Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 45

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 45
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 an amount of shares of the Common Stock (the “Lead Investor Warrants”). The exercise price per
share of the Lead Investor Warrants shall equal one penny ($0.01) per share and shall be exercisable as follows: (1) one-third (1/3) of
the Lead Investor Warrants shall be exercisable on and after the first date on which the closing trading price of the Company’s
Common Stock on its principal stock exchange is equal to or greater than 150% of the cash Per Share Purchase Price for 20 out of 30 trading
days following the effectiveness of this registration statement; (2) one-third (1/3) of the Lead Investor Warrants shall be exercisable
on and after the first date on which the closing trading price of the Company’s Common Stock on its principal stock exchange is
equal to or greater than 200% of the cash Per Share Purchase Price for 20 out of 30 trading days following the effectiveness of this registration
statement; and (3) one-third (1/3) of the Lead Investor Warrants shall be exercisable on and after the first date on which the closing
trading price of the Company’s Common Stock on its principal stock exchange is equal to or greater than 250% of the cash Per Share
Purchase Price for 20 out of 30 trading days following the effectiveness of this registration statement. Pursuant to the Lead Investor
Agreement, for so long as Multicoin continues to beneficially own at least 5% of the Company’s issued and outstanding shares of
Common Stock, Multicoin has the right to nominate one individual for election to the Board, who shall also be chairperson of the Board
(such nominee, the “Investor Designee”), and the Company agreed to use its reasonable best efforts to cause the Investor
Designee to be elected to the Board (including recommending that the Company’s stockholders vote in favor of the election of the
Investor Designee).

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C/M Waiver and Leak-Out Agreement

On September 8, 2025, we entered into a waiver
and leak-out agreement (the “Waiver and Leak-out Agreement”) with each of C/M Capital Master Fund, LP and WVP Emerging
Manager Onshore Fund, LLC - Structured Small Cap Lending Series (collectively, “C/M”) in connection with our Series
B Convertible Preferred Stock, $0.01 par value (“Series B Stock”), pursuant to