Company: FWDI
Filing Date: 2025-01-17
Form Type: 10-K/A
Source: 0001683168-25-000424
Chunk: 6

Company: Forward Industries, Inc.
Filing Date: 2025-01-17
Form: 10-K/A
Chunk 6
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Board Committees and Charters

The Board delegates various
responsibilities and authority to different Board committees (“Board Committees”). The Board and the Board’s committees
(“Committees”) meet throughout the year and act by written consent from time-to-time as appropriate. Committees regularly
report on their activities and actions to the Board.

| 2 |

The Board currently has
and appoints the members of the Audit and Risk Committee (the “Audit Committee”), the Compensation Committee and the Nominating
and Governance Committee. Each of these Committees has a written charter which may be accessed through Forward’s website at: https://www.forwardindustries.com/investors/governance/.

The following table identifies
the independent and non-independent Board and Committee members:

| Name             | Independent |    Audit 
 and Risk | Compensation |     Nominating 
 and Governance |
| Sangita          
 Shah             | ×           |    Chair |            × |              × |
| Sharon           
 Hrynkow          | ×           |        × |        Chair |          Chair |
| Terence          
 Wise             |             |          |              |                |
| Number           
 of Meetings Held |             |        4 |            3 |              3 |

There
were 4 Board meetings held in fiscal 2024. All of the directors attended over 75% of the applicable Board and Committee meetings
held in fiscal 2024. The Company does not have a policy regarding Board members attending annual meetings.

Director Independence

Our
Board has determined that Sangita Shah and Sharon Hrynkow are independent in accordance with standards under the Nasdaq Listing
Rules. Our Board determined that because of being employed as an executive officer and the transactions described
under Item 13, “Certain Relationships and Related Transactions and Director Independence,” Mr. Wise was not independent
under the Nasdaq Listing Rules.

Our Board has also determined
that Sangita Shah and Sharon Hrynkow are independent under the Nasdaq Listing Rules independence standards for Audit Committee members
and Compensation Committee members.

<div align='center'>Committees of the Board of Directors</div>

Audit Committee

The Audit Committee reviews
our financial reporting process on behalf of the Board and administers our engagement of the independent registered public accounting
firm. The Audit Committee meets with the independent registered public accounting firm, with and without management present, to discuss
the results of its examinations, the evaluations of our internal controls, and the overall quality of our financial reporting. Management
has the primary responsibility for