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<TITLE>Ault, Incorporated Form S-8 Dated: January 22, 2004</TITLE></HEAD>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As filed with the
Securities and Exchange Commission on January 22, 2004. </FONT></P>

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<P Align=Right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registration No. 333-________  </FONT></P>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>UNITED STATES<br>
                                        SECURITIES AND EXCHANGE COMMISSION<br>
                                              Washington, D.C. 20549<br>
                                           ____________________________ </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>FORM S-8</B></font><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 <BR>___________________________ </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>AULT INCORPORATED</B></font><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact name of registrant as specified in its charter) </FONT></P>


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     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Minnesota</b></FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>41-0842932</b></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or other jurisdiction of</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>incorporation or organization)</FONT></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>7105 Northland Terrace</B><BR>
                                           <B>Minneapolis, Minnesota 55428</B><BR>
                               (Address of principal executive offices and zip code)<BR>
                                           ____________________________ </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>AULT INCORPORATED 1996 EMPLOYEE STOCK PURCHASE SAVINGS PLAN</B><BR>
(Full title of the Plan)<BR>____________________________ </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=500>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Copy to:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Frederick M. Green</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Richard A. Primuth</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President and Chief Executive Officer</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rebecca B. Sandberg</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ault Incorporated</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lindquist &amp; Vennum P.L.L.P.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7105 Northland Terrace</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4200 IDS Center</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minneapolis, Minnesota 55428</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80 South 8th Street</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(763) 592-1910</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minneapolis, MN 55402</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name, address and telephone</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(612) 371-3211</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>number, including area code,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of agent for service)</FONT></TD></TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CALCULATION OF REGISTRATION FEE </FONT></H1>

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     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Title of securities<BR>
to be registered</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Amount<BR>
to be registered</FONT></TH>
     <TH COLSPAN="3" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Proposed<BR>
maximum offering<BR>
price per share</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Proposed<BR>
maximum aggregate<BR>
offering price</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Amount of<BR>
registration fee</FONT></TH></TR>

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     <TH COLSPAN=3><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>


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     <TD WIDTH=20% ALIGN=left COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock, no <BR>par value</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER" COLSPAN=3 NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100,000 shares</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER" COLSPAN=3 NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$3.21<SUP>(1)</SUP></FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER" COLSPAN=3 NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$321,000<SUP>(1)</SUP></FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$25.97</FONT></TD></TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_________________________ </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Estimated
 solely for the purpose of determining the  registration fee pursuant to Rule 457(c) and
(h) and          based  upon the  average  high and low sale price of the  Company's
 Common  Stock on the Nasdaq  National          Market on January 20, 2004. </FONT></TD>
</TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INCORPORATION OF
CONTENTS OF REGISTRATION STATEMENT <BR>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;&nbsp;A
Registration Statement on Form S-8 (File No. 333-04609) was filed with the Securities and
Exchange Commission on May 28, 1996 covering the registration of 100,000 shares initially
authorized for issuance under the Company&#146;s 1996 Employee Stock Purchase Savings
Plan (the &#147;Plan&#148;). Pursuant to General Instruction E of Form S-8 and Rule 429,
this Registration Statement is being filed to register an additional 100,000 shares
authorized under the Plan. An amendment to the Plan to increase the reserved and
authorized number of shares under the Plan by 100,000 was authorized by the Company&#146;s
Board of Directors on March 10, 2003 and approved by the Company&#146;s shareholders on
October 16, 2003. The contents of the prior Registration Statement are incorporated
herein by reference.  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I  </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 Part I of Form S-8, the information required by Items 1 and 2 of Form S-8 is not filed
as a part of this Registration Statement and such information will be given to employees
as specified by Rule 428(b)(1).  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Item 3.  Incorporation of Documents
by Reference.</U> </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 filed with the Securities and Exchange Commission are hereby
incorporated by reference:  </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Annual Report of the Company on Form 10-K for the fiscal year ended June 1,
               2003.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Definitive Proxy Statement dated September 16, 2003 for the Annual Meeting
               of Shareholders held on October 16, 2003.  </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Quarterly Reports of the Company on Form 10-Q for the quarters ended August
               31, 2003 and November 30, 2003;  </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Current Reports of the Company on Form 8-K filed on August 12, 2003 and
               October 16, 2003.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
description of the Company&#146;s Common Stock to be offered pursuant to
               this Registration Statement is incorporated by reference to the Company&#146;s
               Registration Statement on Form S-1 filed on July 18, 1983 (No. 2-85224).  </FONT></TD>
</TR>
</TABLE>
<BR>

