Forward Industries, Inc. — Director's Dealing 2008

Dec 2, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2008-11-28

Reporting Person: Trinad Capital Master Fund Ltd. (10% Owner)
Reporting Person: Trinad Advisors II, LLC (10% Owner)
Reporting Person: Trinad Capital L.P. (10% Owner)
Reporting Person: Trinad Management, LLC (10% Owner)
Reporting Person: ELLIN ROBERT S (10% Owner)
Reporting Person: Wolf Jay (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-11-28	Common Stock	S	35000	$2.7388	Disposed	692823	Direct
2008-12-01	Common Stock	S	35032	$3.0365	Disposed	657791	Direct

Footnotes

F1: These securities are owned directly by Trinad Capital Master Fund, Ltd. (the "Master Fund") which is a reporting person.
These securities may be deemed to be beneficially owned by Trinad Management, LLC, the investment manager of the Master Fund
and Trinad Capital LP; a controlling stockholder of the Master Fund; Trinad Advisors II LLC, the general partner of Trinad
Capital LP; Robert S. Ellin, the managing director of and portfolio manager for Trinad Management, LLC and the managing
director of Trinad Advisors II LLC and Jay A. Wolf a managing director of and portfolio manager for Trinad Management, LLC
and a managing director of Trinad Advisors II LLC.

F2: Each such reporting person disclaims beneficial ownership of the reported securities except to the extent of his or its
pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial
owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other
purpose.