Company: FWDI
Filing Date: 2025-06-17
Form Type: S-1/A
Source: 0001683168-25-004556
Chunk: 38

Company: Forward Industries, Inc.
Filing Date: 2025-06-17
Form: S-1/A
Chunk 38
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to benefit its own interests rather than the interests of the corporation and its other stockholders.

The effect of New York’s
business combination law is to potentially discourage parties interested in taking control of the Company from doing so if they cannot
obtain the approval of our Board or stockholders.

In addition, under New York law
(a) directors may be removed for cause by vote of the stockholders, and (b) directors may be removed without cause by vote of the stockholders
only if specifically authorized by the Certificate of Incorporation or bylaws. Further, removal of directors with or without cause is
subject to: (1) if a corporation has cumulative voting, no director may be removed when the votes cast against such director’s removal
would be sufficient to elect such director if voted cumulatively at an election at which the same total number of votes were cast and
the entire Board, or class of directors of which he is a member, were then being elected; and (2) when, pursuant to the certificate of
incorporation, the holders of any class of shares are entitled to elect one or more directors, any director so elected may be removed
only by the vote of the holders of such class. Any such removal requires the affirmative vote of stockholders representing not less than
two-thirds of the voting power of the shares entitled to vote.

Certificate of Incorporation and Bylaws

Provisions of our Certificate
of Incorporation and Bylaws may delay or discourage transactions involving an actual or potential change in our control or change in our
management, including transactions in which stockholders might otherwise receive a premium for their shares, or transactions that our
stockholders might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of our common
stock. Among other things, our Certificate of Incorporation and Bylaws:

| · | permit our Board to issue up to 4,000,000 shares of preferred stock, without further stockholder approval, with such rights, preferences and privileges as our Board may designate in accordance with applicable law, including rights relating to acquisitions or changes in control;                                                                                                                                |
| · | provide that the authorized number of directors may be changed only by a resolution adopted by the Board;                                                                                                                                                                                                                                                                                                             |
| · | provide that, for interim periods before the next meeting of the stockholders held for the election of directors, all vacancies, including newly created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a