Exhibit 4.1


 





Amended
and restated Promissory Note


 


	U.S. $1,600,000	January 18, 2018




 


The undersigned maker,
Forward Industries Inc, a New York Corporation (“Borrower”) promises to pay to the order of Forward Industries
(Asia-Pacific) Corporation (“Lender”), at 101, Building 13, Bishui Laintian,, New Century Villas, Dongguan City,
Guandong Province, China, 523123, the principal sum of one million six hundred thousand Dollars (U.S. $1,600,000), together
with interest accruing thereon from the date hereof at the rate and time hereinafter provided.


 


Interest (computed
on the basis of a 360-day year for the actual number of days elapsed) on the outstanding balance of principal evidenced by this
Note shall accrue at a rate per annum (the “Applicable Interest Rate”) equal to eight percent (8%).


 


Interest only shall
be due and payable on February 18, 2018, and on the 18th day (or 17th on the maturity date) of each month
thereafter until March 17, 2020, at which time the entire principal and all accrued interest hereunder shall be immediately due
and payable in full.


 


The failure of Borrower
to pay to Lender promptly within five (5) days after written notice from Lender that ampounts are due and payable under this Note
shall constitute an event or default under this Note. At any time after the occurrence of any such event of default, the indebtedness
evidenced by this Note and/or any note(s) or other obligation(s) which may be taken in renewal, extension, substitution or modification
of all or any part of the indebtedness evidenced thereby and all other obligations of Borrower to Lender howsoever created and
existing shall, at the option of the Lender in its sole discretion, immediately become due and payable without demand upon or notice
to Borrower, and Lender shall be entitled to exercise all remedies as provided by law and/or equity.


 


Borrower hereby waives
presentment for payment, demand, notice of dishonor and protest and agrees that (i) any collateral, lien or right of setoff securing
any indebtedness evidenced by this Note may, from time to time, in whole or in part, be exchanged or released, and any person liable
on or with respect to this Note may be released, all without notice to or further reservations of rights against Borrower, any
endorser, surety or guarantor and all without in any way affecting or releasing the liability of Borrower, any endorser, surety
or guarantor, and (ii) none of the terms or provisions hereof may be waived, altered, modified or amended except as Lender may
consent thereto in writing.


 


Borrower hereby agrees
to pay all out-of-pocket costs and expenses, including reasonable attorneys’ fees, incurred by Lender in the collection of
the indebtedness evidenced by this Note, in enforcing any of the rights, powers, remedies and privileges of Lender hereunder, or
in connection with any further negotiations, modifications, releases, or otherwise incurred by Lender in connection with this Note.
As used in this Note, the term “attorneys’ fees” shall mean reasonable charges and expenses for legal services
rendered to or on behalf of Lender in connection with the collection of the indebtedness evidenced by this Note at any time whether
prior to the commencement of judicial proceedings and/or thereafter at the trial and/or appellate level and/or in pre-judgment
and post-judgment or bankruptcy proceedings.


 


 


 


 






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In no event shall the
rate of interest charged under this Note exceed the rate that may legally be charged to Borrower for obligations of this nature
under the laws of the State of Florida, and any interest that may be paid in excess of the legal limit shall, at the option of
Lender, be refunded to Borrower or shall be applied towards payment of the principal obligation under this Note.


 


If any installment
of interest, principal or principal and interest shall become overdue for a period in excess of ten (10) days, in addition to such
payment, a “late charge” in the amount of five percent (5%) of such overdue payment shall be paid by Borrower to Lender
on demand for the purpose of defraying the expenses incident to handling such delinquent payments.


 


During the continuation
of any default by Borrower in the payment of any installment of interest, principal or principal and interest under this Note,
the interest rate provided herein shall be increased to a rate which shall be equal to the maximum rate of interest allowable under
the laws of the State of Florida. Venue of any litigation arising in connection with this Note shall be in Palm Beach County, Florida.


 


To the extent that
Lender receives any payment on account of any of Borrower’s obligations, and any such payment(s) or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinate and/or required to be repaid to a trustee,
receiver or any other person or entity under any bankruptcy act, state or federal law, common law or equitable cause, then, to
the extent of such payment(s) received, Borrower’s obligations or part thereof intended to be satisfied shall be revived
and continue in full force and effect, as if such payment(s) had not been received by Lender and applied on account of Borrower’s
obligations.


 


Borrower agrees that
this Note shall be deemed to have been made under and shall be governed by the laws of the State of Florida in all respects, including
matters of construction, validity and performance. If any provisions of this Note shall be deemed unenforceable under applicable
law, such provision shall be ineffective, but only to the extent of such unenforceability, without invalidating the remainder of
such provision or the remaining provisions of this Note. All of the terms and provisions of this Note shall be applicable to and
be binding upon each and every maker, endorser, surety, guarantor, all other persons who are or may become liable for the payment
hereof and their heirs, personal representatives, successors or assigns.


 


BORROWER AND LENDER
(BY ACCEPTING THIS NOTE) HEREBY MUTUALLY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER BORROWER
OR LENDER AGAINST THE OTHER AND BASED UPON, ARISING OUT OF, OR IN CONNECTION WITH, THIS NOTE OR OTHER DOCUMENTS EXECUTED IN CONNECTION
WITH THE LOAN EVIDENCED BY THIS NOTE.


 


 


 


 






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        FORWARD INDUSTRIES, INC.

         

         

         

        By:___________________________________

        Name: Michael Matte

        Its: Chief Financial Officer



 


 


	STATE OF	 	    )
	 	 	   ) SS:
	COUNTY OF	 	   )




 


The foregoing Promissory
Note was acknowledged before me this _____ day of _______________, 20__, by ____________________, the _______________ of ________________________________, a ____________________, on behalf of the _______________, (    ) who
is personally known to me OR (    ) who produced ____________________________________________________
as identification.


 


 


____________________________________


Notary Signature


 


____________________________________


Print Notary Name


 


NOTARY PUBLIC


State of _______________
at Large


My Commission Expires:


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Promissory Note Signature Page


 






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