Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 509

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 2
Chunk 509
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 financial and human resources services to assist with the inception of its new digital assets treasury business.
Galaxy will not be providing any (i) tax advice or services, (ii) legal advice or services, or (iii) advice in connection with the Investment
Company Act of 1940, as amended (the “Investment Company Act”), or any related analyses thereto.

As compensation for its services,
we will pay Galaxy fees of approximately $583,000 per month. The Services Agreement has an initial term of six months but may be extended
for one additional six month period if mutually agreed in writing by the parties. During Fiscal 2025, the Company incurred fees of $389,000
related to the Servies Agreement, which were recorded as a component of related party expenses and related party payables on the consolidated
financial statements at and for the fiscal year ended September 30, 2025.

Galaxy 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 investment
management services with respect to all of our cash, cash equivalents, stablecoins, cryptocurrency and other investible assets (excluding
(i) publicly-traded equities acquired pursuant to mergers, acquisitions, combinations or other similar transactions pursuant to which
we acquire or otherwise combine or merge with another publicly-traded digital asset treasury company, (ii) privately offered equity securities
and (iii) non-publicly traded convertible debt instruments). Title to the account and all account assets will be held in our name. The
Asset Manager is not authorized to act as custodian of our assets, nor to take possession or title to any assets.

As compensation for the Asset
Manager’s services, we will pay management fees of 0.6% per annum of the value of the Account Assets (as defined in the Asset Management
Agreement). In addition, the Asset Manager is authorized to appoint an affiliate to stake some or all of the SOL purchased for, maintained
in the account, or otherwise owned or controlled by the Company. Such Asset Manager affiliate will be entitled to mutually agreed upon
staking-based fees, subject to certain parameters according to a schedule set forth in the Asset Management Agreement. The Asset Manager
is otherwise responsible for all of its overhead costs and the custody fees of any custodian selected by the Asset Manager