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

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

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



<p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:center'><b>
<font size="5">FORM 8-K </font> </b></p>
<p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:center'>&nbsp;</p>



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



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

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

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

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

<p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:center'><b>November 17, 2005 </b></p>
<p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:center'>&nbsp;</p>



<p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:center'><b>
<font size="6">Forward Industries, Inc.</font></b></p>

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





<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="95%"
 style='width:95.0%'>
 <tr>
  <td width="34%" style='width:34.0%;padding:0pt 0pt 0pt 0pt'>

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

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

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

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

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

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

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

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

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

  &nbsp; <br>
&nbsp;

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

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

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

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

  </td>
  <td valign=top style='padding:0pt 0pt 0pt 0pt'>
  <p align=center style='text-align:center'><b>(Zip&nbsp;Code)</b></p>
  </td>
 </tr>
</table>

</div>





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

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





<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="80%"
 style='width:80.0%'>
 <tr>
  <td width="100%" style='width:100.0%;padding:0pt 0pt 0pt 0pt'>

  &nbsp;
	<p>&nbsp;

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

  &nbsp;

  </td>
 </tr>
 <tr>
  <td nowrap valign=top style='padding:0pt 0pt 0pt 0pt'>
  <p align=center style='text-align:center'><b>(Former name or former address, if changed since last
  report)</b></p>
  </td>
 </tr>
</table>

</div>



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



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



<p>&nbsp;</p>



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




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

<p style='margin-left:0pt'><b>ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE
AGREEMENT. &nbsp;</b></p>



<p style='text-indent:24.5pt; margin-left:0pt'>On November 17, 2005, upon
the recommendation of the Compensation Committee of the Board of Directors of Forward
Industries Inc., (the &quot;Company&quot;), approved the following changes to the
compensation policy regarding non-employee members of its Board of Directors:</p>



<ol>
	<li>Increased
the annual cash retainer for all non-employee directors to $20,000;</li>
	<li>Increased
the annual cash retainer for the Chairperson of any committee to $2,000;</li>
	<li>Increased
the board meeting fee to $2,000 for each meeting attended;</li>
	<li>Increased
the committee meeting fee to $1,000 for each meeting attended unless such
meeting is held in conjunction with a board meeting, in which case no committee
meeting fee will be paid.</li>
</ol>

<p style='margin-top:5.0pt;margin-bottom:5.0pt;
text-autospace:none'>The
above-referenced changes are effective as of October 1, 2005. </p>

<p style='margin-bottom:.0001pt; margin-top:0pt'>The Company's policy to reimburse its
non-employee directors for reasonable and necessary expenses to attend board
and committee meetings was not changed.</p>

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

<p style='margin-bottom:.0001pt; margin-top:0pt'><b>Item 2.02 Results of
Operations and Financial Condition. </b></p>
<p style='margin-bottom:.0001pt; margin-top:0pt'>&nbsp;</p>



<p style='margin-bottom:.0001pt;text-indent:24.5pt; margin-top:0pt'>On November 17, 2005,
the Company issued a press release announcing its results of operations for its
Fiscal Year ended September 30, 2005.&nbsp; A copy of the press release is attached
as Exhibit 99.1.&nbsp; Complete audited financial statements as of, and for the year
ended, September 30, 2005, are set forth in the Company's Annual Report on Form
10-KSB filed with the Commission on November 18, 2005.</p>

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

<p style='margin:0pt;margin-bottom:.0001pt'><b>Item 9.01. Financial
Statements and Exhibits. </b></p>



<p>(c) Exhibits.</p>



<p style='margin-left:72.0pt;text-indent:-72.0pt'>Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press release issued on November
17, 2005</p>







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




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



<p style='margin:0pt;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 style='margin-left:72.0pt;text-indent:-72.0pt'><b>Forward Industries Inc.,</b></p>

<p style='margin-left:72.0pt;text-indent:-72.0pt'><b>&nbsp;</b></p>





<p style='margin-left:72.0pt;text-indent:-72.0pt'><b>By</b>:</p>





<p align="left">/s/ Jerome E. Ball<br>
_______________________________________</p>



<p><b>Name </b>Jerome
E. Ball<br>
<b>Title:</b> Chairman
and Chief Executive Officer<br>
<b>Dated:</b> November
21, 2005</p>



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




<p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:center'><b>EXHIBIT INDEX </b></p>

<p style='margin-left:72.0pt;text-indent:-72.0pt'>&nbsp;</p>

<p style='margin-left:72.0pt;text-indent:-72.0pt'>&nbsp;</p>

<p style='margin-left:72.0pt;text-indent:-72.0pt'><b><u>Exhibit No.</u></b><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Description</u></b></p>

<p style='margin-left:72.0pt;text-indent:-72.0pt'>Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press release issued by the Company
on November 17 2005</p>



</body>

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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": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-06669", "film-number": "051217781"}, "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)
November 17, 2005
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 1.01 ENTRY INTO A MATERIAL DEFINITIVE
AGREEMENT.
On November 17, 2005, upon
the recommendation of the Compensation Committee of the Board of Directors of Forward
Industries Inc., (the "Company"), approved the following changes to the
compensation policy regarding non-employee members of its Board of Directors:
Increased
the annual cash retainer for all non-employee directors to $20,000;
Increased
the annual cash retainer for the Chairperson of any committee to $2,000;
Increased
the board meeting fee to $2,000 for each meeting attended;
Increased
the committee meeting fee to $1,000 for each meeting attended unless such
meeting is held in conjunction with a board meeting, in which case no committee
meeting fee will be paid.
The
above-referenced changes are effective as of October 1, 2005.
The Company's policy to reimburse its
non-employee directors for reasonable and necessary expenses to attend board
and committee meetings was not changed.
Item 2.02 Results of
Operations and Financial Condition.
On November 17, 2005,
the Company issued a press release announcing its results of operations for its
Fiscal Year ended September 30, 2005.  A copy of the press release is attached
as Exhibit 99.1.  Complete audited financial statements as of, and for the year
ended, September 30, 2005, are set forth in the Company's Annual Report on Form
10-KSB filed with the Commission on November 18, 2005.
Item 9.01. Financial
Statements and Exhibits.
(c) Exhibits.
Exhibit 99.1            Press release issued on November
17, 2005
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/ Jerome E. Ball
_______________________________________
Name
Jerome
E. Ball
Title:
Chairman
and Chief Executive Officer
Dated:
November
21, 2005
EXHIBIT INDEX
Exhibit No.
Description
Exhibit 99.1            Press release issued by the Company
on November 17 2005