Exhibit 10.1

ASSET MANAGEMENT AGREEMENT

This ASSET MANAGEMENT AGREEMENT (this “Agreement”), effective September 10, 2025 (the “Effective Date”), is entered into by and between Forward Industries, Inc. (the “Client”), and Galaxy Digital Capital Management LP (the “Asset Manager” and, together with the Client, the “Parties”).

WHEREAS, the Client wishes to appoint the Asset Manager to manage all the investible Treasury Assets (as such term in defined in Clause 1 below) of the Client; and

WHEREAS, the Asset Manager wishes to be appointed by the Client for such purposes, subject to and in accordance with the terms and conditions contained herein.

NOW, THEREFORE, in consideration of the mutual promises contained herein, and for such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree to be bound on the terms and conditions set forth below:

1. Appointment of the Asset Manager; Authority. The Client hereby appoints the Asset Manager to provide discretionary investment management services with respect to all of the cash, cash equivalents, stablecoins, cryptocurrency and other investible assets (excluding (i) publicly-traded equities acquired pursuant to mergers, acquisitions, combinations or other similar transactions pursuant to which the Client acquires or otherwise combines or merges with another publicly-traded digital asset treasury company, (ii) privately offered equity securities and (iii) non-publicly traded convertible debt instruments) of the Client (whether held by the Client directly or indirectly by a subsidiary or affiliate of the Client) (collectively, the “Treasury Assets”) including, without limitation: (i) all digital assets, whether maintained from time to time in the accounts or cryptocurrency “wallets” identified in Schedule A attached hereto (as amended from time to time, collectively, the “Account”) with one or more custodian(s) or cryptocurrency wallet providers selected by the Asset Manager (collectively, the “Custodian”), or otherwise, (ii) the proceeds of any bona fide capital raise or other financing transaction conducted by or on behalf of the Client or any of its subsidiaries and (iii) any investments of the Treasury Assets, including the proceeds of, income on and additions or accretions to same, including all assets which are or were in the Account but which are staked or otherwise deployed from time to time in accordance with this Agreement, other than assets solely attributable to the Client’s medical device design, development and sales business or any cash, cash equivalents or investable assets held or maintained in connection therewith (collectively, the Client’s “Operating Business”). Treasury Assets managed by the Asset Manager pursuant to this Agreement shall be referred to herein as “Account Assets”. Unless otherwise provided herein, any uninvested Treasury Assets shall be included in the calculation of “Account Assets” for all purposes hereunder. The Asset Manager hereby accepts its appointment and agrees to provide such asset management services upon the terms and conditions set forth herein. The Client agrees that the Asset Manager may provide the services under this Agreement via affiliates of the Asset Manager (“Asset Manager Affiliates”) or other Sub-Advisors pursuant to Section 2(c). The Client and the Asset Manager understand and agree that changes to Schedule A may be made from time to time following the date of execution of this Agreement by mutual agreement of the Parties. The Client acknowledges that, in the event that the Client maintains assets that are not Treasury Assets, the Asset Manager may act without regard to or consideration of such other assets and shall have no responsibility, duty or liability with respect to any assets not Treasury Assets.

2. Authority of Asset Manager.

(a) Generally. The Asset Manager (and, where applicable, any Sub-Advisor) shall have sole responsibility and authority with respect to the discretionary investment management of the Account Assets and, as herein provided, shall from time to time direct the investment and reinvestment of such assets in the Account. The Asset Manager (and, where applicable, any Sub-Advisor) shall have full power and authority to:

(i) enter into all transactions and other undertakings that the Asset Manager may in its discretion deem necessary or advisable to carry out its investment decisions, including but not limited to the ability to (1) buy, sell, exchange, convert, swap, stake, redeem, lend and otherwise trade in digital assets, derivatives, liquid staking derivatives or liquid staking tokens or (2) deploy or otherwise engage in decentralized finance activities with respect to the foregoing assets;

(ii) appoint staking provider for the Client, which provider may be an Asset Manager Affiliate;

(iii) make all investment decisions in respect of the Account Assets and the Account;

(iv) purchase, acquire, hold, invest, reinvest, sell, stake, redeem or dispose of, or otherwise trade in any assets which constitute or will constitute all or any portion of the Account Assets, and place orders with respect to, and arrange for any of the foregoing;

(v) select Custodians, brokers, dealers, cryptocurrency wallet providers, staking and restaking service providers and other intermediaries, exchanges and counterparties (collectively, “Transaction Providers”), which may or may not be affiliated with the Asset Manager, to execute transactions as described above and any other transactions contemplated herein, and open accounts in the name, or for the benefit, of the Client with such selected Transaction Providers and to pay reasonable fees and charges applicable to transactions in the Account, which fees and charges shall be allocated and borne in accordance with Section 5;

(vi) instruct the Custodian to deliver an asset sold, exchanged or otherwise disposed of by the Account in exchange for cash;

(vii) instruct the Custodian to deliver cash to pay for assets delivered to the Custodian that were acquired by the Account;

(viii) instruct the Custodian to exercise or abstain from exercising any option, privilege or right held in the Account;

(ix) monitor the correct collection of income on the Account Assets by the Custodian;

(x) execute, in the name and on behalf of Client, all such documents and take all such other actions which Asset Manager shall deem requisite, appropriate or advisable to carry out its duties hereunder;

(xi) engage such independent agents, administrators, attorneys and accountants as the Asset Manager may deem necessary or advisable for the Account Assets and to pay on behalf of the Client all reasonable and documented fees incurred thereby (including reasonable and documented legal and accounting fees and disbursements, commissions, banking, brokerage, registration and private placement fees, and transfer, capital and other taxes, duties and costs incurred in connection with the making of investments by the Client in Account transactions);

(xii) engage Sub-Advisors in accordance with Section 2(c); and

(xiii) take any other action with respect to property in the Account as necessary or desirable to carry out its obligations under this Agreement (except that the Asset Manager is not authorized to withdraw any money or other property from the Account either in the name of the Client or otherwise, except as expressly described herein).

The foregoing authority shall remain in full force and effect until expressly revoked by the Client in writing to the Asset Manager or the termination of this Agreement as provided herein. Revocation shall not affect transactions entered into prior to such revocation. For the avoidance of doubt, subject to the Client’s compliance with the obligations set forth herein, nothing in this Agreement shall limit or prohibit Client’s ability to engage in any strategic transaction, including but not limited to, any merger or acquisition, using or related to Treasury Assets.

(b) Power of Attorney. In furtherance of the authority set forth in paragraph (a) above, the Client hereby irrevocably (except as set forth below in this section 2(b)) designates and appoints the Asset Manager as its agent and attorney-in-fact, with full power and authority and without further approval of the Client, in the Client’s name, place and stead, to (i) negotiate, make, execute, sign, acknowledge, swear to, deliver, record and file any agreements, documents or instruments which may be considered necessary or desirable by the Asset Manager to carry out fully the provisions of this Agreement and (ii) perform all other acts contemplated by this Agreement or necessary, advisable or convenient to carry out its duties hereunder. This limited power of attorney shall be deemed to be coupled with an interest, and shall therefore survive, and not be affected by, the Client’s insolvency or dissolution. This limited power of attorney will become revocable upon the expiration of such interest and, therefore, this limited power of attorney will terminate upon termination of this Agreement in accordance with Section 12 of this Agreement.

(c) Sub-Advisors.

(i) The Asset Manager, with the prior consent of the Client, may at any time appoint one or more entities to provide advisory services (each, a “Sub-Advisor”), on a discretionary or non-discretionary basis, with respect to all or a portion of the Account Assets. Sub-Advisors may be Asset Manager Affiliates.

(ii) The Asset Manager shall determine the fees and other compensation payable to the Sub-Advisors (“Sub-Advisor Compensation”). Any Sub-Advisor Compensation shall be paid or borne by the Client; provided, that in the event a Sub-Advisor is an Asset Manager Affiliate, the Client shall not be charged double management fees for both the Asset Manager and such Asset Manager Affiliate, and the Asset Manager shall cause such Asset Manager Affiliate to waive any such management fee, it being understood that such Asset Manager Affiliate may still charge a performance fee with respect to such Sub-Advisory services. Any Sub-Advisor Compensation paid to a Sub-Advisor, including an Asset Manager Affiliate, shall be for the sole benefit of such Sub-Advisor and shall not offset or reduce the Asset-based Fee or other amounts due to the Sub-Advisor.

3. Custody of Assets.

(a) Assets held by Custodian. All Account Assets shall be held in cryptocurrency wallets established and/or controlled by or on behalf of the Client. The Asset Manager will have sole trading privileges with respect to the Account. Any alteration to such privileges or access may only be made with the consent of both the Client and Asset Manager. Title to the Account and all Account Assets shall be held in the name of the Client, provided that for convenience in buying, selling and exchanging assets, title to such assets may be held in the name of the Custodian, or its nominee, or the street name of the Client’s Custodian. Neither the Asset Manager nor any of its affiliates shall take physical custody or possession of or handle any cash, mortgages or deeds of trust, or other indicia of ownership of any of the Account Assets.

(b) Expenses of the Custodian; No Liability. The Asset Manager shall pay, out of the Asset-based Fee, all assets-under-custody charges, fees and expenses of the Custodian selected by the Asset Manager and any sub-custodian(s) of such Custodian (excluding, for the sake of clarity, any other charges, fees or expenses not directly relating to such Custodian’s custody of Account Assets such as, without limitation, any fee imposed by such Custodian relating to staking or validator fees in connection with the staking of custodied Account Assets).

4. Proper Instructions.

(a) All instructions communicated hereunder to the Asset Manager from the Client shall be made in writing and transmitted to the Asset Manager by persons identified by Client on Schedule C hereto (in accordance with Section 4(b) below) as being authorized by the Client to provide such instructions. Any communication from such individual, and indicating that it reflects an instruction by the Client may be so accepted by the Asset Manager and the Asset Manager shall have no obligation to inquire further with respect thereto and shall be fully protected in relying and acting upon such instruction.

(b) The Client shall provide the Asset Manager with a list of authorized persons and their specimen signatures from whom the Asset Manager may accept written day to day instructions, confirmations or authority under this Agreement (“Proper Instructions”) and the Asset Manager shall be fully protected in relying on such list until notified in writing by the Client to the contrary. As of the date of this Agreement, the Client’s list of authorized persons and their specimen signatures are as set forth in Schedule C attached hereto. Proper Instructions may be sent via email, Adobe’s Portable Document Format (“PDF”) or other electronic transmission agreed by the Asset Manager.

5. Fees; Account Expenses.

(a) Asset-based Fees. As compensation for the Asset Manager’s services rendered hereunder, the Client shall pay the management fees described in Schedule B attached hereto and as may be amended from time to time by written agreement of the Asset Manager and the Client (the “Fee Schedule”). The Fee Schedule shall be deemed to have been adopted and made a part of this Agreement as if fully rewritten herein. The Asset Manager will furnish invoices monthly, and all fees shall be payable from the Account not later than ten (10) business days following Client’s receipt of such invoice. The Client hereby acknowledges that it is the Client’s responsibility to verify the accuracy of the calculation of the Asset Manager’s fees. The Client authorizes the Asset Manager to take any other actions not prohibited by the Agreement, to the extent necessary, to pay the Asset Manager’s fees.

