Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 17

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 17
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 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 evaluate how these risks interrelate, how they affect us, and how management addresses those risks. Michael
Pruitt, as our Interim Chief Executive Officer, and Kathleen Weisberg, our Chief Financial Officer, work closely together with the Board,
the Audit Committee and our Chairman (who is also our former Lead Director and a member and Chair of the Audit Committee), on how to best
address identified risks. If the identified risk poses an actual or potential conflict with management, our independent directors may
conduct the assessment. Presently, the primary risks affecting us are: (i) our ability to grow our business and (ii) increasing our customer
base.

Code of Business Conduct and Ethics

Our Board has adopted a Code of
Business Conduct and Ethics (“Code of Ethics”) that applies to all of our employees, including our Chief Executive Officer
and Chief Financial Officer. Although not required, the Code of Ethics also applies to our Board. The Code of Ethics provides written
standards that we believe are reasonably designed to deter wrongdoing and promote honest and ethical conduct, including the ethical handling
of actual or apparent conflicts of interest between personal and professional relationships, full, fair, accurate, timely and understandable
disclosure, and compliance with laws, rules and regulations, including insider trading, corporate opportunities and whistle