Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 45

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 45
---
 be amended at any time prior to the date the Nevada Reincorporation is completed, either before or after the
shareholders have voted to adopt this proposal, subject to applicable law.

Significant Differences and Similarities Between the Charters and Bylaws of Forward New York and Forward Nevada and Between the Corporate Laws of New York and Nevada

The following summarizes a comparison
of certain key provisions between the New York Certificate and New York Bylaws and proposed Nevada Articles of Incorporation and Nevada
Bylaws, as well as certain provisions of New York and Nevada corporate laws. The comparison highlights important differences, but is not
intended to list all differences, and is qualified in its entirety by reference to such documents and to the respective General Corporation
Laws of the States of New York and Nevada. Shareholders are encouraged to read the Nevada Articles of Incorporation, the Nevada Bylaws,
the New York Certificate and the New York Bylaws in their entirety. The proposed Nevada Articles of Incorporation and Nevada Bylaws are
attached to this Proxy Statement. Our current New York Certificate, and our New York Bylaws, are filed publicly as exhibits to our periodic
reports with the SEC.

| Provision                    |     | Current New York Provision                                                                                                                                                                            |     | Proposed Change for Reincorporation                                                                                                     |
| Authorized Shares            |     | 44,000,000 of authorized capital, 40,000,000 shares of which are designated common stock, $0.01 par value per share and 4,000,000 shares of “blank check” preferred stock, par value $0.01 per share. |     | No change.                                                                                                                              |
| Annual Election of Directors |     | Under New York law, the directors are elected at a                                                                                                                                                    
 shareholder meeting at which a quorum is present.                                                                                                                                                     
 The New York Bylaws provide for the annual election                                                                                                                                                   
 of all directors.                                                                                                                                                                                     |     | No change. The NRS provides directors must be elected                                                                                   
 at the annual meeting of the shareholders.                                                                                              
 The Nevada Bylaws provide for the annual election                                                                                       
 of all directors.                                                                                                                       |
| Number of Directors          |     | Under New York law, a corporation’s board of                                                                                                                                                          
 directors must consist of one or more individuals, with the number fixed by or in the manner provided in the bylaws, action of shareholders,                                                          
 or by the board under the specific provisions of the bylaws adopted by the shareholders.                                                                                                              
 The New York Bylaws provide that the Company shall