(b) Staking-Based Fees. The Client acknowledges that the Asset Manager may, and shall be permitted to, appoint an Asset Manager Affiliate, to stake some or all of the Solana tokens (“SOL”) purchased for or maintained in the Account or otherwise owned or controlled by the Client or delegated thereto, subject to the thresholds set forth on Schedule D, and excluding assets that may be staked with Ecosystem Partners in accordance with the terms hereof. As compensation for such staking services, such Asset Manager Affiliate shall be entitled to receive staking-based fees as mutually agreed between the Client and such Asset Manager Affiliate, and as set forth in definitive documentation to be entered into between such parties (such agreement, the “Staking Agreement”). The Staking Agreement shall incorporate the terms set forth on Schedule D hereto. The Client hereby acknowledges that it is the Client’s responsibility to verify the accuracy of the calculation of any staking-based fees of such Asset Manager Affiliate, and the Client further authorizes the Asset Manager to take any other actions not prohibited by this Agreement, to the extent necessary, to pay such staking-based fees.

(c) Account Expenses. The Asset Manager will be responsible for all of its overhead costs and the custody fees of any Custodian selected by the Asset Manager (and shall reimburse any such costs or fees to the extent initially borne by the Account). The Client shall pay or reimburse the Asset Manager for all reasonable and documented expenses related to the operation of the Account, which shall be paid or reimbursed by the Client out of the Account Assets. The amount of such expenses may vary from time to time and shall include, without limitation: (i) Sub-Advisor Compensation; (ii) bank service fees; (iii) brokerage commissions and all other brokerage transaction costs; (iv) clearing and settlement fees; (v) interest and withholding or transfer taxes incurred in connection with trading for the Account; (vi) all costs and expenses incurred by the Parties in connection with the negotiation of this Agreement and the launch and ongoing management of the Account (including without limitation any structuring, professional or legal costs and expenses related thereto); and (vii) any other reasonable and documented fees and expenses related to the trading and investment activity of the Account as determined by the Asset Manager in good faith.

(d) Shared Expenses. In addition, the Client may incur an expense which forms part of a larger aggregate expense relating to a number of other managed accounts or pooled investment vehicles for which the Asset Manager or any Asset Manager Affiliates provide services. If any such expenses are incurred for the account of any persons in addition to the Client, the Asset Manager will allocate the total expense among the Client and such other persons and will determine the portion reimbursable to the Client, if any, in a fair and reasonable manner.

6. Representations of the Asset Manager. The Asset Manager represents to the Client as follows:

(a) the Asset Manager has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power and authority to own its own properties and conduct its business as currently conducted;

(b) the Asset Manager has or will obtain all other governmental authorizations, approvals, consents or filings required in connection with the execution, delivery or performance of this Agreement by the Asset Manager;

(c) this Agreement constitutes a binding obligation of the Asset Manager, enforceable against the Asset Manager in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights or by general equity principles, regardless of whether such enforceability is considered in a proceeding in equity or at law; and

(d) the execution, delivery and performance of this Agreement do not conflict with any obligation by which the Asset Manager is bound, whether arising by contract, operation of law or otherwise, or any applicable law, in each case in a manner that would result in a material adverse effect on the Asset Manager or the Client or that would materially impede the Asset Manager’s ability to perform its obligations hereunder.

The foregoing representations and warranties shall be continuing during the term of the Agreement, and if at any time during the term of this Agreement any event has occurred which would make any of the foregoing representations and warranties untrue or inaccurate in any material respect, the Asset Manager shall promptly notify the Client of such event.

7. Representations of the Client. The Client represents and warrants to the Asset Manager as follows:

(a) the Client has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power and authority to own its own properties and conduct its business as currently conducted;

(b) the Client has the authority to appoint the Asset Manager to manage the assets held in the Account and has, by appropriate action, duly authorized the execution and implementation of this Agreement;

(c) this Agreement constitutes a binding obligation of the Client, enforceable against the Client in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights or by general equity principles, regardless of whether such enforceability is considered in a proceeding in equity or at law;

(d) the execution, delivery and performance of this Agreement do not conflict with any obligation by which the Client is bound, whether arising by contract, operation of law or otherwise, or any applicable law, in each case in a manner that would result in a material adverse effect on the Asset Manager or the Client or that would materially impede the Client’s ability to perform its obligations hereunder;

(e) except in either case to the extent the Client has notified the Asset Manager in writing: (i) the Account Assets belong to the Client free and clear of any liens or encumbrances and (ii) the Client will not pledge or encumber any Account Assets;

(f) the Client is not an investment company (as that term is defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”);

(g) the Client is experienced in engaging asset managers and is aware of the risks associated with such engagements in general, and that it understands the risks associated with the investments contemplated hereby, and the risk that the Account could suffer substantial diminution in value, including complete loss;

(h) the Client has reviewed all other materials and agreements provided by the Asset Manager relating to the Account and to the investments contemplated hereby, understands such materials and agreements and has had the opportunity to ask questions regarding such materials and agreements;

(i) the Client is an “accredited investor” as that term is or may in the future be defined in Rule 501 under the Securities Act of 1933, as amended (the “Securities Act”);

(j) the Client is a “United States person” as defined in Section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended;

(k) the Client is a “qualified institutional buyer” as defined in paragraph (a) of Rule 144A promulgated under the Securities Act;

(l) the Account Assets held in the Account are not assets: of an “employee benefit plan” as defined in and subject to the fiduciary responsibility provisions of the U.S. Employee Retirement Security Act of 1974, as amended (“ERISA”); a “plan” as defined in and subject to Section 4975 of the Code; a government plan, foreign plan, or church plan subject to laws similar to ERISA or Section 4975 of the Code; or an entity that holds “plan assets” as defined in Section 3(42) of ERISA;

(m) the Client represents and warrants that (i) the monies being used by it fund the Account and the Account Assets held in the Account as of the Effective Date are not (A) derived from or related to any illegal activities, including but not limited to money laundering activities, or (B) derived from, invested for the benefit of or related in any way to the governments of, or persons within, any country under a U.S. embargo enforced by the U.S. Treasury Department’s Office of Foreign Assets Control and (ii) the opening, operation and maintenance of the Account does not directly or indirectly contravene U.S. federal, state, international or other laws or regulations, including anti-money laundering laws;

(n) neither the Client, nor any person controlling, controlled by, or under common control with it, nor any shareholder or other person having a beneficial interest in the Client is a Prohibited Investor,1 and Account Assets are not being invested on behalf, or for the benefit, of any Prohibited Investor. Neither the Client nor any director, officer, partner, member, affiliate, nor, if the Client is an unlisted company, any shareholder or beneficial owner of the Client, is a Senior Foreign Political Figure,2 any member of a Senior Foreign Political Figure’s Immediate Family3 or any Close Associate4 of a Senior Foreign Political Figure unless the Client has notified Asset Manager of such fact. The Client is not resident in, or organized or chartered under the laws of, a jurisdiction that has been designated by the Secretary of the Treasury under Section 311 of the USA PATRIOT Act as warranting special measures due to money laundering concerns.5 No Account Assets originate from, nor were they routed through, an account maintained at a Foreign Shell Bank,6 an offshore bank, a bank organized or chartered under the laws of a jurisdiction that has been designated by FATF as non-cooperative with international anti-money laundering principles or a financial institution subject to special measures under Section 311 of the USA PATRIOT Act. If the Client or any person controlling, controlled by, or under common control with the Client is organized under the laws of a country other than the United States to engage in the business of banking, the Client or such person, as the case may be, either: (i) has a Physical Presence7 in a country in which the Client (or such person) is authorized to conduct banking activities, at which address the Client (or such person): (a) employs one or more persons on a full-time basis, (b) maintains operating records relating to its banking business, and (c) is subject to inspection by the banking authority from which it obtained its banking license; or (ii) is affiliated with a financial institution that maintains a Physical Presence in the United States or another country and is subject to supervision by a banking authority regulating such affiliated financial institution; and

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1 “Prohibited Investors” include: (1) a person or entity whose name appears on the list of Specially Designated Nationals and Blocked Persons maintained by Office of Foreign Assets Control (“OFAC”) or prohibited under OFAC country sanctions, or any blocked persons list maintained by a governmental or regulatory body as may become applicable to the Trustee or Fund, (2) any Foreign Shell Bank, (as defined below), and (3) any person or entity resident in or whose funds are transferred from or through an account in a jurisdiction that has been designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as Financial Action Task Force (“FATF”), of which the U.S. is a member and with which designation the U.S. representative to the group or organization continues to concur. See http://www.fatf-gafi.org for FATF’s list of Non-Cooperative Countries and Territories.

2 “Senior Foreign Political Figure” means a current or former senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a current or former senior official of a major non-U.S. political party, or a current or former senior executive of a non-U.S. government-owned commercial enterprise. In addition, a Senior Foreign Political Figure includes any corporation, business or other entity that has been formed by, or for the benefit of, a Senior Foreign Political Figure. Senior executives are individuals with substantial authority over policy, operations, or the use of government-owned resources.

3 “Immediate Family” with respect to a Senior Foreign Political Figure, typically includes the figure’s parents, siblings, spouse, children and in-laws.

4 “Close Associate” means, with respect to a Senior Foreign Political Figure, a person who is widely and publicly known internationally to maintain an unusually close relationship with the Senior Foreign Political Figure, and includes a person who is in a position to conduct substantial U.S. and non-U.S. financial transactions on behalf of the Senior Foreign Political Figure.

5 Notice of jurisdictions that have been designated by the Treasury Department as a primary money laundering concern under Section 311 are published in the Federal Register and on the website of the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) at https://www.fincen.gov/resources/statutes-and-regulations/311-special-measures. FinCEN also issues advisories regarding jurisdictions that it deems to be deficient in their counter-money laundering regimes. Such advisories are posted at https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets/advisories.

6 “Foreign Shell Bank” means a Foreign Bank without a Physical Presence (each as defined below) in any country but does not include a Regulated Affiliate (as defined below). “Regulated Affiliate” means a Foreign Shell Bank that: (i) is an affiliate of a depository institution, credit union, or Foreign Bank that maintains a Physical Presence in the U.S. or a foreign country, as applicable; and (ii) is subject to supervision by a banking authority in the country regulating such affiliated depository institution, credit union, or Foreign Bank. “Foreign Bank” means an organization that (i) is organized under the laws of a country outside the United States; (ii) engages in the business of banking; (iii) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (iv) receives deposits to a substantial extent in the regular course of its business; and (v) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank.

7 “Physical Presence” means a place of business that is maintained by a Foreign Bank and is located at a fixed address, other than solely a post office box or an electronic address, in a county in which the Foreign Bank is authorized to conduct banking activities, at which location the Foreign Bank: (i) employs one or more individuals on a full-time basis; (ii) maintains operating records related to its banking activities; and (iii) is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities.

(o) the Client understands, acknowledges, represents and agrees that (i) it is the Asset Manager’s policy to comply with anti-money laundering, embargo and trade sanctions, or similar laws, regulations, requirements (whether or not with force of law) or regulatory policies to which it is or may become subject (collectively “Requirements”) and to interpret them broadly in favor of disclosure, (ii) the Asset Manager could be requested or required to obtain certain assurances from the Client, disclose information pertaining to it to governmental, regulatory or other authorities or to financial intermediaries or engage in due diligence or take other related actions in the future, (iii) the Client will provide additional information or take such other actions as may be necessary or advisable for the Asset Manager to comply with any Requirements, related legal process or appropriate requests (whether formal or informal) or otherwise, and (iv) the Asset Manager and its agents may disclose to relevant third parties information pertaining to the Client in respect of Requirements or information requests related thereto.

