Amendment to Buying Agency and Supply Agreement between Forward Industries, Inc. and Forward Industries (Asia-Pacific) Corporation
Forward Industries, Inc. and Forward Industries (Asia-Pacific) Corporation have agreed to extend their existing Buying Agency and Supply Agreement until April 30, 2025, with either party able to terminate the agreement with 30 days' written notice. The amendment also reduces the fixed monthly fee from $65,833 to $35,000 and shortens the payment terms for products and service fees from 60 days to 7 days after payment is collected from customers. All other terms of the original agreement remain unchanged.
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
