Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 114

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 114
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the Plan in the event Awards are granted under the Plan by a compensation committee of the Board that does not at all times consist
solely of two or more Non-Employee Directors.

3.5 Indemnification.
In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and to the extent
allowed by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including attorney’s
fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the
Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted
under the Plan, and against all amounts paid by the Committee in settlement thereof (provided, however, that the settlement has
been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a
judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action,
suit or proceeding that such Committee did not act in good faith and in a manner which such person reasonably believed to be in
the best interests of the Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained
of was unlawful; provided, however, that within 60 days after institution of any such action, suit or proceeding, such Committee
shall, in writing, offer the Company the opportunity at its own expense to handle and defend such action, suit or proceeding.

4. Shares Subject to the Plan.

4.1 Subject
to adjustment in accordance with Section 11 and 4.2 below, Shares authorized for Awards granted under the Plan on and after the
Effective Date shall not exceed 1,291,000 shares, which is calculated as follows: (i) 1,000,000
new shares, plus (ii) 291,000 shares, which is the number of shares that remained available for
grants under the 2011 Plan as of December 14, 2020. The number of shares set forth in clause (ii)
above will be reduced by the number of shares subject to awards granted under the 2011 Plan after December 14, 2020 and before the Effective Date. No more than 1,291,000 shares of Common Stock may
be granted as Incentive Stock Options. During the