(p) The Client represents that it has in place, and has uniformly applied, anti-money laundering policies and procedures reasonably designed to comply with the Requirements, including without limitation to verify the identity of any person controlling, controlled by, or under common control with it, its shareholders and other persons having a beneficial interest in the Client and their respective sources of funds.

The foregoing representations and warranties shall be continuing during the term of the Agreement, and if at any time during the term of this Agreement any event has occurred which would make any of the foregoing representations and warranties untrue or inaccurate in any material respect, the Client shall promptly notify the Asset Manager of such event.

8. Client Acknowledgements.

(a) Cooperation. The Client acknowledges that the information provided by the Client on any Account opening forms, including without limitation, information pertaining to the Client’s legal or tax status and address or other contact information will be relied upon by the Asset Manager, and the Client agrees that if any such information shall hereafter change or become inaccurate, the Client shall notify the Asset Manager in writing of such change or inaccuracy as soon as reasonably practicable. The Client shall cooperate with the Asset Manager in the performance of its services under this Agreement and, upon the Asset Manager’s reasonable request, shall provide the Asset Manager with timely access to and use of personnel, facilities, equipment, data and information to the extent necessary to permit the Asset Manager to perform its services under this Agreement.

(b) Risk Factors; Conflicts of Interest; Non-Exclusive Management. The Client acknowledges that it has received, read, carefully considered and understood the risk factors set forth in the Asset Manager’s Form ADV Part 2A Brochure (which can be accessed at: https://adviserinfo.sec.gov/) and hereby acknowledges and consents to the conflicts of interest described therein. The Asset Manager shall devote such part of its time as the Asset Manager determines is reasonably needed for the services contemplated under this Agreement; provided, however, that this Agreement shall not prevent the Asset Manager from rendering similar services to other persons, trusts, corporations or other entities. Nothing in this Agreement shall limit or restrict the Asset Manager or any of its officers, affiliates or employees from, as permitted by law, buying, selling or trading in any asset for its own or their own accounts. The Client acknowledges that the Asset Manager and its officers, Asset Manager Affiliates and employees, and the Asset Manager’s other clients may as permitted by law at any time have, acquire, increase, decrease, or dispose of positions in investments which are at the same time being acquired for or disposed of from the Account. As permitted by law the Asset Manager shall have no obligation to acquire for the Account a position in any investment which the Asset Manager, its officers, affiliates or employees may acquire for its or their own accounts or for the account of another client. The Client acknowledges that the Asset Manager is not a financial planner. Nothing contained herein or provided hereby shall be construed as legal, tax or accounting advice by the Asset Manager.

(c) Order Aggregation and Allocation. The Client acknowledges and agrees that the Asset Manager and certain Asset Manager Affiliates manage other portfolios, including some that may use investment strategies substantially similar to those of the Account, and expects that purchases or sales of the same assets will be made on behalf of the Account and the other portfolios managed by the Asset Manager. The Asset Manager may, but is not obligated to, aggregate orders for the purchase or sale of assets on behalf of the Account with orders on behalf of other portfolios the Asset Manager manages. The Client acknowledges that, while the Asset Manager will seek to allocate the opportunity to purchase or sell such assets among the Account and such other portfolios in a manner it deems equitable over time, the Asset Manager shall not be required to assure equality of treatment among all of its clients.

(d) Brokerage Practices. The investment and reinvestment of the assets in the Account in accordance with the Asset Manager’s authority set forth in Section 2 above may be carried out by the Asset Manager’s placement of orders with brokers or other dealers to cause the sale or purchase or other disposition of assets, provided that, for the avoidance of doubt, the Asset Manager may also deploy the Account Assets directly in smart contracts or programs on chain that require no broker or dealer. The Client acknowledges and agrees that the Asset Manager (or, if applicable, any Sub-Advisor) shall have sole discretion to select brokers or dealers to effect the purchase and sale of assets and to execute and deliver brokerage and customer agreements with any such broker or dealer in the name and on behalf of the Client, which brokers or dealers may be Asset Manager Affiliates. The Asset Manager shall designate the broker or brokers through which transactions for the Account are executed at such prices and commissions that, in the Asset Manager’s good faith judgment, will be in the best interest of the Account. The Asset Manager shall have authority to and may consider such factors as price, transaction costs, a broker’s or dealer’s ability to effect the transactions, access to securities, reliability and financial responsibility, commitment of capital, and the provision or payment by the broker of the costs of research and research-related services which are of benefit to the Asset Manager or its clients, as well as other factors that the Asset Manager deems appropriate to consider under the circumstances. Accordingly, when the Asset Manager places orders for the purchase or sale of an asset for the Account, in selecting brokers or dealers to execute such orders, the Client expressly authorizes the Asset Manager to consider the fact that a broker or dealer has furnished statistical, research or other information or services for the benefit of the Account directly or indirectly. Without limiting the generality of the foregoing, the Asset Manager is authorized to cause the Account to pay brokerage commissions which may be in excess of the lowest rates available to brokers who execute transactions for the Account or who otherwise provide brokerage and research services utilized by the Asset Manager; provided that the Asset Manager determines in good faith that the amount of each such commission paid to a broker is reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either the particular transaction to which the commission relates or the Asset Manager’s overall responsibilities with respect to accounts as to which the Asset Manager exercises investment discretion. The foregoing shall apply to any brokers, dealers or other counterparties selected by any Sub-Advisor.

(e) Legal Proceedings. Unless otherwise agreed in writing by the Asset Manager, the Asset Manager shall have no obligations to take any action on behalf of the Client in any legal proceedings, including bankruptcies or class actions, involving any securities held, or formerly held, in the Account or issuers of such securities. At the Client’s request, the Asset Manager will endeavor to assist with administrative matters in respect of any settlement or judgment.

(f) Advisers Act Compliance.

(i) Agency Cross Transactions. Consistent with applicable law, Client hereby authorizes the Asset Manager to enter into “agency cross transactions” effected by an Asset Manager Affiliate acting as broker for both the Account and for the party on the other side of the transaction, in accordance with the Advisers Act and any other applicable law and subject to compliance with the Asset Manager’s applicable conflicts policies and procedures, as consistently applied. The Client understands and agrees that the Asset Manager or such Asset Manager Affiliate may receive commissions from, and have a potentially conflicting division of loyalties and responsibilities regarding, both parties to such agency cross transactions. The Client also provides equivalent consent with respect to any agency cross transactions effected by any Sub-Advisor and, if necessary, shall enter into any supplementary agreements, approvals or certificates documenting such consent that the Asset Manager or any Sub-Advisor may reasonably request. This consent, as to agency cross transactions effected on behalf of the Client, may be revoked at any time by written notice from the Client to the Asset Manager.

(ii) Transactions with Affiliates.

(g) Procedure for Account Withdrawals. The Client and the Asset Manager acknowledge and agree that the Client may at any time, subject to this Section 8(g), make withdrawals from the Account in order to fund the Client’s Operating Business. The Client hereby agrees to notify the Asset Manager at least ten (10) business day prior to any withdrawals from the Account. The Client acknowledges and agrees that withdrawals will be funded first by accessing free cash balances and money market instruments; funds derived from the liquidation of all other assets will be deliverable upon final settlement of the trade(s) funding the withdrawal. Withdrawals will not affect: (a) the validity of any actions the Asset Manager has previously taken, or (b) the Client’s liabilities or obligations for transactions started before withdrawal. Notwithstanding the foregoing, however, the Client understands and agrees that certain types of investments may only be liquidated at certain (sometimes infrequent) times and reasonable extensions to such 10 business day notice period shall be permitted by the Client in good faith to account for bona fide technical or business requirements. Client’s ability to withdraw assets from the Account is subject to any liquidity restrictions or withdrawal and unstaking times applicable to a particular investment and compliance with any internal corporate procedures and policies applicable to it. Any amounts withdrawn from the Account in accordance with this Section 8(g) will cease to be treated as “Account Assets” for all purposes of this Agreement.

(h) Exclusivity; Right of First Refusal.

(i) Client acknowledges and agrees that, notwithstanding Section 8(b), the Client is engaging the Asset Manager in accordance with this Agreement on an exclusive basis with respect to all Treasury Assets other than as provided herein. Accordingly, for the duration of the Term the Client shall not (A) engage, hire or employ a third party asset manager to directly or indirectly provide discretionary or asset management services, whether or not such services are provided with respect to the Treasury Assets, the Account or the Account Assets or (B) except as permitted by Schedule D, stake any portion of the Treasury Assets through any third party other than affiliates of the Asset Manager, in each case without the consent of the Asset Manager.

(ii) At any time within one hundred-eighty (180) days of the end of the Term Client determines to enter into a bona fide agreement with another investment manager, adviser or service provider which agreement provides that such party shall perform substantially the same services performed by the Asset Manager in accordance with this Agreement (a “Competing Asset Manager”) with respect to all or any portion of the Treasury Assets, the Client shall promptly notify the Asset Manager of the terms upon which the Client proposes to engage such Competing Asset Manager. Within ninety (90) days of being notified of the terms and conditions upon which the Client intends to engage a Competing Asset Manager, the Asset Manager shall have the right to elect to continue managing the Treasury Assets, Account and Account Assets (as applicable) on the same terms and conditions pursuant to which the Competing Asset Manager would have been engaged, in which case this Agreement shall be amended or replaced in order to reflect such updated terms and conditions. For the avoidance of doubt, nothing in this Section 8(h) shall prohibit or limit Client’s ability to hire internal resources to manage Treasury Assets during the Term or thereafter, and the right of first refusal set forth in this Section 8 shall not apply where Client determines to conduct asset management and staking services substantially similar to those provided by Asset Manager hereunder, via Client’s (including Client Affiliates) own internal resources, rather than via a third party service provider.

9. Client Records, Reports and Transparency. The Asset Manager shall maintain the books and records pertaining to the management and oversight of the Client Assets throughout the term of this Agreement and for a period of five (5) years after the end of the year in which this Agreement terminates. Such books and records shall be made available for inspection at any time by the Client reasonably requested and upon Client’s expense, upon no less than three (3) business days’ prior written notice. The Asset Manager will provide reporting on any Asset Manager Affiliate transactions on a monthly basis, or as otherwise reasonably requested by the Client.

