Forward Industries, Inc. — Director's Dealing 2005

May 18, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2005-05-16

Reporting Person: BALL JEROME (Director, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-16	Forward Industries Common Stock	M	7500	$2	Acquired	225000	Direct
2005-05-16	Forward Industries Common Stock	S	7500	$17.45	Disposed	217500	Direct
2005-05-17	Forward Industries Common Stock	M	22500	$2	Acquired	240000	Direct
2005-05-17	Forward Industries Common Stock	S	22500	$18.57	Disposed	217500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-16	Common Stock Option	$2	M	7500	Disposed	2005-12-31	Forward Industries Common Stock (7500)	Direct
2005-05-17	Common Stock Option	$2	M	22500	Disposed	2005-12-31	Forward Industries Common Stock (22500)	Direct

Footnotes

F1: 2500 shares at $17.25
2500 shares at $17.50
2500 shares at $17.60
Average = $17.45

F2: 2500 shares at $18.25
2500 shares at $18.10
2500 shares at $18.00
2500 shares at $18.50
2500 shares at $18.50
2500 shares at $18.75
2500 shares at $19.00
2500 shares at $19.00
2500 shares at $19.05
Average = $18.57