Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 15

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 15
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 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 are independent in accordance with standards under the Nasdaq Listing Rules.

Our Board has also determined
that Sangita Shah, Sharon Hrynkow and Keith Johnson are independent under the Nasdaq Listing Rules independence standards for Audit Committee
members and Compensation Committee members.

| 10 |

<div align='center'>Committees of the Board of Directors</div>

Audit Committee

The Audit Committee reviews our
financial reporting process on behalf of the Board and administers our engagement of the independent registered public accounting firm.
The Audit Committee meets with the independent registered public accounting firm, with and without management present, to discuss the
results of its examinations, the evaluations of our internal controls, and the overall quality of our financial reporting. Management
has the primary responsibility for 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