10. Liability.

(a) Except in the cases of willful misconduct, gross negligence, or fraud (each, a “Disqualifying Action”), none of the Asset Manager, its affiliates or their respective officers, directors, employees, contractors, and agents (collectively, the “Covered Persons”) shall have any liability (whether direct or indirect, in contract or tort or otherwise) for any claims, liabilities, losses, damages, penalties, obligations or expenses of any kind whatsoever, including reasonable and documented attorneys’ fees and court costs (“Losses”) suffered by the Client as the result of any act or omission by the Asset Manager in connection with, arising out of or relating to the performance of its services hereunder. The Client further agrees that no Covered Person shall be liable for any Losses caused, directly or indirectly, by any act or omission of the Client or any act or omission by the Custodian, any broker-dealer to which the Asset Manager or the Client directs transactions for the Account, any third party Sub-Advisor or other service provider selected by the Asset Manager to act on behalf of the Client, or by any other non-party, unless such acts, omissions or other conduct is at the direction of the Asset Manager and the Asset Manager’s direction constitutes a Disqualifying Action. Without limiting anything in this Section 10(a), in no case shall any Covered Persons be liable for any Losses caused, directly or indirectly, by the error, negligence or misconduct of a Custodian, broker, broker-dealer, exchange, staking validator or other online platform or service (however described) (collectively, “Platform”), the bankruptcy, insolvency, receivership, administrative or similar proceeding involving a Platform, a pause in or suspension of withdrawals from a Platform (however described and for whatever reason), the hack of a Platform, or by any other cause that does not constitute a Covered Person’s Disqualifying Action.

(b) The Asset Manager and any person acting on its behalf shall be entitled to rely in good faith upon information, opinions, reports or statements of legal counsel (as to matters of law) and accountants (as to matters of accounting or tax) and, accordingly, such good faith reliance by a person shall not constitute a Disqualifying Action so long as such counsel or accountant is qualified and was selected and consulted with due care. Under no circumstances shall any Covered Person be liable for any special, incidental, exemplary, consequential, punitive, lost profits or indirect damages.

(c) The Client agrees to indemnify and hold harmless each of the Covered Persons, against any Losses suffered or incurred by reason of, relating to, based upon, arising from or in connection with (directly or indirectly) (i) the operations, business or affairs of the Client, or any actions taken by the Asset Manager or failure by it to act (even if negligent) in connection with this Agreement (including, without limitation, any Losses arising as a result of any operational errors committed by or erroneous instructions provided by the Client), (ii) a Disqualifying Action by the Client, or (iii) the Client’s breach of this Agreement, in each case except to the extent that such Losses are determined by a court of competent jurisdiction, upon entry of a final judgment, to be attributable to a Disqualifying Action of a Covered Person.

(d) To the fullest extent permitted by law, the Client shall, upon the request of any Covered Person, advance or promptly reimburse such Covered Person’s out-of-pocket costs of investigation (whether internal or external), litigation or appeal, including attorneys’ reasonable and documented fees and disbursements, reasonably incurred in responding to, litigating or endeavoring to settle any claim, action, suit, investigation or proceeding, whether or not pending or threatened, and whether or not any Covered Person is a party, arising out of or in connection with or relating to the operations, business or affairs of the or in furtherance of the interests of the Client (a “Claim”); provided that the affected Covered Person shall, as a condition of such Covered Person’s right to receive such advances and reimbursements, undertake in writing to promptly repay the applicable funds for all such advancements or reimbursements if a final judgment of a court of competent jurisdiction has determined that such Covered Person is not then entitled to indemnification under this Section 10. If any Covered Person recovers any amounts in respect of any Claims from insurance coverage or any third-party source, then such Covered Person shall, to the extent that such recovery is duplicative, reimburse the Client for any amounts previously paid to it by the Client in respect of such Claims.

(e) Promptly after receipt by a Covered Person of notice of any Claim or of the commencement of any action or proceeding involving a Claim, such Covered Person shall, if a claim for indemnification in respect thereof is to be made against the Client, give written notice to the Client of the receipt of such Claim or the commencement of such action or proceeding; provided, that the failure of any Covered Person to give notice as provided herein shall not relieve the Client of its obligations hereunder, except to the extent that the Client is actually prejudiced by such failure to give notice.

(f) Each Covered Person shall cooperate with the Client and its counsel in responding to, defending and endeavoring to settle any proceedings or Losses that may be subject to indemnification by the Client pursuant to this Section 10. Without limiting the generality of the immediately preceding sentence, if any proceeding is commenced against a Covered Person, the Client shall be entitled to participate in and to assume the defense thereof to the extent that the Client may wish, with counsel reasonably satisfactory to such Covered Person. After notice from the Client to such Covered Person of the Client’s election to assume the defense thereof, the Client shall not be liable for expenses subsequently incurred by such Covered Person without the consent of the Client (which shall not be unreasonably withheld) in connection with the defense thereof. Without the Covered Person’s consent, the Client will not consent to entry of any judgment in or enter into any settlement of any such action or proceeding which does not include as an unconditional term thereof the giving by every claimant or plaintiff to such Covered Person of a release from all liability in respect of such claim or litigation.

(g) The right of any Covered Person to indemnification as provided herein shall be cumulative of, and in addition to, any and all rights to which such Covered Person may otherwise be entitled by contract or as a matter of law or equity and shall extend to such Covered Person’s successors, assigns and legal representatives.

(h) The federal laws may impose liabilities under certain circumstances on persons who act in good faith; therefore, nothing herein shall in any way constitute a waiver or limitation of any rights which the undersigned may have under any applicable federal law.

11. Confidentiality. The Asset Manager shall regard as confidential all information concerning the affairs of the Client that the Asset manager knew, or reasonably should have known was proprietary in nature and non-public of the Client, but shall be permitted to disclose the Client’s confidential information to (a) Covered Persons and their respective service providers, in each case, that have a bona fide need to know such confidential information, (b) third parties regarding the fact that the Asset Manager is performing investment management activities on the Client’s behalf, which specifically includes the Asset Manager’s inclusion of references to the Client in written marketing materials distributed by the Asset Manager to prospective investment management clients, (c) third parties regarding information regarding Account holdings and performance (without reference to the Client’s name) in connection with the establishment of a track record of the Asset Manager and (d) as otherwise required by any regulatory authority, law or regulation, or by legal process. The Client acknowledges that it may receive or have access to confidential proprietary information of the Asset Manager which is proprietary in nature and non-public, including, without limitation, information regarding the Asset Manager’s investment methodologies, systems and forms, trade secrets and the like (collectively, “Confidential Information”). The Client agrees not to disclose or cause to be disclosed any Confidential Information to any person or use any Confidential Information for its own purposes or its own account, except in connection with its investment in the Account and except as otherwise required by any regulatory authority, law or regulation, or by legal process; provided, however, that the Client shall provide the Asset Manager with prior notice of any such disclosure and the circumstances surrounding such request so that the Asset Manager may seek a protective order or other appropriate remedy. If, in the absence of a protective order or other remedy by the disclosing party, the Client, in the written opinion of legal counsel satisfactory to the Asset Manager, is nonetheless legally compelled to disclose Confidential Information or else stand liable for contempt or suffer other censure or penalty, the Client may, without liability hereunder, disclose only that portion of the Confidential Information which such counsel advises the receiving party is legally required to be disclosed, provided that the receiving party exercise its best efforts to preserve the confidentiality of the Confidential Information, including, without limitation, by cooperating with the Asset Manager to obtain an appropriate protective order or other reliable assurance that confidential treatment will be accorded the Confidential Information.

12. Term and Survival.

(a) This Agreement shall be effective on the Effective Date and will continue in effect until the third (3rd) anniversary of the Effective Date (the “Initial Term”) and, unless a Party terminates or elects to not continue the effectiveness of this Agreement as provided in Section 12(b), shall thereafter continue for successive one-year renewal periods (each, a “Renewal Period”, and the period during which this Agreement is in effect, the “Term”).

(b) This Agreement shall terminate upon the conclusion of the Initial Term or, if applicable, the then-current Renewal Period if either Party elects not to renew this Agreement upon written notice to the non-terminating Party no later than ninety (90) days prior to the expiration of the Initial Term or then-current Renewal Period.

(c) This Agreement may be terminated at any time for Cause by either Party upon written notice to the other Party. For the purposes hereof, the term “Cause” means (A) a material breach by the other Party of its obligations under this Agreement (provided, that the other Party shall have a cure period of thirty (30) days following notice of breach in the case of any such breach that is susceptible of cure other than for breaches of fiduciary duties) or (B) it becomes unlawful under any applicable law (as determined by the terminating Party in its sole discretion) for the other Party to perform or receive, as applicable, its obligations or services, as applicable, under the Agreement, in which case the other Party may immediately suspend its performance of all obligations under this Agreement and may terminate this Agreement with three (3) days prior written notice.

(d) Either Party may terminate this Agreement at any time upon an Act of Insolvency of the other Party. For the purposes hereof, “Act of Insolvency” means the other Party (i) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (ii)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organization or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a person or entity not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed or restrained in each case within 60 days of the institution or presentation thereof; (iii) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (iv) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; or (v) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within sixty (60) days thereafter.

(e) Termination shall not affect liabilities or obligations incurred or arising from transactions initiated under this Agreement prior to such termination, including, without limitation, the provisions regarding arbitration and record-keeping requirements, which shall survive any expiration or termination of this Agreement. Upon termination, the Asset Manager will have no further obligation to act or advise with respect to those Account Assets but shall reasonably cooperate with Client, at the cost of Client, in transitioning services and returning control over any managed assets to Client or its designee.

13. Electronic Delivery. The Client hereby agrees and provides its consent to have the Asset Manager electronically deliver Account Communications. “Account Communications” means all current and future account statements; privacy statements; audited financial information, if applicable; this Agreement (including all supplements and amendments hereto); the Asset Manager’s Privacy Notice and updates thereto; notices and other information, documents, data and records regarding the Account Assets. Electronic communications include e-mail delivery as well as electronically making available to the Client Account Communications on the Asset Manager’s Internet site, if applicable. By signing this Agreement, the Client consents to electronic delivery as described in the preceding three sentences. It is the Client’s affirmative obligation to notify the Asset Manager in writing if the Client’s email address changes. The Client may revoke or restrict its consent to electronic delivery of Account Communications at any time by notifying the Asset Manager, in writing, of the Client’s intention to do so. Neither the Asset Manager nor its affiliates will be liable for any interception of Account Communications. The Client should note that no additional charge for electronic delivery will be assessed, but the Client may incur charges from its Internet service provider or other Internet access provider. In addition, there are risks, such as systems outages, that are associated with electronic delivery.

14. General Provisions.

(a) Assignment. This Agreement shall be binding upon and inure to the benefit of the Client, the Asset Manager and their respective successors and permitted assigns. No Party to this Agreement may assign (as that term is defined and interpreted under the Advisers Act) all or any portion of its rights, obligations or liabilities under this Agreement without the consent of the other Party to this Agreement.

(b) Independent Contractor. It is understood and agreed that the Asset Manager shall be deemed to be an independent contractor of the Client and that the Asset Manager shall not have authority to act for or represent the Client in any way and shall not otherwise be deemed to be agent of the Client. Nothing contained herein shall create or constitute the Asset Manager and the Client as members of any partnership, joint venture, association, syndicate, unincorporated business, or other separate entity, nor shall be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other such entity.

(c) Third Party Beneficiaries. This Agreement is not intended to and does not convey any rights to persons not a Party to this Agreement, except that a Covered Person may in its own right enforce Section 10 of this Agreement.

(d) Entire Agreement. This Agreement, including the Schedules attached hereto, constitutes the entire agreement between the Parties concerning the subject matter hereof and supersedes all prior agreements and understandings, oral or written, between them regarding such subject matter.

(e) Amendments. Except to the extent otherwise expressly provided herein, this Agreement may not be amended except in a writing signed by the Parties hereto.

