Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 47

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 47
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LOC Termination

As previously disclosed, on May 16, 2025, we entered
into a securities purchase agreement (the “ELOC Agreement”) with C/M. Pursuant to the ELOC Agreement,
the Company had agreed to sell, and C/M had agreed to purchase, up to $35 million of the Company’s common stock, par value $0.01
per share, subject to a sale limit of 19.99% of the outstanding shares of the Company’s common stock in accordance with the rules
of The Nasdaq Stock Market, LLC. On September 8, 2025, the Company and C/M mutually agreed to terminate the ELOC Agreement, effective
as of September 9, 2025.

Asset Management Agreement

On September 10, 2025, we entered into an asset
management agreement (the “Asset Management Agreement”) with Galaxy Digital Capital Management LP, an SEC-registered
investment adviser (the “Asset Manager”), pursuant to which we appointed the Asset Manager to provide discretionary
investment management services with respect to all of our (whether held directly by us or indirectly by a subsidiary or affiliate) cash,
cash equivalents, stablecoins, cryptocurrency and other investible assets (excluding (i) publicly-traded equities acquired pursuant to
mergers, acquisitions, combinations or other similar transactions pursuant to which we acquire or otherwise combine or merge with another
publicly-traded digital asset treasury company, (ii) privately offered equity securities and (iii) non-publicly traded convertible debt
instruments). Title to the account and all account assets will be held in our name. The Asset Manager is not authorized to act as custodian
of our assets, nor to take possession or title to any assets.

As compensation for the Asset Manager’s
services, we will pay management fees according to a fee schedule set forth in the Asset Management Agreement. In addition, the Asset
Manager is authorized to appoint an affiliate to stake some or all of the SOL purchased for, maintained in the account, or otherwise owned
or controlled by the Company. Such Asset Manager affiliate will be entitled to mutually agreed upon staking-based fees, subject to certain
parameters according to a schedule set forth in the Asset Management Agreement. The Asset Manager is otherwise responsible for all of
its overhead costs and the custody fees of any custodian selected by the Asset Manager, and the Company will pay or reimburse the Asset
Manager for all reasonable and documented expenses related to the operation of the account.

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