Company: FWDI
Filing Date: 2025-06-17
Form Type: S-1/A
Source: 0001683168-25-004556
Chunk: 44

Company: Forward Industries, Inc.
Filing Date: 2025-06-17
Form: S-1/A
Chunk 44
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, 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.

| II-1 |

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:

(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 forth in said first two paragraphs.

Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to