(f) Waivers. Each Party may by written consent waive, either prospectively or retrospectively and either for a specified period of time or indefinitely, the operation or effect of any provision of this Agreement. No failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof, nor shall any waiver of any such right constitute any further waiver of such or any other right hereunder. No waiver of any right by any Party hereto shall be construed as a waiver of the same or any other right at any other time.

(g) Notices. Except as otherwise expressly provided in this Agreement, whenever any notice is required or permitted to be given under any provision of this Agreement, such notice shall be in writing, shall be signed by or on behalf of the Party giving the notice and shall be mailed by first class mail or sent by courier or by email (including email with an attached PDF) or other electronic transmission with confirmation of transmission to the other Party at the address set forth below or to such other address as a Party may from time to time specify to the other Party by such notice hereunder.

If to the Asset Manager:

Galaxy Digital Capital Management LP

300 Vesey Street, 13th Floor

New York, NY 10282

Email: GAMClientService@galaxy.com

If to the Client:

Forward Industries, Inc.

700 Veterans Memorial Highway

Suite 100

Hauppauge, New York 11788

Attention: Michael Pruitt, Interim Chief Executive Officer

Any such communications, notices, instructions or disclosures shall be deemed duly given when deposited by first class mail address as provided above, when delivered to such address by courier or when sent by email (including email with an attached PDF) or other electronic transmission (with the receipt confirmed).

(h) Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without giving effect to its principles of conflicts of law.

(i) Arbitration. Notwithstanding anything herein to the contrary, including the Parties’ submission to jurisdiction of the courts of the State of New York pursuant to Section 14(j) below, any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined by arbitration in the New York offices of the Judicial Arbitration and Mediation Service Inc. or its successor (“JAMS”) before three (3) qualified arbitrators, one (1) selected by each Party and one (1) selected by both Parties. The arbitration shall be administered by JAMS under its Comprehensive Arbitration Rules and Procedures (the “Rules”) in accordance with the expedited procedures in those Rules. Judgment on the arbitration award may be entered in any state or federal court sitting in New York, New York or in any other applicable court. This Section 14(i) shall not preclude the Parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction. In the event that this Agreement is terminated pursuant to this Section 14(i), the Asset Manager shall be entitled to any and all damages and legal remedies arising from or in connection with such default, but limited to direct damages and lost profits and business in the future. Any arbitration arising out of or related to this Agreement shall be conducted in accordance with the expedited procedures set forth in the Rules as those Rules exist on the effective date of this Agreement. The Parties agree that they will give conclusive effect to the arbitrators’ determination and award and that judgment thereon may be entered in any court having jurisdiction. The arbitrators may issue awards for all damages and legal remedies arising from or in connection with such default including, but not limited to, direct, indirect, special, consequential, speculative and punitive damages, as well as lost profits and business in the future. Any Party may, without inconsistency with this arbitration provision, apply to any state or federal court sitting in New York, New York and seek interim provisional, injunctive or other equitable relief until the arbitration award is rendered or the controversy is otherwise resolved. The arbitration will be conducted in the English language. The arbitrators shall decide the dispute in accordance with the law of New York. The arbitration provisions contained herein are self-executing and will remain in full force and effect after expiration or termination of this Agreement. The costs and expenses of the arbitration shall be funded fifty percent (50%) by the claimant and the remaining fifty percent (50%) shall be split equally among the respondent(s). All Parties shall bear their own attorneys’ fees during the arbitration. The prevailing Party on substantially all of its claims shall be repaid all of such costs and expenses by the non-prevailing Party within ten (10) days after receiving notice of the arbitrator’s decision.

(j) Submission to Jurisdiction; Consent to Service of Process. Subject to Section 14(j) above, the Parties hereto hereby irrevocably submit to the exclusive jurisdiction of and consent to service of process and venue in the state and federal courts in the County of New York, State of New York in any dispute, claim, controversy, action, suit or proceeding between the Parties arising out of this Agreement which are permitted to be filed or determined in such court. Subject to Section 14(i) above, the Parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. The Parties agree that process may be served in any action, suit or proceeding by mailing copies thereof by registered or certified mail (or its equivalent) postage prepaid, to the Party’s address set forth in Section 14(g) of this Agreement or to such other address to which the Party shall have given written notice to the other Party. The Parties agree that such service shall be deemed in every respect effective service of process upon such Party in any such action, suit or proceeding and shall, to the fullest extent permitted by law, be taken and held to be valid personal service upon and personal delivery to such Party. Nothing in this Section 14(j) shall affect the right of the Parties to serve process in any manner permitted by law.

(k) Force Majeure. No Party to this Agreement shall be liable for damages resulting from delayed or defective performance when such delays or defects arise out of causes beyond the control and without the fault or negligence of the offending Party. Such causes may include, but are not restricted to, acts of God or of the public enemy, terrorism, acts of the state in its sovereign capacity, fires, floods, earthquakes, power failure, disabling strikes, epidemics, pandemics, quarantine restrictions and freight embargoes.

(l) Headings. The headings contained in this Agreement are intended solely for convenience and shall not affect the rights of the Parties to this Agreement.

(m) Severability. In the event any provision of this Agreement shall be held invalid or unenforceable, by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provisions hereof.

(n) Counterparts; Electronic Signature and Delivery. This Agreement may be executed in counterparts, including counterparts sent via PDF other electronic transmission, each of which, when taken together shall constitute one and the same instrument. This Agreement may also be executed and delivered by electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be duly executed as of the Effective Date.

Exhibit 10.2

SERVICES AGREEMENT

This Services Agreement (this “Agreement”), effective as of September 10, 2025 (the “Effective Date”), is made and entered into by and between Forward Industries, Inc. a New York Corporation (the “Service Recipient”) and Galaxy Digital LP, a Cayman Islands exempted limited partnership (the “Service Provider”) (each, a “Party” and collectively, the “Parties”).

WHEREAS, the Service Recipient has engaged the Service Provider in connection with creation of a digital assets treasury business that is dedicated to the accumulation and long-term ownership of Solana tokens (“SOL”), the generation of organic SOL-based income through staking, trading and other related activities, the progression of the SOL ecosystem through technology development and capital deployment, to be initially financed using the net proceeds of a private issuance and sale of newly issued equity securities of the Service Recipient; and

WHEREAS, the Service Provider has agreed to provide the Service Recipient with, and the Service Recipient has agreed to receive, certain services, and this Agreement sets forth the terms and conditions for the provision and receipt thereof.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and conditions set forth below, the Parties hereto agree as follows:

ARTICLE I

DEFINITIONS

Section 1.1 Definitions. Unless the context clearly requires otherwise, the following terms shall have the following meanings:

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

“Governmental Authority” means any federal, state, county, parish, city, municipal, local or foreign government or political subdivision or regulatory authority, department, agency, commission, body, court, tribunal, legislature, executive, or other governmental entity.

“Intellectual Property” means any and all proprietary, intellectual or industrial property rights, which may exist or be created under the law of any jurisdiction, including both statutory and common law rights, including (i) patents and patent applications (including divisionals, continuations and continuations in part), and any renewals, re-examinations, extensions or reissues thereof, (ii) registered and unregistered trademarks, service marks, logos, corporate, d/b/a and trade names, trade dress and other identifiers of source origin, together with all goodwill associated therewith, and internet domain names, (iii) registered and unregistered copyrights, copyrightable works, proprietary rights in works of authorship (including software), moral rights and mask works, (iv) trade secrets and other rights in proprietary or confidential information, including proprietary processes, formulas, data, computer programs, discoveries, developments, designs, techniques, specifications, drawings, blueprints, sketches, models, methods, inventions (whether or not patentable), software source code, and know-how, and (v) registrations and applications for any of the foregoing.

“Law” any federal, national, supranational, state, provincial, local or foreign law, statute, ordinance, enactment, rule, regulation, code, agency requirement, common law, order, writ, judgment, injunction, decree, stipulation, determination or award of, or entered into by or with, any Governmental Authority.

“Networks” means the information and technology systems of Service Provider or its Affiliates, including all data they contain and all computer software and hardware.

“Person” means any natural person, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, foundation, other entity or unincorporated organization or government or other agency or political subdivision thereof, including such Person’s predecessors or successors, whether by merger, consolidation, amalgamation, reorganization or otherwise.

“Personnel” means, with respect to any Party, the employees, officers, agents, independent contractors and consultants of such Party and, with respect to the Service Provider, (a) the Service Provider Affiliates and (b) any third parties engaged by the Service Provider or a Service Provider Affiliate to provide a Service.

“Service Recipient Data” means (i) any data or information of Service Recipient and its Affiliates, or their respective vendors, customers or other business partners, that is provided to or obtained by the Service Provider or its Personnel in the performance of the Service Provider’s obligations under this Agreement, and (ii) any data or information to the extent related to the Service Recipient or its Affiliates that is collected, generated or processed by the Service Provider or its Personnel solely in connection with the performance of the Service Provider’s obligations pursuant to this Agreement.

“Subsidiaries” of any Person means those entities that are majority-owned or majority-controlled by such Person. For purposes of this definition, a Person is deemed to own a majority of the equity interests in a partnership if such Person (a) is allocated a majority of the gains or losses of such partnership or (b) is or controls the general partner of such partnership.

ARTICLE II

SERVICES

Section 2.1 Services. Subject to the terms and conditions of this Agreement, the Service Provider shall provide or procure the provision of the services set forth on Schedule A (“Services”) to the Service Recipient. The Service Provider is not required to perform services that are inconsistent with the scope of Services or terms and conditions set forth in this Agreement.

Section 2.2 Change of Services; Additional Services. From time to time, during the Term (as defined below), either the Service Provider or the Service Recipient may request in writing changes to the scope of Services or additional Services that Service Provider shall be obligated to provide (other than the Excluded Services). To be effective, such change(s) and/or addition(s) must be agreed in writing and signed by the Parties. Any such mutually agreed change in service or additional service shall be deemed a “Service” and Schedule A shall be automatically amended to include such additional Service. The Service Provider is not required to perform, and may cease performance of, any changes or additions until and unless such changes or additions are agreed to in writing and signed by the Parties.

Section 2.3 Subcontracting. The Service Provider may freely subcontract the provision of any Services to any Affiliate of Service Provider or any third party; provided that the Service Provider shall remain liable for the performance of such Service hereunder.

Section 2.4 Excluded Services. Notwithstanding anything to the contrary set forth herein, the Services shall only include those specific services set forth on Schedule A and shall in no event include the services set forth on Schedule B (“Excluded Services”).

Section 2.5 Service Coordinators. The Service Provider and the Service Recipient shall each nominate a representative to act as the primary contact person with respect to all aspects of the Services (each, a “Service Coordinator”). Unless otherwise agreed upon by the Parties, all communications relating to this Agreement and to the Services provided hereunder shall be directed to the Service Coordinators except for notices under this Agreement, which shall be given in accordance with Section 11.11. The initial Service Coordinators, including relevant contact information, are set forth on Schedule C. Each Party may replace its Service Coordinator with an individual of comparable qualifications and experience at any time by providing notice in accordance with Section 11.11 of this Agreement. Each Party may treat the actions of the other Party’s Service Coordinator as having been authorized by the other Party without further inquiry as to whether such Service Coordinator had authority to so act.

