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<p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:center'>&nbsp;</p>
<p align=center style='text-align:center; margin-left:0pt; margin-right:0pt'><b>
<font size="4">UNITED STATES<br>
SECURITIES AND EXCHANGE
COMMISSION<br>
</font>Washington, D.C. 20549</b></p>



<p align=center style='text-align:center; margin-left:0pt; margin-right:0pt'><b>
<font size="5">FORM 8-K </font> </b></p>



<p align=center style='text-align:center; margin-left:0pt; margin-right:0pt'><b>CURRENT REPORT </b></p>



<p align=center style='text-align:center; margin-left:0pt; margin-right:0pt'><b>Pursuant to Section 13 OR 15(d) of
<br>
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'>
<font size="2">Date of Report (Date of
earliest event reported) </font> </p>

<p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:center'><b>June 27, 2006</b></p>



<p align=center style='text-align:center; margin-left:0pt; margin-right:0pt'><b>
<font size="5">Forward Industries, Inc.<br>
</font><font size="2">(Exact name of registrant
as specified in its charter) </font></b></p>





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  padding:0pt 0pt 0pt 0pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>New York</b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b>000-6669</b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b>13-1950672</b></p>
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  <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>
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  <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>
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  margin-left:0pt;text-align:center'><b>Identification No.)</b></p>
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  &nbsp;&nbsp;

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  <p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:center'><b>1801 Green Road</b><b>, 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</b><b>, FL</b><b> </b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b>33064</b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b>(Address of principal executive offices)</b></p>
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<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>
<p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:center'>Registrant's telephone
number, including area code <br>
<b>(954) 419-9544 </b> </p>





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  <p class=MsoNormal align=center style='text-align:center'><b>(Former name or former address, if changed since last
  report)</b></p>
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<p style='margin:0pt;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin:0pt;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: <br>
&nbsp;</p>



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  <p class=MsoNormal>Written communications
  pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </p>
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  <p class=MsoNormal>Soliciting material
  pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </p>
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  <p class=MsoNormal>Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b)) </p>
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  <p class=MsoNormal>Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c)) </p>
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<p style='margin-left:0pt; margin-right:0pt'><b>Item 1.01 Entry into a
material definitive agreement. </b></p>



<p style='text-indent:24.5pt; margin-left:0pt; margin-right:0pt'>As a result of the
termination of the 2006 Restricted Stock Plan and cancellation of the
associated grants made under that plan as described below, the grant to Douglas
W. Sabra, the Company's Chief Financial Officer, of 20,000 shares of restricted
common stock, made May 1, 2006 was cancelled in its entirety. </p>



<p style='margin:0 0pt;'><b>Item 8.01 Other Events.
</b></p>

<p style='margin:0 0pt;text-indent:24.5pt; margin-bottom:0'>On June 27, 2006, the
Board of Directors of the Registrant, acting by unanimous consent, voted to
terminate the Company's 2006 Restricted Stock Plan in its in entirety and to
cancel any stock grants made under the plan.&nbsp; The Company intends to introduce
a revised stock plan at the next shareholder meeting expected to take place in
April 2007.</p>

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

<p style='margin:0pt;margin-bottom:.0001pt'><b>&nbsp;</b></p>
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<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>SIGNATURES </b></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:0pt;margin-bottom:.0001pt;text-indent:24.5pt'>&nbsp;</p>





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

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





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





<p class=MsoNormal>/s/ Jerome E. Ball<br>
_______________________________________</p>



<p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt'><b>Name </b>Jerome
E. Ball</p>



<p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt'><b>Title:</b> Chairman
and Chief Executive Officer</p>



<p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt'><b>Dated:</b> June
27, 2006</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": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-06669", "film-number": "06927168"}, "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"}}
Forward Industries Form 8-K
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)
June 27, 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 1.01 Entry into a
material definitive agreement.
As a result of the
termination of the 2006 Restricted Stock Plan and cancellation of the
associated grants made under that plan as described below, the grant to Douglas
W. Sabra, the Company's Chief Financial Officer, of 20,000 shares of restricted
common stock, made May 1, 2006 was cancelled in its entirety.
Item 8.01 Other Events.
On June 27, 2006, the
Board of Directors of the Registrant, acting by unanimous consent, voted to
terminate the Company's 2006 Restricted Stock Plan in its in entirety and to
cancel any stock grants made under the plan.  The Company intends to introduce
a revised stock plan at the next shareholder meeting expected to take place in
April 2007.
-1-
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:
June
27, 2006
-3-