Company: FWDI
Filing Date: 2025-09-18
Form Type: SCHEDULE 13D
Source: 0001104659-25-091229
Chunk: 2

Company: Forward Industries, Inc.
Filing Date: 2025-09-18
Form: SCHEDULE 13D
Chunk 2
---
 Mr. Samani, the Lock-Up Securities will be released from the restrictions of such Lock-Up Agreement in two tranches (each, a "Tranche") as follows (each applicable date and time, a "Release Time"): (i) fifty percent (50%) of the Lock-Up Securities (the "First Tranche") will be released automatically and without further action of any person upon the earliest of the date that (a) one or more registration statements have been declared effective by the SEC registering the Lock-Up Shares for resale, (b) all of the Securities have been sold pursuant to Rule 144, or may be sold pursuant to Rule 144 without volume or manner-of-sale restrictions and without the requirement for the Issuer to be in compliance with the current public information requirements of Rule 144 or (c) following the one year anniversary of the Closing Date; and (ii) fifty percent (50%) of the Lock-Up Securities will be released 30 calendar days after the First Tranche.                                                                                                                                                                                                                                
 In connection with the Private Placement, the Issuer and the PIPE Investors entered into a Registration Rights Agreement, dated September 6, 2025 (the "Registration Rights Agreement"), providing for the registration for resale of the shares of Common Stock issued in the Private Placement and the shares of Common Stock underlying warrants on an effective registration statement, pursuant to a registration statement (the "Resale Registration Statement") to be filed with the SEC no later than October 10, 2025. The Issuer has agreed to use commercially reasonable efforts to cause the Resale Registration Statement to be declared effective as promptly as possible, but in no event later than the fifth (5th) business day following its filing date (or, in the event of a review by the SEC, the seventy-fifth (75th) calendar day following the filing date), and to keep the Resale Registration Statement continuously effective from the date on which the SEC declares the Resale Registration Statement to be effective (or the Resale Registration Statement goes effective pursuant to its terms) until (i) the date on which the PIPE Investors shall have resold or otherwise disposed of all the Registrable Securities (as such term is defined in the Registration Rights Agreement) covered thereby, or (ii) the date on which the shares no longer constitute Registrable Securities (as defined in the Registration Rights Agreement) and may be resold by the PIPE Investors without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the