Forward Industries (FORD) grants director 150,000 stock options at $5.02

Rhea-AI Filing Summary

Forward Industries, Inc. director Sangita Shah reported receiving a grant of stock options on March 10, 2026. The award covers 150,000 stock options for common stock with an exercise price of $5.02 per share and an expiration date of March 10, 2031. These options were granted as compensation, not purchased on the open market, and are held directly. According to the filing, the options vest in four equal quarterly installments, beginning on June 11, 2026, provided Shah continues serving as a director on each vesting date. After this grant, Shah holds 150,000 stock options of this series.

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

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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^*

Shah Sangita

(Last) (First) (Middle)

C/O FORWARD INDUSTRIES, INC.

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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

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

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)	$5.02	03/10/2026		A		150,000		(1)	03/10/2031	Common Stock	150,000	(2)	150,000	D

Explanation of Responses:

1. The stock options shall vest in four equal quarterly installments (with the first vesting date on June 11, 2026), subject to continued service as a director on each applicable vesting date.

2. Not applicable.

	/s/ Sangita Shah	03/12/2026
	** 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).
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FAQ

What did Sangita Shah report in the Forward Industries (FORD) Form 4 filing?

Sangita Shah reported receiving a grant of 150,000 stock options in Forward Industries. The options relate to common stock, were awarded as compensation, and are held directly, not acquired through an open-market purchase or sale transaction.

What are the key terms of Sangita Shah’s 150,000 Forward Industries stock options?

The grant covers 150,000 stock options with an exercise price of $5.02 per share and an expiration date of March 10, 2031. Each option entitles the holder to buy one share of Forward Industries common stock at the stated exercise price.

How do Sangita Shah’s Forward Industries stock options vest?

The options vest in four equal quarterly installments, starting on June 11, 2026. Vesting is conditioned on Shah’s continued service as a director on each vesting date, meaning unvested installments depend on her remaining on the board.

Is Sangita Shah’s Form 4 transaction a market purchase or sale of Forward Industries shares?

No, the Form 4 reflects a grant of stock options as compensation, coded as a grant or award acquisition. It does not represent an open-market purchase or sale of common shares but rather a derivative award that may be exercised in the future.

How many Forward Industries stock options does Sangita Shah hold after this grant?

After this reported transaction, Sangita Shah holds 150,000 stock options of this series directly. This total corresponds to the full amount granted in the Form 4 and reflects her position following the award on March 10, 2026.

What role does Sangita Shah hold at Forward Industries in connection with this option grant?

Sangita Shah is identified as a director of Forward Industries. The vesting terms specify that the options vest only if she continues serving as a director on each quarterly vesting date, linking the award to ongoing board service.