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<P align=center><FONT face="CG Times" size=2>As filed with the Securities and
Exchange Commission November 7, 2012</FONT></P>
<P><FONT face="CG Times"
size=2>&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;&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;&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;
Registration No. __________</FONT></P>
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      size=1>.</FONT></DIV></TD></TR></TABLE>
<P><FONT face="CG Times" size=2></FONT></P>
<P align=center><FONT face="CG Times" size=2>UNITED STATES</FONT><B><FONT
face="CG Times" size=2><BR>SECURITIES AND EXCHANGE COMMISSION</FONT></B><FONT
face="CG Times" size=2><BR><BR>Washington, D.C. 20549</FONT></P>
<P align=center><B><FONT face="CG Times" size=2>Form S&#8209;8</FONT></B></P>
<P align=center><FONT face="CG Times" size=2>REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933</FONT></P>
<P align=center><B><U><FONT face="CG Times" size=2>TAYLOR DEVICES,
INC.</FONT></U></B><I><FONT face="CG Times" size=2><BR>(Exact name of registrant
as specified in its charter)</FONT></I></P>
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    <TD vAlign=top width=555>
      <P align=center><B><U><FONT face="CG Times"
      size=2>New&nbsp;York</FONT></U></B><FONT face="CG Times"
      size=2><I><BR>(State or other jurisdiction</I></FONT><I><FONT
      face="CG Times" size=2><BR>of incorporation or
    organization)</FONT></I></P></TD>
    <TD vAlign=top width=556>
      <P align=center><B><U><FONT face="CG Times"
      size=2>16&#8209;0797789</FONT></U></B><FONT face="CG Times"
      size=2><I><BR>(I.R.S. Employer Identification
  No.)</I></FONT></P></TD></TR></TABLE>
<P align=center><B><U><FONT face="CG Times" size=2>90&nbsp;Taylor Drive, North
Tonawanda, New&nbsp;York 14120&#8209;0748</FONT></U></B><FONT face="CG Times"
size=2><I><BR>(Address of registrant's principal executive
offices)<BR>&nbsp;</I></FONT></P>
<P align=center><B><U><FONT face="CG Times" size=2>2012 TAYLOR DEVICES, INC.
STOCK OPTION PLAN</FONT></U></B><FONT face="CG Times" size=2><I><BR>(Full title
of the plan)</I></FONT></P>
<P align=center><B><FONT face="CG Times" size=2>SANDRA&nbsp;S. O'LOUGHLIN,
ESQ.</FONT></B><FONT face="CG Times" size=2><BR>Hiscock &amp; Barclay,
LLP<BR>1100 M&amp;T Center<BR>3 Fountain Plaza<BR>Buffalo, New&nbsp;York
14203-1414<U><BR>Telephone (716) 856&#8209;5400</U><I><BR>(Name, address and telephone
number, including area code, of agent for service)</I></FONT></P>
<P><FONT face="CG Times" size=2>Indicate by check mark whether the registrant is
a large accelerated filer, an accelerated filer, a non-accelerated filer, or a
smaller reporting company.&nbsp; See the definitions of "large accelerated
filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of
the Exchange Act.</FONT></P>
<P><FONT face="CG Times" size=2>Large accelerated filer [&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;&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;&nbsp;&nbsp;&nbsp;
Accelerated filer [&nbsp;&nbsp; ]<BR>Non-accelerated filer&nbsp;&nbsp;
[&nbsp;&nbsp; ] (Do not check if a smaller reporting
company)&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;&nbsp;&nbsp;
Smaller reporting company [ X ]</FONT></P>
<P align=center><B><FONT face="CG Times" size=2>Calculation of Registration
Fee</FONT></B></P>
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      <P align=center><FONT face="CG Times" size=2>Title of securities to <BR>be
      registered</FONT></P></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=top width=223>
      <P align=center><FONT face="CG Times" size=2>Amount to be<BR>registered
      <SUP>(1)</SUP></FONT></P></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=top width=230>
      <P align=center><FONT face="CG Times" size=2>Proposed maximum<BR>offering
      price per<BR>share <SUP>(2)</SUP></FONT></P></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=top width=223>
      <P align=center><FONT face="CG Times" size=2>Proposed maximum<BR>aggregate
      offering<BR>price <SUP>(2)</SUP></FONT></P></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=top width=221>
      <P align=center><FONT face="CG Times" size=2>Amount of<BR>Registration
      Fee</FONT></P></TD></TR>
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    vAlign=top width=214>
      <P align=center><FONT face="CG Times" size=2>Common Stock, <BR>$.025 par
      value</FONT></P></TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top width=223>
      <P align=center><FONT face="CG Times" size=2><BR>160,000
    Shares</FONT></P></TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top width=230>
      <P align=center><FONT face="CG Times" size=2><BR>$8.6489</FONT></P></TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top width=223>
      <P align=center><FONT face="CG Times"
    size=2><BR>$1,383,824.00</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top width=221>
      <P align=center><FONT face="CG Times"
  size=2><BR>$188.75</FONT></P></TD></TR></TABLE>
<P><SUP><FONT face="CG Times" size=2>(1)</FONT></SUP> <FONT face="CG Times"
size=2>The Registration Statement also covers an indeterminate number of
