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<DIV ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registration No.
333-________ </FONT></DIV>

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     <TD COLSPAN="5" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SEXURITIES AND EXCHANGE COMMISSION<BR>
                                                        Washington, D.C. 20549<BR><BR>

                                                               <B>Form S-8<BR><BR>

                                                   REGISTRATION STATEMENT UNDER THE<BR>
                                                        SECURITIES ACT OF 1933</B><BR><BR>

                                                       <U>Valpey-Fisher Corporation</U><BR>

                                        (Exact name of registrant as specified in its charter)
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     <TD WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
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     <TD width=25%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Maryland</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">06-0737363</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(State or other jurisdiction of<BR> incorporation or organization)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(I.R.S. Employer<BR>
                                            Identification No.)</FONT></TD>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">75 South Street, Hopkinton, Massachusetts</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">01748</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
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     <TD colspan=3><hr color=black size=1></TD>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of Principal Executive Offices) </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(ZIP Code)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD COLSPAN=3 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Valpey-Fisher Corporation 2003 Stock Option Plan</font></td>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>

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      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>

      <TD colspan=3><hr color=black size=1></TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD></TR>
<TR>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Full title of the plan)</FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD></TR>
<TR>
      <TD>&nbsp; </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD></TR>
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      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD colspan=3 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Michael J. Kroll<BR> Valpey-Fisher Corporation <BR>75 South Street, Hopkinton, Massachusetts 01748</FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD></TR>

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      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>

      <TD colspan=3 align=center><hr color=black size=1></TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD></TR>
<TR>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD colspan=3 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> (Name and address of agent for service)</FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD></TR>
<TR>
      <TD>&nbsp; </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD></TR>
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      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD colspan=3 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(508) 435-9039, Ext. 600</FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD></TR>

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      <TD colspan=3><hr color=black size=1></TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD></TR>
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      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD colspan=3 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">                                     (Telephone number, including area code, of agent for service)</FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
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<BR>
<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It is requested that copies of notices and communications<BR>
                                        from the Securities and Exchange Commission be sent to:<BR><BR>

                                                         Joan Dacey-Seib, Esq.<BR>
                                              Shapiro Mitchell Forman Allen &amp; Miller LLP
<BR>
                                                          380 Madison Avenue<BR>
                                                       New York, New York 10017<BR>
</FONT></P>
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<A NAME=A002></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>CALCULATION OF
REGISTRATION FEE </FONT></P>

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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN="2" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title of securities <BR>to be registered</FONT></TH>
     <TH COLSPAN="2" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount to be <BR>registered</FONT></TH>
     <TH COLSPAN="2" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed maximim <BR>offering price <BR>per share (2) </FONT></TH>
     <TH COLSPAN="2" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed maximim<BR> aggregate<BR> offering price </FONT></TH>
     <TH COLSPAN="2" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Amount of <BR>registration fee</FONT></TH></TR>
<TR>
      <TD>&nbsp; </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD></TR>
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     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock, $.05 par value</FONT></TD>
     <TD WIDTH=6% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>200,000</FONT></TD>
        <TD WIDTH=6% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;2.98</FONT></TD>
     <TD WIDTH=6% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;596,000</FONT></TD>
     <TD WIDTH=6% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;76.00</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>





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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;
          This Registration Statement also covers such additional shares of Common Stock
          as may be issuable upon exercise of options granted or to be granted under the
          Valpey-Fisher Corporation 2003 Stock Option Plan as a result of the
          anti-dilution provisions thereof. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;
          Based upon the average of the high and low prices for the shares of Common Stock
          on the American Stock Exchange Consolidated Reporting System on May 25, 2004 See
          Rule 457(h). Estimated solely for the purpose of calculating the registration
          fee. </FONT></P>

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<A NAME=A003></A>
<P ALIGN=CENTER><font face="Times New Roman, Times, Serif" size="2"><b>Part II
  </b></font></P>
<b><font size="2">
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<A NAME=A004></A> </font> </b>
<P ALIGN=CENTER><b><font face="Times New Roman, Times, Serif" size="2">INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT </font></b></P>

