Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 46

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 46
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 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 which C/M agreed to (i) the termination,
waiver or amendment of all covenants and provisions to forgo all of C/M’s rights under the Common Stock Purchase Warrant (the “Warrant”),
the Preferred Stock Purchase Agreement and the Registration Rights Agreement, each entered into on or about May 23, 2025, between the
Company and C/M, including a general release from any liability for prior non-performance, and (ii) provide conversion notices and such
other documentation reasonably requested by the Company in order to complete the conversion of all of C/M’s Series B Stock into
shares of Common Stock.

In connection with the Waiver and Leak-out Agreement,
the Company granted C/M the right to purchase up to $33,000,000 worth of shares of Common Stock at a purchase price per share equal to
the Per Share Purchase Price; and has agreed to include for registration on the Resale Registration Statement, on behalf of C/M as a selling
stockholder, all shares of Common Stock previously underlying the Series B Stock and Warrant held by C/M.

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