additional options and shares that may be offered and issued pursuant to the
antidilution provisions of the Plan.</FONT><SUP><FONT face="CG Times"
size=1><BR>(2)</FONT></SUP> <FONT face="CG Times" size=2>Estimated pursuant to
Rule 457 solely for the purpose of calculating the registration fee.&nbsp; The
price per share is estimated to be $8.65 based on the average of the high and
low prices of the Common Stock reported in the consolidated reporting system as
of November 2, 2012 for the NASDAQ Capital Market.</FONT></P>
<P align=center><FONT face="CG Times" size=2><BR><BR>1<BR>&nbsp;</FONT></P>
<HR>

<P align=center><B><FONT face="Times New Roman" size=2><BR><BR>PART
I</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS</FONT></B></P>
<P><FONT face="Times New Roman" size=2>Item
1.&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; Plan
Information. *</FONT></P>
<P><FONT face="Times New Roman" size=2>Item 2.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Registrant Information and Employee Plan Annual Information. *</FONT></P>
<P><FONT face="Times New Roman" size=2>*Information required by Part I to be
included in the Section 10(a) prospectus is omitted from this Registration
Statement in accordance with Rule 428 under the Securities Act of 1933 (the
"Securities Act") and the "Note" to Part I of Form S-8.<BR><BR>&nbsp;</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>PART II</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>INFORMATION REQUIRED IN
REGISTRATION STATEMENT<BR></FONT></B><FONT size=2>(INFORMATION NOT REQUIRED IN
THE PROSPECTUS)</FONT></P>
<P><FONT face="Times New Roman" size=2>Item 3.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporation of Documents by Reference</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
following documents are hereby incorporated by reference in this Registration
Statement:</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&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; The
Company's latest annual report filed pursuant to Section&nbsp;13(a) or 15(d) of
the Exchange Act; and</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&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; All
other reports filed by the Company pursuant to Section 13(a) or 15(d) of the
Exchange Act since the end of the fiscal year covered by the annual report
referred to in (a) above.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All
documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, after the date hereof and prior to the filing with
the Commission of a post&#8209;effective amendment which indicates that the securities
offered hereby have been sold or which deregisters the securities covered hereby
then remaining unsold, shall also be deemed to be incorporated by reference into
this Registration Statement and to be a part hereof from the respective date of
filing of such documents.</FONT></P>
<P><FONT face="Times New Roman" size=2>Item 4.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Description of securities</FONT></P>
<P><FONT face="Times New Roman" size=2></FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the terms of the Plan, the Committee is authorized to issue, upon
exercise of the Options granted, Common Stock either from authorized but
unissued Common Stock, or from Common Stock reacquired by the Company.&nbsp; The
aggregate number of Common Stock which may be distributed under the Plan shall
not exceed 160,000, subject to proportional adjustment in the event of changes
in capitalization of the Company.</FONT></P>
<P align=center><BR><BR><BR><FONT size=2>2</FONT></P>
<HR>
<FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<BR><BR>&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;
The Certificate of Incorporation authorizes the Company to issue up to 8,000,000
shares of Common Stock, of which, as of the date of this Prospectus, 3,310,341
shares of Common Stock are issued and outstanding; 530,143 shares of Common
Stock are held in the Company's Treasury; 14,500 shares of Common Stock are
reserved for issuance under the 2008 Taylor Devices, Inc. Stock Option Plan;
232,074 shares of Common Stock are reserved for issuance under the 2004 Taylor
Devices, Inc. Employee Stock Purchase Plan; and 160,000 shares of Common Stock
are reserved for issuance under the Plan which is the subject of this
Registration Statement.</FONT>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Certificate of Incorporation of the Company authorizes the Board of Directors to
issue up to 2,000,000 shares of preferred stock, $.05 par value, with such
rights and privileges, including voting rights, as it may deem
appropriate.&nbsp; Five thousand (5,000) preferred shares have been designated
by the Board of Directors as "Series 2008 Junior Participating Preferred Stock"
("Series 2008 Stock") in connection with the issuance by the Company of certain
shareholder rights ("Rights"), as more particularly described in the Rights
Agreement between the Company and Regan &amp; Associates, Inc., as Rights Agent,
dated as of October 5, 2008, attached as Exhibit 4 to the Company's Registration
Statement on Form 8-A filed with the Commission on or about October 3, 2008
("Rights Agreement"). The Certificate of Amendment to the Company's Certificate
