Company: FWDI
Filing Date: 2025-08-06
Form Type: PRE 14A
Source: 0001683168-25-005714
Chunk: 21

Company: Forward Industries, Inc.
Filing Date: 2025-08-06
Form: PRE 14A
Chunk 21
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 alter or change in any respect the preferences, rights, privileges or powers, or restrictions
provided for the benefit, of the Series A-1; or (b) increase or decrease (other than by conversion) the authorized number of Series A-1.

11. Except for the Conversion
Restrictions of this COD, or as otherwise required by law, this COD may be amended by the written consent or affirmative vote of at least
a majority of the outstanding Series A-1.

12. Except for the Conversion Restrictions
set forth in of this COD and as otherwise set forth in of this COD, any of the rights, powers, preferences,
privileges, restrictions, qualifications, limitations and other terms of the Series A-1 set forth herein may be waived on behalf of all
Holders of Series A-1 by the written consent or affirmative vote of at least a majority of the outstanding Series A- l.

13. No
specific provision contained in this COD shall limit or modify any more general provision contained herein.

14. As used herein with respect
to Series A-1:

“ Common Stock”
has the meaning set forth in .

“ Common Stock Equivalents”means any securities of the Company or its subsidiaries which would entitle the holder thereof to acquire at any time Common Stock,
including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into
or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

“ Conversion Price”
has the meaning set forth in Section 6(a).

“ Conversion Restrictions”
has the meaning set forth in .

“ Corporation”
means Forward Industries, Inc.

“ Individual Holder Share Cap”means, with respect to any individual Holder, the maximum number of shares of Common Stock that could be issued by
the Company to such Holder without triggering a change of control under NASDAQ Stock Market Rule 5635 (or its successor).

“ Junior Stock”
has the meaning set forth in .

“ NASDAQ”
means the Nasdaq Stock Market, LLC.

“ Parity Stock”
has the meaning set forth in .

“ Senior Stock”
has the meaning set forth in

| B-3 |

“ Series A”means Series A-1 Preferred Stock.

“ Share Cap”
means a number of shares of Common Stock equal to the product of (i) 0.199 and (ii) 1,101,070 (subject to adjustment in the event of a
stock split, stock