Management Change/Compensation Form 8 K

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On October 28, 2024, the Special Committee of the Board of Directors of Forward Industries, Inc. (the "Company") approved and ratified the extension of the maturity date of that certain $1.6 million promissory note (which has been reduced to $600,000 as a result of $1,000,000 principal payments previously made) issued by the Company to Forward Industries (Asia-Pacific) Corporation ("Forward China") to June 30, 2025. Forward China is an entity which is owned by the Company's Chairman and Chief Executive Officer.

In connection with the extension, the Company and Forward China entered into an amendment to the Note.