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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 Company pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934 prior to the completion or termination of
this offering of shares of Common Stock shall be deemed to be incorporated by reference
in this Registration Statement and to be a part hereof from the date of filing of such
documents.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Item 4. Description of Securities.</U> </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
description of the Company&#146;s Common Stock to be offered pursuant to this
Registration Statement has been incorporated by reference into this Registration
Statement as described in Item 3 of this Part II. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Item 5. Interests of Named Experts
and Counsel.</U>  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Item 6. Indemnification of Directors
and Officers.</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
XI of the Registrant&#146;s Bylaws provides that the Registrant shall indemnify any
person who at any time shall serve or shall have served as a director, officer or
employee of the Corporation, or of any other enterprise at the request of the
Corporation, and the heirs, executors and administrators of such person in accordance
with, and to the fullest extent permitted by the provisions of the Minnesota Business
Corporation Act, Minnesota Statutes, Chapter 302A, as it may be amended from time to
time.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
302A.521 of the Minnesota Business Corporation Act provides that a corporation shall
indemnify any person made or threatened to be made a party to a proceeding by reason of
acts or omissions performed in their official capacity as an officer, director, employee
or agent of the corporation against judgments, penalties, fines, including without
limitation, excise taxes assessed against such person with respect to an employee benefit
plan, settlements, and reasonable expenses, including attorneys&#146; fees and
disbursements, incurred by such person in connection with the proceeding if, with respect
to the acts or omissions of such person complained of in the proceeding, such person (i)
has not been indemnified by another organization or employee benefit plan for the same
expenses with respect to the same acts or omissions; (ii) acted in good faith; (iii)
received no improper personal benefit and Minnesota Statutes, Section 302A.255 (regarding
conflicts of interest), if applicable, has been satisfied; (iv) in the case of a criminal
proceeding, has no reasonable cause to believe the conduct was unlawful; and (v) in the
case of acts or omissions by persons in their official capacity for the corporation,
reasonably believed that the conduct was in the best interests of the corporation, or in
the case of acts or omissions by persons in their capacity for other organization,
reasonably believed that the conduct was not opposed to the best interests of the
corporation. In addition, Section 302A.521, Subd. 3, of the Minnesota Statutes requires
payment or reimbursement by the corporation, upon written request, of reasonable expenses
(including attorneys&#146; fees) incurred by a person in advance of the final disposition
of a proceeding in certain instances if a decision as to required indemnification is made
by a disinterested majority of the Board of Directors present at a meeting at which a
disinterested quorum is present, or by a designated committee of the Board, by special
legal counsel, by the shareholders or by a court.  </FONT></P>

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<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 may be permitted to
our directors, officers and controlling persons pursuant to the foregoing provisions, or
otherwise, we have been advised that, in the opinion of the SEC, such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Item 7. Exemption from Registration
Claimed.</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Item 8. Exhibits.</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exhibit</U> </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ault
Incorporated 1996 Employee Stock Purchase Savings Plan, as amended </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion
of Lindquist &amp; Vennum P.L.L.P. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         23.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of Lindquist &amp; Vennum P.L.L.P. (included in Exhibit 5.1) </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         23.2  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of Deloitte &amp; Touch LLP, independent public accountants </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         24.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power
of Attorney (set forth on the signature page hereof) </FONT></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Item 9. Undertakings.</U> </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
undersigned registrant hereby undertakes:  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&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:  </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                    To
include any material information with respect to the plan of distribution no
                    previously disclosed in the registration statement or any material
change to                     such information in the registration statement;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- 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;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          That,
for determining liability under the Securities Act, each such           post-effective
amendment shall be deemed to be a new registration statement           relating to the
securities offered therein, and the offering of the securities           at that time
shall be deemed to be the initial bona fide offering thereof.  </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;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          To
remove from registration by means of a post-effective amendment any of the
          securities which remain unsold at the termination of the offering.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)&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 15(d) of the           Securities Exchange Act
of 1934 (and, where applicable, each filing of an           employee benefit plan&#146;s
annual report pursuant to 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 Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h)&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 foregoing provisions, 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>


