Company: FWDI
Filing Date: 2025-02-13
Form Type: 8-K
Source: 0001683168-25-000992
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Company: Forward Industries, Inc.
Filing Date: 2025-02-13
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive
Agreement.

On February 12, 2025, Forward Industries, Inc.
(the “ Company”) and Forward Industries (Asia-Pacific) Corporation (“ FC”), a company owned by the Company’s
Chief Executive Officer and Chairman of the Board, entered into an Accounts Payables Conversion Agreement (the “ Conversion Agreement”).
The Conversion Agreement is identical to the prior conversion agreements entered into by the Company and FC, as previously disclosed in
the Company’s Current Reports on Form 8-K filed with the Securities and Exchange Commission, except with respect to the amount converted.
In accordance with the terms of the Conversion Agreement, FC converted $225,000 of the money the Company owes to FC into 225 shares of
the Company’s Series A-1 Convertible Preferred Stock.

The foregoing description of the Conversion Agreement
does not purport to be complete and is qualified in its entirety by the complete text of the Conversion Agreement, a copy of which is
filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 3.02. Unregistered Sales of Equity Securities.