Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 54

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 54
---
 up to 273,000 shares of common stock on June 10, 2025.

| 42 |

Over the 36-month period from
and after the Commencement Date (unless the ELOC Agreement is terminated earlier in accordance with its terms), the Purchaser has no right
to require the Company to sell any shares of common stock to the Purchaser, but the Purchaser is obligated to make purchases as the Company
directs, subject to certain conditions. There are no upper limits on the price per share that the Purchaser must pay for shares of common
stock. Actual sales of shares of common stock to the Purchaser will depend on a variety of factors to be determined by the Company from
time to time, including, among others, market conditions, the trading price of the Company’s common stock and determinations by
the Company as to the appropriate sources of funding for the Company and its operations.

On any business day on which the
previous business day’s closing sale price of the common stock was equal to or greater than $1.00 (unless such limit is waived by
the Purchaser) (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 (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 (the “VWAP”) 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 (unless such limit is waived by the Purchaser) 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