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<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;<b>UNITED STATES</b></p>

<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>SECURITIES AND EXCHANGE
COMMISSION</b></p>

<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Washington, D.C. 20549</b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p>



<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>
<font size="4">FORM 8-K </font> </b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p>



<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>CURRENT REPORT </b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p>



<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Pursuant to Section 13 OR 15(d) of </b></p>

<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>The Securities Exchange Act of 1934 </b></p>

<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;</p>

<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>Date of Report (Date of
earliest event reported) </p>

<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>February 13, 2008</b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p>



<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>
<font size="5">Forward Industries, Inc.</font></b></p>

<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>
<font size="2">(Exact name of registrant
as specified in its charter) </font></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p>





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 style='width:95.0%'>
 <tr>
  <td width="34%" style='width:34.0%;padding:0in 0in 0in 0in'>

  </td>
  <td width="1%" valign=bottom style='width:1.0%;padding:0in 0in 0in 0in'>

  </td>
  <td width="32%" style='width:32.0%;padding:0in 0in 0in 0in'>

  </td>
  <td width="1%" valign=bottom style='width:1.0%;padding:0in 0in 0in 0in'>

  </td>
  <td width="32%" style='width:32.0%;padding:0in 0in 0in 0in'>

  </td>
 </tr>
 <tr>
  <td valign=top style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'><b>New York</b></p>
  </td>
  <td valign=bottom style='padding:0in 0in 0in 0in'>

  </td>
  <td valign=bottom style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'><b>000-6669</b></p>
  </td>
  <td valign=bottom style='padding:0in 0in 0in 0in'>

  </td>
  <td valign=bottom style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'><b>13-1950672</b></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>
  <font size="2">(State or Other
  Jurisdiction</font></p>
  <p align=center style='margin-top:0in;margin-right:0in;margin-bottom:.75pt;
  margin-left:0in;text-align:center'><font size="2">of Incorporation)</font></p>
  </td>
  <td valign=bottom style='padding:0in 0in 0in 0in'>

  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>
  <font size="2">(Commission</font></p>
  <p align=center style='margin-top:0in;margin-right:0in;margin-bottom:.75pt;
  margin-left:0in;text-align:center'><font size="2">File Number)</font></p>
  </td>
  <td valign=bottom style='padding:0in 0in 0in 0in'>

  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>
  <font size="2">(IRS Employer</font></p>
  <p align=center style='margin-top:0in;margin-right:0in;margin-bottom:.75pt;
  margin-left:0in;text-align:center'><font size="2">Identification No.)</font></p>
  </td>
 </tr>
</table>

</div>





<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="75%"
 style='width:75.0%'>
 <tr>
  <td width="52%" style='width:52.0%;padding:0in 0in 0in 0in'>

  &nbsp;

  </td>
  <td width="1%" valign=bottom style='width:1.0%;padding:0in 0in 0in 0in'>

  </td>
  <td width="47%" style='width:47.0%;padding:0in 0in 0in 0in'>

  </td>
 </tr>
 <tr>
  <td valign=top style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
  <p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>1801 Green Road, Suite
  E</b></p>
  <p align=center style='margin-top:0in;margin-right:0in;margin-bottom:.75pt;
  margin-left:0in;text-align:center'><b>Pompano Beach, FL </b></p>
  </td>
  <td valign=bottom style='padding:0in 0in 0in 0in'>

  </td>
  <td valign=bottom style='border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'><b>33064</b></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'><font size="2">(Address of principal executive offices)</font></p>
  </td>
  <td valign=bottom style='padding:0in 0in 0in 0in'>

  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'><font size="2">(Zip&nbsp;Code)</font></p>
  </td>
 </tr>
</table>

</div>





<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>Registrant&#146;s telephone
number, including area code </p>

<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>(954) 419-9544 </b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>&nbsp;
</b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>&nbsp;
</b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>&nbsp;
</b></p>





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 style='width:80.0%'>
 <tr>
  <td width="100%" style='width:100.0%;padding:0in 0in 0in 0in'>

  </td>
 </tr>
 <tr>
  <td valign=top style='border:none;border-bottom:solid black 1.0pt;padding:
  0in 0in 0in 0in'>

  </td>
 </tr>
 <tr>
  <td nowrap valign=top style='padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'><font size="2">(Former name or former address, if changed since last
  report)</font></p>
  </td>
 </tr>
</table>

</div>



<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt'>Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions: </p>
<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="6%" valign=top style='width:6.0%;padding:0in 0in 0in 0in'>
  <p class=MsoNormal><font face="Wingdings">&#111;</font></p>
  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p class=MsoNormal>Written communications
  pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </p>
  </td>
 </tr>
</table>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="6%" valign=top style='width:6.0%;padding:0in 0in 0in 0in'>
  <p class=MsoNormal><font face="Wingdings">&#111;</font></p>
  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p class=MsoNormal>Soliciting material
  pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </p>
  </td>
 </tr>
</table>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="6%" valign=top style='width:6.0%;padding:0in 0in 0in 0in'>
  <p class=MsoNormal><font face="Wingdings">&#111;</font></p>
  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p class=MsoNormal>Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b)) </p>
  </td>
 </tr>
</table>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="6%" valign=top style='width:6.0%;padding:0in 0in 0in 0in'>
  <p class=MsoNormal><font face="Wingdings">&#111;</font></p>
  </td>
  <td valign=top style='padding:0in 0in 0in 0in'>
  <p class=MsoNormal>Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c)) </p>
  </td>
 </tr>
</table>