Section 2.6 Cooperation.

(a) The Parties shall cooperate reasonably in connection with the provision and receipt of the Services and shall perform all obligations hereunder in good faith and in accordance with principles of fair dealing.

(b) The Service Recipient will provide information and documentation reasonably necessary for the Service Provider to perform the Services.

(c) The Service Recipient shall follow, and shall cause its Affiliates to follow, the policies, procedures and practices followed by the Service Provider and its third-party service providers with respect to the Services consistent with the policies, procedures and practices that were in effect immediately prior to the Effective Date and as may be updated in writing by the Service Provider from time to time.

Section 2.7 Standard of Performance. The Service Provider shall use commercially reasonable efforts to perform the Services with substantially the same degree of care, skill, efficiency and prudence as such services are performed with respect to the business and operations of the Service Provider and its Affiliates.

Section 2.8 Sharing of Services. As directed by the Service Recipient, the Service Provider may provide, or cause to be provided, the Services to DE Sub 1 LLC, a Delaware limited liability company and an Affiliate of the Service Recipient; provided that the Service Recipient shall (a) ensure that such Affiliate complies with the provisions of this Agreement applicable to Service Recipient, and (b) remain liable for the acts and omissions of such Affiliate in connection with this Agreement, including the receipt of the Services by Service Recipient.

ARTICLE III

LIMITATIONS

Section 3.1 Third-Party Limitations.

(a) The Service Recipient acknowledges and agrees that the Services may be subject to the terms and conditions of any applicable agreements between the Service Provider or its Affiliates and third parties. The Service Recipient shall comply with the terms of such agreements to the extent they are relevant to the receipt of the Services.

(b) The Service Provider shall use commercially reasonable efforts to obtain any necessary consent from third parties in order to provide the Services pursuant to this Agreement; provided that the Service Provider shall not be required to make any payments for any such consents. If any such consent is not obtained despite such commercially reasonable efforts, the Service Provider shall use commercially reasonable efforts to obtain a reasonable alternative arrangement to provide the relevant Services sufficient for the purposes of the Service Recipient; provided that the Service Provider shall not be required to make any payments to obtain any such reasonable alternative arrangements. If the Service Provider determines that no such reasonable alternative arrangement is available, then the Service Provider shall not be required to provide the affected Services but shall provide reasonable administrative assistance to, and reasonably cooperate with, the Service Recipient in connection with the Service Recipient’s entering into its own agreements with third-party service providers.

Section 3.2 Compliance with Laws.

(a) Each Party shall perform its obligations under this Agreement in compliance with applicable Laws.

(b) Notwithstanding any other provision of this Agreement, the Service Provider (i) shall have the right to perform any action that, in its reasonable opinion, is necessary to comply with applicable Law or any generally applicable policy or procedure of the Service Provider designed to ensure compliance with applicable Law and (ii) shall not be required to perform or cause to be performed the Services (or portion thereof) or other obligation in connection with this Agreement that, in its reasonable opinion, conflicts with or violates any applicable Law or any generally applicable policy or procedure designed to ensure compliance with applicable Law.

Section 3.3 Force Majeure. If the Service Provider is wholly or partially prevented from, or delayed in, providing one or more Services, or one or more Services are interrupted or suspended, by reason of events beyond the Service Provider’s reasonable control (including technology or systems outages due to failures of common carriers or third-party service providers, acts of God, fire, explosion, accident, floods, earthquakes, embargoes, epidemics, war, acts of terrorism, or nuclear disaster) (each, a “Force Majeure Event”), the Service Provider shall not incur any liability hereunder for failure to deliver, or the disruption of the performance of, the affected Services during such period. The Service Provider shall use commercially reasonable efforts to resume provision of the affected Services as soon as practicable.

Section 3.4 Independent Contractors. It is expressly understood and agreed that the relationship created herein is that of independent contractors (including for U.S. federal and state tax purposes), and that each Party shall have only those rights and responsibilities specifically described in this Agreement. No Party is a legal representative of another Party for any purpose and is not granted, by the terms or execution of this Agreement, or otherwise, any right or authority to assume or create any obligation on behalf of, or in the name of, such other Party, or to bind such other Party in any manner whatsoever. Each Party’s employees or agents shall not be or be deemed to be the other Party’s employees or joint employees. Each Party assumes full responsibility for the acts of its employees and for their supervision, daily direction and control. No Party shall be responsible for workers’ compensation, disability benefits, unemployment insurance, withholding taxes, social security or any other taxes or benefits for another Party’s employees or agents.

ARTICLE IV

PAYMENT

Section 4.1 Fees. In consideration for the Services, the Service Recipient shall pay to the Service Provider fees set forth on Schedule D (“Fees”).

Section 4.2 Billing and Payment Terms.

(a) Within thirty (30) days of the end of each month during the Term, the Service Provider shall invoice the Service Recipient (such invoice to set forth a description of the Services provided and all incurred Fees) for all Services that the Service Provider delivered during the preceding month, denominated in U.S. Dollars. Each such invoice shall be payable within thirty (30) days after the Service Recipient’s receipt of the invoice, and payment of such invoices shall be made by the Service Recipient to such Service Provider in U.S. Dollars.

(b) All payments required to be made pursuant to this Agreement shall bear interest from and including the date such payment is due until, but excluding, the date of payment at a monthly rate equal to the lesser of (i) 1.25% and (ii) the maximum rate permitted by applicable Law.

Section 4.3 Taxes.

(a) All Fees and other consideration under this Agreement are exclusive of any sales, use, transfer, value-added, goods or services tax, excise, consumption or similar tax (including any such taxes that are required to be withheld, but excluding all other taxes, including any income, franchise, gross receipts, or similar taxes imposed upon the Service Provider with respect to the receipt of Fees that Service Provider receives under this Agreement) imposed against or on Services provided (“Sales Taxes”) by the Service Provider or its Affiliates hereunder, and such Sales Taxes will be added to the consideration in the manner set forth in this Section 4.3 where applicable.

(b) Such Sales Taxes shall be separately stated on the relevant invoice to the Service Recipient. All taxable Services for which the Service Recipient hereunder is compensating, or reimbursing, the Service Provider hereunder shall be set out separately from non-taxable Services (and goods, if any), if practicable. The Service Recipient shall be responsible for any such Sales Taxes and shall either (i) promptly remit such Sales Taxes to the Service Provider (and such Service Provider shall remit such amounts to the applicable governmental authority) or (ii) provide such Service Provider with a certificate or other acceptable proof evidencing an exemption from liability for such Sales Taxes. The Service Provider agrees to pay any penalty, interest or other such fee that may be assessed against the Service Recipient hereunder solely arising from the Service Provider’s failure to timely remit Sales Taxes paid by the Service Recipient hereunder to the Service Provider in accordance with this Section 4.3(b); all other penalties, interest or other fees shall be the responsibility of the Service Recipient.

(c) Each Party hereto shall be entitled to deduct and withhold from any amounts payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under any applicable law. To the extent that amounts are withheld or deducted pursuant to this Section 4.3 (c) and timely paid over to the appropriate Governmental Authority, such amounts shall be treated for all purposes of this Agreement as having been paid to the applicable person in respect of which such deduction and withholding was made.

(d) Each Party shall take, and shall cause its Affiliates to take, any reasonably requested action, and to otherwise use commercially reasonable efforts, to minimize or eliminate (x) any Sales Taxes and (y) any amounts required to be deducted or withheld in respect of such Sales Tax, including by timely providing to the other Party, as applicable, (i) sales and use Tax exemption certificates or other documentation necessary to support Tax exemptions, and (ii) properly completed and executed IRS Forms W-9 or W-8 or other similar Tax forms. Each Party shall provide the other Parties such information and data as reasonably requested from time to time, and to reasonably cooperate with the other Parties, in connection with the reporting of any sales, use or other similar Taxes payable pursuant to this Agreement.

Section 4.4 No Setoff Rights. There shall be no right of setoff with respect to any claim, debt or obligation against amounts payable to the Service Provider under this Agreement.

ARTICLE V

ACCESS AND SECURITY

Section 5.1 Access to Networks.

(a) The Service Provider may, in its sole discretion, provide the Service Recipient with access to the Networks via a commercially reasonable secure method selected by the Service Provider.

(b) The Service Recipient shall only use (and will ensure that only its Personnel with a need to use shall only use), and shall only have access to, the Networks for the purpose of receiving, and only to the extent required to receive, the Services. The Service Recipient and all applicable Personnel shall use and access the Networks in compliance with all applicable policies, guidelines and procedures provided by the Service Provider.

(c) The Service Recipient shall not: (i) use the Networks to develop software, process data or perform any work or services other than for the purpose of receiving the Services; or (ii) break, interrupt, circumvent, adversely affect or attempt to break, interrupt, circumvent or adversely affect any security system or measure of the Service Provider or its Affiliates.

Section 5.2 Record Retention. The Service Provider shall, in accordance with its generally applicable recordkeeping policies and procedures, keep reasonable books and records of all Services as required by applicable Law and as sufficient to allow the Service Recipient to verify the Fees. Once during the Term, the Service Provider shall, upon the Service Recipient’s reasonable request and at the Service Recipient’s sole cost and expense, make such books and records available to the Service Recipient upon reasonable notice and during normal business hours solely for purposes of verifying the Fees.

ARTICLE VI

CONFIDENTIALITY

Section 6.1 Confidentiality Obligations; Permitted Disclosures. In connection with the provision or receipt of Services under this Agreement, each Party may receive, or have access to, records and information, whether written or oral, which the other Party considers to be confidential and proprietary technical information such as specifications, drawings, guidelines, models, customer information, business plans and other information which relates to the other Party’s present and future development of business activities, all of which shall be deemed “Confidential Information.” Each Party shall hold all Confidential Information in trust and in confidence for the other; shall use the Confidential Information only for the purposes of providing and receiving the Services, as applicable; and shall use commercially reasonable efforts to deliver to the other all such records and information, in written or graphic form, upon expiration or termination of this Agreement. Nothing in this section shall be construed to limit the use of, or dissemination by a Party of, such information as is previously known to such Party, or is publicly disclosed either prior to or subsequent to a Party’s receipt of such information from another Party.

Section 6.2 Limitations on Use of Confidential Information. The receiving Party shall use the disclosing Party’s Confidential Information solely for the purposes set forth in this Agreement unless another use is allowed by written permission of the disclosing Party. In handling the Confidential Information, each Party shall: (1) not make disclosure of any such Confidential Information to anyone except officers, directors, employees, contractors and representatives of such Party to whom disclosure is reasonably necessary for the purposes set forth in this Agreement; (2) appropriately notify such officers, directors, employees, contractors and representatives that the disclosure is made in confidence in accordance with the provisions hereof; and (3) make requests for Confidential Information of the other Party only if reasonably necessary to accomplish the purposes set forth in this Agreement. Each Party shall be responsible for ensuring compliance with the terms of this Section by their respective directors, officers, employees, contractors and representatives.

ARTICLE VII

INTELLECTUAL PROPERTY AND DATA

Section 7.1 Ownership of Data and Intellectual Property.

(a) Each Party retains the ownership and title to any and all of its Intellectual Property owned as of the Effective Date. This Agreement is not intended to, and shall not, transfer or license any Intellectual Property from one Party to the other, except for the limited license rights as expressly set forth in Section 7.1(b) and Section 7.1(c).

