Company: FWDI
Filing Date: 2025-09-18
Form Type: S-8
Source: 0001683168-25-007107
Chunk: 13

Company: Forward Industries, Inc.
Filing Date: 2025-09-18
Form: S-8
Chunk 13
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 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.

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, or in defense of any claim, issue or matter therein, shall be entitled to indemnification
as authorized in such section. Except as provided in the immediately preceding sentence, any indemnification provided for in Section 722
or otherwise permitted by Section 721, (unless ordered by a court under Section 724 of the NYBCL), shall be made by the Corporation only
if authorized in the specific case:

(1)
By the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding for which indemnification
is sought, upon a finding that the person seeking indemnification has met the standard of conduct set forth in Section 722 or established
pursuant to Section 721 or,

(2)
If a quorum under the immediately preceding subparagraph is not obtainable or, even if obtainable, a quorum of disinterested directors
so directs:

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(A)
by the board upon the opinion in writing of independent legal counsel that indemnification is proper in the circumstances because the
applicable standard of conduct set forth in said first two paragraphs has been met by such person, or

(B)
by the shareholders upon a finding that the person has met the applicable standard of conduct set