Forward Industries (FWDI) grants CIO large RSU and stock option package

Rhea-AI Filing Summary

Navi Ryan David reported acquisition or exercise transactions in this Form 4 filing.

Forward Industries, Inc. reported that Chief Investment Officer Navi Ryan David received new equity compensation. He was granted stock options covering 352,694 shares of common stock expiring on March 8, 2036, with half exercisable at $9.66 per share and half at $14.49.

He also received 382,085 restricted stock units, each representing one share of common stock upon vesting. These RSUs vest 25% on November 17, 2026, with the remaining 75% vesting in 12 equal quarterly installments through November 17, 2029, subject to continued service. Following the grant, he directly owns 392,085 common shares.

Insights

Equity compensation analyst

CIO receives sizable, multi-year equity awards; routine but notable.

Forward Industries granted Chief Investment Officer Navi Ryan David both options and restricted stock units, aligning his pay with long-term share performance. He received options over 352,694 shares split between exercise prices of $9.66 and $14.49, expiring on March 8, 2036.

He also received 382,085 RSUs that vest 25% on November 17, 2026 and the rest in 12 quarterly installments through November 17, 2029, contingent on continued service. This structure encourages retention and sustained performance rather than short-term results.

After these awards, he directly holds 392,085 common shares. With no sales or exercises reported here and derivativeSummary showing no additional option positions in this filing, the activity reflects compensation grants rather than trading, so the overall market signal from this Form 4 is routine and neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Navi Ryan David

(Last) (First) (Middle)

111 CONGRESS AVENUE

SUITE 500

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Forward Industries, Inc. [ FWDI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Investment Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/08/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)(2)	03/08/2026		A		382,085	A	$0	392,085	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	(3)	03/08/2026		A		352,694		(2)	03/08/2036	Common Stock	352,694	(4)	352,694	D

Explanation of Responses:

1. Represents restricted stock units. Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock upon vesting.

2. The securities vest as follows: 25% on November 17, 2026, with the remaining 75% vesting in 12 equal quarterly installments thereafter through November 17, 2029, subject to continued service with the Issuer on each applicable vesting date.

3. One-half of the stock options have an exercise price per share of $9.66 and the remaining one-half of the stock options have an exercise price per share of $14.49.

4. Not applicable.

	/s/ Ryan Navi	03/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What equity awards did Forward Industries (FWDI) grant to its CIO?

Forward Industries granted Chief Investment Officer Navi Ryan David stock options over 352,694 shares and 382,085 restricted stock units. The options have split exercise prices, while the RSUs convert into common shares over a multi-year vesting schedule tied to his continued service.

What are the exercise prices and terms of the new FWDI stock options?

The new stock options cover 352,694 shares of Forward Industries common stock. One-half have an exercise price of $9.66 per share and the remaining half $14.49, all expiring on March 8, 2036, providing long-dated upside exposure if the share price exceeds these strike levels.

How do Navi Ryan David’s restricted stock units at FWDI vest?

The 382,085 restricted stock units vest 25% on November 17, 2026, with the remaining 75% vesting in 12 equal quarterly installments through November 17, 2029. Each vested unit delivers one share of common stock, contingent on his continued service with the company.

Did the FWDI CIO buy or sell shares on the open market in this Form 4?

No open-market buys or sells were reported. The Form 4 only shows equity compensation grants: stock options and restricted stock units. Both transactions are coded as awards, not market trades, reflecting compensation rather than discretionary buying or selling of existing shares.

How many Forward Industries common shares does the CIO hold after these grants?

After the reported transactions, Chief Investment Officer Navi Ryan David directly holds 392,085 shares of Forward Industries common stock. This figure reflects his updated ownership following the grant of 382,085 restricted stock units, which will convert into shares as they vest over time.

What does this Form 4 imply about insider sentiment at Forward Industries (FWDI)?

The filing mainly reflects routine compensation, not insider trading decisions. It shows the CIO receiving options and RSUs that tie his pay to long-term stock performance. With no sales reported, it is best viewed as a standard incentive and retention package rather than a sentiment signal.