Terence Bernard Wise - Jul 5, 2024 Form 4 Insider Report for Forward Industries, Inc. (FORD)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: /s/ Terence Bernard Wise
Stock symbol: FORD
Transactions as of: Jul 5, 2024
Transactions value $: $0
Form type: 4
Date filed: 7/9/2024, 04:05 PM

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	FORD	Series A-1 Convertible Preferred Stock	Award		+1.7K			1.7K	Jul 5, 2024	Common Stock		$7.50	See footnote	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The shares of Series A-1 Convertible Preferred Stock (the "PS") are convertible into shares of common stock at $7.50 per share or 226,667 shares (product of stated value of $1,000 and 1,700 shares). The shares of PS have a 19.9% conversion blocker. The PS is perpetual and therefore has no expiration date. The reporting person acquired the shares of PS in consideration for $1.7 million of forgiven payables due to Forward Industries (Asia-Pacific) Corporation.
F2	The shares of PS and the underlying shares of common stock are indirectly owned by the reporting person through Forward Industries (Asia-Pacific) Corporation.

Content

The shares of Series A-1 Convertible Preferred Stock (the "PS") are convertible into shares of common stock at $7.50 per share or 226,667 shares (product of stated value of $1,000 and 1,700 shares). The shares of PS have a 19.9% conversion blocker. The PS is perpetual and therefore has no expiration date. The reporting person acquired the shares of PS in consideration for $1.7 million of forgiven payables due to Forward Industries (Asia-Pacific) Corporation.

The shares of PS and the underlying shares of common stock are indirectly owned by the reporting person through Forward Industries (Asia-Pacific) Corporation.