FWDI 8-K
Forward Industries, Inc. (FWDI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On November 13, 2024, Forward Industries, Inc. (the “Company”) and Forward Industries (Asia-Pacific) Corporation (“FC”) agreed to extend the Buying Agency and Supply Agreement dated November 2, 2023 (the “Agency Agreement”) to April 30, 2025. Either party may terminate the Agency Agreement with 30 days prior written notice. Additionally, the Agency Agreement was amended to: (i) reduce the monthly service fee from $65,833 to $35,000 and (ii) to change the payment terms for all products and service fees from 60 days to seven days after the Company collects payments for goods from its customers. These amended terms were memorialized in a letter agreement between the Company and FC.
The foregoing description of the letter agreement does not purport to be complete and is qualified in its entirety by reference to the letter agreement which is filed as Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description of Exhibit |
| 10.1 | Letter Agreement – Amendment/Extension of FC Buying Agency and Supply Agreement |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FORWARD INDUSTRIES, INC. | |||
| Date: November 18, 2024 | By: | /s/ Kathleen Weisberg | |
| Name: Kathleen Weisberg | |||
| Title: Chief Financial Officer | |||
| 3 |
Exhibit 10.1
FORWARD INDUSTRIES, INC.
November 13, 2024
Forward Industries (Asia-Pacific) Corporation
Terence Wise
Re: Buying Agency and Supply Agreement
Dear Terry:
This letter agreement documents our understanding regarding Forward Industries, Inc. (the “Company”) and Forward Industries (Asia-Pacific) Corporation (“FC”) extending and revising certain terms contained in that certain Buying Agency and Supply Agreement dated November 2, 2023 (the “Agency Agreement”). We refer herein to the Company and FC as a “Party” or collectively as the “Parties”. Capitalized terms not defined herein shall have the meanings ascribed to them in the Agency Agreement.
For good and valuable consideration, which is hereby acknowledged, the Parties hereby agree to extend the Term of the Agency Agreement for approximately a six-month period ending at the close of business on April 30, 2025 (with either Party able to terminate with 30 days written notice to the other Party). Additionally, Section 2(B) is hereby amended to change the fixed portion of the monthly fee from $65,833 to $35,000 and Section 3(A) is hereby amended to change the payment terms for all Products and Service Fees from 60 days to 7 days after Principal collects payment for such goods from its customer.
Except for the amended term under this letter agreement, the remaining terms of the Agency Agreement shall remain in full force and effect. This letter agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
If you agree, please indicate such by signing below.
| Sincerely, | |
| FORWARD INDUSTRIES, INC. | |
| By: /s/ Kathleen Weisberg | |
| Kathleen Weisberg | |
| Chief Financial Officer |
I hereby agree to the foregoing.
FORWARD INDUSTRIES (ASIA-PACIFIC) CORPORATION
By: /s/ Terence Wise
Terence Wise, Principal