Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 48

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 48
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The Asset Management Agreement has an initial
term of three years and renews for successive one-year renewal periods unless the Company or the Asset Manager terminates or elects not
to continue effectiveness of the Asset Management Agreement. The Asset Management Agreement may be terminated by either party without
cause after the initial term or any subsequent renewal period upon ninety (90) days’ notice prior to the expiration of such term.
In addition, at any time, the Asset Management Agreement may be terminated either for cause or upon certain acts of insolvency, each as
described therein. While the Asset Manager is the exclusive asset manager for the Company, the Asset Manager may nonetheless provide similar
services to other clients, and the Asset Manager or its affiliates may engage in transactions for their own accounts. The Asset Management
Agreement contains customary representations, warranties, confidentiality, indemnification and limitation of liability provisions, and
is governed by the laws of the State of New York.

Services Agreement

On September 10, 2025, we entered into a services
agreement (the “Services Agreement”) with Galaxy, pursuant to which we engaged Galaxy to provide us with certain operational,
financial and human resources services to assist us with the inception of our 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 as set forth in the Services Agreement. The Services Agreement has an initial term of six (6) months but may be extended for
one additional six (6) month period if mutually agreed in writing by the parties.

Except in cases of willful misconduct, gross negligence
or fraud, neither Galaxy nor any of its affiliates or their respective officers, directors, employees, contractors and agents shall have
any liability for claims, losses, damages, penalties, obligations or expenses of any kind suffered by us as a result of any act or omission
by Galaxy in connection with, arising out of, or relating to the services provided under the Services Agreement.

Conversion of Shares

On September 10, 2025, Forward Industries (Asia-Pacific)
Corporation (“FC”) converted 4,315 shares of Series A-1 Preferred Stock (“Series A-1”) (Stated Value
of $4,315,000