EMPLOYER’S ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH
OR DEVELOPMENT, OR (2) WHICH DOES NOT RESULT FROM ANY WORK PERFORMED BY THE EMPLOYEE FOR THE EMPLOYER.

 

 

 

    	 	10	 

     

    

 

12.           SPECIFIC
PERFORMANCE

 

(a)           The Executive acknowledges and agrees that:

 

(i)             the services to be rendered and covenants to be performed under this Agreement are of a special and unique character and that the Company
and any subsidiary or affiliate would be irreparably harmed if such services were lost to it or if the Executive breached its obligations
and covenants hereunder;

 

(ii)           the Company and Forward are relying on the Executive’s performance of the covenants contained herein, including, without limitation,
those contained in Sections 9-11 above, as a material inducement for its entering into this Agreement;

 

(iii)          the Company and Forward may be damaged if the provisions hereof are not specifically enforced; and

 

(iv)           the award of monetary damages may not adequately protect the Company and Forward in the event of a breach hereof by the Executive.

 

(b)           By virtue thereof, the Executive agrees and consents that if the Executive breaches any of the provisions of this Agreement, the Company
and Forward, in addition to any other rights and remedies available under this Agreement or under applicable laws, shall (without any
bond or other security being required and without the necessity of proving monetary damages) be entitled to a temporary and/or permanent
injunction to be issued by a court of competent jurisdiction restraining the Executive from committing or continuing any violation of
this Agreement, or any other appropriate decree of specific performance. Such remedies shall not be exclusive and shall be in addition
to any other remedy that the Company and Forward may have.

 

13.           MISCELLANEOUS

 

(a)           Entire
Agreement; Amendment. This Agreement constitutes the entire employment agreement between the parties and may not be modified, amended
or terminated (other than pursuant to the terms hereof) except by a written instrument executed by the parties hereto. All other agreements,
written or oral, between the parties pertaining to the employment or remuneration of the Executive not specifically contemplated hereby
or incorporated or merged herein are hereby terminated and shall be of no further force or effect.

 

(b)           Assignment;
Successors. This Agreement is not assignable by the Executive and any purported assignment by the Executive of the Executive’s
rights and/or obligations under this Agreement shall be null and void. Except as provided below, this Agreement may be assigned by the
Company at any time, upon delivery of written notice to the Executive, to any successor to the business of the Company, or to any subsidiary
or affiliate. In the event that another corporation or other business entity becomes a Successor of the Company, then this Agreement
may not be assigned to such Successor unless the Successor shall assume and agree to perform this Agreement in the same manner and to
the same extent as the Company would be required to perform if there had been no Successor. The term “Successor” as
used herein shall mean any corporation or other business entity that succeeds to substantially all of the assets or conducts the business
of the Company, whether directly or indirectly, by purchase, merger, consolidation or otherwise. This Agreement shall be binding upon
and inure to the benefit of the parties and their respective heirs, executors, administrators, personal representatives, successors and
permitted assigns.

 

(c)           Waivers.
No waiver of any breach or default hereunder shall be considered valid unless in writing, and no such waiver shall be deemed a waiver
of any subsequent breach or default of the same or similar nature. The failure of any party to insist upon strict adherence to any term
of this Agreement on any occasion shall not operate or be construed as a waiver of the right to insist upon strict adherence to that
term or any other term of this Agreement on that or any other occasion.

 

 

 

    	 	11	 

     

    

 

(d)           Provisions
Overly Broad. In the event that any term or provision of this Agreement shall be deemed by a court of competent jurisdiction to be
overly broad in scope, duration or area of applicability, the court considering the same shall have the power and hereby is authorized
and directed to modify such term or provision to limit such scope, duration or area, or all of them, so that such term or provision is
no longer overly broad and to enforce the same as so limited. Subject to the foregoing sentence, in the event that any provision of this
Agreement shall be held to be invalid or unenforceable for any reason, such invalidity or unenforceability shall attach only to such
provision and shall not affect or render invalid or unenforceable any other provision of this Agreement.

