Company: FWDI
Filing Date: 2025-06-10
Form Type: S-1
Source: 0001683168-25-004372
Chunk: 22

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: S-1
Chunk 22
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 in the Purchase Agreement, purchase from
us up to the lesser of (i) $35,000,000 in aggregate value of shares of our common stock and (ii) the Exchange Cap, upon the terms and
subject to the conditions and limitations set forth in the Purchase Agreement, or the Commitment Amount; provided, however, that such
limitations will not apply if we obtain stockholder approval to issue additional shares of common stock. The shares of our common stock
that may be issued under the Purchase Agreement may be sold, subject to the restrictions and satisfaction of the conditions in the Purchase
Agreement, by us to the Selling Stockholder at our discretion from time to time from the Commencement Date until the earliest to occur
of (i) the first day of the month next following the 36-month anniversary of the Commencement Date, (ii) the date on which the Selling
Stockholder shall have purchased the Commitment Amount, (iii) the ninetieth day after the date on which, pursuant to or within the meaning
of any bankruptcy law, we commence a voluntary case or any person commences a proceeding against us, in each case that is not discharged
or dismissed prior to such ninetieth day, and (iv) the date on which, pursuant to or within the meaning of any bankruptcy law, a custodian
is appointed for us or for all or substantially all of our property, or we make a general assignment for the benefit of our creditors,
or each, a Termination Event.

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Purchases of Shares of Our Common Stock Under the Purchase Agreement

During the term described above,
on any business day on which the closing sale price of the common stock on Nasdaq is equal to or greater than $1.00, we will have the
right, but not the obligation, from time to time at our sole discretion, subject to the restrictions and satisfaction of the conditions
in the Purchase Agreement, to direct the Selling Stockholder, by delivery of an irrevocable written notice (a “Fixed Purchase Notice”),
to purchase a number of shares of our common stock, or the Fixed Purchase, not to exceed, on any trading day, the lesser of (i) $400,000
worth of shares of Common Stock or (ii) 10,000 shares of Common Stock, at a purchase price equal to the lesser of 95% (i) lowest sale price of the common stock on the trading day immediately prior to such applicable Fixed Purchase