Forward Industries, Inc. — Director's Dealing 2005

Jan 26, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2005-01-24

Reporting Person: BALL JEROME (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-24	Common Stock	M	4000	$2	Acquired	221500	Direct
2005-01-24	Common Stock	S	4000	$8	Disposed	217500	Direct
2005-01-25	Common Stock	M	6500	$2	Acquired	224000	Direct
2005-01-25	Common Stock	S	6500	$7.83	Disposed	217500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-24	Common Stock Option to Buy	$2	M	4000	Disposed	2005-12-31	Common Stock (4000)	Direct
2005-01-25	Common Stock Option to Buy	$2	M	6500	Disposed	2005-12-31	Common Stock (6500)	Direct

Footnotes

F1: Weighted average sell price for shares sold between $7.75 and $8.00.