of Incorporation designating the Series 2008 Stock was filed by the New York
Secretary of State on September 16, 2008 (the "Amendment").</FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;
On September 15, 2008, the Board of Directors of Taylor Devices, Inc. (the
"Company") declared (i) a dividend of one Right for each outstanding share of
the Company's Common Stock, par value $.025 per share (the "Common Stock"), to
shareholders of record at the close of business on October 3, 2008 (the "Record
Date").&nbsp; Each Right entitles the registered holder to purchase from the
Company a unit consisting of one two-thousandths (1/2000) of a share of Series
2008 Junior Participating Preferred Stock, par value $.05 per share (the "Series
2008 Preferred Stock"), at a Purchase Price of $5.00 per unit of one
two-thousandths of a share, subject to adjustment.&nbsp; The description and
terms of the Rights are set forth in a Rights Agreement (the "Rights Agreement")
between the Company and Regan &amp; Associates, Inc., as Rights Agent.&nbsp;
Registrar and Transfer Company, with offices located at 10 Commerce Drive,
Cranford, NJ 07016-3572, serves as the Company's transfer agent (the "Transfer
Agent").</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Initially, the Rights will be attached to all Common Stock certificates
representing shares then outstanding, and no separate Rights Certificates will
be distributed. A Distribution Date will occur and the Rights will separate from
the Common Stock upon the earliest of (i) 10 days following a public
announcement that a Person or group of affiliated or associated Persons (an
"Acquiring Person") has acquired, or obtained the right to acquire, beneficial
ownership of 15% or more of the shares of Common Stock then outstanding<SUP><FONT color=#000000>1</FONT></SUP></A> (the "Stock
Acquisition Date"), (ii) 10 business days following the commencement of a tender
offer or exchange offer that would result in a Person or group beneficially
owning 10% or more of such outstanding shares of Common Stock (unless such
tender offer or exchange offer is an offer for all outstanding shares of Common
Stock which a majority of the unaffiliated Directors who are not officers of the
Company determine to be fair to and otherwise in the best interests of the
Company and its shareholders) or (iii) the date the Board of Directors declares
a person to be an "Adverse Person", upon a determination by the Board that such
Person, together with his affiliates or associates, is or has become the
beneficial owner of 10% or more of the shares of Common Stock outstanding, and
upon a determination by at least a majority of the Continuing Directors (as
defined below) who are not officers of the Company, after reasonable inquiry and
investigation, including consultation with such persons as such Directors shall
deem appropriate, that (a) such beneficial ownership by such person is intended
to cause the Company to repurchase the Common Stock beneficially owned by such
person or to cause pressure on the Company to take action or enter into a
transaction or series of transactions intended to provide such person with
short-term financial gain under circumstances where such Continuing Directors
determine that the best long-term interests of the Company and its shareholders
would not be served by taking such action or entering into such transactions or
series of transactions at that time, or (b) such beneficial ownership is causing
or reasonably likely to cause a material adverse impact (including, but not
limited to, impairment of relationships with customers, impairment of the
Company's ability to maintain its competitive position or impairment of the
Company's business reputation or ability to deal with governmental agencies) on
the business or prospects of the Company.</FONT></P>
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  <TR>
    <TD style="BORDER-BOTTOM: 1px solid" vAlign=top width="21%" colSpan=2
    height=19><FONT color=#ffffff size=1>.</FONT></TD>
    <TD width="39%" height=19>&nbsp;</TD>
    <TD width="40%" height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="2%" height=31><SUP><FONT face="Times New Roman" color=#000000
      size=2>1</FONT></SUP></A></TD>
    <TD width="98%" colSpan=3 height=31><FONT size=1>Under the Rights
      Agreement, for purposes of calculating percentages of Common Stock
      outstanding, shares of Common Stock outstanding shall include all shares
      of Common Stock deemed to be beneficially owned by a person and its
      affiliates and associates, even if not actually then
  outstanding.</FONT></TD></TR></TABLE>
<P align=center><BR><BR><BR><FONT size=2>3</FONT></P>
<HR>

<P><FONT face="Times New Roman"
size=2><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The power of the Board of Directors to issue preferred shares, such as Series
2008 Stock, may enable the Board of Directors to prevent a change in control
despite a shift in ownership of the Common Stock.&nbsp; In addition, the Board
of Directors' power to issue additional Common Stock may delay or deter a change
in control by increasing the number of Common Stock needed to gain
control.&nbsp;</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
