Document:

Exhibit 4.2

 

Amended
and restated Promissory Note

 

	U.S. $1,600,0001	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
December 31, 2024, 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 amounts 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.

 

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.

 

 

 

1
As for the filing date of the Form 10-K for the fiscal year ended September 30, 2022, the principal had been reduced to $1,400,000.

    	 	1	 

     

    

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	2	 

     

    

 

	 	
    FORWARD INDUSTRIES, INC.

     

     

     

    By:___________________________________

    Name: _________________

    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 PageExhibit 10.11

 

	 	Forward
                         Industries, Inc.

700 Veterans Hwy,
Suite 100

Hauppauge, NY 11788

www.forwardindustries.com

 

 

 

TO: JUSTWISE GROUP Ltd, 6, The Shires, Shire Hill, Saffron
Walden CB11 3AP. (“Consultant”)

 

FROM: FORWARD
INDUSTRIES, Inc. (the “holding company” and its subsidiaries) (Referred to herein as “FORD”)

Date: September 1, 2022

Dear Mr Morgan:

 

CONSULTANCY AGREEMENT

 

This letter sets out the terms on which
you and Justwise, as of the date above written, have been engaged jointly as a Consultant (the “Consultant”) for new product
development within Forward Industries and /or its subsidiaries or associated companies and JV’s:

 

		1.	You will be reporting directly to James Berberian.

 

		2.

                                                          
	In consideration of your services FORD will disburse a fee of $10,000 per month
excluding any pre-agreed expense. These services shall be provided as directed by Mr Berberian and as outlined in the attached appendix,
subject, however, to changes which shall be agreed to in writing.

 

		3.	Fees and expenses will become due and payable to Consultant on the first business
day of each month and shall be settled promptly within five business days thereafter.

 

		4.	This agreement is effective as of the date of this letter for a twelve-month period
and may be extended for such period thereafter based on the mutual agreement of the parties hereto.

 

		5.	The agreement can be terminated by either party with three months’ written
notice.

 

		6.

                                                          
	The Consultant undertakes not to engage with any company in this “sector”
other than FORD during the agreement term and for a period of three months after termination. The business sector as defined herein is
any and all household furniture for sale within the North America geographic region, as well as Costco worldwide.

 

		7.	As part of this agreement, FORD has the right to sell Koble branded products within
the North America geographic region, as well as to Costco worldwide. Justwise warrants that it has the right to grant FORD permission
to sell Koble products. In exchange, FORD will pay Justwise a license fee equal to 1% of FORD’s cost to acquire Koble products.

 

		8.	Each party agrees to keep strictly confidential and not to disclose to any person
(in particular to any competitor of either party) the content of this Agreement, the arrangement set out therein, the Project, undertaken
under the terms of this agreement, the identity of any introduced persons and the confidential information of the other party (including
without limitation the details of the other party's business practices and contacts) except that FORD may disclose confidential information
relating to the Project to the introduced persons to the extent necessary to provide its services in relation to the Project. This obligation
of confidentiality shall not apply to any information which a party is required to disclose by any applicable law or any regulatory authority
to which that party is subject.

 

		9.	The intellectual property (IP) associated with this arrangement may fall into the
following categories.

 

		a.	Justwise developed IP; of which FORD may sell into North America and Costco worldwide.

 

		b.	Mutually developed IP; of which FORD may sell into North America and Costco worldwide,
and Justwise may sell into the rest of the world.

 

		c.	FORD developed IP; of which FORD may sell globally and to which Justwise has no
rights under this agreement.

 

		10.	The Consultant agrees to indemnify and hold FORD harmless against all reasonable
actions, claims, costs, liabilities, and issues which may be made against it or which it may suffer or incur because of, or which relate
to or arise directly from any breach by the Consultant of the terms in this Agreement. The Consultant’s liability shall be limited
to the value of the total fees to which it is entitled under this Agreement (and any extension thereof).

 

		11.	Each of the parties will bear their own costs in relation to the negotiation, execution,
and performance of this Agreement.

