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Forward Industries, Inc. Director's Dealing 2005

May 11, 2005

31581_dirs_2005-05-11_e6099b84-56ac-4d7c-b4c8-b73aa6f1c4e6.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: 2005-05-09

Reporting Person: SCHIFFMAN MICHAEL (Director, President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-09	Forward Industries Common Stock	M	40000	$2	Acquired	342427	Direct
2005-05-09	Forward Industries Common Stock	S	40000	$16.09	Disposed	302427	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-09	Common Stock Option	$2	M	40000	Disposed	2005-12-31	Forward Industries Common Stock (40000)	Direct

Footnotes

F1: 5000 shares at $15.50
5000 shares at $15.75
5000 shares at $16.00
5000 shares at $16.10
5000 shares at $16.20
5000 shares at $16.30
5000 shares at $16.40
5000 shares at $16.50
Average price = $16.09