Company: FWDI
Filing Date: 2025-06-17
Form Type: S-1/A
Source: 0001683168-25-004556
Chunk: 45

Company: Forward Industries, Inc.
Filing Date: 2025-06-17
Form: S-1/A
Chunk 45
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 directors, officers or persons controlling us pursuant to the foregoing
provisions, the SEC has taken the position that, such indemnification is against public policy as expressed in the Securities Act and
is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit
or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will,
unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question of whether such indemnification by us is against public policy as expressed in the Securities Act and we will be governed
by the final adjudication of such issue.

Item 15. Recent Sales of Unregistered Securities

The following list sets forth information regarding
all securities sold or granted by us within the last three years that were not registered under the Securities Act and the consideration,
if any, received by us for such securities.

Effective May 16, 2025, the Company issued the
Commitment Shares to the Selling Stockholder. The Commitment Shares were issued without registration under the Securities Act, in reliance
on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and Rule 506 promulgated
under the Securities Act as a sale to an accredited investor, and in reliance on similar exemptions under applicable state laws.

Item 16. Exhibits and Financial Statement Schedules

(a) See the Exhibit Index on the page immediately
preceding the signature page hereto for a list of exhibits filed as part of this registration statement on Form S-1, which Exhibit Index
is incorporated herein by reference.

(b) No financial statement schedules are provided
because the information called for is not required or is shown either in the financial statements or the notes thereto.

Item 17. Undertakings

The undersigned registrant
hereby undertakes:

(1) To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) To include any prospectus
required by section 10(a)(3) of the Securities Act;

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(ii) To reflect in the prospectus
any facts or events arising after the effective date of the registration statement (or the most recent