Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 47

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 47
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-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 according to a fee schedule set forth 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, and the Company will pay or reimburse the Asset
Manager for all reasonable and documented expenses related to the operation of the account.

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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