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Forward Industries, Inc. Director's Dealing 2005

May 24, 2005

31581_dirs_2005-05-24_acf06d47-943c-4257-a356-66cf48adb3b1.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: 2005-05-23

Reporting Person: RICKEN NORMAN (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-23	FORWARD INDUSTRIES COMMON STOCK	M	10000	$2	Acquired	40700	Direct
2005-05-23	FORWARD INDUSTRIES COMMON STOCK	M	10000	$2.05	Acquired	50700	Direct
2005-05-23	FORWARD INDUSTRIES COMMON STOCK	M	10000	$2.21	Acquired	60700	Direct
2005-05-23	FORWARD INDUSTRIES COMMON STOCK	S	10000	$19.5	Disposed	50700	Direct
2005-05-23	FORWARD INDUSTRIES COMMON STOCK	S	5000	$19.1	Disposed	45700	Direct
2005-05-24	FORWARD INDUSTRIES COMMON STOCK	S	5000	$19.61	Disposed	40700	Direct
2005-05-24	FORWARD INDUSTRIES COMMON STOCK	S	5000	$19.69	Disposed	35700	Direct
2005-05-24	FORWARD INDUSTRIES COMMON STOCK	S	5000	$20.05	Acquired	30700	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-23	COMMON STOCK OPTION TO BUY	$2	M	10000	Disposed	2011-01-28	FORWARD INDUSTRIES COMMON STOCK (10000)	Direct
2005-05-23	COMMON STOCK OPTION TO BUY	$2.05	M	10000	Disposed	2013-04-22	FORWARD INDUSTRIES COMMON STOCK (10000)	Direct
2005-05-23	COMMON STOCK OPTION TO BUY	$2.21	M	10000	Disposed	2014-07-22	FORWARD INDUSTRIES COMMON STOCK (10000)	Direct