Company: FWDI
Filing Date: 2025-09-08
Form Type: 8-K
Source: 0001683168-25-006734
Chunk: 2

Company: Forward Industries, Inc.
Filing Date: 2025-09-08
Form: 8-K
Item: Item 1.01
Chunk 2
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is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand for or exercise any right with respect
to the registration of any Lock-Up Securities; or (4) publicly disclose the intention to make any offer, sale, pledge or
disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities, for a period
(“Lock-Up Period”) beginning on and including the date of such Lock-Up Agreement through and ending with respect
to each Tranche (as defined below) upon the applicable Release Time (as defined below), subject to certain customary exceptions.
With respect to each Purchaser, the Lock-Up Securities will be released from the restrictions of such Lock-Up Agreement in two
tranches (each, a “ Tranche”) as follows (each applicable date and time, a “ Release Time”): (i)
fifty percent (50%) of the Lock-Up Securities (the “ First Tranche”) will be released automatically and without
further action of any person upon the earliest of the date that (a) one or more registration statements have been declared effective
by the Securities and Exchange Commission (the “ SEC”) registering the Shares and Pre-Funded Warrant Shares for
resale, (b) all of the Securities have been sold pursuant to Rule 144 (“Rule 144”) as promulgated by the SEC
under the Securities Act of 1933, as amended (the “ Securities Act”), or may be sold pursuant to Rule 144 without
volume or manner-of-sale restrictions and without the requirement for the Company to be in compliance with the current public
information requirements of Rule 144 or (c) following the one year anniversary of the Closing Date; and (ii) fifty percent (50%) of
the Lock-Up Securities will be released 30 calendar days after the First Tranche. The Company’s directors and officers will
also execute a deliver Lock-Up Agreements with respect to the Lock-up Securities for a Lock-Up Period of 180 days starting on the
Closing Date, subject to certain customary exceptions.

   2  

Cantor Fitzgerald & Co. (“ Cantor”)
and Galaxy Digital Partners LLC (“ Galaxy DP”) have agreed to serve as the Company’s placement agents in connection
with the Private Placement. The Company has agreed to pay Cantor and Galaxy DP a non-refundable total cash fee equal to the sum of (i)
5% of the first $1.0 billion