Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 37

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 37
---
308,175 |     |          | 259,350 |
| Audit Related Fees |     |      |       – |     |          |       – |
| Tax Fees (2)       |     |      |  60,790 |     |          |  21,203 |
| All Other Fees     |     |      |       – |     |          |       – |
| Total              |     |      | 368,965 |     |          | 280,553 |

———————

| (1) | Audit fees – these fees relate to the annual audits and quarterly reviews of our financial statements as well as services that are normally provided by the independent registered public accounting firm in connection with statutory and regulatory filings or engagements. |
| (2) | Tax fees – preparation of federal, state and local income tax filings for the Company and its subsidiaries.                                                                                                                                                                   |

| 24 |

<div align='center'>PROPOSAL 3. REINCORPORATION</div>

Overview of the Proposed Reincorporation

The Board is recommending
that shareholders approve reincorporating the Company from New York to Nevada (the “Nevada Reincorporation”). The Board believes
it is appropriate and in the best interests of the Company and its shareholders to reincorporate in Nevada to position the Company for
better corporate governance and more modern, flexible corporate laws, as detailed below.

The Nevada Reincorporation will
be implemented through the merger of the Company with and into a wholly owned subsidiary corporation incorporated in the State of Nevada
(the “Merger”). Our name following the Nevada Reincorporation will be Forward Industries, Inc. We will file the appropriate
Merger documents with the Department of State of New York and Secretary of State of Nevada.

For purposes of the discussion
below, the Company as it currently exists as a corporation organized under the laws of the government of New York is sometimes referred
to as “Forward New York.”

The Board considered several factors
in reaching this decision to approve the Nevada Reincorporation, such as corporate governance and our ability to raise additional financing.
Our Board was advised of certain differences between New York and Nevada state corporate laws, and other advantages and disadvantages
of the Nevada Reincorporation.

The Board believes that the choice
of state domicile is important because state corporate law governs the internal affairs of a corporation. Management and boards of directors
of corporations look to state corporate law and judicial interpretations of state law to guide their decision-making on