Company: FWDI
Filing Date: 2025-06-17
Form Type: S-1/A
Source: 0001683168-25-004556
Chunk: 43

Company: Forward Industries, Inc.
Filing Date: 2025-06-17
Form: S-1/A
Chunk 43
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and Bylaws provide for indemnification of our officers, directors and agents to the fullest extent permitted under the NYBCL.

NYBCL Section 721 provides
that the indemnification and advancement of expenses granted pursuant to, or provided by, this article shall not be deemed exclusive of
any other rights to which a director or officer seeking indemnification or advancement of expenses may be entitled, whether contained
in the certificate of incorporation or the by-laws or, when authorized by such certificate of incorporation or by-laws, (i) a resolution
of shareholders, (ii) a resolution of directors, or (iii) an agreement providing for such indemnification, provided that no indemnification
may be made to or on behalf of any director or officer if a judgment or other final adjudication adverse to the director or officer establishes
that his acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action
so adjudicated, or that he personally gained in fact a financial profit or other advantage to which he was not legally entitled. Nothing
contained in this article shall affect any rights to indemnification to which corporate personnel other than directors and officers may
be entitled by contract or otherwise under law.

NYBCL Section 722(a) provides
that a corporation shall indemnify any director or officer of a corporation against judgments, fines, amounts paid in settlement, and
expenses, including attorneys’ fees, actually and necessarily incurred by such person in connection with the defense of any action,
suit or proceeding to the extent that such director or officer acted in good faith and in a manner not opposed to the best interests of
the corporation.

NYBCL Section 722(b) provides
that a corporation may indemnify any person made, or threatened to be made, a party to an action by or in the right of the corporation
to procure a judgment in its favor by reason of the fact that he, his testator or intestate, is or was a director or officer of the corporation,
or is or was serving at the request of the corporation as a director or officer of any other corporation of any type or kind, domestic
or foreign, of any partnership, joint venture, trust, employee benefit plan or other enterprise, against amounts paid in settlement and
reasonable expenses, including attorneys’ fees, actually and necessarily incurred by him in connection with the defense or settlement
of such action, or in connection with an appeal therein, if such director or officer acted, in good faith