Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 15

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 15
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 for 20 out of 30 trading days following the effectiveness of the registration statement; (2) one-third (1/3) of the Lead Investor
Warrants shall be exercisable on and after the first date on which the closing trading price of the Company’s common stock on its
principal stock exchange is equal to or greater than 200% of the cash Per Share Purchase Price for 20 out of 30 trading days following
the effectiveness of the registration statement; and (3) one-third (1/3) of the Lead Investor Warrants shall be exercisable on and after
the first date on which the closing trading price of the Company’s common stock on its principal stock exchange is equal to or greater
than 250% of the cash Per Share Purchase Price for 20 out of 30 trading days following the effectiveness of the registration statement.
Pursuant to the Lead Investor Agreement, for so long as Multicoin continues to beneficially own at least 5% of the Company’s issued
and outstanding shares of common stock, Multicoin has the right to nominate one individual for election to the Board, who shall also be
chairperson of the Board (such nominee, the “Investor Designee”), and the Company agreed to use its reasonable best efforts
to cause the Investor Designee to be elected to the Board (including recommending that the Company’s shareholders vote in favor
of the election of the Investor Designee). In addition, pursuant to the Lead Investor Agreement, the Company agreed to invite a representative
of Jump Crypto to attend all meetings of the Board in a nonvoting observer capacity.

C/M Waiver and Leak-Out
Agreement

On September 8, 2025, we entered
into a waiver and leak-out agreement (the “Waiver and Leak-out Agreement”) with each of C/M Capital Master Fund, LP and WVP
Emerging Manager Onshore Fund, LLC - Structured Small Cap Lending Series (collectively, “C/M”) in connection with our Series
B Preferred Stock, pursuant to which C/M agreed to (i) the termination, waiver or amendment of all covenants and provisions to forgo all
of C/M’s rights under the Common Stock Purchase Warrant (the “Warrant”), the Preferred Stock Purchase Agreement (the
“PS Agreement”) and the Registration Rights Agreement, each entered into on or about May 23, 2025, between the Company and
C/M, including a general release from any liability