(b) The Service Provider hereby grants to the Service Recipient and to its Personnel, a non-exclusive, non-transferable, non-assignable, non-sublicensable limited license and right, during the Term of this Agreement, under the Intellectual Property of the Service Provider or its Affiliates, to use the embodiments of Intellectual Property rights provided by the Service Provider to the Service Recipient hereunder solely to the extent necessary for the receipt, access and use of the Services.

(c) The Service Recipient hereby grants to the Service Provider and to its Personnel, a non-exclusive, non-transferable, non-assignable, non-sublicensable limited license and right, during the Term of this Agreement, under the Intellectual Property of the Service Recipient or its Affiliates, to use the embodiments of Intellectual Property rights provided by the Service Recipient to the Service Provider hereunder, solely to the extent necessary for the provision of the Services.

(d) Notwithstanding anything to the contrary in this Agreement, the Parties acknowledge and agree that, as between the Parties, any and all Service Recipient Data shall be owned by the Service Recipient, subject to any limitations imposed by third-party contracts or applicable Law with respect thereto.

ARTICLE VIII

DISCLAIMER OF WARRANTIES

Section 8.1 Disclaimer of Warranties. THE SERVICE PROVIDER HEREBY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE SERVICES, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR OR SPECIFIC PURPOSE, AND ALL SUCH OTHER WARRANTIES ARE HEREBY EXPRESSLY DISCLAIMED.

ARTICLE IX

LIMITATION OF LIABILITY AND INDEMNIFICATION

Section 9.1 Limitation of Liability and Indemnification.

(a) Except in the cases of willful misconduct, gross negligence, or fraud (each, a “Disqualifying Action”), none of the Service Provider, its Affiliates or their respective officers, directors, employees, contractors, and agents (each, a “Service Provider Indemnified Party” and, together, the “Service Provider Indemnified Parties”) shall have any liability (whether direct or indirect, in contract or tort or otherwise) for any claims, liabilities, losses, damages, penalties, obligations or expenses of any kind whatsoever, including reasonable and documented attorneys’ fees and court costs (“Losses”) suffered by the Service Recipient as the result of any act or omission by the Service Provider in connection with, arising out of or relating to the performance of the Services hereunder. The Service Recipient further agrees that no Service Provider Indemnified Party shall be liable for any Losses caused, directly or indirectly, by any act or omission of the Service Recipient, or by any other non-party to this Agreement, unless such acts, omissions or other conduct are at the direction of the Service Provider and the Service Provider’s direction constitutes a Disqualifying Action.

(b) The Service Provider and any Person acting on its behalf shall be entitled to rely in good faith upon information, opinions, reports or statements of legal counsel (as to matters of law) and accountants (as to matters of accounting or tax) and, accordingly, such good faith reliance by a Person shall not constitute a Disqualifying Action so long as such counsel or accountant is qualified and was selected and consulted with due care. Under no circumstances shall any Service Provider Indemnified Party be liable for any special, incidental, exemplary, consequential, punitive, lost profits or indirect damages.

(c) The Service Recipient shall indemnify and hold harmless the Service Provider Indemnified Parties, against any Losses suffered or incurred by reason of, relating to, based upon, arising from or in connection with (directly or indirectly) (i) the operations, business or affairs of the Service Provider, or any actions taken by the Service Provider or failure by it to act, in each case in connection with this Agreement (including, without limitation, any Losses arising as a result of any operational errors committed by or erroneous instructions provided by the Service Recipient), (ii) a Disqualifying Action by the Service Recipient, or (iii) the Service Recipient’s breach of this Agreement, in each case except to the extent that such Losses are determined by a court of competent jurisdiction, upon entry of a final judgment, to be attributable to a Disqualifying Action of a Service Provider Indemnified Party.

(d) The Service Provider shall indemnify and hold harmless the Service Recipient and its Affiliates or their respective officers, directors, employees, contractors, and agents (each a “Service Recipient Indemnified Party” and, together, the “Service Recipient Indemnified Parties”), against any Losses suffered or incurred by reason of, relating to, based upon, arising from or in connection with (directly or indirectly) any third-party claim to the extent arising out of, in connection with or relating to such Service Provider’s Disqualifying Action.

(e) The federal laws may impose liabilities under certain circumstances on persons who act in good faith; therefore, nothing herein shall in any way constitute a waiver or limitation of any rights which the undersigned may have under any applicable federal law.

Section 9.2 Indemnification Procedures. If any of the Service Provider Indemnified Parties or Service Recipient Indemnified Parties (the “Indemnified Party”) receives notice of any claim, action, suit, or proceeding (a “Claim”) for which indemnification may be sought under this Agreement, the Indemnified Party shall promptly notify the other Party (the “Indemnifying Party”) in writing of the Claim. Failure to provide such notice shall not relieve the Indemnifying Party of its indemnification obligations hereunder, except to the extent that the Indemnifying Party is materially prejudiced by such failure. Upon receipt of notice of a Claim, the Indemnifying Party shall have the right to assume the defense and control of such Claim, with counsel of its choice, provided that such counsel is reasonably satisfactory to the Indemnified Party. The Indemnified Party shall have the right to participate in the defense of the Claim at its own expense. If the Indemnifying Party does not assume the defense of the Claim within a reasonable period, the Indemnified Party may assume the defense of the Claim, and the Indemnifying Party shall be liable for all reasonable costs and expenses incurred by the Indemnified Party in connection with such defense. The Indemnifying Party shall not settle any Claim without the prior written consent of the Indemnified Party, which consent shall not be unreasonably withheld or delayed.

ARTICLE X

TERM AND TERMINATION

Section 10.1 Term of Agreement. Each Service shall commence upon the Effective Date and continue for a term of six (6) months (“Initial Term”), unless such Service is (1) earlier terminated by the Parties as provided in this Article X or (2) extended pursuant to Section 10.2. The term of the Agreement, including any Extension Period, shall terminate upon the termination or expiration of all Services (the “Term”).

Section 10.2 Extension of Agreement. Upon mutual written agreement by both Parties (“Extension Agreement”), the term of this Agreement and certain Services specified in such Extension Agreement (the “Extension Period Services”) may be extended for one (1) additional six (6) month period (the “Extension Period”), commencing at the end of the Initial Term. In consideration for the Extension Period Services during the Extension Period, the Service Recipient shall pay to the Service Provider an additional monthly fee set forth in Schedule D. Neither the Service Provider nor the Service Recipient is under any obligation to extend this Agreement, and, in the absence of an Extension Agreement, the Service Provider is under no obligation to provide Services upon expiration of the Initial Term.

Section 10.3 Termination.

(a) Termination by the Sellers or the Buyer. This Agreement, or any Service provided hereunder, as applicable, may be terminated by the Service Provider or the Service Recipient, (the Service Provider or the Service Recipient, as applicable, the “Terminating Party”) upon written notice to the other Party, if:

Section 10.4 Effect of Termination. In the event that this Agreement is terminated for any reason:

(a) Each Party agrees and acknowledges that the obligations of the Service Provider to provide the Services, or to cause the Services to be provided, hereunder shall immediately cease. Upon cessation of a Service Provider’s obligation to provide a Service in accordance with Section 10.3, the Service Recipient shall stop using, directly or indirectly, the terminated Service.

(b) The following matters shall survive the termination or expiration of this Agreement: the rights and obligations of each Party under Section 1.1, Article IV (as applicable to any Fees incurred prior to termination or expiration), Section 5.2, Article VI, Article VII, Article VIII, Article IX, this Section 10.4 and Article XI.

ARTICLE XI

MISCELLANEOUS

Section 11.1 Amendment and Waiver. No amendment of this Agreement and no waiver of one or more of its terms may be effected unless set forth in writing and signed by the Parties. Any waiver of strict compliance with this Agreement shall not operate as a waiver of, or estoppel with respect to, any subsequent failure to so comply.

Section 11.2 Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they will be deemed to be followed by the words “without limitation.” The word “or” need not be disjunctive and shall mean “and/or” unless otherwise provided. The word “will” shall be construed to have the same meaning and effect as the word “shall.” Any singular term in this Agreement will be deemed to include the plural, and any plural term the singular. All pronouns and variations of pronouns will be deemed to refer to the feminine, masculine or neuter, singular or plural, as the identity of the person referred to may require. Any capitalized term used in this Agreement shall have the meaning ascribed to it within this Agreement. All section references in this Agreement are to sections of this Agreement unless otherwise specified. Where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning.

Section 11.3 Assignment. This Agreement shall be binding upon, and inure to the benefit of the Parties, including their respective successors and assigns. No Party hereto shall assign, transfer or otherwise dispose of any interest arising under this Agreement without the prior written consent of the other Parties, and any assignment, transfer or other disposition made without such consent shall be void. Notwithstanding the foregoing, the Service Provider may assign this Agreement to any of its Affiliates.

Section 11.4 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without giving effect to its principles of conflicts of law.

Section 11.5 Arbitration. Notwithstanding anything herein to the contrary, including the Parties’ submission to jurisdiction of the courts of the State of New York pursuant to Section 11.6, any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined by arbitration in the New York offices of the Judicial Arbitration and Mediation Service Inc. or its successor (“JAMS”) before three (3) qualified arbitrators, one (1) selected by each Party and one (1) selected by both Parties. The arbitration shall be administered by JAMS under its Comprehensive Arbitration Rules and Procedures (the “Rules”) in accordance with the expedited procedures in those Rules. Judgment on the arbitration award may be entered in any state or federal court sitting in New York, New York or in any other applicable court. This Section 11.5 shall not preclude the Parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction. Any arbitration arising out of or related to this Agreement shall be conducted in accordance with the expedited procedures set forth in the Rules as those Rules exist on the effective date of this Agreement. The Parties agree that they will give conclusive effect to the arbitrators’ determination and award and that judgment thereon may be entered in any court having jurisdiction. The arbitrators may issue awards for all damages and legal remedies arising from or in connection with this Agreement including, but not limited to, direct, indirect, special, consequential, speculative and punitive damages, as well as lost profits and business in the future, subject to Section 9.1. Any Party may, without inconsistency with this arbitration provision, apply to any state or federal court sitting in New York, New York and seek interim provisional, injunctive or other equitable relief until the arbitration award is rendered or the controversy is otherwise resolved. The arbitration will be conducted in the English language. The arbitrators shall decide the dispute in accordance with the law of New York. The arbitration provisions contained herein are self-executing and will remain in full force and effect after expiration or termination of this Agreement. The costs and expenses of the arbitration shall be funded fifty percent (50%) by the claimant and the remaining fifty percent (50%) shall be split equally among the respondent(s). All Parties shall bear their own attorneys’ fees during the arbitration. The prevailing Party on substantially all of its claims shall be repaid all of such costs and expenses by the non-prevailing Party within ten (10) days after receiving notice of the arbitrator’s decision.

