Company: FWDI
Filing Date: 2025-01-17
Form Type: 10-K/A
Source: 0001683168-25-000424
Chunk: 8

Company: Forward Industries, Inc.
Filing Date: 2025-01-17
Form: 10-K/A
Chunk 8
---
angita Shah),
is in the best interests of Forward and its shareholders at this time. A number of factors support the leadership structure chosen by
the Board, including, among others:

| · | The                                                                                                
 Chief Executive Officer is intimately involved in the day-to-day operations of Forward and         
 is best positioned to elevate the most critical business issues for consideration by the           
 Board.                                                                                             |
| · | The                                                                                                
 Board believes that having the Chief Executive Officer serve in both capacities allows him         
 to more effectively execute Forward’s strategic initiatives and business plans and                 
 confront its challenges. A combined Chairman and Chief Executive Officer structure provides        
 us with decisive and effective leadership with clearer accountability to our shareholders.         
 The combined role is both counterbalanced and enhanced by the effective oversight and independence 
 of our Board and the independent leadership provided by our Lead Director. The Board believes      
 that the appointment of a strong independent Lead Director and the use of regular executive        
 sessions of the non-management directors, along with the Boards strong committee system,           
 allow it to maintain effective oversight of management.                                            |

Role of Board in Risk Oversight

Our risk management function
is overseen by our Board. Our management keeps the Board apprised of material risks and provides directors access to all information
necessary for them to understand and evaluate how these risks interrelate, how they affect us, and how management addresses those risks.
Terence Wise, as our Chief Executive Officer and Chairman of the Board, and Kathleen Weisberg, our Chief Financial Officer, work closely
together with the Board, the Audit Committee and our Lead Director (who is also a member and Chair of the Audit Committee), on how to
best address identified risks. If the identified risk poses an actual or potential conflict with management, our independent directors
may conduct the assessment. Presently, the primary risks affecting us are: (i) maintaining liquidity sufficient to fund our current operations,
(ii) maintaining compliance with Nasdaq listing requirements and (iii) obtaining additional customers.

| 4 |

Code of Business Conduct and Ethics

Our Board has adopted
a Code of Business Conduct and Ethics (“Code of Ethics”) that applies to all of our employees, including our Chief Executive
Officer and Chief Financial Officer. Although not required, the Code of Ethics also applies to our Board. The Code of Ethics provides
written standards that we believe are reasonably designed to deter wrongdoing and promote honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between personal and professional relationships, full,