On December 5, 2014, Owen P.J. King resigned from his position as a member of the Board of Directors of Forward Industries Inc., effective immediately. Mr. King served on the company's Nominating and Governance Committee, Audit Committee, Special Committee, Investment Committee and Compensation Committee. On December 5, 2014, the Board appointed Robert M. Neal to the Board to serve until his successor has been duly elected and qualified.

The Board also appointed Mr. Neal to serve on the company's Nominating and Governance Committee, Audit Committee, Compensation Committee, Special Committee and Investment Committee. Mr. Neal, 47, founded Skellig Capital LLC, a long/short equity hedge fund, in May 2007 and has been portfolio manager since founding.