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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>November 16, 2006</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="6">Forward Industries, Inc.</font></b></p>

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





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  <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'><b>(State or Other
  Jurisdiction</b></p>
  <p align=center style='margin-top:0in;margin-right:0in;margin-bottom:.75pt;
  margin-left:0in;text-align:center'><b>of Incorporation)</b></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'><b>(Commission</b></p>
  <p align=center style='margin-top:0in;margin-right:0in;margin-bottom:.75pt;
  margin-left:0in;text-align:center'><b>File Number)</b></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'><b>(IRS Employer</b></p>
  <p align=center style='margin-top:0in;margin-right:0in;margin-bottom:.75pt;
  margin-left:0in;text-align:center'><b>Identification No.)</b></p>
  </td>
 </tr>
</table>

</div>





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 style='width:75.0%'>
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  <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'>

  &nbsp;

  </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'><b>(Address of principal executive offices)</b></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'><b>(Zip&nbsp;Code)</b></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'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>





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  &nbsp;&nbsp;&nbsp;

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

  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

  </td>
 </tr>
 <tr>
  <td nowrap valign=top style='padding:0in 0in 0in 0in'>
  <p class=MsoNormal 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: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>



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  <td width="6%" valign=top style='width:6.0%;padding:0in 0in 0in 0in'>
  <p class=MsoNormal><font face="Wingdings">o</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) <br>
&nbsp; </p>
  </td>
 </tr>
</table>



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 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">o</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) <br>
&nbsp; </p>
  </td>
 </tr>
</table>



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 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">o</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)) <br>
&nbsp; </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">o</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-left:0in; margin-right:0in'><b>Item 2.02 Results of
Operations and Financial Condition. </b></p>



<p style='text-indent:24.5pt; margin-left:0in; margin-right:0in'>On Monday, November 20, &nbsp;2006,
the Company issued a press release announcing its results of operations for its
Fiscal Year &nbsp;ended September 30, 2006.&nbsp; A copy of the press release is attached
as Exhibit 99.1.</p>



<p style='margin-left:0in; margin-right:0in'><b>Item 5.02(E) DEPARTURE
OF DIRECTORS OR certain OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF certain
OFFICERS; compensatory arrangements of certain officers</b></p>



<p style='text-indent:24.5pt'>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
Thursday, November, 16, 2006, the Compensation Committee of the Board of
Directors of Forward Industries, Inc. (the &quot;Company&quot;) voted unanimously to
increase the annual salary of Douglas W. Sabra, the Company's Vice President
and Chief Financial Officer, pursuant to his employment agreement with the
Company to $225,000 from $185,000, effective immediately, all other terms of
Mr. Sabra's employment agreement remain unchanged. </p>

<p style='text-indent:24.5pt'>Under
the previously disclosed terms of his agreement, Mr. Sabra was entitled to
receive salary at a rate of $185,000 per annum in consideration of his services
as Vice President and Chief Financial Officer.&nbsp; No stock options or other
equity compensation was granted pursuant to this agreement.&nbsp; Mr. Sabra is
eligible to receive bonus compensation in each year of the term of his
agreement based on achievement of financial goals.&nbsp; The formula that determines
the amount of bonus that may be earned in each year during the term of the
agreement is based on the extent to which, if any, the Company's Pre-Tax Income
(as defined) exceeds, achieves or fails to exceed the target level for such
year, which is to be identified at the beginning of each fiscal year during the
term of each agreement by the Compensation Committee of the Company's Board of
Directors.&nbsp; Mr. Sabra is also entitled to receive an auto allowance and customary
benefits including health and disability insurance, participation in the
Company's 401K plan and life insurance.&nbsp; In addition to the foregoing, Mr.
Sabra may, by notice, terminate his agreement in the event that &quot;good cause&quot;
(as defined in his agreement) is established, in which case he would be
entitled to receive six months of his salary on the date of termination (at the
rate in effect when notice is given) plus the amount of the bonus to which he
would otherwise be entitled, pro rated to the date of termination.</p>

<p style='text-indent:24.5pt'>Mr.
Sabra's agreement with the Company was entered into effective October 1, 2005,
and expires December 31, 2008.&nbsp;&nbsp; The agreement provides for successive one-year
renewal terms, unless either party provides written notice of its intention not
to renew the agreement not later than 90 days prior to the end of the term (or
renewal period). If the Company gives such notice, subject to certain
conditions, Mr. Sabra would be entitled to receive six months salary, at the
rate then in effect, as severance.</p>

