Forward Industries, Inc. — Director's Dealing 2010

May 24, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2010-05-21

Reporting Person: Malsin Steven A (Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-21	Forward Industries Common Stock	M	5000	$1.8	Acquired	5000	Direct
2010-05-21	Forward Industries Common Stock	S	5000	$4.05	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-21	Forward Industries Common Stock Option	$1.8	M	5000	Disposed	2019-02-11	Forward Industries Common Stock (5000)	Direct

Footnotes

F1: Sold 100 shares at $4.03 for $403.00
Sold 590 shares at $4.04 for $2,383.60
Sold 4,110 shares at $4.05 for $16,645.50
Sold 200 shares at $4.06 for $812.00

TOTAL: 5,000 shares sold for $20,244.10