addition, under New&nbsp;York law, the Company cannot enter into certain
business combinations involving persons beneficially owning 20% or more of the
shares of Common Stock, unless the Board of Directors has approved the business
combination or the stock acquisition by which the person's interest reached 20%
("Stock Acquisition") prior to the date of the Stock Acquisition.&nbsp; This
restriction applies for 5 years after the date of the Stock Acquisition, and
thereafter, the Company may enter into a business combination with the
interested person (1)&nbsp;if the combination is approved by vote of the holders
of a majority of the Common Stock beneficially owned by disinterested
shareholders or (2)&nbsp;as part of the business combination if the
disinterested shareholders receive a price for their Common Stock equal to or
greater than the price determined in accordance with a statutory formula
intended to assure that the shareholder will receive an equitable price in the
business combination.&nbsp; New&nbsp;York law also prevents the Company from
purchasing more than 10% of the shares of Common Stock for more than their
market value unless the purchase is approved by the Board of Directors and by a
majority vote of all outstanding Common Stock, unless the offer to purchase is
extended to all shareholders, or unless the offer is for Common Stock the holder
has held for more than 2 years.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Common Stock is listed on the NASDAQ Capital Market.</FONT></P>
<P><FONT face="Times New Roman" size=2>Item 5.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interests of Named Experts and Counsel.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; Not applicable.</FONT></P>
<P><FONT face="Times New Roman" size=2>Item 6.&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indemnification of Directors and Officers</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Certificate of Incorporation of the Company eliminates or limits the personal
liability of the members of the Company's Board of Directors to the fullest
extent permitted under the New&nbsp;York Business Corporation Law (the "BCL"),
providing that directors will not be liable to the Company or its shareholders
for monetary damages for breach of fiduciary duty as a director, except to the
extent required by law.&nbsp; The BCL requires that a director be liable if a
judgment or other final disposition adverse to the director establishes that
(1)&nbsp;such director's acts or omissions were in bad faith or involved
intentional misconduct or knowing violation of law; or (2) such director
personally gained in fact a financial profit or other advantage to which the
director was not legally entitled; or (3)&nbsp;the acts of such director
violated Section&nbsp;719 of the BCL.&nbsp; Section&nbsp;719 provides that,
unless a director performs the duties of a director in good faith and with a
degree of care which an ordinary prudent person in a like position would use
under similar circumstances, the director may be liable for voting or concurring
in the following corporate actions; (a)&nbsp;the declaration of an illegal
dividend; (b)&nbsp;a corporation's repurchase of its own stock when the
repurchase is not authorized by New&nbsp;York law; (c)&nbsp;the distribution of
assets to shareholders after dissolution of the corporation without adequately
providing for known liabilities of the corporation; and (d)&nbsp;a loan by a
corporation to any director unless the loan is authorized by a vote of
shareholders.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company's by&#8209;laws require the Company to indemnify any person (including any
director, officer or employee) to the full extent permitted by law, who is made,
or threatened to be made, a party to any action or proceeding, whether criminal
or civil, by reason of the fact that such person is or was a director or officer
of the Company or serves or served any other corporation in any capacity at the
request of the Company.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2><BR><BR><BR>4</FONT></P>
<HR>

<P><FONT face="Times New Roman"
size=2><BR><BR>&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;
The Company has entered into indemnity agreements with its directors and certain
executive officers.&nbsp; These agreements provide broad indemnification, within
the limits permitted by law, and provide that funds will be advanced to the
indemnities to cover expenses and losses, subject to reimbursement if it is
later determined that indemnification is not permitted.&nbsp; In addition, the
Company annually purchases directors and officers liability
insurance.</FONT></P>
<P><FONT face="Times New Roman" size=2>Item 7.&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Exemption from Registration Claimed.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Not applicable.</FONT></P>
<P align=center><BR><BR><BR><FONT size=2>5</FONT></P>
<HR>

<P><FONT face="Times New Roman" size=2><BR><BR>Item 8.&nbsp;&nbsp;&nbsp;
Exhibits</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=1100 border=0>

  <TR>
    <TD vAlign=top width=168>
      <P align=center><U><FONT face="Times New Roman" size=2>Exhibit