 

		12.	Nothing in this Agreement is intended to or shall operate to create a partnership
between the parties or, save as otherwise expressly set out in this agreement, to authorise either party to act as agent for the other
and neither party shall have authority to act in the name or on behalf of or otherwise to bind the other in any way (including but not
limited to) the making of any representation or warranty, the assumption of any obligation or liability and the exercise of any right
or power and neither party shall hold itself out as or represent itself as an agent of the other.

 

		13.	The parties agree that this Agreement does not confer any rights or benefits enforceable
by any person not party to it within the meaning of the Contracts (Rights of Third Parties) Act 1999.

 

		14.	This Agreement shall be governed by English law and the parties submit to the jurisdiction
of the English Courts.

 

If you agree to the above terms and conditions, please
acknowledge your acceptance by signing and returning the enclosed copy of this letter.

 

Yours sincerely

 

 

..............................................

Chief Financial Officer

for and on behalf of FORWARD INDUSTRIES, Inc.

700 Veterans Memorial Hwy, Suite 100, Hauppauge, NY 11788

 

 

 

 

 

I accept the above terms and conditions.

 

 

..............................................

 

Howard Morgan (Mr)

for and on behalf of Justwise Group Ltd.,

6, The Shires,
Shire Hill, Saffron Walden CB11 3AP

 

 

Dated      2022

 

 

    	 	1	 

     

    

Appendix: Justwise Statement of Work

 

Brands:

·                    
Koble

·                    
Highmore

·                    
Any other launched by Forward

 

Market Trend Analysis:

·                    
Analyze and Recommend future Trends

		o	In furniture and home décor design
		o	Trends in Style
		o	Trends in material (Fabrics)
		o	Trends in Color
		o	Trends in texture
		o	Trends in integrated technology
		o	Supported by data, Mood boards and examples

  

Product Roadmap:

·                    
Same chart as the original agreement summarized below:

		o	Stage 1 – Ideation
		o	Stage 2 – Trend Analysis
		o	Stage 3 – Briefing
		o	Stage 4 – Sampling
		o	Stage 5 – Marketing Support
		o	Stage 6 – Post Selection Support

 

·                    
Customer Specific Roadmaps: Forward to provide direction by account.

		o	Costco
		o	Wayfair
		o	Best Buy
		o	Apple
		o	Staples / Office Depot

  

·                    
Product Specific Projects:

		o	Turnkey Inspired Desks
		o	Love Sack Inspired Couches
		o	Secret Labs Inspired Gaming Desk
		o	Quick Charge Integration? (Magsafe / USB / USC)
		o	Smart Desk (Apple inspired design)

  

Product Development:

·                    
Develop engineered drawings to be delivered to the factory for development

·                    
Develop Spec pack to be delivered to the factory

·                    
Work with FIC and Factories to develop “golden” sample

·                    
Work with FIC and Factories to develop packaging

·                    
Tooling analysis. Funding of tooling to be agreed upon in advance by all parties on the project.

·                    
Coordinate compliance with Andy Ball

·                    
Share compliance cost where there is overlap with Justwise and Forward

·                    
Work with Andy Ball to ensure there is compliance

 

 

 

    	 	2	 

     

    

 

Marketing Support:

·                    
Photography and videography – Based on customer requests and requirements

·                    
Access to original files in the format needed by customer.

·                    
Descriptions and Ad copy for online setups, packaging development and production

·                    
Power-point presentation slides for each product developed, for each category, trends, and for over all sales function.

·                    
Share Koble social media data to help guide US strategy.

 

Customer Involvement:

·                    
Participate in customer sales meetings in person on an as needed basis (subject to agreed budget for flights / accommodation)

·                    
Participate in customer sales call via Zoom on an as needed basis

·                    
Analyze US Customer web sites to develop market data on best sellers and trends through analyzing reviews and number of reviews.

·                    
Identify opportunities

 

Furniture Channel in the US:

·                    
Assist in developing strategy to break into the furniture channel in the North America

·                    
Furniture store analysis (through website analysis)

·                    
Recommended product roadmap for this channel.

 

Teamwork:

·                    
Meet with Justwise quarterly for strategy and review

·                    
Justwise to Travel to US on and as needed basis (subject to agreed travel budget)

·                    
Weekly Zoom with both teams

 

 

 

 

    	 	3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]