Company: FWDI
Filing Date: 2025-06-10
Form Type: S-3
Source: 0001683168-25-004375
Chunk: 20

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: S-3
Chunk 20
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            |     | $ |       -1 |
| Accounting fees and expenses |     | $ |       -1 |
| Legal fees and expenses      |     | $ |       -1 |
| Miscellaneous                |     | $ |       -1 |
| Total                        |     | $ |       -1 |

| (1) | These fees are dependent on the type and number of securities offered and cannot be determined at this time. Additional information regarding estimated fees and expenses will be provided at the time that such information is required to be included in a prospectus supplement. |

Indemnification of Directors and Officers.

Our Certificate of Incorporation
and Bylaws provide for indemnification of our officers, directors and agents to the fullest extent permitted under the New York Business
Corporation Law (“NYBCL”).

Section 721 of the NYBCL provides
that the indemnification and advancement of expenses granted pursuant to, or provided by, this article shall not be deemed exclusive of
any other rights to which a director or officer seeking indemnification or advancement of expenses may be entitled, whether contained
in the certificate of incorporation or the by-laws or, when authorized by such certificate of incorporation or by-laws, (i) a resolution
of shareholders, (ii) a resolution of directors, or (iii) an agreement providing for such indemnification, provided that no indemnification
may be made to or on behalf of any director or officer if a judgment or other final adjudication adverse to the director or officer establishes
that his acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action
so adjudicated, or that he personally gained in fact a financial profit or other advantage to which he was not legally entitled. Nothing
contained in this article shall affect any rights to indemnification to which corporate personnel other than directors and officers may
be entitled by contract or otherwise under law.

NYBCL Section 722(a) provides
that a corporation shall indemnify any director or officer of a corporation against judgments and expenses, including attorneys’
fees, actually and necessarily incurred by him in connection with the defense of any action, suit or proceeding to the extent that a director
or officer acted in good faith and in a manner not opposed to the best interests of the corporation.

NYBCL Section 722(b) provides
that a corporation may indemnify any person made, or threatened to be made, a party to an action by or in the right