Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 111

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 111
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 registrant under the Securities Act to any purchaser 
 in the initial distribution of the securities:                                                             |

The undersigned registrant undertakes
that in a primary offering of securities of the undersigned registrant pursuant to the registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer and sell such securities
to such purchaser:

| (i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required 
 to be filed pursuant to Rule 424;                                                                        |

| (ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant 
 or used or referred to by the undersigned registrant;                                                       |

| (iii) | The portion of any other free writing prospectus relating to the offering containing material information      
 about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |

| (iv) | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |

| (b) | The undersigned registrant hereby undertakes that, for purposes of determining liability under the Securities                            
 Act, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,                  
 where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that            
 is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities 
 offered therein, and the offering of such securities shall be deemed to be the initial bona fide offering thereof.                       |

| (c) | Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,                                        
 officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised            
 that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. 
 In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred             
 or paid by a director, officer or controlling person of the registrant in the successful defense of any action,