      Number</FONT></U></P></TD>
    <TD vAlign=top width=811>
      <P align=center><U><FONT face="Times New Roman"
      size=2>Description</FONT></U></P></TD>
    <TD vAlign=top width=121>
      <P align=right><U><FONT face="Times New Roman"
    size=2>Page</FONT></U></P></TD></TR>
  <TR>
    <TD vAlign=top width=168>
      <P align=center><FONT face="Times New Roman" size=2>4.1</FONT></P></TD>
    <TD vAlign=top width=811>
      <P><FONT face="Times New Roman" size=2>2012 Taylor Devices, Inc. Stock
      Option Plan (incorporated by reference to Appendix "B" to Taylor Devices,
      Inc. Proxy Statement dated September 18, 2012, Commission File
      No.&nbsp;0&#8209;3498).</FONT><FONT
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;<BR>&nbsp;</FONT></P></TD>
    <TD vAlign=top width=121></TD></TR>
  <TR>
    <TD vAlign=top width=168>
      <P align=center><FONT face="Times New Roman" size=2>4.2</FONT></P></TD>
    <TD vAlign=top width=811>
      <P><FONT face="Times New Roman" size=2>Summary of Stock Option
      Grant.<BR>&nbsp;</FONT></P></TD>
    <TD vAlign=top width=121>
      <P align=right><FONT face="Times New Roman" size=2>9</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width=168>
      <P align=center><FONT face="Times New Roman" size=2>5</FONT></P></TD>
    <TD vAlign=top width=811>
      <P><FONT face="Times New Roman" size=2>Opinion of Hiscock &amp; Barclay,
      LLP regarding legality of Common stock being registered.<BR></FONT><FONT
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD vAlign=top width=121>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=168>
      <P align=center><FONT face="Times New Roman" size=2>23.1</FONT></P></TD>
    <TD vAlign=top width=811>
      <P><FONT face="Times New Roman" size=2>Consent of Lumsden &amp; McCormick,
      LLP<BR>&nbsp;</FONT></P></TD>
    <TD vAlign=top width=121>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=168>
      <P align=center><FONT face="Times New Roman" size=2>23.2</FONT></P></TD>
    <TD vAlign=top width=811>
      <P><FONT face="Times New Roman" size=2>Consent of Hiscock &amp; Barclay,
      LLP (included in their Opinion filed as Exhibit 5).</FONT></P></TD>
    <TD vAlign=top width=121></TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><BR><BR><BR><FONT size=2>6</FONT></P>
<HR>

<P><FONT face="Times New Roman" size=2>Item
9.&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;
Undertakings</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A.&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; The
undersigned Company hereby undertakes:</FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
file, during any period in which the Company offers or sells securities, a
post&#8209;effective amendment to this Registration Statement, to include any
additional or changed material information on the plan of
distribution.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For
determining liability under the Securities Act, to treat each post&#8209;effective
amendment as a new registration statement of the securities offered, and the
offering of such securities at that time to be the initial <I>bona&nbsp;fide</I>
offering.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
file a post&#8209;effective amendment to remove from registration any of the
securities which remain unsold at the end of the offering.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
B.&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; Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Company pursuant
to the foregoing provisions, or otherwise, the Company has been advised that in
the opinion of the Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable.&nbsp; In the
event that a claim for indemnification against such liabilities (other than the
payment by the Company of expenses incurred or paid by a director, officer or
controlling person of the Company 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 Company 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 the Company is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such
issue.</FONT></P>
<P align=center><BR><BR><BR><FONT size=2>7</FONT></P>
<HR>

<P align=center><B><FONT face="Times New Roman"
size=2><BR><BR>SIGNATURES</FONT></B></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, the Company
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S&#8209;8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of North&nbsp;Tonawanda, State of New&nbsp;York, on the
2nd day of November, 2012.</FONT></P>
<P><B><FONT face="Times New Roman"
size=2>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P>
<P><B><FONT face="Times New Roman"
size=2>&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;&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;&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;&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; TAYLOR DEVICES, INC.</FONT></B><FONT size=2></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=1111 border=0>

  <TR>
    <TD vAlign=top width=660>
      <P align=right><FONT face="Times New Roman" size=2>By:</FONT></P></TD>
    <TD vAlign=top width=16>&nbsp;</TD>
    <TD vAlign=top width=356>
      <P><U><FONT face="Times New Roman" size=2>/s/Douglas P.