<p class="MsoNormal">&nbsp;</p>



<hr color="#000080"><br clear=all
style='page-break-before:always'>




<p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p>

<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt'><b>ITEM 8.01 OTHER EVENTS<br>
<br>
</b>On
Wednesday, February 13, 2008, the Company held its annual meeting of
shareholders.&nbsp; Seven directors were elected for one-year terms:&nbsp;
Bruce Galloway, John W. Chiste, Fred Hamilton, and Louis Lipschitz were elected
as independent directors, Jerome E. Ball (Chairman) and Michael M. Schiffman
were elected as non-executive directors, and Douglas W. Sabra (Principal
Executive Officer) was elected as an executive director.&nbsp; In addition, the
appointment of Kaufman, Rossin &amp; Co., P.A. as the Company's independent
registered public accounting firm was ratified by shareholders.</p>
<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt'><b>ITEM 1.01 ENTRY INTO
MATERIAL CONTRACT; 8.01 OTHER EVENTS</b><b><br>
<br>
</b>On
Wednesday, February 13, 2008, the Compensation Committee of the Company&#146;s Board
of Directors voted to approve a grant of options to purchase 10,000 shares of
common stock to each of the Company&#146;s four Independent Directors, Messrs.
Chiste, Galloway, Hamilton, and Lipschitz, and to non-executive directors Ball
and Schiffman, or 60,000 shares in the aggregate, under the Company's 2007
Equity Incentive Plan.&nbsp; These grants have a grant date of February 15,
2008, and vest one year from the grant date, or February 15, 2009.&nbsp; The
option exercise price will be equal to the closing bid price of the Company&#146;s
common stock on the Nasdaq SmallCap Market on the grant date.&nbsp; These
grants were approved by the Board of Directors. </p>

<p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p>

<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt' align="center">-2-</p>





<hr color="#000080"><br clear=all
style='page-break-before:always'>




<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>SIGNATURES </b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p>



<p style='margin:0in;margin-bottom:.0001pt;text-indent:24.5pt'>Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized. </p>





<p class=MsoNormal style='margin-left:1.0in;text-indent:-1.0in'><b>Forward Industries Inc.,</b></p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:-1.0in'><b>&nbsp;</b></p>





<p class=MsoNormal style='margin-left:1.0in;text-indent:-1.0in'><b>By</b>:</p>





<p class=MsoNormal align="left">/s/ Douglas W. Sabra<br>
_______________________________________<br>
<b>Name </b>Douglas
W. Sabra<br>
<b>Title:</b> Chief
Executive Officer<br>
<b>Dated:</b> February
15, 2008</p>
<p class=MsoNormal align="left">&nbsp;</p>
<p class=MsoNormal align="left">&nbsp;</p>
<p class=MsoNormal align="left">&nbsp;</p>
<p class=MsoNormal align="left">&nbsp;</p>
<p class=MsoNormal align="left">&nbsp;</p>
<p class=MsoNormal align="center">-3-</p>



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{"company-data": {"conformed-name": "FORWARD INDUSTRIES INC", "cik": "0000038264", "assigned-sic": "3089", "irs-number": "131950672", "state-of-incorporation": "NY", "fiscal-year-end": "0908"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-06669", "film-number": "08622611"}, "business-address": {"street1": "1801 GREEN ROAD", "street2": "SUITE E", "city": "POMPANO BEACH", "state": "FL", "zip": "33064", "phone": "9544199544"}, "mail-address": {"street1": "1801 GREEN RD", "street2": "SUITE E", "city": "POMPANO BEACH", "state": "FL", "zip": "33064"}, "former-company": {"former-conformed-name": "PROGRESS HEAT SEALING CO INC", "date-changed": "19721111"}}
Prepared by E-Services - www.edgar2.com
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported)
February 13, 2008
Forward Industries, Inc.
(Exact name of registrant
as specified in its charter)
New York
000-6669
13-1950672
(State or Other
  Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1801 Green Road, Suite
  E
Pompano Beach, FL
33064
(Address of principal executive offices)
(Zip Code)
Registrant's telephone
number, including area code
(954) 419-9544
(Former name or former address, if changed since last
  report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
o
Written communications
  pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
  pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))
o
Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))
ITEM 8.01 OTHER EVENTS
On
Wednesday, February 13, 2008, the Company held its annual meeting of
shareholders.  Seven directors were elected for one-year terms: 
Bruce Galloway, John W. Chiste, Fred Hamilton, and Louis Lipschitz were elected
as independent directors, Jerome E. Ball (Chairman) and Michael M. Schiffman
were elected as non-executive directors, and Douglas W. Sabra (Principal
Executive Officer) was elected as an executive director.  In addition, the
appointment of Kaufman, Rossin & Co., P.A. as the Company's independent
registered public accounting firm was ratified by shareholders.
ITEM 1.01 ENTRY INTO
MATERIAL CONTRACT; 8.01 OTHER EVENTS
On
Wednesday, February 13, 2008, the Compensation Committee of the Company's Board
of Directors voted to approve a grant of options to purchase 10,000 shares of
common stock to each of the Company's four Independent Directors, Messrs.
Chiste, Galloway, Hamilton, and Lipschitz, and to non-executive directors Ball
and Schiffman, or 60,000 shares in the aggregate, under the Company's 2007
Equity Incentive Plan.  These grants have a grant date of February 15,
2008, and vest one year from the grant date, or February 15, 2009.  The
option exercise price will be equal to the closing bid price of the Company's
common stock on the Nasdaq SmallCap Market on the grant date.  These
grants were approved by the Board of Directors.
-2-
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Forward Industries Inc.,
By
:
/s/ Douglas W. Sabra
_______________________________________
Name
Douglas
W. Sabra
Title:
Chief
Executive Officer
Dated:
February
15, 2008
-3-