SEC Contract Filing

Filing Date: 2023-11-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>forward_ex1002.htm
<DESCRIPTION>DEFERRED PAYMENT AGREEMENT
<TEXT>
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<P STYLE="margin: 0"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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 <TD STYLE="text-align: left; width: 53%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Forward Industries, Inc. </B></FONT></TD>
 <TD STYLE="text-align: left; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>10F-5 No.16, Lane 609</B></FONT></TD>
 </TR>
 <TR STYLE="vertical-align: top">
 <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>700 Veterans Memorial Highway, Suite 100</B></FONT></TD>
 <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Chung Shin Road, Section 5</B></FONT></TD>
 </TR>
 <TR STYLE="vertical-align: top">
 <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Hauppauge, NY 11788</B></FONT></TD>
 <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>San Chung District, New Taipei City</B></FONT></TD>
 </TR>
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 <TD STYLE="text-align: left">&nbsp;</TD>
 <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Taiwan, Republic of China.</B></FONT></TD>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">October 30, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify">Agreements regarding deferred payments under that certain Buying Agency and Supply Agreement made as of
September 9, 2015 (the &ldquo;Original Agreement&rdquo;) by and between Forward Industries, Inc., a New York corporation (&ldquo;Principal&rdquo;)
and Forward Industries (Asia-Pacific) Corporation, a BVI registered corporation (&ldquo;Agent&rdquo;) and that certain proposed successor
<B>Buying Agency and Supply Agreement</B> by and between Principal and Agent (the &ldquo;New Agreement&rdquo;), which is being executed
simultaneously and as partial consideration for this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gentlemen/Ladies:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter agreement (&ldquo;Agreement&rdquo;)
is being executed in connection and partial consideration for the entrance into the New Agreement by the undersigned parties for the purpose
of memorializing certain agreements and understandings between Principal and Agent regarding the payment of certain acknowledged and deferred
payments of certain Invoice Prices and Service Fees under the Original Agreement as well as any deferred payments which may be agreed
to related to the New Agreement (collectively, the &ldquo;Outstanding Amounts&rdquo;). The parties acknowledge and agree that as of the
date hereof the Outstanding Amounts equal $7,365,238. Capitalized terms used in this Agreement and not otherwise defined herein shall
have the meaning ascribed to them in the Original Agreement. Each of the Principal and Agent represent, warrant, covenant, and agree as
follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything in
the Original Agreement or the New Agreement to the contrary, Agent agrees that it will not require, invoice or demand the repayment by
Principal of more than $500,000 of Outstanding Amounts in any given 12-month period. Upon receipt of a payment request, within 30 days
of the request, Principal shall pay the requested payment amount. Agent releases and waives any right to enforce any default or breach
under the Original Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall be governed
by and construed in accordance with the laws of the State of New York. Each party irrevocably and unconditionally agrees that venue and
jurisdiction for the resolution of any dispute and the enforcement of any rights in any way arising from or relating to this Agreement
shall exclusively be the courts of the state of New York sitting in Suffolk County. Except as modified herein, all other terms and conditions
of the Original Agreement which survive its termination and the New Agreement shall remain in full force and effect. The parties consent
to the use of electronic signature on this Agreement, a