Forward Industries, Inc. — Director's Dealing 2010

May 25, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2010-05-20

Reporting Person: Johnson Frank L (10% Owner)
Reporting Person: LaGrange Capital Partners LP (10% Owner)
Reporting Person: LAGRANGE CAPITAL PARTNERS OFFSHORE FUND LTD (10% Owner)
Reporting Person: LaGrange Capital Administration, L.L.C. (10% Owner)
Reporting Person: LaGrange Capital Management, LLC (10% Owner)
Reporting Person: LaGrange Special Situations Yield Master Fund, Ltd. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-20	Common Stock, par value $0.01 per share	P	11309	$3.6924	Acquired	230430	Indirect
2010-05-21	Common Stock, par value $0.01 per share	P	3054	$4.1486	Acquired	233484	Indirect
2010-05-24	Common Stock, par value $0.01 per share	P	8052	$4.1883	Acquired	241536	Indirect
2010-05-20	Common Stock, par value $0.01 per share	P	53719	$3.6924	Acquired	1098191	Indirect
2010-05-21	Common Stock, par value $0.01 per share	P	14508	$4.1486	Acquired	1112699	Indirect
2010-05-24	Common Stock, par value $0.01 per share	P	38250	$4.1883	Acquired	1150949	Indirect
2010-05-20	Common Stock, par value $0.01 per share	P	5654	$3.6924	Acquired	118520	Indirect
2010-05-21	Common Stock, par value $0.01 per share	P	1527	$4.1486	Acquired	120047	Indirect
2010-05-24	Common Stock, par value $0.01 per share	P	4026	$4.1883	Acquired	124073	Indirect

Footnotes

F1: This Form 4 is filed jointly by LaGrange Capital Partners, L.P. ("Capital Partners"), LaGrange Capital Partners Offshore Fund, Ltd. ("Capital Partners Offshore Fund"), LaGrange Special Situations Yield Master Fund, Ltd. ("Situations Master Fund"), LaGrange Capital Management, L.L.C. ("Capital Management"), LaGrange Capital Administration, L.L.C. ("Capital Administration") and Frank L. Johnson. Each of the Reporting Persons is a member of a Section 13(d) group with respect to the securities of the Issuer that beneficially owns in excess of 10% of the Issuer's outstanding Shares. As members of the group, each of the Reporting Persons may be deemed to beneficially own the securities of the Issuer beneficially owned by the other members of the group. Each of the Reporting Persons disclaims beneficial ownership of the securities of the Issuer beneficially owned by the other members of the group except to the extent of his or its pecuniary interest therein.

F2: Shares of Common Stock beneficially owned by Capital Partners Offshore Fund. As the investment manager of Capital Partners Offshore Fund, Capital Administration may be deemed to beneficially own the shares of Common Stock beneficially owned by Capital Partners Offshore Fund. As the managing member of Capital Administration, Frank L. Johnson may be deemed to beneficially own the shares of Common Stock beneficially owned by Capital Partners Offshore Fund.

F3: Shares of Common Stock beneficially owned by Capital Partners. As the general partner of Capital Partners, Capital Management may be deemed to beneficially own the Shares owned by Capital Partners. As the sole member of Capital Management, Frank L. Johnson may be deemed to beneficially own the Shares beneficially owned by Capital Partners.

F4: Shares of Common Stock beneficially owned by Situations Master Fund. As the investment manager of Situations Yield Master Fund, Capital Administration may be deemed to beneficially own the shares of Common Stock beneficially owned by Situations Yield Master Fund. As the managing member of Capital Administration, Frank L. Johnson may be deemed to beneficially own the shares of Common Stock beneficially owned by Situations Yield Master Fund.