On October 24, 2014, Timothy Gordon resigned from his position as a member of the Board of Directors of Forward Industries Inc. effective immediately. Mr. Gordon served on the company's Nominating and Governance Committee, Audit Committee, Special Committee, Investment Committee and Compensation Committee. Mr. Gordon's resignation was not the result of any disagreement related to any matter involving the company's operations, policies or practices.

On October 29, 2014, the Board appointed Joseph E. Mullin to the Board to serve until his successor has been duly elected and qualified. The Board also appointed Mr. Mullin to serve on the company's Nominating and Governance Committee, Audit Committee and Compensation Committee. Mr. Mullin has not entered into any transactions with the company since the beginning of the Company's last fiscal year.

Mr. Mullin, is the founder and partner of Joseph E. Mullin LLC since 2010. Mr. Mullin currently serves as a Director of Currencio Limited.