      Taylor</FONT></U><FONT face="Times New Roman" size=2><BR>Douglas P.
      Taylor,<BR>President, Chief Executive Officer and
      Director<BR>(<I>Principal Executive Officer</I>)</FONT></P></TD>
    <TD vAlign=top width=79>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=660></TD>
    <TD vAlign=top width=16>&nbsp;</TD>
    <TD vAlign=top width=356>
      <P><FONT face="Times New Roman"
    size=2><BR><BR>and<BR><BR>&nbsp;</FONT></P></TD>
    <TD vAlign=top width=79>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=660>
      <P align=right><FONT face="Times New Roman" size=2>By:</FONT></P></TD>
    <TD vAlign=top width=16>&nbsp;</TD>
    <TD vAlign=top width=356>
      <P><U><FONT face="Times New Roman" size=2>/s/Mark V.
      McDonough</FONT></U><FONT face="Times New Roman" size=2><BR>Mark V.
      McDonough,<BR>Chief Financial Officer<BR>(<I>Principal Financial and
      Accounting Officer</I>)</FONT></P></TD>
    <TD vAlign=top width=79>&nbsp;</TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=2><BR><BR>POWER OF
ATTORNEY</FONT></B></P>
<P></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each
person whose signature appears below constitutes and appoints Douglas&nbsp;P.
Taylor his attorney&#8209;in&#8209;fact, with the power of substitution, for him in any and
all capacities, to sign any amendments to this registration statement, and to
file the same, with exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, hereby ratifying and
confirming all that said attorney&#8209;in&#8209;fact, or his substitute or substitutes, may
do or cause to be done by virtue hereof.</FONT></P>
<P><FONT face="Times New Roman" size=2></FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed below by the following persons in the capacities and
on the date indicated.</FONT></P>
<P></P>
<TABLE cellSpacing=0 cellPadding=0 width=912 border=0>

  <TR>
    <TD vAlign=top width=673>
      <P><B><FONT face="Times New Roman" size=2>Signature</FONT></B></P></TD>
    <TD vAlign=top width=239></TD></TR>
  <TR height=74>
    <TD vAlign=top width=673 height=74>
      <P><U><FONT face="Times New Roman" size=2><BR><BR>/s/ Randall L.
      Clark</FONT></U><FONT face="Times New Roman" size=2><BR>Randall L. Clark,
      Director<BR>Date:&nbsp;&nbsp; November 2, 2012</FONT></P></TD>
    <TD vAlign=top width=239 height=74>
      <P><U><FONT face="Times New Roman" size=2><BR><BR>/s/ Richard G.
      Hill</FONT></U><FONT face="Times New Roman" size=2><BR>Richard G. Hill,
      Director<BR>Date:&nbsp;&nbsp; November 2 , 2012</FONT></P></TD></TR>
  <TR height=107>
    <TD vAlign=top width=673 height=107>
      <P><U><FONT face="Times New Roman" size=2><BR><BR><BR>/s/ Reginald B.
      Newman II</FONT></U><FONT face="Times New Roman" size=2><BR>Reginald B.