 

(e)           Notices.
Any notice permitted or required hereunder shall be in writing and shall be deemed to have been given on the date of delivery or, if
mailed by certified mail, postage prepaid, return receipt requested, documented overnight courier, or by email, on the date mailed or
emailed.

 

	      (i)

                          

                          

                          

                          

                          

                               (ii)
	If to the Executive to:

Tom KraMer

8560 Cottonwood Suite
NW, #100

Minneapolis, Minnesota
55433

Email: ideas@kablooe.com

 

If to the Company to:

Kablooe, Inc.

700 Veterans Memorial Highway, Suite 100

Hauppauge, NY 11788

Attention: Terry Wise, President

Email: twise@forwardindustries.com

 

with a copy (not constituting notice)
to:

 

Forward Industries, Inc.

700 Veterans Memorial Highway, Suite 100

Hauppauge, NY 11788

Attention: Anthony Camarda,
CFO

Email: acamarda@forwardindustries.com

	 	 

(f)            Law
Governing; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of
New York governing contracts made and to be performed in New York without regard to conflict of law principles thereof. Each Party hereby
(i) agrees to the exclusive jurisdiction of any state or federal court within Suffolk County, New York with respect to any claim or cause
of action arising under or relating to this Agreement, and (ii) waives any objection based on forum non conveniens and waives any objection
to venue of any such action.

 

(g)           Survival.
All obligations of the Company to the Executive and the Executive to the Company shall terminate upon the termination of this Agreement,
except as expressly provided herein. The provisions of Sections 4-11 shall survive termination of this Agreement.

 

(h)           Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, and each party may become
a party hereto by executing a counterpart hereof. This Agreement and any counterpart so executed shall be deemed to be one and the same
instrument. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the
other counterparts. Facsimile or electronic copies of this Agreement shall be of the same force and effect as the original.

 

(i)            Headings.
The headings in this Agreement are for convenience of reference only.

 

 

 

    	 	12	 

     

    

 

(j)             
Representation. The Executive represents and warrants to the Company, and the Executive acknowledges that the Company has relied
on such representations and warranties in offering to employ the Executive, that neither the Executive’s duties as an employee of
the Company nor his performance of this Agreement will breach any other agreement to which the Executive is a party, including without
limitation, any agreement limiting the use or disclosure of any information acquired by the Executive prior to his employment by the Company.
In addition, the Executive represents and warrants and acknowledges that the Company has relied on such representations and warranties
in employing the Executive that he has not entered into, and will not enter into, any agreement, either oral or written, in conflict herewith.
If it is determined that the Executive is in breach or has breached any of the representations set forth herein, the Company shall have
the right to terminate the Executive’s employment for Cause.

 

(k)           Remedies
Cumulative. Except as otherwise provided herein, no remedy herein conferred upon a Party hereto is intended to be exclusive of any
other remedy. No single or partial exercise by a Party hereto of any right, power or remedy hereunder shall preclude any other or further
exercise thereof. All remedies under this Agreement or otherwise afforded to any Party, shall be cumulative and not alternative.

 

(l)            Further
Instruments and Actions. The Parties agree to execute such further instruments and to take such further actions as may reasonably
be necessary to carry out the intent of this Agreement.

 

(m)          Attorney’s
Fees. In the event that any dispute between the Parties to this Agreement should result in litigation, the prevailing party in such
dispute shall be entitled to recover from the losing party all fees, costs, and expenses of enforcing any right of such prevailing party
under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants,
which shall include, without limitation, all fees, costs, and expenses of appeals.

 

Signature Page Immediately Follows

 

 

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the Company and the Executive
have executed this Agreement as of the date and year first above written.

