Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 75

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 75
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 to the extent it does not receive specific instructions from the holders of depositary
shares representing such preferred stock.

Amendment and Termination
of the Depositary Agreement

The form of depositary receipt
evidencing the depositary shares and any provision of the depositary agreement may be amended by agreement between the Bank Depositary
and us. However, any amendment that materially and adversely alters the rights of the holders of depositary shares will not be effective
unless such amendment has been approved by the holders of at least a majority of the depositary shares then outstanding. The depositary
agreement may be terminated by the Bank Depositary or us only if (1) all outstanding depositary shares have been redeemed or (2) there
has been a final distribution in respect of the preferred stock in connection with any liquidation, dissolution or winding up of our company
and such distribution has been distributed to the holders of depositary receipts.

Withdrawal of Preferred Stock

Except as may be provided
otherwise in an accompanying prospectus supplement, upon surrender of depositary receipts at the principal office of the Bank Depositary,
subject to the terms of the depositary agreement, the owner of the depositary shares may demand delivery of the number of whole shares
of preferred stock and all money and other property, if any, represented by those depositary shares. Partial shares of preferred stock
will not be issued. If the depositary receipts delivered by the holder evidence a number of depositary shares in excess of the number
of depositary shares representing the number of whole shares of preferred stock to be withdrawn, the Bank Depositary will deliver to such
holder at the same time a new depositary receipt evidencing the excess number of depositary shares. Holders of withdrawn preferred stock
may not thereafter deposit those shares under the depositary agreement or receive depositary receipts evidencing depositary shares therefor.

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<div align='center'>DESCRIPTION
OF THE WARRANTS</div>

We may issue warrants for the
purchase of common stock. Warrants may be issued independently or together with other securities and may be attached to or separate from
any offered securities. Each series of warrants will be issued under a separate warrant agreement. Set forth below is a brief summary
of the general terms and provisions of the warrants that we may issue from time to time. Additional terms of the warrants and the applicable
warrant agreement will be described in the applicable prospectus supplement.

The following descriptions,
and any description of the warrants included in a prospect