Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 103

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 103
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 by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur; (ii) there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after
the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto
do not own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding
voting power of the surviving entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined
outstanding voting power of the parent of the surviving entity in such merger, consolidation or similar transaction, in each case
in substantially the same proportions as their ownership of the outstanding voting securities of the Company immediately prior
to such transaction. (iii) there is consummated a sale, lease, exclusive license or other disposition of all or substantially all
of the consolidated assets of the Company and its subsidiaries, other than a sale, lease, license or other disposition of all or
substantially all of the consolidated assets of the Company and its subsidiaries to an entity, more than 50% of the combined voting
power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their
ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition;
or (iv) individuals who, on the date the Plan is adopted by the Board, are Incumbent Directors (the "Incumbent Board")
cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment
or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members
of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the
Incumbent Board. Notwithstanding the foregoing definition or any other provision of the Plan, the term Change in Control will not
include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company
and the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate
and the Participant will supersede the foregoing definition with respect to Awards subject to such agreement; provided, however,
that if no definition