Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 46

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 46
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 |     | New York law requires authorization by a majority of outstanding shares entitled to vote, as well as approval by the board of directors, with respect to the terms of a merger or consolidation of the corporation, except in limited circumstances. |     | Nevada law requires authorization by a majority of outstanding shares entitled to vote, as well as approval by the board of directors, with respect to the terms of a merger or a sale of substantially all of the assets of the corporation, except in limited circumstances. |

| 36 |

| Indemnification and Advancement of Expenses |     | Under New York law, a corporation may indemnify any                                                                                           
 person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether  
 civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) because that person is or       
 was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, 
 employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against reasonable expenses (including       
 attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with           
 such action, suit or proceeding if  (a) the person acted in good faith and in a manner the person reasonably believed to be in or             
 not opposed to the best interests of the corporation, and (b) with respect to any criminal action or proceeding, had no reasonable cause      
 to believe the person’s conduct was unlawful.                                                                                                 
 With respect to actions by or in the right of the                                                                                             
 corporation, no indemnification shall be made with respect to (1) a threatened action, or a pending action which is settled or otherwise      
 disposed of, or (2) any claim, issue or 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.                                                             
 The New York Bylaws authorize indemnification to the                                                                                          
 fullest extent permitted by law. Notwithstanding such indemnification, no indemnification is permitted