Company: FWDI
Filing Date: 2025-06-17
Form Type: S-1/A
Source: 0001683168-25-004556
Chunk: 23

Company: Forward Industries, Inc.
Filing Date: 2025-06-17
Form: S-1/A
Chunk 23
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 of the common stock on the trading day immediately prior to such applicable Fixed Purchase Date or (ii) the daily VWAP of the common stock for the five trading days immediately preceding the applicable Purchase Date for such Fixed Purchase.

In addition, at any time from
and after the Commencement Date, on any business day on which the closing sale price of the common stock is equal to or greater than $1.00
and such business day is also the Fixed Purchase Date for a Fixed Purchase of an amount of shares of common stock not less than the applicable
Fixed Purchase Share Limit (calculated as of the applicable Fixed Purchase Date), we may
also direct the Selling Stockholder, by delivery of a VWAP Purchase Notice, to purchase, on the immediately following business day (the
“VWAP Purchase Date”), an additional number of shares of common stock in an amount not in excess of the lesser of (i) 300%
of the number of shares of common stock directed by us to be purchased by the Selling Stockholder for the applicable Fixed Purchase and
(ii) 30% of the trading volume in our common stock on Nasdaq during the applicable VWAP Purchase Period on the applicable VWAP Purchase
Date, at a purchase price equal to the lesser of 95% of (i) the closing sale price of the common stock on the business day immediately
preceding the applicable VWAP Purchase Date and (ii) the lowest sale price of the common stock during the applicable VWAP Purchase Period.

At any time from and after
the Commencement Date, on any business day that is also the VWAP Purchase Date for a VWAP Purchase, we may also direct the Selling Stockholder,
by delivery of an irrevocable written notice, (an “Additional VWAP Purchase Notice” and, together with a Fixed Purchase Notice
and a VWAP Purchase Notice, a “Purchase Notice”), to purchase, on the same business day (the “Additional VWAP Purchase
Date” and, together with a Fixed Purchase Date and a VWAP Purchase Date, the “Purchase Dates”), an additional number
of shares of common stock in an amount equal to the lesser of (i) 300% of the number of shares of common stock directed by us to be purchased
by the Selling Stockholder pursuant to the corresponding Fixed Purchase and (ii) 30% of the trading volume in our common stock on Nasdaq
during the applicable Additional VWAP Purchase Period on the applicable Additional VWAP Purchase Date, at a