Management Change/Compensation Form 8 K

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 23, 2024, the Board of Directors of Forward Industries, Inc. (the "Company") approved the compensation for its non-employee directors for fiscal year 2025. In fiscal 2025, non-employee directors will receive $30,000 per year (with a $10,000 supplement for the lead director) in cash payable quarterly in advance at the beginning of each quarter. In addition, effective October 1, 2024, each non-employee director will be granted stock options with a fair value of $40,000 as calculated using the Black-Scholes valuation methodology. The options will vest 12 months from the grant date subject to continued service as a director of the Company on the vesting date.