Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 41

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 41
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 District, which is the largest judicial district in the state, has a designated business court devoted exclusively to corporate law issues to help institute case management plans minimizing the interruption of business operations.                                                                                                                                          |
| · | Many large corporations are incorporated in Nevada in comparison to other states (other than Delaware).                                                                                                                                                                                                                                                                                                  |
| · | Nevada law on elimination of director and officer liability and indemnification, with certain limited exceptions, of corporate agents provides more assurance for persons acting in these roles than does the law of other states. As a result, qualified persons may be more willing to serve in those roles for a Nevada corporation than for a corporation incorporated in New York or another state. |

We believe that the factors listed
above will improve the Board’s ability to manage the Company for the benefit of all shareholders.

Impacts on Rights of Shareholders

As a New York corporation, the
rights of shareholders and the duties of the Board are governed by the New York Business Corporation Law (the “NYBCL”), our
New York Certificate, and our New York Bylaws. After the Nevada Reincorporation, the rights of shareholders and the duties of the Board
will instead be governed by the Nevada Revised Statutes (“NRS”) the Nevada Articles of Incorporation, and the Nevada Bylaws.
New York corporate law and Nevada corporate law are similar in many respects with respect to the rights of shareholders but have some
differences (see below). In addition, the proposed Nevada Articles of Incorporation and Bylaws of Forward Nevada vary in certain respects
from the existing New York Certificate and New York Bylaws of Forward New York. See the questions and answers below for a discussion of
some of the differences. The changes in your rights are described in more detail in the sections below entitled “Significant Differences
Between the Charters and Bylaws of Forward New York and Forward Nevada and Between the Corporation Laws of New York and Nevada.”

| 27 |

Opt Out of Nevada Revised Statutes Sections 78.411 to 78.444

Section 78.438 of the NRS restricts
certain “business combinations” with certain “interested shareholders” for two years following the date that a
person becomes an interested shareholder, unless the Board approved the combination before the person first became an interested shareholder
or the Board and a vote of at least 60% of the remaining shareholders approve the business combination at an annual or special meeting.
Further, even after the expiration of the two years, under Section 78.439 of the N