Company: FWDI
Filing Date: 2025-08-06
Form Type: PRE 14A
Source: 0001683168-25-005714
Chunk: 20

Company: Forward Industries, Inc.
Filing Date: 2025-08-06
Form: PRE 14A
Chunk 20
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: (i) pays a stock dividend or otherwise makes a distribution
or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock Equivalents, (ii) subdivides outstanding
shares of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares of
Common Stock into a smaller number of shares, or (iv) issues, in the event of a reclassification of shares of the Common Stock, any shares
of capital stock of the Corporation, then the Conversion Price shall be adjusted proportionately. Any adjustment made pursuant to this
shall become effective immediately after the record date for the determination of shareholders entitled to receive such
dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or
reclassification.

8. Any shares of Series
A-I that are converted or otherwise acquired by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled
and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting
or other rights granted to the Holders of Series A-l following conversion or acquisition.

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1 Product of $1,000
Stated Value Multiplied 1,700 shares divided by $7.50 = 226,667 shares of common stock

| B-2 |

9. The Corporation hereby
covenants and agrees that the Corporation will not, by amendment of its COI including by the filing of any COD (however such document
is named), bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue
or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
COD, and will at all times in good faith carry out all the provisions of this COD and take all action as may be required to protect the
rights of the Holders.

10. In addition to any other rights provided by law, without first obtaining the written consent of at least a majority of the
outstanding Series A-1, the Corporation shall not: (a) amend or repeal any provision of, or add any provision to, its COI or bylaws, or
file any Certificate of Amendment (however such document is named) to create a Senior Stock, Parity Stock or any class or any series of
preferred stock, if such action would adversely