Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 107

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 107
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 matter as to which such person shall have been adjudged to be liable to the corporation, unless and only to the extent that the court
in which the action was brought, or, if no action was brought, any court of competent jurisdiction, determines upon application that,
in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such portion of the settlement
amount and expenses as the court deems proper.

NYBCL Section 723 provides that
a person who has been successful, on the merits or otherwise, in the defense of a civil or criminal action or proceeding of the character
described in Section 722 shall be entitled to the indemnification authorized in such section. Except as provided in the immediately preceding
sentence, any indemnification provided for in Section 722 or otherwise permitted by Section 721 (unless ordered by a court under Section
724 of the NYBCL), shall be made by the Corporation only if authorized in the specific case:

(1) By
the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding for which indemnification
is sought, upon a finding that the person seeking indemnification has met the standard of conduct set forth in Section 722 or established
pursuant to Section 721 or,

(2) If
a quorum under 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