<BR><BR><BR><BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES  </FONT></H1>

<!-- 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, 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 the City of Minneapolis, State of Minnesota,
on January 22, 2004.  </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>

<TR VALIGN=top>
     <TD WIDTH=80% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>AULT INCORPORATED</b></FONT></TD></TR>

<TR VALIGN=top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><br></FONT>&nbsp;</TD>
     <TD ALIGN="LEFT" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2><br>By:<u>&nbsp;/s/ Frederick M. Green&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD></TR>

<TR VALIGN=top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Frederick M. Green<BR>
                                                                               President and Chief Executive <br>Officer</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Head Minor Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWER OF ATTORNEY  </FONT></H1>

<!-- 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;The
undersigned officers and directors of Ault Incorporated hereby constitute and appoint
Frederick M. Green and Donald L. Henry, or either of them, with power to act one without
the other, our true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for us and in our stead, in any and all capacities to
sign any and all amendments (including post-effective amendments) to this Registration
Statement and all documents relating thereto, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent, full power and authority to do
and perform each and every act and thing necessary or advisable 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 attorney-in-fact and agent, or his
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, as amended, this registration
statement has been signed below by the following persons on January 22, 2004, in the
capacities indicated.  </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><U>Signature</U></FONT></TH>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><U>Title</U></FONT></TH></TR>

<TR VALIGN=Top>
     <TD WIDTH=32% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ Frederick M. Green&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD WIDTH=68% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>President, Chief Executive Officer</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Frederick M. Green</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and Chairman of the Board <BR>(Principal Executive Officer)</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ Donald L. Henry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Chief Financial Officer</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Donald L. Henry</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Principal Financial Officer)</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Director</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Carol A. Barnett</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ Brian T. Chang&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Director</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brian T. Chang</FONT></TD></TR>
</table>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 </FONT></P>


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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Left WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Top>
     <TD WIDTH=79% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ John Colwell, Jr.&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></FONT></TD>
     <TD WIDTH=21% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>John Colwell, Jr</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ John G. Kassakian&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Director</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>John G. Kassakian</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>/s/ David J. Larkin&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></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Director</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David J. Larkin</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><U>&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;&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;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Director</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Marvonia Pearson Walker</FONT></TD></TR>
</TABLE>


