Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 39

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 39
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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 NRS, Nevada corporations are prohibited from engaging
in a business combination with interested shareholders unless (i) the combination was approved by the Board before the person became an
interested shareholder; (ii) the combination is approved by a majority of the disinterested shareholders; or (iii) the combination otherwise
meets the requirements specified in Sections 78.411 to 78.444 of the NRS.

For purposes of Section 78.438
of the NRS, an interested shareholder is any person who is (i) the direct or indirect beneficial owner of 10% or more of the voting power
of the outstanding voting shares of the corporation, or (ii) an affiliate or associate of the corporation and at any time within two years
immediately before the date in question was the direct or indirect beneficial owner of 10% or more of the voting power of the then outstanding
shares of the corporation. A Nevada corporation may elect not to be governed by this law.