Company: FWDI
Filing Date: 2025-01-17
Form Type: 10-K/A
Source: 0001683168-25-000424
Chunk: 7

Company: Forward Industries, Inc.
Filing Date: 2025-01-17
Form: 10-K/A
Chunk 7
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 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.

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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 has not established
a policy with regard to the consideration of any candidates recommended by shareholders. If we receive any shareholder recommended nominations,
the Nominating and Governance Committee will carefully review the recommendation(s) and consider such recommendation(s) in good faith.

Board Diversity

While we do not have a
formal policy on diversity, our Board considers diversity to include the skill set, background, reputation, type and length of business
experience of our board members, as well as a particular nominee’s contribution to that mix. Although there are many other factors,
the Board seeks individuals with experience in the sourcing industry and Asian markets, sales and marketing, legal and accounting skills
and board experience. The Board and the Nominating and Governance Committee also seek individuals with diversity of race, ethnicity and
gender.

Board Leadership Structure

Our Board has determined
that its current structure, with combined Chairman and Chief Executive Officer roles and an independent Lead Director (S