Director Sangita Shah reports 50,000-share grant; indirect stake 11,113 shares

Rhea-AI Filing Summary

Forward Industries, Inc. director Sangita Shah reported acquiring 50,000 shares of the company's common stock on 09/08/2025 at a reported price of $18.50 per share. The grant is described as restricted common stock issued under the Issuer's 2021 Equity Incentive Plan, fully vested and approved by the Board under Rule 16b-3, and thus exempt from Section 16(b) short-swing profit rules.

The filing also discloses that Ms. Shah beneficially controls an additional 11,113 shares held by Odyssean Enterprises Ltd., an entity she controls with her husband. The Form 4 is signed by Ms. Shah on 09/10/2025 and contains no derivative transactions or other disposals.

Positive

• Director increased direct ownership by 50,000 shares, aligning management interests with shareholders
• Grant was Board-approved and exempt under Rule 16b-3, indicating procedural governance oversight
• Disclosure includes indirect holdings (11,113 shares held by Odyssean Enterprises Ltd.), improving transparency

Negative

• None.

Insights

Financial Analyst

Director purchased 50,000 shares at $18.50; transaction was a Board-approved, fully vested restricted stock grant.

The acquisition increases insider alignment with shareholders by adding 50,000 directly held shares and confirms an existing indirect stake of 11,113 shares via Odyssean Enterprises Ltd. Because the award was Board-approved under the 2021 Equity Incentive Plan and is fully vested, it was exempt from short-swing profit provisions. The filing contains no sales or option exercises that would change dilution materially. For investors, this is a routine insider grant/disclosure rather than a signal of extraordinary corporate action.

Corporate Governance Expert

Board-approved restricted stock grant to a director disclosed; exemption under Rule 16b-3 is noted.

The Form 4 properly discloses the nature of the grant and the indirect holding via a controlled entity, which aligns with disclosure standards for related-party interests. The filing indicates governance procedures were followed (Board approval) for equity awards to insiders. No red flags such as undisclosed derivative instruments, sales, or atypical transaction codes appear in the reported sections.

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

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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.

700 VETERANS MEMORIAL HWY, SUITE 100

(Street)

HAUPPAUGE NY 11788

(City) (State) (Zip)

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

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)
09/08/2025

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)	09/08/2025		A		50,000	A	$18.5	50,000	D
Common Stock								11,113	I	See footnote(2)

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

Explanation of Responses:

1. The grant of the Issuer's restricted common stock was exempt from Section 16(b) of the Securities Exchange Act of 1934 by virtue of Rule 16b-3 promulgated thereunder, as it was approved by the Issuer's Board of Directors. The shares are fully vested and granted under the Issuer's 2021 Equity Incentive Plan.

2. The shares are held by Odyssean Enterprises Ltd., an entity the Reporting Person controls with her husband.

	/s/ Sangita Shah	09/10/2025
	** 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 transaction did Sangita Shah report on the Form 4 for FORD?

Ms. Shah reported the acquisition of 50,000 shares of Forward Industries common stock on 09/08/2025 at a reported price of $18.50 per share.

Was the stock grant exempt from Section 16(b) short-swing rules?

Yes. The filing states the restricted stock grant was exempt under Rule 16b-3 because it was approved by the Issuer's Board of Directors.

Does Sangita Shah have any indirect holdings in FORD?

Yes. The Form 4 discloses an indirect beneficial ownership of 11,113 shares held by Odyssean Enterprises Ltd., an entity controlled by Ms. Shah and her husband.

Were there any derivative transactions or sales reported in this Form 4?

No. The Form 4 lists only the non-derivative acquisition of common stock and does not report any derivative securities or dispositions.

When was the Form 4 signed by the reporting person?

The Form 4 is signed by Sangita Shah on 09/10/2025.