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<A NAME=A005></A>
<P ALIGN=LEFT><font size="2"><b><FONT FACE="Times New Roman, Times, Serif">Item
  3. Incorporation of Documents by Reference. </FONT></b></font></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents of the Registrant filed with the Securities and Exchange Commission
are incorporated herein by reference: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  The Registrant&#146;s Annual Report on Form 10-K for the year ended December
  31, 2003. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  The Registrant&#146;s Quarterly Report on Form 10-Q for the period ended March
  28, 2004. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  The description of Common Stock of the Registrant contained under the caption
  &#147;Description of Common Stock&#148; in the Registrant&#146;s Registration
  Statement on Form 8-B dated July 1, 1987. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective
amendment to this Registration Statement which indicates that all Common Stock offered
hereby has been sold or which deregisters all such Common Stock then remaining unsold,
shall be deemed to be incorporated herein by reference and to be part hereof from the date
of filing of such documents. </FONT></P>

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<P ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="2"><b>Item 4. Description
  of Securities. </b></font></P>

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<A NAME=A007></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</I> </FONT></P>

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<A NAME=A008></A>
<P ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="2"><b>Item 5. Interests
  of Named Experts and Counsel. </b></font></P>

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<A NAME=A009></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</I> </FONT></P>

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<A NAME=A010></A>
<P ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="2"><b>Item 6. Indemnification
  of Directors and Officers. </b></font></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
Maryland law and the Articles of Incorporation of the Registrant, the liability of
directors and officers of the Registrant to the Registrant or to any shareholder of the
Registrant for money damages has been eliminated except for (i) actual receipt of an
improper personal benefit in money, property or service and (ii) active and deliberate
dishonesty established by a final judgment as being material to the cause of action. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Articles of Incorporation of the Registrant contain a provision which requires the
Registrant to indemnify its directors and officers to the fullest extent permitted from
time to time by the laws of Maryland. Maryland law permits a corporation to indemnify its
present and former directors and officers, among others, against judgments, penalties,
fines, settlements and reasonable expenses actually incurred by them in connection with
any proceeding to which they may be made a party by reason of their service in those or
other capacities unless it is established that (a) the act or omission of the director or
officer was material to the matter giving rise to the proceeding and was committed in bad
faith or was the result of active and deliberate dishonesty, (b) the director or officer
actually received an improper personal benefit in money, property or services, or (c) in
the case of any criminal proceeding, the director or officer had reasonable cause to
believe that the act or omission was unlawful. In addition, Maryland law requires the
Registrant, as conditions to advancing expenses, to obtain (i) a written affirmation by
the director or officer of his or her good faith belief that he or she has met the
standard of conduct necessary for indemnification by the Registrant as authorized by the
bylaws, and (ii) a written statement by or on his or her behalf to repay the amount paid
or reimbursed by the Registrant if it shall ultimately be determined that the standard of
conduct was not met. Under Maryland law, rights to indemnification and expenses are
non-exclusive, in that they need not be limited to those expressly provided by statute. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant has an insurance policy expiring June 1, 2005 with Carolina Casualty Insurance
Company insuring directors and officers against certain liabilities they may incur. The
policy contains standard reimbursement provisions in an aggregate limit of $2 million with
a deductible of $100,000 for expenses reimbursable to the directors and/or officers by the
Registrant. The policy contains various reporting requirements and exclusions. </FONT></P>


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<A NAME=A011></A>
<P ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="2"><b>Item 7. Exemption
  from Registration Claimed. </b></font></P>

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<A NAME=A012></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</I> </FONT></P>

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<A NAME=A013></A>
<P ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="2"><b>Item 8. Exhibits.
  </b> </font></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following are filed as exhibits to this Registration Statement: </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="600">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit No.</FONT></TH>
<TH></TH>
     <TH COLSPAN=2 align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description</FONT></TH></TR>
<TR>
      <TD colspan=5>&nbsp; </TD></TR>
<TR VALIGN=top>

     <TD WIDTH="21%">&nbsp; </TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</FONT></TD>
        <TD WIDTH="22%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="43%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion of Whiteford, Taylor &amp; Preston<BR>L.L.P. as to the legality of the shares being registered<BR></FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23(a)</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Whiteford, Taylor &amp; Preston LLP</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23(b)</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Grant Thornton LLP</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23(c)</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Deloitte &amp; Touche LLP</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power of Attorney - see Signature Page</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

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<A NAME=A014></A>
<P ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="2"><b>Item 9. Undertakings.
  </b> </font></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;
          Rule 415 offering. </FONT></P>

