Forward Industries Inc

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:

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.