Forward Industries, Inc. — Director's Dealing 2005

Sep 9, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2005-09-07

Reporting Person: SCHIFFMAN MICHAEL (Director, President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-09-07	Forward Industries Common Stock	M	20000	$3.25	Acquired	322427	Direct
2005-09-07	Forward Industries Common Stock	S	20000	$25.88	Disposed	302427	Direct
2005-09-08	Forward Industries Common Stock	M	44500	$3.25	Acquired	346927	Direct
2005-09-08	Forward Industries Common Stock	S	44500	$27.57	Disposed	302427	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-09-07	Common Stock Option	$3.25	M	20000	Disposed	2005-12-31	Forward Industries Common Stock (20000)	Direct
2005-09-08	Common Stock Option	$3.25	M	44500	Disposed	2005-12-31	Forward Industries Common Stock (44500)	Direct

Footnotes

F1: 5000 shares at $26.00
5000 shares at $25.50
5000 shares at $25.75
5000 shares at $26.25
Average share price is $25.88

F2: 5000 at $28
5000 at $27.75
4500 at $26.65
5000 at $26.75
5000 at $27
5000 at $27.50
5000 at $27.25
5000 at $28.50
5000 at $28.75
Average price is $27.57