      Newman II, Director<BR>Date:&nbsp;&nbsp; November 2, 2012</FONT></P></TD>
    <TD vAlign=top width=239 height=107>
      <P><U><FONT face="Times New Roman" size=2><BR><BR><BR>/s/ John
      Burgess</FONT></U><FONT face="Times New Roman" size=2><BR>John Burgess,
      Director<BR>Date:&nbsp;&nbsp; November 2,
2012</FONT></P></TD></TR></TABLE>
<P>&nbsp;</P>
<P align=center><BR><BR><BR><FONT size=2>8</FONT></P>
<HR>

<P><FONT face="Times New Roman" size=2><BR><BR>Exhibit 4.2<BR>Summary of Stock
Option Grant</FONT></P>
<P><FONT face="CG Times"
size=2>&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;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>SUMMARY OF OPTION
GRANT<BR>2012 TAYLOR DEVICES, INC. STOCK OPTION
PLAN<BR><BR>&nbsp;</FONT></B></P>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 cellSpacing=0
cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="17%"><B><FONT face="Times New Roman" size=2>Name of
      Optionee</FONT></B><FONT size=2>:&nbsp;&nbsp; </FONT></TD>
    <TD width="22%" colSpan=2><FONT
      size=2><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;&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="10%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD></TR>
  <TR>
    <TD width="17%"><B><FONT face="Times New Roman" size=2><BR>Address of
      Optionee</FONT></B><FONT size=2>:&nbsp;&nbsp; </FONT></TD>
    <TD width="22%" colSpan=2><FONT
      size=2><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;&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="10%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD></TR>
  <TR>
    <TD width="17%"><BR>&nbsp;</TD>
    <TD width="22%" colSpan=2><FONT face="Times New Roman"
      size=2><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;&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="10%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD></TR>
  <TR>
    <TD width="17%"><B><FONT face="Times New Roman" size=2><BR>Taxpayer
      Identification Number:</FONT></B><FONT size=2>&nbsp;&nbsp;&nbsp;
</FONT></TD>
    <TD width="22%" colSpan=2><FONT face="Times New Roman"
      size=2><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;&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="10%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD></TR>
  <TR>
    <TD width="17%"><B><FONT face="Times New Roman" size=2><BR>Number of
      Options</FONT></B><FONT size=2>:&nbsp; </FONT></TD>
    <TD width="22%" colSpan=2><FONT face="Times New Roman"
      size=2><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;&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="10%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD></TR>
  <TR>
    <TD width="17%"><B><FONT face="Times New Roman" size=2><BR>Exercise Price
      per Share</FONT></B><FONT size=2>:&nbsp;&nbsp; </FONT></TD>
    <TD width="22%" colSpan=2><FONT face="Times New Roman"
      size=2><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;
      &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="10%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD></TR>
  <TR>
    <TD width="17%">&nbsp;</TD>
    <TD width="22%" colSpan=2>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD></TR>
  <TR>
    <TD width="17%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD></TR></TABLE>
<TABLE
style="BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-RIGHT-WIDTH: 0px"
cellSpacing=0 cellPadding=0 width=1065 border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=8></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=388>
      <P><B><FONT face="Times New Roman" color=#ffffff
      size=1>&nbsp;&nbsp;.</FONT></B></P></TD>
    <TD vAlign=top width=1558><B><FONT face="Times New Roman" size=2>Incentive
      Stock Options &nbsp;</FONT></B></TD>
    <TD vAlign=top width=888>&nbsp;</TD>
    <TD vAlign=top width=888>&nbsp;</TD>
    <TD vAlign=top width=888>&nbsp;</TD>
    <TD vAlign=top width=1777 colSpan=6>
      <P><B><FONT face="Times New Roman" size=2>Does Optionee have right to pay
      option price by</FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width=8>&nbsp;</TD>
    <TD vAlign=top width=205>&nbsp;</TD>
    <TD vAlign=top width=678><FONT face="Times New Roman" size=2>OR</FONT></TD>
    <TD vAlign=top width=169>
      <P>&nbsp;</P></TD>
    <TD vAlign=top width=705>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=top width=705>&nbsp;</TD>
    <TD vAlign=top width=1403 colSpan=5>
      <P><B><FONT face="Times New Roman" size=2>means of Company
      shares?</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=top width=191></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=8></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width=66>
      <P><FONT color=#ffffff size=1>.</FONT></P></TD>
    <TD vAlign=top width=1236><B><FONT face="Times New Roman"
      size=2>Non-Qualified Stock Options</FONT></B></TD>
    <TD vAlign=top width=566>&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none" vAlign=top width=566>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    vAlign=top width=566>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000"
    vAlign=top width=162><B><FONT face="Times New Roman"
    size=2>Yes</FONT></B></TD>
    <TD style="BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top width=414>
      <P>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top width=132></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000"
    vAlign=top width=159><B><FONT face="Times New Roman"
    size=2>No</FONT></B></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top width=399><FONT color=#ffffff size=1>.</FONT></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top width=191></TD></TR></TABLE>
<P><B><FONT face="Times New Roman" size=2>Date of Grant:
<U>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> &nbsp; Expiration Date:
<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;<BR>&nbsp;</U></FONT></B></P>
<P><B><FONT face="Times New Roman" size=2>STOCK OPTION AGREEMENT</FONT></B></P>
<P><FONT face="Times New Roman"
size=2>&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;
The undersigned, TAYLOR DEVICES, INC., a New York corporation with offices at
90&nbsp;Taylor Drive, North Tonawanda, New York 14120 (the "Company") and the
above named Optionee, an individual residing at the address shown in the above,
hereby enter into this STOCK OPTION AGREEMENT effective as of the Date of Grant
(the "Agreement"), as stated above, upon the Terms and Conditions attached
hereto and expressly incorporated into this Agreement (the "Terms and
Conditions").</FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>TAYLOR DEVICES, INC.</B></FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:<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;&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;<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;&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;
Douglas P. Taylor, President</FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;
The undersigned Optionee hereby agrees to the Terms and Conditions, and
acknowledges receipt from the Company of a copy of the 2012 Taylor Devices, Inc.