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<A NAME=A015></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Undersigned Registrant hereby undertakes:</I> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To file during any period in which offers or sales are being made, a
          post-effective amendment to this Registration Statement to include any material
          information with respect to the plan of distribution not previously disclosed in
          this Registration Statement or any material change to such information in this
          Registration Statement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          That, for the purpose of determining any liability under the Securities Act of
          1933, each such post-effective amendment shall be deemed to be a new
          registration statement relating to the securities offered therein, and the
          offering of such securities at that time shall be deemed to be the initial bona
          fide offering thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;
          Filings incorporating subsequent Exchange Act documents by reference. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<hr width="100%" size="5" noshade>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the Registrant&#146;s annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is
incorporated by reference in the Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;
          Request for acceleration of effective date or filing of registration statement
          on Form S-8. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
provisions described in Item 6, or otherwise, the Registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A016></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="600">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit No.</FONT></TH>
<TH></TH>
     <TH COLSPAN=2 align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description</FONT></TH></TR>
<TR>
      <TD colspan=5>&nbsp; </TD></TR>
<TR VALIGN=top>

     <TD WIDTH="21%">&nbsp; </TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</FONT></TD>
        <TD WIDTH="22%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="43%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion of Whiteford, Taylor &amp; Preston<BR>L.L.P. as to the legality of the shares being registered<BR></FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD colspan=5>&nbsp; </TD></TR>
<TR VALIGN=top>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23(a)</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Whiteford, Taylor &amp; Preston LLP<BR>(See exhibit 5)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD colspan=5>&nbsp; </TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23(b)</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Grant Thornton LLP</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD colspan=5>&nbsp; </TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23(c)</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Deloitte &amp; Touche LLP</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD colspan=5>&nbsp; </TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power of Attorney - see Signature Page</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

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<HR SIZE=5 COLOR=GRAY NOSHADE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<A NAME=A017></A>
<P ALIGN=CENTER><font face="Times New Roman, Times, Serif" size="2"><b>SIGNATURES
  </b> </font></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
  to the requirements of the Securities Act of 1933, the Registrant certifies
  that it has reasonable grounds to believe that it meets all of the requirements
  for filing on Form S-8 and has duly caused this Registration Statement to be
  signed on its behalf by the undersigned, thereunto duly authorized, in Hopkinton,
  Massachusetts on this 26th day of May, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A018></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VALPEY-FISHER CORPORATION </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 1 Left" FSL="Default" -->
<A NAME=A019></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: <U>&nbsp;/s/&nbsp;Michael J. Ferrantino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael J. Ferrantino<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President &amp; Chief Executive
Officer</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Michael J. Ferrantino and Michael J. Kroll and each of them acting singly, his
true and lawful attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him and in his name, place and stead, in any and all capacities, to
sign any and all amendments, including any post-effective amendments, to this Registration
Statement, and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and every act
and thing requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or their substitutes, may lawfully do or cause
to be done by virtue hereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the date indicated. </FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>&nbsp;&nbsp;&nbsp;/s/&nbsp;Michael J. Ferrantino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Michael J. Ferrantino</FONT></TD>
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">President &amp; Chief Executive
         Officer and Director (Principal
         Executive Officer)</FONT></TD>
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>

    <TD WIDTH="25%"><font face="Times New Roman, Times, Serif" size="2">May 26,
      2004</font></TD>
  </TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>&nbsp;&nbsp;&nbsp;/s/&nbsp;Michael J. Kroll&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Michael J. Kroll</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Vice President, Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>

    <TD><font face="Times New Roman, Times, Serif" size="2">May 26, 2004</font></TD>
  </TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>&nbsp;&nbsp;&nbsp;/s/&nbsp;Mario Alosco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Mario Alosco</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>

    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">May 26, 2004</FONT></TD>
  </TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>&nbsp;&nbsp;&nbsp;/s/&nbsp;Richard W. Anderson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Richard W. Anderson</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>

    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">May 26, 2004</FONT></TD>
  </TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>&nbsp;&nbsp;&nbsp;/s/&nbsp;Eli Fleisher&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Eli Fleisher</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>

    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">May 26, 2004</FONT></TD>
  </TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>&nbsp;&nbsp;&nbsp;/s/&nbsp;Lawrence Holsborg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Lawrence Holsborg</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>

    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">May 26, 2004</FONT></TD>
  </TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>&nbsp;&nbsp;&nbsp;/s/&nbsp;John J. McArdle III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>John J. McArdle III</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>

    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">May 26, 2004</FONT></TD>
  </TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>&nbsp;&nbsp;&nbsp;/s/&nbsp;Ted Valpey, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Ted Valpey, Jr.</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chairman of the Board and Director </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>

    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">May 26, 2004</FONT></TD>
  </TR>
</TABLE>


