Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 49

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 49
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 if the shareholders are required to accept anything other than cash or shares of any class or series of shares of any corporation, or                        
 any other proprietary interest of any other entity, in exchange for their shares, provided that the standards set forth in item (a) or                       
 (b) in the preceding sentence are satisfied with respect to their shares at the time the corporate action becomes effective.                                 
 The Nevada Articles of Incorporation and the Nevada                                                                                                          
 Bylaws do not contain any provisions regarding appraisal rights.                                                                                             |

| 39 |

| Dissolution                  |     | Under New York law, dissolution must be approved by                                                                                                                                                                                                                                                                                                                                                          
 two-thirds of all outstanding shares entitled to vote thereon, unless the certificate of incorporation requires a different proportion                                                                                                                                                                                                                                                                       
 (not less than a majority). Upon such approval, a certificate of dissolution shall be executed and filed with the department of state.                                                                                                                                                                                                                                                                       |     | Under Nevada law, after the board of directors approves of the corporation’s dissolution, the directors must recommend the dissolution to the shareholders, who must approve the dissolution. Shareholders may act by written consent to approve of the dissolution. If the dissolution is approved by the directors and shareholders the corporation shall file a notice with the Secretary of State.                                                                                                                                          |
| Shareholder Derivative Suits |     | Under New York law, a shareholder may bring a derivative action if the shareholder was a shareholder at the time of the transaction of which they complain or thereafter acquired the shares by operation of law. Additionally, the complaint must set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board or the reasons for not making such effort. |     | Under Nevada law, a shareholder may only bring a derivative action if: (1) the shareholder was a shareholder at the time of the transaction of which they complain or thereafter acquired the shares by operation of law; and (2) the shareholder fairly and adequately represents the interests of the corporation in enforcing the right of the corporation. Additionally, the shareholder must first make a written demand on the corporation to take suitable action before filing the derivative suit, unless such demand would be futile. |

Interest of Our Directors and Executive Officers in the Nevada Reincorporation

Our directors and executive officers
may have interests in the Nevada Reincorporation transaction that are different from, or in addition to, the interests of the shareholders
generally, which may present actual or potential conflicts of interest. For example, the Nevada Reincorporation provides our officers