 

 

THE EXECUTIVE

 

 

______________________________

Tom KraMer

EMAIL: ideas@kablooe.com

 

 

THE COMPANY

 

Kablooe, Inc., a New York corporation

 

 

By: ________________________________

Name: ______________________________

Its: ________________________________

 

EMAIL: ____________________________

 

 

 

    	 	14	 

     

    

 

EXHIBIT I

 

1.             Release.
This Release of Claims (the “Release”) is entered into by you as a condition precedent to receiving the severance and severance
related benefits provided in the Employment Agreement to which this Exhibit I relates (the “Employment Agreement”).
In exchange for the receipt of the severance and severance related benefits, you for yourself, your heirs and assigns and anyone else
acting on your behalf, hereby voluntarily, knowingly and irrevocably and forever discharge the Company, each of its subsidiaries and
affiliates, and their respective predecessors and successors, as well as each of their respective present, former, and future officers,
directors, shareholders, employees, and agents, in both their individual and representative capacities, and each of their heirs and assigns
(the “Releasees”) from all actions, claims, demands, causes of actions, obligations, damages, liabilities, expenses and controversies
of any nature whatsoever, whether known or not now known or suspected , which you had, have or may have against the Releasees from the
beginning of time up to and including the date you sign this Release (the “Waived Claims”). The Waived Claims that you forever
and irrevocably give up and release when the Release becomes effective include, but are not limited to, all claims related to (i) your
employment at each of the Company and its subsidiaries or affiliates or the termination of such employment, (ii) statements, acts or
omissions by the Releasees, (iii) any express or implied agreement between you and the Releasees, (iv) wrongful discharge, defamation,
slander, breach of express or implied contract, negligent and/or intentional misrepresentation or infliction of emotional distress, breach
of an implied covenant of good faith and fair dealing, claims of intentional or negligent interference with economic, employment, or
contractual rights or promissory estoppel, (v) any federal, state, or local law or regulation prohibiting discrimination in employment
or otherwise regulating employment, including but not limited to, Title VII of the Civil Rights Act of 1964 (Title VII), the Americans
with Disabilities Act (ADA), the Family and Medical Leave Act (FMLA) (regarding existing but not prospective claims), the Fair Labor
Standards Act (FLSA), the Equal Pay Act, the Employee Retirement Income Security Act (ERISA) (regarding unvested benefits), the Civil
Rights Act of 1991, Section 1981 of U.S.C. Title 42, the Fair Credit Reporting Act (FCRA), the Worker Adjustment and Retraining Notification
(WARN) Act, the National Labor Relations Act (NLRA), the Age Discrimination in Employment Act (ADEA), the Uniform Services Employment
and Reemployment Rights Act (USERRA), the Genetic Information Nondiscrimination Act (GINA), the Immigration Reform and Control Act (ICRA),
the Minnesota Human Rights Act, the Minnesota Equal Pay for Equal Work Law, the Minnesota Termination of Sales Representative Act, the
Minnesota Whistleblower Act, the Minnesota Whistleblower Protection Laws, the Minnesota Parental Leave Act, all including any amendments
and their respective implementing regulations, and any other federal, state, local, or foreign law that may be legally waived and released;
however, the identification of specific statutes is for purposes of example only, and the omission of any specific statute or law shall
not limit the scope of this Release in any manner, (vi) any claim for wages, commissions, bonuses, incentive compensation, vacation pay,
employee benefits, expenses or allowances of any kind, or any other payment or compensation. You are not waiving or releasing any rights
or claims that may arise after the date that you sign this Release.

 

2.             Termination
and Severance Benefits. The Release does not affect your vested rights and eligibility for benefits under the Company 40l(k) Plan,
or any other employee benefit plan covered by ERISA (other than a severance plan). Eligibility for benefits under these plans is determined
by the applicable plan documents. The Release does not affect your right to reimbursement of expenses incurred but not reimbursed prior
to the date you sign the Release, subject to the Company’s expense reimbursement policies. This Release does not affect your rights
under any insurance policies held by the Company or any rights of indemnification, including those contained in the Company’s Articles
or bylaws.

