Forward Industries, Inc. — Director's Dealing 2005

May 24, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2005-05-20

Reporting Person: BALL JEROME (Director, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-20	COMMON STOCK	M	15000	$2	Acquired	232500	Direct
2005-05-20	COMMON STOCK	S	15000	$20.12	Disposed	217500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-20	COMMON STOCK OPTION TO BUY	$2	M	15000	Disposed	2005-12-31	FORWARD INDUSTRIES COMMON STOCK (15000)	Direct

Footnotes

F1: $20.12 represents the weighed average price of 5000 shares sold at $20.25, 5,000 shares sold at $20.10 and 5,000 shares sold at $20.00.