<p style='text-indent:24.5pt'>In
a separate but related matter, on November 16, 2006, the Compensation Committee
of the Board of Directors established a financial benchmark to facilitate
delineation of a formula that, when finalized and approved by the Compensation
Committee later this month, will determine the amount of bonus compensation
that may be earned by each of Jerome E. Ball, Michael M. Schiffman, and Mr.
Sabra, the Company's chief executive officer, chief operating officer, and
chief financial officer, respectively, under their respective employment
agreements.&nbsp; The Company anticipates that it will file a Current Report on Form
8-K at such time that describes the formula and the maximum amounts of bonus
compensation that each executive may earn pursuant to said formula.</p>

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

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



<p class=MsoNormal>(c) Exhibits.</p>



<p class=MsoNormal style='margin-left:1.0in;text-indent:-1.0in'>Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press release issued on November
20, 2006</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/ Jerome E. Ball<br>
_______________________________________<br>
<b>Name </b>Jerome
E. Ball<br>
<br>
<b>Title:</b> Chairman
and Chief Executive Officer<br>
<br>
<b>Dated:</b> November
21, 2006</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>EXHIBIT INDEX </b></p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:-1.0in'><b><u>Exhibit No.</u></b><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Description</u></b></p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:-1.0in'>Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press release issued by the Company
on November 20, 2006</p>



</body>

</html>
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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": "061233366"}, "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 16, 2006
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 2.02 Results of
Operations and Financial Condition.
On Monday, November 20,  2006,
the Company issued a press release announcing its results of operations for its
Fiscal Year  ended September 30, 2006.  A copy of the press release is attached
as Exhibit 99.1.
Item 5.02(E) DEPARTURE
OF DIRECTORS OR certain OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF certain
OFFICERS; compensatory arrangements of certain officers
(e)          On
Thursday, November, 16, 2006, the Compensation Committee of the Board of
Directors of Forward Industries, Inc. (the "Company") voted unanimously to
increase the annual salary of Douglas W. Sabra, the Company's Vice President
and Chief Financial Officer, pursuant to his employment agreement with the
Company to $225,000 from $185,000, effective immediately, all other terms of
Mr. Sabra's employment agreement remain unchanged.
Under
the previously disclosed terms of his agreement, Mr. Sabra was entitled to
receive salary at a rate of $185,000 per annum in consideration of his services
as Vice President and Chief Financial Officer.  No stock options or other
equity compensation was granted pursuant to this agreement.  Mr. Sabra is
eligible to receive bonus compensation in each year of the term of his
agreement based on achievement of financial goals.  The formula that determines
the amount of bonus that may be earned in each year during the term of the
agreement is based on the extent to which, if any, the Company's Pre-Tax Income
(as defined) exceeds, achieves or fails to exceed the target level for such
year, which is to be identified at the beginning of each fiscal year during the
term of each agreement by the Compensation Committee of the Company's Board of
Directors.  Mr. Sabra is also entitled to receive an auto allowance and customary
benefits including health and disability insurance, participation in the
Company's 401K plan and life insurance.  In addition to the foregoing, Mr.
Sabra may, by notice, terminate his agreement in the event that "good cause"
(as defined in his agreement) is established, in which case he would be
entitled to receive six months of his salary on the date of termination (at the
rate in effect when notice is given) plus the amount of the bonus to which he
would otherwise be entitled, pro rated to the date of termination.
Mr.
Sabra's agreement with the Company was entered into effective October 1, 2005,
and expires December 31, 2008.   The agreement provides for successive one-year
renewal terms, unless either party provides written notice of its intention not
to renew the agreement not later than 90 days prior to the end of the term (or
renewal period). If the Company gives such notice, subject to certain
conditions, Mr. Sabra would be entitled to receive six months salary, at the
rate then in effect, as severance.
In
a separate but related matter, on November 16, 2006, the Compensation Committee
of the Board of Directors established a financial benchmark to facilitate
delineation of a formula that, when finalized and approved by the Compensation
Committee later this month, will determine the amount of bonus compensation
that may be earned by each of Jerome E. Ball, Michael M. Schiffman, and Mr.
Sabra, the Company's chief executive officer, chief operating officer, and
chief financial officer, respectively, under their respective employment
agreements.  The Company anticipates that it will file a Current Report on Form
8-K at such time that describes the formula and the maximum amounts of bonus
compensation that each executive may earn pursuant to said formula.
Item 9.01 Financial
Statements and Exhibits.
(c) Exhibits.
Exhibit 99.1            Press release issued on November
20, 2006
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, 2006
EXHIBIT INDEX
Exhibit No.
Description
Exhibit 99.1            Press release issued by the Company
on November 20, 2006