Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 45

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 45
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 New York law.

Proposed Defense Measures in the Nevada Articles of Incorporation and Nevada Bylaws

Like many other states, Nevada
permits a corporation to adopt measures designed to reduce its vulnerability to unsolicited takeover attempts. We are not proposing the
Nevada Reincorporation to prevent an unsolicited takeover attempt and are not aware of any present effort by any person to acquire control
of the company, obtain representation on the Board or take any action that would materially affect the governance of the company.

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Our proposed Nevada Articles of
Incorporation and Nevada Bylaws contain provisions which could operate to delay, defer, or prevent a change of control of the Company
or an extraordinary corporate transaction such as a merger, reorganization, tender offer or sale of all or substantially all of our assets.
These provisions and certain provisions of the proposed Nevada Articles of Incorporation and proposed Nevada Bylaws could make it more
difficult to acquire us by means of a tender offer, a proxy contest or otherwise, or to remove incumbent officers and directors. Specifically,
the following provisions may have anti-takeover effects:

| · | The Nevada Bylaws will require that stockholders seeking to nominate a person to the board of directors at an annual meeting must deliver detailed notice to the Company no earlier than the 120th calendar day, and no later than the 90th calendar day, prior to the anniversary date of the immediately preceding annual meeting. If the current year’s meeting is called for a date that is not within 30 days of the anniversary of the previous year’s annual meeting, such notice must be received no later than 10 calendar days following the day on which public announcement of the date of the annual meeting is first made. |
| · | The NRS and the Nevada Bylaws will require the affirmative vote of at least two-thirds of the voting power of the issued and outstanding stock of the Company entitled to vote in order to remove an incumbent director; and                                                                                                                                                                                                                                                                                                                                                                                                             |
| · | Our Nevada Articles of Incorporation will authorize                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 “blank check” preferred stock with such rights, preferences, and privileges, including voting rights, as the Board may determine                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
 in compliance with Nevada law. Such preferred stock could be issued to affiliates or other persons whose interests align with incumbent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 management, subject to the Board’s fiduciary duties and applicable securities laws.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

These provisions, together with
provisions of