Company: FWDI
Filing Date: 2025-08-06
Form Type: PRE 14A
Source: 0001683168-25-005714
Chunk: 19

Company: Forward Industries, Inc.
Filing Date: 2025-08-06
Form: PRE 14A
Chunk 19
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 winding up, and (ii) the same amount that a holder
of the Corporation’s Common Stock would receive on an as-converted basis (without regard to the Conversion Restrictions or any other
conversion limitations hereunder). Any distribution in connection with the liquidation, dissolution or winding up of the Corporation,
or any bankruptcy or insolvency proceeding, shall be made in cash to the extent possible.

5. The remedies provided for hereunder, shall be cumulative and in addition to all other remedies available
under this COD, at law or in equity (including a decree of specific performance and/or other injunctive relief), no remedy contained herein
shall be deemed a waiver of compliance with the provisions giving rise to such remedy, and nothing herein shall limit a holder’s
right to pursue actual damages for any failure by the Corporation to comply with the terms of this COD.

6.

(a) Subject to the Conversion
Restrictions, the Series A-1 shall be convertible at the option of the holder into that number of shares of Common Stock as is determined
by (i) multiplying the number of shares of Series A-1 to be converted by the Stated Value thereof, (ii) adding to the result all accrued
and accumulated and unpaid dividends on such shares of Series A-1 to be converted, and then (ii) dividing the result by the Conversion
Price in effect immediately prior to such conversion.1 The “Conversion Price”applicable to the Series A-1 shall initially be equal to $7.50. Such initial Conversion Price, and the rate at which shares of Series
A-1 may be converted into shares of Common Stock, shall be subject to adjustment as provided in

(b) Notwithstanding the foregoing
or anything else in this COD to the contrary, unless and until the Stockholder Approval (to the extent required under the listing rules
of NASDAQ) is obtained, (i) the holders shall not have the right to acquire shares of Common Stock, and the Corporation shall not be required
to issue shares of Common Stock, in excess of the Share Cap and (ii) no Holder shall have the right to acquire shares of Common Stock,
and the Corporation shall not be required to issue shares of Common Stock to such holder, in excess of such holder’s individual
Holder Share Cap (collectively, the “Conversion Restrictions”), and in each case, the Corporation shall obtain Stockholder
Approval of such issuances.

7. .
If the Corporation, at any time while any Series A-l shares are outstanding