Company: FWDI
Filing Date: 2025-05-01
Form Type: 8-K
Source: 0001683168-25-003025
Chunk: 0

Company: Forward Industries, Inc.
Filing Date: 2025-05-01
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive
Agreement.

On April 30, 2025, Forward Industries, Inc. (the
“ Company”) and Forward Industries (Asia-Pacific) Corporation (“ FC”) agreed to extend the Buying Agency and Supply
Agreement dated November 2, 2023 (the “ Agency Agreement”) to May 2, 2025. The Agency Agreement was set to expire on April
30, 2025.

Item 5.02 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 25, 2025, in connection with the pending
expiration of Agency Agreement and the proposed purchase by FC of certain assets of the Company’s Original Equipment Manufacturing
business (“ Asset Sale”), Mr. Terence Wise notified the Company of his intention to resign from his position as the Company’s
Chief Executive Officer and as a member of the Company’s Board of Directors. Mr. Wise did not specify an effective date of
his resignation other than it would be shortly after the closing of the Asset Sale.

As previously disclosed on a Form 8-K filed on
March 24, 2025, while preliminary terms have been agreed to, the Asset Sale remains subject to negotiation and execution of definitive
agreements, approval by independent directors, and compliance with applicable corporate governance requirements. There can be no
assurance that the parties will reach a final agreement or that any transaction will be completed. The Company will provide further updates
as material developments occur.

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SIGNATURES