Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 16

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 16
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 are independent in accordance with standards under the Nasdaq Listing Rules.

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

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<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 the financial statements and the reporting process, including the system of internal controls.

Audit Committee Financial Expert

Our Board has determined that
Ms. Shah is qualified as an Audit Committee Financial Expert, as that term is defined by the rules of the Securities and Exchange Commission
(the “SEC”) and in compliance with the Sarbanes-Oxley Act of 2002.

Compensation Committee

The function of the Compensation
Committee is to make recommendations to the Board concerning Board and committee compensation. The Compensation Committee is also responsible
for oversight of our overall compensation plans and benefit programs, as well as the approval of all employment, severance and change
of control agreements and plans applicable to our executive officers. The Compensation Committee is also responsible for determining the
compensation of and compensation structure for all of the Company’s executive officers. The Compensation Committee reviews and approves
equity-based compensation grants to our officers, directors, employees and consultants in accordance with the Company’s equity incentive
plans.

Nominating and Governance Committee

The responsibilities of the Nominating
and Governance Committee include the identification of individuals qualified to become Board members, establishing the procedures for
the nomination process and the selection of nominees to stand for election as directors, the oversight of the selection and composition
of committees of the Board, oversight of possible conflicts of interests involving the Board and its members, developing policies and
procedures for related party transactions, developing corporate governance principles, and the oversight of the evaluations of the Board
and management specifically with respect to Corporate Governance. The Nominating and Governance Committee will carefully review and consider
in good faith any director candidates recommended by shareholders.

Board Diversity

While we do not have a formal
policy on diversity, our Board considers diversity to include skill set, background, reputation,