Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 68

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 68
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securities other than by virtue of a merger, consolidation or similar transaction; (ii) there is consummated a merger, consolidation
or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation
or similar transaction, the shareholders of the Company immediately prior thereto do not own, directly or indirectly, either (A) outstanding
voting securities representing more than 50% of the combined outstanding voting power of the surviving entity in such merger, consolidation
or similar transaction or (B) more than 50% of the combined outstanding voting power of the parent of the surviving entity in such merger,
consolidation or similar transaction, in each case in substantially the same proportions as their ownership of the outstanding voting
securities of the Company immediately prior to such transaction. (iii) there is consummated a sale, lease, exclusive license or other
disposition of all or substantially all of the consolidated assets of the Company and its subsidiaries, other than a sale, lease, license
or other disposition of all or substantially all of the consolidated assets of the Company and its subsidiaries to an entity, more than
50% of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same
proportions as their ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or
other disposition; or (iv) individuals who, on the date the 2021 Plan is adopted by the Board, are Incumbent Directors cease for any
reason to constitute at least a majority of the members of the Board. Shareholders are encouraged to review the 2021 Plan for the full
definition of Change of Control.

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Amendment or Termination of the 2021 Plan

The Board may amend or terminate the 2021 Plan at
any time. However, except in the case of adjustments upon changes in common stock, no amendment will be effective unless approved by the
shareholders of the Company to the extent shareholder approval is necessary to satisfy applicable laws or the rules of any stock exchange
or quotation system on which the shares of common stock are listed or quoted, and the applicable laws of any foreign country or jurisdiction
where Awards are granted under the 2021 Plan. The 2021 Plan will terminate on the tenth anniversary from the date it was approved by shareholders,
unless previously terminated by the Board.

Amendment of Awards

The Committee may amend the terms