 

3.             No
Suit. This Release does not impair any rights you have to file a charge of discrimination with a federal or state administrative
agency; provided, however, that you acknowledge and agree that neither you nor your heirs, executors, administrators, successors or assigns
will be entitled to any personal recovery in any proceeding of any nature whatsoever against the Releasees arising out of any of the
matters released in Section 1. You represent and warrant that as of the date hereof, you nor anyone acting on your behalf has made or
filed, commenced, maintained, prosecuted or participated in any action, suit, charge, grievance, complaint or proceeding of any kind
against the Company, any subsidiary or affiliate thereof, and/or Releasees in any federal, state or local court, agency or investigative
body.

 

4.             Representations.
You acknowledge and agree that:

 

(a)            You have read and fully understand the legal effect and binding nature of the promises and obligations contained in this Release;

 

(b)            You are executing this Release freely and voluntarily;

 

 

 

EXHIBIT I

    	 	 	 

     

    

 

(c)            You have been advised to consult with legal counsel, at your own expense, before signing this Release;

 

(d)            You are receiving benefits as a condition to signing this Release and it becoming effective that you would not otherwise be entitled to
receive but for this Release becoming effective;

 

(e)            You have not, during the term of your employment under the Employment Agreement or thereafter performed any act, or directed any other
person or entity to perform any act on your or their behalf, the intended or proximate result of which would constitute a violation of
the covenants to be performed by you referred to or set forth in the Employment Agreement, nor are there any agreements, arrangements,
or understandings, written or oral, that would, if performed or acted upon, constitute such a violation;

 

(f)             There are no promises or representations that have been made to you to sign this Release except those that are included in the Employment
Agreement and this Release; and

 

(g)            You have 21 days to consider this Release, although you may sign it sooner, and once you sign this Release, you have 7 days to revoke
your consent to this Release. Any such revocation shall be made in writing by hand delivery, email, or overnight courier so as to be received
by the Company prior to (or if by overnight courier, on or prior to) the 8th day following your execution of this Release; and if no such
revocation occurs, this Release shall become fully effective on the 8th day following your execution of this Release. In the event that
you do not sign within such 21-day period or you revoke your consent as permitted above, this Release shall be null and void.

 

5.             Employment Agreement. You further acknowledge and agree that the following provisions of the Employment Agreement are incorporated by
reference into this Release as if fully set forth herein: 9 (Restrictive Covenants), 12 (Specific Performance) and 13 (Miscellaneous).
You hereby reaffirm such sections and acknowledge and agree that such sections shall survive the termination of your employment for whatever
reason and continue as set forth in the Employment Agreement.

 

6.             No Admission. This Release is not an admission of any liability or wrongdoing by you, the Company and/or any Releasee.

 

7.             No Reinstatement. By entering into this Agreement, you acknowledge that you (i) waive any claim to reinstatement and/or future employment
with the Company or any subsidiary or affiliate and (ii) are not and shall not be entitled to any payments, benefits or other obligations
from the Company or any subsidiary or affiliate thereof whatsoever (except as expressly set forth herein).

 

 

 

 

EXHIBIT I

    	 	 	 

     

    

 

Your signature below acknowledges that you knowingly
and voluntarily agree to all of the terms and conditions contained in this Release.

 

 

 

	Executive:	  	 	Date________________
	 	Tom KraMer	 	 
	 	 	 	 
	 	 	 	 
	FORWARD INDUSTRIES, INC.	 	 
	 	 	 
	 	 	 
	 	[___________________________________________]	 	Date________________
	 	Name                    Position	 	 
	 	 	 	 
	KABLOEE, INC.	 	 
	 	 	 	 
	 	 	 	 
	 	[___________________________________________]	 	Date________________
	 	Name                    Position	 	 

 

 

 

 

 

EXHIBIT I

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