Company: FWDI
Filing Date: 2025-06-17
Form Type: S-3/A
Source: 0001683168-25-004558
Chunk: 20

Company: Forward Industries, Inc.
Filing Date: 2025-06-17
Form: S-3/A
Chunk 20
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NYBCL Section 722(a) provides
that a corporation shall indemnify any director or officer of a corporation against judgments and expenses, including attorneys’
fees, actually and necessarily incurred by him in connection with the defense of any action, suit or proceeding to the extent that a 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, for a purpose which he reasonably
believed to be in, or, in the case of service for any other corporation or any partnership, joint venture, trust, employee benefit plan
or other enterprise, not opposed to, the best interests of the corporation, except that no indemnification under this paragraph shall
be made in respect of (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.

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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