<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></P>
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[{"type": "S-8", "sequence": "1", "filename": "ault040269_s8.htm", "secsgml_size_bytes": 36508}]
{"company-data": {"conformed-name": "AULT INC", "cik": "0000723639", "assigned-sic": "3679", "irs-number": "410842932", "state-of-incorporation": "MN", "fiscal-year-end": "0530"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-112103", "film-number": "04537814"}, "business-address": {"street1": "7105 NORTHLAND TERRACE", "city": "MINNEAPOLIS", "state": "MN", "zip": "55428-1028", "phone": "6125921900"}, "mail-address": {"street1": "7105 NORTHLAND TERRACE", "city": "MINNEAPOLIS", "state": "MN", "zip": "55428-1028"}}
Ault, Incorporated Form S-8 Dated: January 22, 2004
As filed with the
Securities and Exchange Commission on January 22, 2004.
Registration No. 333-________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
___________________________
AULT INCORPORATED
(Exact name of registrant as specified in its charter)
Minnesota
41-0842932
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
7105 Northland Terrace
Minneapolis, Minnesota 55428
(Address of principal executive offices and zip code)
____________________________
AULT INCORPORATED 1996 EMPLOYEE STOCK PURCHASE SAVINGS PLAN
(Full title of the Plan)
____________________________
Copy to:
Frederick M. Green
Richard A. Primuth
President and Chief Executive Officer
Rebecca B. Sandberg
Ault Incorporated
Lindquist & Vennum P.L.L.P.
7105 Northland Terrace
4200 IDS Center
Minneapolis, Minnesota 55428
80 South 8th Street
(763) 592-1910
Minneapolis, MN 55402
(Name, address and telephone
(612) 371-3211
number, including area code,
of agent for service)
CALCULATION OF REGISTRATION FEE
Title of securities
to be registered
Amount
to be registered
Proposed
maximum offering
price per share
Proposed
maximum aggregate
offering price
Amount of
registration fee
Common Stock, no
par value
100,000 shares
$3.21
(1)
$321,000
(1)
$25.97
_________________________
(1)
Estimated
 solely for the purpose of determining the  registration fee pursuant to Rule 457(c) and
(h) and          based  upon the  average  high and low sale price of the  Company's
 Common  Stock on the Nasdaq  National          Market on January 20, 2004.
INCORPORATION OF
CONTENTS OF REGISTRATION STATEMENT
BY REFERENCE
A
Registration Statement on Form S-8 (File No. 333-04609) was filed with the Securities and
Exchange Commission on May 28, 1996 covering the registration of 100,000 shares initially
authorized for issuance under the Company's 1996 Employee Stock Purchase Savings
Plan (the "Plan"). Pursuant to General Instruction E of Form S-8 and Rule 429,
this Registration Statement is being filed to register an additional 100,000 shares
authorized under the Plan. An amendment to the Plan to increase the reserved and
authorized number of shares under the Plan by 100,000 was authorized by the Company's
Board of Directors on March 10, 2003 and approved by the Company's shareholders on
October 16, 2003. The contents of the prior Registration Statement are incorporated
herein by reference.
PART I
Pursuant
to Part I of Form S-8, the information required by Items 1 and 2 of Form S-8 is not filed
as a part of this Registration Statement and such information will be given to employees
as specified by Rule 428(b)(1).
PART II
Item 3.  Incorporation of Documents
by Reference.
The
following documents filed with the Securities and Exchange Commission are hereby
incorporated by reference:
(a)
The
Annual Report of the Company on Form 10-K for the fiscal year ended June 1,
               2003.
(b)
The
Definitive Proxy Statement dated September 16, 2003 for the Annual Meeting
               of Shareholders held on October 16, 2003.
(c)
The
Quarterly Reports of the Company on Form 10-Q for the quarters ended August
               31, 2003 and November 30, 2003;
(d)
The
Current Reports of the Company on Form 8-K filed on August 12, 2003 and
               October 16, 2003.
(e)
The
description of the Company's Common Stock to be offered pursuant to
               this Registration Statement is incorporated by reference to the Company's
               Registration Statement on Form S-1 filed on July 18, 1983 (No. 2-85224).
All
documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934 prior to the completion or termination of
this offering of shares of Common Stock shall be deemed to be incorporated by reference
in this Registration Statement and to be a part hereof from the date of filing of such
documents.
Item 4. Description of Securities.
The
description of the Company's Common Stock to be offered pursuant to this
Registration Statement has been incorporated by reference into this Registration
Statement as described in Item 3 of this Part II.
Item 5. Interests of Named Experts
and Counsel.
Not
applicable.
Item 6. Indemnification of Directors
and Officers.
Article
XI of the Registrant's Bylaws provides that the Registrant shall indemnify any
person who at any time shall serve or shall have served as a director, officer or
employee of the Corporation, or of any other enterprise at the request of the
Corporation, and the heirs, executors and administrators of such person in accordance
with, and to the fullest extent permitted by the provisions of the Minnesota Business
Corporation Act, Minnesota Statutes, Chapter 302A, as it may be amended from time to
