FORD Forward Industries, Inc. - 8-K

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

On March 10, 2026, the Board of Directors (the
“Board”) of Forward Industries, Inc. (the “Company”) approved grants of stock options to certain of the Company’s
directors under the Company’s 2021 Equity Incentive Plan.

Sangita Shah, Keith Johnson and Michael Pruitt
were each granted 100,000 five-year stock options in consideration for their service as a member of the Board. Additionally, Ms. Shah
and Mr. Keith Johnson were each granted 25,000 five-year stock options in consideration for their service on the Company’s Audit
and Risk Committee and 25,000 five-year stock options in consideration for their service on the Company’s Compensation Committee
(50,000 stock options each in total for committee service). The stock options are non-qualified stock options with an exercise price of
$5.02 per share.

The stock options vest in four equal quarterly
installments of 25% each, with the first vesting date being three months from the date of grant, subject to the applicable director’s
continued service on the Board or committee through each applicable vesting date.

Additionally, on March 13, 2026, the Company and
Michael Pruitt, the Company’s interim Chief Executive Officer, agreed to an amendment to Mr. Pruitt’s Employment Agreement
to provide that: (i) the term of the Employment Agreement was extended until June 30, 2026; and (ii) the term thereafter automatically
renewing for successive three-month periods (each renewal extending the term by an additional three months, with the first such renewal
extending the term until September 30, 2026) unless either party provides written notice of non-renewal to the other party at least 30
days prior to the expiration of the then-current term.

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