Company: FWDI
Filing Date: 2025-06-10
Form Type: S-3
Source: 0001683168-25-004375
Chunk: 22

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: S-3
Chunk 22
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 the
immediately preceding subparagraph is not obtainable or, even if obtainable, a quorum of disinterested directors so directs:

(A) by the board of
directors upon the opinion in writing of independent legal counsel that indemnification is proper in the circumstances because the
applicable standard of conduct set forth in said first two paragraphs has been met by such person, or

(B) by the shareholders upon
a finding that the person has met the applicable standard of conduct set forth in said first two paragraphs.

Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing
provisions, we have been informed that, in the opinion of the SEC, 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 whether such indemnification by us is against public policy as expressed hereby in the Securities Act and we will be governed
by the final adjudication of such issue.

Exhibits and Financial Statement Schedules.

| Exhibit No. |     | Description                                                                       |
| 1.1         |     | Form of Underwriting Agreement**                                                  |
| 4.1         |     | Form of Common Stock Certificate**                                                |
| 4.2         |     | Form of Certificate of Designation of Preferred Stock**                           |
| 4.3         |     | Form of Specimen Certificate Representing Preferred Stock**                       |
| 4.4         |     | Form of Warrant Agreement**                                                       |
| 4.5         |     | Form of Warrant**                                                                 |
| 4.6         |     | Form of Unit Agreement**                                                          |
| 5.1         |     | Legal Opinion of Nason, Yeager, Gerson, Harris & Fumero, P.A.*                    |
| 23.1        |     | Consent of CohnReznick LLP*                                                       |
| 23.2        |     | Consent of Nason,