Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 17

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 17
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the “Services Agreement”) with Galaxy, pursuant to which we engaged Galaxy to provide us
with certain operational, financial and human resources services to assist us with the inception of our new digital assets treasury business.
Galaxy will not be providing any (i) tax advice or services, (ii) legal advice or services, or (iii) advice in connection with the Investment
Company Act of 1940, as amended (the “Investment Company Act”), or any related analyses thereto.

As compensation for its services,
we will pay Galaxy fees as set forth in the Services Agreement. The Services Agreement has an initial term of six (6) months but may be
extended for one additional six (6) month period if mutually agreed in writing by the parties.

Except in cases of willful
misconduct, gross negligence or fraud, neither Galaxy nor any of its affiliates or their respective officers, directors, employees, contractors
and agents shall have any liability for claims, losses, damages, penalties, obligations or expenses of any kind suffered by us as a result
of any act or omission by Galaxy in connection with, arising out of, or relating to the services provided under the Services Agreement.

Conversion of Shares

On September 10, 2025, Forward
Industries (Asia-Pacific) Corporation (“FC”) converted 4,315 shares of Series A-1 Preferred Stock (“Series A-1”)
(Stated Value of $4,315,000) in accordance with the terms of the Series A-1 and was issued 575,333 shares of Common Stock (based on a
conversion price of $7.50 per share) of the Company. Following FC’s conversion, no Series A-1 remain outstanding.

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On September 10, 2025, WVP
Emerging Manager Onshore Fund, LLC - Structured Small Cap Lending Series (“WVP”) converted 400,000 shares of Series B Preferred
Stock (Stated Value of $400,000) in accordance with the terms of the Series B Preferred Stock and was issued 91,506 shares of common stock
(based on a conversion price of $4.50 per share) of the Company. On September 10, 2025, C/M converted 600,000 shares of Series B Preferred
Stock (Stated Value of $600,000) in accordance with the terms of the Series B Preferred Stock and issued 137,259 shares of common stock
(based on a