Company: FWDI
Filing Date: 2025-05-22
Form Type: 8-K
Source: 0001683168-25-003941
Chunk: 2

Company: Forward Industries, Inc.
Filing Date: 2025-05-22
Form: 8-K
Item: Item 1.01
Chunk 2
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 (the
“ Purchase Date”), the Company may direct the Purchaser to purchase a specified number of shares of common stock (a “ Fixed
Purchase”) not to exceed on any single business day the lesser of (i) $400,000 of shares of common stock or (ii) 10,000 shares of
common stock, at a purchase price equal to the lesser of 95% of (i) the lowest sale price of the common stock on the trading day immediately
prior to such applicable Purchase Date or (ii) the daily volume weighted average price of the common stock for the five trading days immediately
preceding the applicable Purchase Date for such Fixed Purchase.

In addition, at any time from and after the Commencement
Date, on any business day on which the previous business day’s closing sale price of the common stock is equal to or greater than
$1.00 and such business day is also the Purchase Date for a Fixed Purchase of an amount of shares of common stock not less than the applicable
Fixed Purchase Maximum Amount (as defined in the ELOC Agreement) (the “ VWAP Purchase Date”), the Company may also direct the
Purchaser to purchase an additional number of shares of common stock (a “ VWAP Purchase”) at a purchase price equal to the
lesser of 95% of (i) the closing price of a share of common stock on the trading day immediately prior to such applicable Purchase Date
and (ii) the lowest sale price on the VWAP Purchase date.

At any time from and after the Commencement Date,
on any business day that is also the VWAP Purchase Date for a VWAP Purchase, we may also direct the Purchaser to purchase, on such same
business day (the “ Additional VWAP Purchase Date”), an additional number of shares of common stock (an “ Additional VWAP
Purchase”) at a purchase price equal to the lesser of 95% of (i) the closing price of a share of common stock on the business day
immediately prior to such applicable Purchase Date and (ii) the lowest sale price of the common stock during the Additional VWAP Purchase
Period (as defined in the ELOC Agreement) on the applicable Additional VWAP Purchase Date.

If the Company makes certain issuances of its
securities within a specified period of time after a Purchase Date and such securities are issued at prices (the “ New Issuance Price”)
less than the prices to be paid by the Purchaser in such Fixed Purchase