Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 81

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 81
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 not less than
two-thirds of the voting power of the shares entitled to vote.

Certificate of Incorporation
and Bylaws

Provisions of our Certificate
of Incorporation and Bylaws may delay or discourage transactions involving an actual or potential change in our control or change in our
management, including transactions in which stockholders might otherwise receive a premium for their shares, or transactions that our
stockholders might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of our common
stock. Among other things, our Certificate of Incorporation and Bylaws:

| · | permit our Board to issue up to 4,000,000 shares of preferred stock, without further stockholder approval,                              
 with such rights, preferences and privileges as our Board may designate in accordance with applicable law, including rights relating to 
 acquisitions or changes in control;                                                                                                     |
| · | provide that the authorized number of directors may be changed only by a resolution adopted by the Board;                               |
| · | provide that, for interim periods before the next meeting of the stockholders held for the election of directors,                       
 all vacancies, including newly created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a  
 majority of directors then in office, even if less than a quorum;                                                                       |

| 35 |

| · | do not provide for cumulative voting rights (therefore allowing the holders of a majority of the shares of                              
 common stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should choose); |

| · | provide that special meetings of stockholders may be called only by the President, the Chairman of the Board,                          
 by the Board of Directors pursuant to a resolution adopted by the majority of the “entire board” (as defined in the Bylaws),           
 or Qualified Shareholders (as defined in the Bylaws) holding at least 30% of all votes entitled to be cast on any issue proposed to be 
 considered at the special meeting;                                                                                                     |

| · | provide advance notice provisions applicable to a stockholder who wishes to nominate a director or propose 
 other business to be considered at a stockholders’ meeting.                                                |

| 36 |

<div align='center'>PLAN
OF DISTRIBUTION</div>

We or the selling securityholders
may sell the securities being offered hereby in one or more of the following ways from time to time:

| · | to underwriters for resale to purchasers; |