I have a 1099-NEX that has Product from Sales Incentive on it that was not cash The Fair Market Value is less than Box 1, Can it be adjusted to FMV? Thanks

The proper way to do this is to request a corrected form 1099NEC from the issuer.  That way they will also correct it with the IRS.

You can also report it as is and deduct the difference as an expense on the Schedule C as a Miscellaneous deduction.