Forward Industries, Inc. — Director's Dealing 2005

May 31, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2005-05-26

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-26	Forward Industries Common Stock	M	10000	$2.5	Acquired	312427	Direct
2005-05-26	Forward Industries Common Stock	S	10000	$21.38	Disposed	302427	Direct
2005-05-27	Forward Industries Common Stock	M	5000	$2.5	Acquired	307427	Direct
2005-05-27	Forward Industries Common Stock	S	5000	$21.78	Disposed	302427	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-26	Common Stock Option	$2.5	M	10000	Disposed	2005-12-31	Forward Industries Common Stock (10000)	Direct
2005-05-27	Common Stock Option	$2.5	M	5000	Disposed	2005-12-31	Forward Industries Common Stock (5000)	Direct

Footnotes

F1: 5000 shares at $21.25
5000 shares at $21.50
Average Price = $21.38