</BODY>
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{"company-data": {"conformed-name": "VALPEY FISHER CORP", "cik": "0000085608", "assigned-sic": "3310", "irs-number": "060737363", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-116001", "film-number": "04838185"}, "business-address": {"street1": "75 SOUTH ST", "city": "HOPKINTON", "state": "MA", "zip": "01748", "phone": "5084359039"}, "mail-address": {"street1": "75 SOUTH STREET", "city": "HOPKINTON", "state": "MA", "zip": "01748"}, "former-company": [{"former-conformed-name": "MATEC CORP/DE/", "date-changed": "19920703"}, {"former-conformed-name": "RSC INDUSTRIES INC", "date-changed": "19840515"}, {"former-conformed-name": "REEVES INDUSTRIES INC", "date-changed": "19710520"}]}
Registration No.
333-________
SEXURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
Valpey-Fisher Corporation
(Exact name of registrant as specified in its charter)
Maryland
06-0737363
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
75 South Street, Hopkinton, Massachusetts
01748
(Address of Principal Executive Offices)
(ZIP Code)
Valpey-Fisher Corporation 2003 Stock Option Plan
(Full title of the plan)
Michael J. Kroll
Valpey-Fisher Corporation
75 South Street, Hopkinton, Massachusetts 01748
(Name and address of agent for service)
(508) 435-9039, Ext. 600
(Telephone number, including area code, of agent for service)
It is requested that copies of notices and communications
from the Securities and Exchange Commission be sent to:
Joan Dacey-Seib, Esq.
Shapiro Mitchell Forman Allen & Miller LLP
380 Madison Avenue
New York, New York 10017
CALCULATION OF
REGISTRATION FEE
Title of securities
to be registered
Amount to be
registered
Proposed maximim
offering price
per share (2)
Proposed maximim
aggregate
offering price
Amount of
registration fee
Common Stock, $.05 par value
200,000
$ 2.98
$ 596,000
$ 76.00
(1)    
          This Registration Statement also covers such additional shares of Common Stock
          as may be issuable upon exercise of options granted or to be granted under the
          Valpey-Fisher Corporation 2003 Stock Option Plan as a result of the
          anti-dilution provisions thereof.
(2)    
          Based upon the average of the high and low prices for the shares of Common Stock
          on the American Stock Exchange Consolidated Reporting System on May 25, 2004 See
          Rule 457(h). Estimated solely for the purpose of calculating the registration
          fee.
Part II
INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT
Item
  3. Incorporation of Documents by Reference.
The
following documents of the Registrant filed with the Securities and Exchange Commission
are incorporated herein by reference:
(a)       
  The Registrant's Annual Report on Form 10-K for the year ended December
  31, 2003.
(b)       
  The Registrant's Quarterly Report on Form 10-Q for the period ended March
  28, 2004.
(c)       
  The description of Common Stock of the Registrant contained under the caption
  "Description of Common Stock" in the Registrant's Registration
  Statement on Form 8-B dated July 1, 1987.
All
documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective
amendment to this Registration Statement which indicates that all Common Stock offered
hereby has been sold or which deregisters all such Common Stock then remaining unsold,
shall be deemed to be incorporated herein by reference and to be part hereof from the date
of filing of such documents.
Item 4. Description
  of Securities.
Not
applicable.
Item 5. Interests
  of Named Experts and Counsel.
Not
applicable.
Item 6. Indemnification
  of Directors and Officers.
Pursuant to
Maryland law and the Articles of Incorporation of the Registrant, the liability of
directors and officers of the Registrant to the Registrant or to any shareholder of the
Registrant for money damages has been eliminated except for (i) actual receipt of an
improper personal benefit in money, property or service and (ii) active and deliberate
dishonesty established by a final judgment as being material to the cause of action.
The
Articles of Incorporation of the Registrant contain a provision which requires the
Registrant to indemnify its directors and officers to the fullest extent permitted from
time to time by the laws of Maryland. Maryland law permits a corporation to indemnify its
present and former directors and officers, among others, against judgments, penalties,
fines, settlements and reasonable expenses actually incurred by them in connection with
any proceeding to which they may be made a party by reason of their service in those or
other capacities unless it is established that (a) the act or omission of the director or
officer was material to the matter giving rise to the proceeding and was committed in bad
faith or was the result of active and deliberate dishonesty, (b) the director or officer
actually received an improper personal benefit in money, property or services, or (c) in
the case of any criminal proceeding, the director or officer had reasonable cause to
believe that the act or omission was unlawful. In addition, Maryland law requires the
