Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 15

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 15
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<div align='center'>Corporate Governance</div>

Board Responsibilities

The Board oversees, counsels,
and directs management in the long-term interest of Forward and its shareholders. The Board’s responsibilities include establishing
broad corporate policies and reviewing the overall performance of Forward. The Board is not, however, involved in the operating details
on a day-to-day basis.

Board Committees and Charters

The Board delegates various responsibilities
and authority to different Board committees (“Board Committees”). The Board and the Board’s committees (“Committees”)
meet throughout the year and act by written consent from time-to-time as appropriate. Committees regularly report on their activities
and actions to the Board.

The Board currently has and appoints
the members of the Audit and Risk Committee (the “Audit Committee”), the Compensation Committee and the Nominating and Governance
Committee. Each of these Committees has a written charter which may be accessed through Forward’s website at: www.forwardindustries.com/investors/governance/.

The following table identifies
the independent and non-independent Board and Committee members:

| Name                                |     | Independent |     | Audit and Risk |     | Compensation |     | Nominating and Governance |
| Sangita Shah                        |     | ×           |     |          Chair |     |            × |     |                         × |
| Sharon Hrynkow                      |     | ×           |     |              × |     |        Chair |     |                         × |
| Keith Johnson (1)                   |     | ×           |     |              × |     |            × |     |                         × |
| Number of Meetings Held Fiscal 2024 |     |             |     |              4 |     |            3 |     |                         0 |

| (1) | Appointed May 16, 2025. |

There were approximately seven
Board meetings held in fiscal 2024. All of the directors attended over 75% of the applicable Board and Committee meetings held in fiscal
2024. The Company has not adopted a formal policy regarding Board members’ attendance at annual meetings. Terence Wise served as a non-independent
director during fiscal 2024 and resigned May 16, 2025. Michael Pruitt, the current Interim Chief Executive Officer, served on the Board
from January 28, 2025 to May 16, 2025.

Director Independence

Our Board has determined that
Sangita Shah, Sharon Hrynkow and Keith Johnson