Forward Industries, Inc. — Director's Dealing 2005

Feb 7, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2005-02-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-03	Common stock	M	15000	$2	Acquired	317427	Direct
2005-02-03	Common stock	S	15000	$8.3	Disposed	302427	Direct
2005-02-07	Common Stock	M	15000	$2	Acquired	317427	Direct
2005-02-07	Common stock	S	15000	$8.3	Disposed	302427	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-02-03	Common stock option to buy	$2	M	15000	Disposed	2005-12-31	Common stock (15000)	Direct
2005-02-07	Common stock option to buy	$2	M	15000	Disposed	2005-12-31	Common stock (15000)	Direct

Footnotes

F1: Weighted averages price of shares sold this date between $8.20 and $8.40.