Registrant, as conditions to advancing expenses, to obtain (i) a written affirmation by
the director or officer of his or her good faith belief that he or she has met the
standard of conduct necessary for indemnification by the Registrant as authorized by the
bylaws, and (ii) a written statement by or on his or her behalf to repay the amount paid
or reimbursed by the Registrant if it shall ultimately be determined that the standard of
conduct was not met. Under Maryland law, rights to indemnification and expenses are
non-exclusive, in that they need not be limited to those expressly provided by statute.
The
Registrant has an insurance policy expiring June 1, 2005 with Carolina Casualty Insurance
Company insuring directors and officers against certain liabilities they may incur. The
policy contains standard reimbursement provisions in an aggregate limit of $2 million with
a deductible of $100,000 for expenses reimbursable to the directors and/or officers by the
Registrant. The policy contains various reporting requirements and exclusions.
Item 7. Exemption
  from Registration Claimed.
Not
applicable.
Item 8. Exhibits.
The
following are filed as exhibits to this Registration Statement:
Exhibit No.
Description
5
Opinion of Whiteford, Taylor & Preston
L.L.P. as to the legality of the shares being registered
23(a)
Consent of Whiteford, Taylor & Preston LLP
23(b)
Consent of Grant Thornton LLP
23(c)
Consent of Deloitte & Touche LLP
24
Power of Attorney - see Signature Page
Item 9. Undertakings.
(a)    
          Rule 415 offering.
The
Undersigned Registrant hereby undertakes:
(1)       
          To file during any period in which offers or sales are being made, a
          post-effective amendment to this Registration Statement to include any material
          information with respect to the plan of distribution not previously disclosed in
          this Registration Statement or any material change to such information in this
          Registration Statement.
(2)       
          That, for the purpose of determining any liability under the Securities Act of
          1933, each such post-effective amendment shall be deemed to be a new
          registration statement relating to the securities offered therein, and the
          offering of such securities at that time shall be deemed to be the initial bona
          fide offering thereof.
(3)       
          To remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering.
(b)    
          Filings incorporating subsequent Exchange Act documents by reference.
The
undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the Registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is
incorporated by reference in the Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)    
          Request for acceleration of effective date or filing of registration statement
          on Form S-8.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
provisions described in Item 6, or otherwise, the Registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.
EXHIBIT INDEX
Exhibit No.
Description
5
Opinion of Whiteford, Taylor & Preston
L.L.P. as to the legality of the shares being registered
23(a)
Consent of Whiteford, Taylor & Preston LLP
(See exhibit 5)
23(b)
Consent of Grant Thornton LLP
23(c)
Consent of Deloitte & Touche LLP
24
Power of Attorney - see Signature Page
SIGNATURES
Pursuant
  to the requirements of the Securities Act of 1933, the Registrant certifies
  that it has reasonable grounds to believe that it meets all of the requirements
  for filing on Form S-8 and has duly caused this Registration Statement to be
  signed on its behalf by the undersigned, thereunto duly authorized, in Hopkinton,
  Massachusetts on this 26th day of May, 2004.
VALPEY-FISHER CORPORATION
By:
/s/ Michael J. Ferrantino
Michael J. Ferrantino
President & Chief Executive
Officer
KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Michael J. Ferrantino and Michael J. Kroll and each of them acting singly, his
true and lawful attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him and in his name, place and stead, in any and all capacities, to
sign any and all amendments, including any post-effective amendments, to this Registration
Statement, and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and every act
and thing requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or their substitutes, may lawfully do or cause
to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the date indicated.
/s/ Michael J. Ferrantino
Michael J. Ferrantino
President & Chief Executive
         Officer and Director (Principal
         Executive Officer)
May 26,
      2004
/s/ Michael J. Kroll
Michael J. Kroll
Vice President, Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer)
May 26, 2004
/s/ Mario Alosco
Mario Alosco
Director
May 26, 2004
/s/ Richard W. Anderson
Richard W. Anderson
Director
May 26, 2004
/s/ Eli Fleisher
Eli Fleisher
Director
May 26, 2004
/s/ Lawrence Holsborg
Lawrence Holsborg
Director
May 26, 2004
/s/ John J. McArdle III
John J. McArdle III
Director
May 26, 2004
/s/ Ted Valpey, Jr.
Ted Valpey, Jr.
Chairman of the Board and Director
May 26, 2004