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Forward Industries, Inc. Director's Dealing 2005

May 26, 2005

31581_dirs_2005-05-26_5cf2fb2d-91fb-4a82-8ad7-101bededda11.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2005-05-24

Reporting Person: BALL JEROME (Director, CEO)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2005-05-24 Forward Industries Common Stock M 20000 $2 Acquired 237500 Direct
2005-05-24 Forward Industries Common Stock S 20000 $20.81 Disposed 217500 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2005-05-24 Common Stock Option $2 M 20000 Disposed 2005-12-31 Forward Industries Common Stock (20000) Direct

Footnotes

F1: 5000 shs at $21.10
5000 shs at $21.00
5000 shs at $20.75
5000 shs at $20.50
Average Price = $20.81