Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 55

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 55
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) the closing price of a share of
common stock on the trading day immediately prior to such applicable Purchase Date and (ii) the lowest sale price on the VWAP Purchase
Date.

At any time from and after the
Commencement Date, on any business day that is also the VWAP Purchase Date for a VWAP Purchase, the Company may also direct the Purchaser
to purchase, on such same business day (the “Additional VWAP Purchase Date”), an additional number of shares of common stock
in an amount up to the Additional VWAP Purchase Maximum Amount (as defined in the ELOC Agreement) (an “Additional VWAP Purchase”)
at a purchase price equal to the lesser of 95% of (i) the closing price of a share of common stock on the trading day immediately prior
to such applicable Purchase Date and (ii) the lowest sale price of the common stock during the Additional VWAP Purchase Period (as defined
in the ELOC Agreement) on the applicable Additional VWAP Purchase Date.

If the Company makes certain issuances
of Company securities within a specified period of time after a Purchase Date and such securities are issued at prices (the “New
Issuance Price”) less than the prices to be paid by the Purchaser in such Fixed Purchase, VWAP Purchase or Additional VWAP Purchase,
the purchase price for such applicable Fixed Purchase, VWAP Purchase and Additional VWAP Purchase would be reduced to the New Issuance
Price, subject to the terms and conditions set forth in the ELOC Agreement.

Under the ELOC Agreement, in no
event may the aggregate amount of Purchase Shares submitted in any single or combination of VWAP Purchase notices and/or Additional VWAP
Purchase notices on a particular date require a payment from the Purchaser to the Company that exceeds $2,000,000, unless such limitation
is waived by the Purchaser.

In no event shall the Company
issue or sell any shares of common stock pursuant to the ELOC Agreement to the extent that after giving effect thereto, the aggregate
number of shares of common stock that would be issued pursuant to the ELOC Agreement (including the Commitment Shares) would exceed 220,103
shares (such number of shares equal to 19.99% of the shares of common stock issued and outstanding immediately preceding the execution
of the ELOC Agreement) (the “ELOC Exchange Cap”), subject to adjustment as set forth in the ELOC Agreement, unless and until
(i) the Company obtains the