On May 26, 2021, Forward Industries, Inc. entered into one-year Employment Agreements with Mitch Maiman and Paul Severino, executive officers of Intelligent Product Solutions, a wholly-owned subsidiary of the Company. Pursuant to the Employment Agreements, Messrs. Maiman and Severino will be paid an annual base salary of $251,000 and will be eligible to receive cash bonuses and equity compensation based on performance milestones established by the Company’s Compensation Committee.