Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 22

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 22
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5. In connection with the
Transaction Agreement, the Company and Mr. Wise entered into a separation agreement. The Transaction Agreement was approved by a Special
Committee of the Board (“Special Committee”), comprised of directors who were both independent and disinterested directors,
established to evaluate the transaction. To assist with the process, the Special Committee engaged legal counsel and CoView Capital, Inc.
(“CoView”), as its exclusive financial adviser. In connection with the transaction, CoView approached numerous potential alternative
acquirers who declined to provide an offer for the business and delivered a written opinion to the Special Committee, dated May 16, 2025,
to the effect that, as of such date and based upon and subject to the various assumptions made, procedures followed, matters considered
and limitations on the methodologies employed in preparing the opinion, the consideration to be paid in the transaction was fair, from
a financial point of view, to the Company’s shareholders.

<div align='center'>Compensation of Directors Table 2024</div>

In fiscal 2024, our non-employee
directors were compensated for as follows:

| Name (a)         |     | Fees              
 Earned or Paid in 
 Cash              
 ($)(b)            |        |     | Stock  
 Awards 
 ($)(c) |   |     | Option Awards 
 ($)(d)(1)     |        |     | Non-Equity Incentive 
 Plan                 
 ($)(e)               |   |     | Change in Pension                                     
 Value and Nonqualified Deferred Compensation Earnings 
 ($)(f)                                                |   |     | All Other Compensation ($)(g) |   |     | Total  
 ($)(j) |         |
| Sangita Shah     |     |                   | 60,000 |     |        | – |     |               | 40,000 |     |                      | – |     |                                                       | – |     |                               | – |     |        | 100,000 |
| Sharon Hrynkow   |     |                   | 45,000 |     |        | – |     |               | 40,000 |     |                      | – |     |                                                       | – |     |                               | – |     |        |  85,000 |
| James Ziglar (2) |     |                   | 30,000 |     |        | – |     |               | 40,000 |     |                      | – |     |                                                       | –