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 October 27, 2025, the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of Forward Industries, Inc. (the "Company") approved the entry into an employment agreement (the "Employment Agreement") with Michael Pruitt, the Company's interim Chief Executive Officer. The Employment Agreement is for a six-month term (effective September 10, 2025) and provides for a monthly base salary of $30,000. The foregoing description of the Employment Agreement is not complete and is qualified in its entirety by the full text of the Employment Agreement with the Company as filed herewith as Exhibit 10.1, which is incorporated by reference into this Item 5.02.

Also on October 27, 2025, the Board, upon recommendation of the Committee, approved non-executive director compensation for fiscal year 2026 in the amount of $100,000 per annum for each non-executive director, payable in quarterly installments of $25,000. Kyle Samani, the Company's Chairman of the Board, will not be receiving this compensation. Additionally, Sangita Shah was appointed as the Chairperson of the Compensation Committee and Keith Johnson was appointed as the Chairperson of the Audit and Risk Committee of the Board.