time.
Section
302A.521 of the Minnesota Business Corporation Act provides that a corporation shall
indemnify any person made or threatened to be made a party to a proceeding by reason of
acts or omissions performed in their official capacity as an officer, director, employee
or agent of the corporation against judgments, penalties, fines, including without
limitation, excise taxes assessed against such person with respect to an employee benefit
plan, settlements, and reasonable expenses, including attorneys' fees and
disbursements, incurred by such person in connection with the proceeding if, with respect
to the acts or omissions of such person complained of in the proceeding, such person (i)
has not been indemnified by another organization or employee benefit plan for the same
expenses with respect to the same acts or omissions; (ii) acted in good faith; (iii)
received no improper personal benefit and Minnesota Statutes, Section 302A.255 (regarding
conflicts of interest), if applicable, has been satisfied; (iv) in the case of a criminal
proceeding, has no reasonable cause to believe the conduct was unlawful; and (v) in the
case of acts or omissions by persons in their official capacity for the corporation,
reasonably believed that the conduct was in the best interests of the corporation, or in
the case of acts or omissions by persons in their capacity for other organization,
reasonably believed that the conduct was not opposed to the best interests of the
corporation. In addition, Section 302A.521, Subd. 3, of the Minnesota Statutes requires
payment or reimbursement by the corporation, upon written request, of reasonable expenses
(including attorneys' fees) incurred by a person in advance of the final disposition
of a proceeding in certain instances if a decision as to required indemnification is made
by a disinterested majority of the Board of Directors present at a meeting at which a
disinterested quorum is present, or by a designated committee of the Board, by special
legal counsel, by the shareholders or by a court.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to
our directors, officers and controlling persons pursuant to the foregoing provisions, or
otherwise, we have been advised that, in the opinion of the SEC, such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable.
Item 7. Exemption from Registration
Claimed.
Not
applicable.
Item 8. Exhibits.
Exhibit
4.1
Ault
Incorporated 1996 Employee Stock Purchase Savings Plan, as amended
5.1
Opinion
of Lindquist & Vennum P.L.L.P.
23.1
Consent
of Lindquist & Vennum P.L.L.P. (included in Exhibit 5.1)
3
23.2
Consent
of Deloitte & Touch LLP, independent public accountants
24.1
Power
of Attorney (set forth on the signature page hereof)
Item 9. Undertakings.
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:
(iii)
To
include any material information with respect to the plan of distribution no
                    previously disclosed in the registration statement or any material
change to                     such information in the registration statement;
(2)                 That,
for determining liability under the Securities Act, each such           post-effective
amendment shall be deemed to be a new registration statement           relating to the
securities offered therein, and the offering of the 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 which remain unsold at the termination of the offering.
(b)              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 15(d) of the           Securities Exchange Act
of 1934 (and, where applicable, each filing of an           employee benefit plan's
annual report pursuant to 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.
(h)              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 foregoing provisions, 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.
4
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 the City of Minneapolis, State of Minnesota,
on January 22, 2004.
AULT INCORPORATED
By:
/s/ Frederick M. Green
Frederick M. Green
President and Chief Executive
Officer
POWER OF ATTORNEY
The
undersigned officers and directors of Ault Incorporated hereby constitute and appoint
Frederick M. Green and Donald L. Henry, or either of them, with power to act one without
the other, our true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for us and in our stead, in any and all capacities to
sign any and all amendments (including post-effective amendments) to this Registration
Statement and all documents relating thereto, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent, full power and authority to do
and perform each and every act and thing necessary or advisable 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 attorney-in-fact and agent, or his
substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed below by the following persons on January 22, 2004, in the
capacities indicated.
Signature
Title
/s/ Frederick M. Green
President, Chief Executive Officer
Frederick M. Green
and Chairman of the Board
(Principal Executive Officer)
/s/ Donald L. Henry
Chief Financial Officer
Donald L. Henry
(Principal Financial Officer)
Director
Carol A. Barnett
/s/ Brian T. Chang
Director
Brian T. Chang
5
/s/ John Colwell, Jr.
Director
John Colwell, Jr
/s/ John G. Kassakian
Director
John G. Kassakian
/s/ David J. Larkin
Director
David J. Larkin
Director
Marvonia Pearson Walker
6