Forward Industries, Inc. — Director's Dealing 2005

May 20, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2005-05-18

Reporting Person: BALL JEROME (Director, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-18	Forward Industries Common Stock	M	2500	$2	Acquired	220000	Direct
2005-05-18	Forward Industries Common Stock	S	2500	$19.26	Disposed	217500	Direct
2005-05-19	Forward Industries Common Stock	M	10000	$2	Acquired	227500	Direct
2005-05-19	Forward Industries Common Stock	S	10000	$19.625	Disposed	217500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-18	Common Stock Option	$2	M	2500	Disposed	2005-12-31	Forward Industries Common Stock (2500)	Direct
2005-05-19	Common Stock Option	$2	M	10000	Disposed	2005-12-31	Forward Industries Common Stock (10000)	Direct

Footnotes

F1: 5000 shares at $19.50
5000 shares at $19.75
Average = $19.625