Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 15

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 15
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 leak-out agreement (the “Waiver and Leak-out Agreement”) with each of C/M Capital Master Fund, LP and WVP
Emerging Manager Onshore Fund, LLC - Structured Small Cap Lending Series (collectively, “C/M”) in connection with our Series
B Preferred Stock, pursuant to which C/M agreed to (i) the termination, waiver or amendment of all covenants and provisions to forgo all
of C/M’s rights under the Common Stock Purchase Warrant (the “Warrant”), the Preferred Stock Purchase Agreement (the
“PS Agreement”) and the Registration Rights Agreement, each entered into on or about May 23, 2025, between the Company and
C/M, including a general release from any liability for prior non-performance, and (ii) provide conversion notices and such other documentation
reasonably requested by the Company in order to complete the conversion of all of C/M’s Series B Preferred Stock into shares of
common stock.

In connection with the Waiver
and Leak-out Agreement, the Company granted C/M the right to purchase up to $33,000,000 worth of shares of common stock at a purchase
price per share equal to the Per Share Purchase Price; and has agreed to include for registration on the Resale Registration Statement,
on behalf of C/M as a selling shareholder, all shares of common stock previously underlying the Series B Preferred Stock and Warrant held
by C/M.

ELOC Termination

As previously disclosed, on
May 16, 2025, we entered into a securities purchase agreement (the “ELOC Agreement”) with C/M. Pursuant to the ELOC Agreement,
the Company had agreed to sell, and C/M had agreed to purchase, up to $35 million of the Company’s common stock, par value $0.01
per share, subject to a sale limit of 19.99% of the outstanding shares of the Company’s common stock in accordance with the rules
of The Nasdaq Stock Market, LLC. On September 8, 2025, the Company and C/M mutually agreed to terminate the ELOC Agreement, effective
as of September 9, 2025.

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Asset Management Agreement

On September 10, 2025, we
entered into an asset management agreement (the “Asset Management Agreement”) with Galaxy Digital Capital Management LP, an
SEC-registered investment adviser (the “Asset Manager”), pursuant to which we appointed the Asset Manager to provide discretionary