Section 11.6 Submission to Jurisdiction; Consent to Service of Process. Subject to Section 11.5, the Parties hereto hereby irrevocably submit to the exclusive jurisdiction of and consent to service of process and venue in the state and federal courts in the County of New York, State of New York in any dispute, claim, controversy, action, suit or proceeding between the Parties arising out of this Agreement which are permitted to be filed or determined in such court. Subject to Section 11.5, the Parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. The Parties agree that process may be served in any action, suit or proceeding by mailing copies thereof by registered or certified mail (or its equivalent) postage prepaid, to the Party’s address set forth in Section 11.11 of this Agreement or to such other address to which the Party shall have given written notice to the other Party. The Parties agree that such service shall be deemed in every respect effective service of process upon such Party in any such action, suit or proceeding and shall, to the fullest extent permitted by Law, be taken and held to be valid personal service upon and personal delivery to such Party. Nothing in this Section 11.6 shall affect the right of the Parties to serve process in any manner permitted by Law.

Section 11.7 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY BE BASED UPON, ARISE OUT OF OR RELATED TO THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY FOR ANY DISPUTE BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE BREACH, TERMINATION OR VALIDITY THEREOF OR ANY TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NEITHER THE OTHER PARTY NOR ITS REPRESENTATIVES, AGENTS OR ATTORNEYS HAVE REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS OF THIS SECTION 11.7. ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

Section 11.8 Severability. Any provision of this Agreement that is held to be inoperative, unenforceable, voidable or invalid in any jurisdiction shall, as to that jurisdiction, be inoperable, unenforceable, void or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end, the provisions of this Agreement are declared to be severable.

Section 11.9 Counterparts. This Agreement may be executed in counterparts, including via electronic means (such as DocuSign), all of which taken together shall constitute one and the same instrument.

Section 11.10    Headings. The headings of the Sections and subsections of this Agreement are for convenience of reference only, and are not to be considered in construing the terms and provisions of this Agreement. References to “Section” in this Agreement shall be deemed to refer to the indicated Section of this Agreement, unless the context clearly indicates otherwise.

Section 11.11    Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed given (a) when delivered personally by hand (with written confirmation of receipt by other than automatic means, whether electronic or otherwise), (b) when sent by email or (c) one (1) business day following the day sent by an internationally recognized overnight courier (with written confirmation of receipt), in each case, at the following addresses and email addresses (or to such other address or email address as a Party may have specified by notice given to the other Parties pursuant to this provision):

To Service Provider:

Galaxy Digital LP

300 Vesey Street, Floor 13

New York, New York 10282
Attention: Robert Rico
Email: Robert.Rico@galaxy.com

To Service Recipient:

Forward Industries, Inc.

700 Veterans Memorial Highway

Suite 100

Hauppauge, New York 11788

Attention: Michael Pruitt, Interim Chief Executive Officer

Any Party may, by notice given in accordance with this Section 11.11 to the other Parties, designate another address or Person for receipt of notices hereunder.

Section 11.12    Entire Agreement; Joinder. This Agreement, including the schedules attached hereto, constitutes and embodies the entire understanding and agreement of the Parties hereto relating to the subject matter hereof and there are no other agreements or understandings, written or oral, in effect between the Parties relating to such subject matter except as expressly referred to herein.

Section 11.13    Independent Contractors. The Service Provider shall be deemed to be an independent contractor as to the Service Recipient for all purposes hereof. This Agreement shall not be construed (a) to create the relationship of investment advisor and client (or any other professional or other advisory relationship) between the Parties or between any Party and any of the officers, directors, employees, agents, or other representatives of any other Party, (b) to create a partnership or joint venture between the Parties, or (c) to authorize any Party to act as a general or special agent of the other.

Section 11.14    No Legal Advice. For the avoidance of doubt, the Services do not include legal services or the provision of legal advice, and the Service Provider makes no representations regarding questions of legal interpretation. The Service Recipient should consult with its attorneys with respect to any legal matters or items that require legal interpretation under federal, state or any other type of law or regulation.

Section 11.15    No Third-Party Beneficiaries. This Agreement is solely between the Parties, and is not intended to create any right, entitlement or legal relationship between the Parties or any of their respective affiliates, employees, agents, or other representatives, on the one hand, and any third party, on the other hand.

[Signatures appear on the following page]

[Signature Page to Services Agreement]

[Signature Page to Services Agreement]

Exhibit 99.1

Forward Industries Closes $1.65 Billion Private Placement in Cash and Stablecoin

Commitments to Advance Solana Treasury Strategy

PIPE Led by Galaxy Digital, Jump Crypto, and Multicoin Capital

Company Intends to Use Net Proceeds Primarily to Fund Purchase of SOL

NEW YORK, SEPT 11, 2025 – Forward Industries, Inc. (NASDAQ: FORD) (the “Company” or “Forward Industries”) today announced the successful close of its previously announced private investment in public equity (“PIPE”) financing, led by Galaxy Digital (“Galaxy”), Jump Crypto, and Multicoin Capital (“Multicoin”). The PIPE resulted in gross proceeds of approximately $1.65 billion to the Company, before deducting placement agent fees and other offering expenses. Forward Industries intends to use the net proceeds from the offering primarily to purchase SOL, the native digital asset of the Solana blockchain, for working capital and any future transactions, for the establishment of the Company’s cryptocurrency treasury operations, and to pay transaction expenses.

In addition to Galaxy, Jump Crypto, and Multicoin, which collectively subscribed for more than $300 million, the PIPE received support and participation from several global investment firms and leaders across the digital asset ecosystem, including:

Concurrent with the close of the PIPE financing, Kyle Samani, the co-Founder and Managing Partner of Multicoin, has been appointed Chairman of the Company’s Board of Directors (the “Board”). Michael Pruitt, the Company’s Interim Chief Executive Officer, has also been appointed to the Board. Chris Ferraro, President and Chief Investment Officer of Galaxy, and Saurabh Sharma, Chief Investment Officer at Jump Crypto, have also been appointed as Board observers. Forward Industries’ management team will remain in place.

“Today’s milestone underscores our belief among leading institutional investors that Solana belongs at the center of global capital markets. With the support of Galaxy, Jump Crypto, and Multicoin, I believe Forward Industries is uniquely positioned to accelerate this future,” said Mr. Samani. “Leveraging our combined team’s experience investing and innovating across the Solana ecosystem, our goal is to deliver strong value for our shareholders.”

“Forward Industries’ mission has been centered around operational and innovative excellence, and we are now extending that same principle to our capital strategy by building a balance sheet with SOL at its core,” said Mr. Pruitt, Interim Chief Executive Officer of Forward Industries. “We are grateful for the tremendous support of our PIPE financing investors and the collaboration of our partners. Together, we aim to unlock Solana’s potential in the capital markets through diversified and innovative return generation strategies.”

Beyond their capital investment, Galaxy, Jump Crypto, and Multicoin will utilize their industry-leading platforms to provide critical strategic insights to help Forward Industries structure and execute its Solana treasury strategy and with the goal of positioning it as the leading publicly traded institutional participant in the Solana ecosystem.

Solana’s Outstanding Public Market Growth Potential

Solana processed over 8.9 billion transactions in Q2 2025, resulting in approximately $4 billion of decentralized exchange trading volume per day. This activity has generated approximately $1.2B in real economic value (REV) year to date, a metric used to measure the free cashflow of blockchains. Adding more than 7,500 new developers in 2024, Solana is both the blockchain with the fastest growing developer ecosystem and one of the most profitable blockchains in existence.

Solana supports a mature decentralized finance (“DeFi”) ecosystem, creating compelling opportunities to earn on-chain returns through staking, lending, and market making strategies. By establishing a Solana treasury, Forward Industries is positioning itself to benefit from one of the fastest-growing blockchain networks, recognized for its high throughput, developer adoption, and rapidly expanding use cases across DeFi, consumer applications, and Web3 infrastructure.

Advisors

Cantor Fitzgerald & Co. served as the lead placement agent and Galaxy Investment Banking1, a division of Galaxy Digital, served as co-placement agent and financial advisor.

Forward Industries and Galaxy Asset Management, a division of Galaxy Digital, have also entered into a services agreement for management support relating to the treasury strategy.

Nason, Yeager, Gerson, Harris & Fumero, P.A. acted as legal advisor to Forward Industries.

Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Galaxy.

DLA Piper LLP (US) acted as legal advisor to Cantor Fitzgerald & Co.

White & Case LLP acted as legal advisor to Multicoin Capital.

Cooley LLP acted as legal advisor to Jump Crypto.

About Forward Industries, Inc.

Forward Industries, Inc. (NASDAQ: FORD) is a global design company serving top tier medical and technology companies. For over 60 years the company has been successful in developing and producing a portfolio of outstanding products for some of the world’s leading companies and brands. In September 2025, Forward Industries initiated a Solana treasury strategy dedicated to acquiring SOL and increasing SOL-per-share through bespoke strategies and active management of the company’s treasury. The Company’s Solana treasury strategy is supported by industry leading investors and operating partners, including Galaxy Digital, Jump Crypto, and Multicoin Capital.

About Galaxy Digital

Galaxy Digital Inc. (NASDAQ/TSX: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we invest in and operate cutting-edge data center infrastructure to power AI and high-performance computing, meeting the growing demand for scalable energy and compute solutions in the U.S. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East and Asia.

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1 Securities and investment banking services offered through Galaxy Digital Partners LLC, a registered broker-dealer and member of FINRA and SIPC.

About Jump Crypto

Jump Crypto is committed to building and standing up critical infrastructure needed to catalyze the growth of the crypto ecosystem. They are a team of builders, partners, and traders who take a long-term view of crypto’s prospects and operate to unlock the full potential of open, community-driven networks. Since its inception as a skunkworks intern project in late 2015, Jump Crypto has grown into a dynamic and seasoned team of high performing players across a range of functions. Today, Jump Crypto plays an important role in the development of some of the largest and most innovative crypto communities. Jump Crypto is the crypto division of Jump Trading Group, a research-driven quantitative trading firm that’s one of the largest traders by volume across traditional asset classes.

About Multicoin Capital

Multicoin Capital is a thesis-driven investment firm that makes long-term, high-conviction investments in category-defining companies and protocols on behalf of sophisticated families, foundations, endowments, and institutional investors. Founded in 2017, the firm leverages a deep understanding and accumulated knowledge of blockchain technology and crypto markets to deliver strong, risk-adjusted returns. Multicoin Capital manages several billion across its funds, and has established a track record of deploying capital across market cycles in both public and private markets.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements relating to the anticipated benefits of, and the proposed use of proceeds from, the offering, the assets to be held by the Company, the expected future market, price and liquidity of the digital assets the Company acquires and its tokenization strategy, the Company’s plan for value creation and strategic advantages, market size and growth opportunities, technological and market trends and the expected financial impacts of the proposed transactions described herein. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, failure to realize the anticipated benefits of the transactions and the proposed digital asset treasury strategy; changes in business, market, financial, political and regulatory conditions; risks relating to the Company’s operations and business, including the highly volatile nature of the price of Solana and other cryptocurrencies; the risk that the price of the Company’s common stock may be highly correlated to the price of the digital assets that it holds; risks related to increased competition in the industries and markets in which the Company does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, as well as those risks and uncertainties identified in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements.

Contacts

Media Contact

Carissa Felger / Sam Cohen

Gasthalter & Co.

(212) 257-4170

cf@gasthalter.com and sc@gasthalter.com

Company Contact

Michael Pruitt

(704) 578-2238

mp@avenelfinancial.com

Kathleen Weisberg

(631) 547-3055

kweisberg@forwardindustries.com