Company: FWDI
Filing Date: 2025-06-24
Form Type: 424B3
Source: 0001683168-25-004724
Chunk: 23

Company: Forward Industries, Inc.
Filing Date: 2025-06-24
Form: 424B3
Chunk 23
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 and other documents required to have been filed by us with the SEC pursuant to the reporting requirements of the Exchange Act having been 
 so filed;                                                                                                                                 |
| · | the common stock not having been suspended by the SEC, Nasdaq or FINRA and there not having been imposed                                  
 any suspension of, or restriction on, accepting additional deposits of common stock by The Depository Trust Company;                      |
| · | no condition, occurrence, state of facts or event constituting a Material Adverse Effect (as defined in                                   
 the Purchase Agreement) shall have occurred and be continuing;                                                                            |
| · | customary compliance with laws and bankruptcy-related conditions; and                                                                     |
| · | the receipt by the Selling Stockholder of a customary legal opinion, as required under the Purchase Agreement.                            |

Termination of the Purchase Agreement

Unless earlier terminated as provided in the Purchase
Agreement, the Purchase Agreement will terminate automatically on the earliest to occur of:

| · | the first day of the month immediately following the 36-month anniversary of the Commencement Date;                                       |
| · | the date on which the Selling Stockholder shall have purchased the Commitment Amount;                                                     |
| · | the ninetieth day after the date on which, pursuant to or within the meaning of any bankruptcy law, we                                    
 commence a voluntary case or any person commences a proceeding against us, in each case that is not discharged or dismissed prior to such 
 ninetieth day; and                                                                                                                        |
| · | the date on which, pursuant to or within the meaning of any bankruptcy law, a custodian is appointed for                                  
 us or for all or substantially all of our property, or we make a general assignment for the benefit of our creditors.                     |

We have the right to terminate
the Purchase Agreement at any time after the Commencement Date, at no cost or penalty, upon one business day’s prior written notice
to the Selling Stockholder, provided that we have satisfied all outstanding payment and delivery obligations related to any Purchase Shares
issued to the Selling Stockholder prior to the effective date of such termination. We or the Selling Stockholder may also terminate the
Purchase Agreement at the close of business on the one year anniversary of the signing of the Purchase Agreement or thereafter, in the
event the Commencement Date shall not have occurred prior to such one year anniversary due to our failure to satisfy the conditions precedent
to commencement. We and the Selling Stockholder may also terminate the Purchase Agreement at any time by mutual written consent.