Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 55

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 55
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 the common stock during the Additional VWAP Purchase Period (as defined
in the ELOC Agreement) on the applicable Additional VWAP Purchase Date.

If the Company makes certain issuances
of Company securities within a specified period of time after a Purchase Date and such securities are issued at prices (the “New
Issuance Price”) less than the prices to be paid by the Purchaser in such Fixed Purchase, VWAP Purchase or Additional VWAP Purchase,
the purchase price for such applicable Fixed Purchase, VWAP Purchase and Additional VWAP Purchase would be reduced to the New Issuance
Price, subject to the terms and conditions set forth in the ELOC Agreement.

Under the ELOC Agreement, in no
event may the aggregate amount of Purchase Shares submitted in any single or combination of VWAP Purchase notices and/or Additional VWAP
Purchase notices on a particular date require a payment from the Purchaser to the Company that exceeds $2,000,000, unless such limitation
is waived by the Purchaser.

In no event shall the Company
issue or sell any shares of common stock pursuant to the ELOC Agreement to the extent that after giving effect thereto, the aggregate
number of shares of common stock that would be issued pursuant to the ELOC Agreement (including the Commitment Shares) would exceed 220,103
shares (such number of shares equal to 19.99% of the shares of common stock issued and outstanding immediately preceding the execution
of the ELOC Agreement) (the “ELOC Exchange Cap”), subject to adjustment as set forth in the ELOC Agreement, unless and until
(i) the Company obtains the approval of the issuance of such shares by its shareholders in accordance with the applicable stock exchange
rules or (ii) the average price paid for all shares of common stock issued under the ELOC Agreement (including Commitment Shares) is equal
to or in excess of a price equal to the lower of (A) the closing price on Nasdaq on May 15, 2025 and (B) the average of the closing prices
of the common stock for the five business days immediately preceding May 16, 2025, as calculated in accordance with the rules of Nasdaq,
such that the sales of such common stock to the Purchaser would not count toward the ELOC Exchange Cap because they would not be “below
market” under applicable stock exchange rules.

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In addition, the Purchaser is
not obligated to buy any shares of common stock pursuant to the E