Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 16

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 16
---
 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, 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 sales, 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 an independent Chairperson (Sangita 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, that:

| · | The Board believes that having an independent Chair provides effective oversight and independence of our Board. |

| · | The Board believes that the appointment of a strong independent Chair and the use of regular executive sessions of the independent directors, along with the Boards strong committee system, allow it to maintain effective oversight of management. |

| 11 |

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