Stock Option Plan.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>OPTIONEE:</B></FONT></P>
<P><B><FONT face="Times New Roman" size=2><BR>&nbsp;</FONT></B></P>
<P><FONT face="Times New Roman"
size=2>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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;&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;<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[NAME]</FONT></P>
<P>&nbsp;</P>
<P align=center><BR><BR><BR><FONT size=2>9</FONT></P>
<HR>

<P align=center><B><FONT face="Times New Roman" size=2><BR><BR>TERMS AND
CONDITIONS<BR>&nbsp;</FONT></B></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Optionee is an [employee/director] of the Company.&nbsp; The Compensation
Committee of the Company (the "Committee") has determined that the Optionee is a
key employee of the Company, or has otherwise met the criteria necessary for the
grant of options under the 2012 Taylor Devices, Inc. Stock Option Plan (the
"Plan").&nbsp; The Plan was adopted by the Board of Directors of the Company and
approved by shareholders on November 2, 2012.&nbsp; The Committee has elected to
grant options to the Optionee, which options shall be exercised in accordance
with this Agreement and the Plan; and</FONT></P>
<P><FONT face="Times New Roman" size=2>Optionee wishes to accept this
grant.</FONT></P>
<P><B><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOW, THEREFORE,</FONT></B><FONT size=2> the Company and the Optionee agree as
follows:</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Grant of Options</U>.&nbsp; By this Agreement, the Company grants to the
Optionee, and the Optionee accepts from the Company as of the date of this
Agreement, on the terms and conditions set forth herein, options (individually
or collectively referred to as the "Options") to purchase the number of shares
of its Common stock, $0.025 par value (the "Common Stock"), at the purchase
price per share, set forth above in the Summary of Option Grant.&nbsp; As
specified in such Summary of Option Grant, the Options are either Incentive
Stock Options, or Non-Qualified Stock Options which will not be treated as
"Incentive Stock Options" under the Internal Revenue Code of 1986, as amended
(the "Code").&nbsp; As provided in the Plan, to the extent that the aggregate
fair market value (determined as of the Grant Date) of Common Stock with respect
to which Options are exercisable for the first time by Optionee during any
calendar year (under all plans of the Company and its Subsidiaries) exceeds one
hundred thousand dollars ($100,000), the Options or portions thereof which
exceed such limit (according to the order in which granted) shall be treated as
Non-Qualified Stock Options notwithstanding any inconsistent designation in the
Summary of Option Grant.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Options are issued under and subject to all of the terms and conditions of
the Plan. The Plan, except as expressly modified by the provisions set forth in
this Agreement, is hereby incorporated by reference into this Agreement.&nbsp;
Terms defined in the Plan and not otherwise defined in this Agreement shall have
the meanings set forth in the Plan.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Term of Option</U>.&nbsp; The Options shall terminate on and shall not be
exercisable after the Expiration Date set forth above in the Summary of Option
Grant and in no event more than ten (10) years after the Date of Grant.&nbsp; In
the event that the Options shall be designated as Incentive Stock Options and
granted to a more than ten percent (10%) shareholder of the Company, the Options
shall terminate not later than five (5) years after the Date of Grant, as set
forth in this Agreement.&nbsp; Except as provided herein, the Options may be
exercised only during the continuance of the Optionee's employment with the
Company.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;
a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An Option held by an Optionee whose employment is terminated due to becoming
Permanently and Totally Disabled shall terminate (i) in the case of an Incentive
Stock Option, one year after the date of termination of employment, and (ii) in
the case of a Non-Qualified Stock Option, upon its expiration date.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;
b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An Option held by an Optionee whose employment is terminated due to death or who
dies within three months after termination of employment shall terminate (i) in
the case of an Incentive Stock Option, one year after the date of termination of
employment, and (ii) in the case of a Non-Qualified Stock Option, within one
year from the date the Optionee's death, and the Option shall be exercisable
within such period of one year by the executor or administrator of the
Optionee's estate or by the person to whom the Optionee shall have transferred
such right by last will and testament or by the laws of descent or
distribution.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;
c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An Incentive Stock Option or a Non-Qualified Stock Option held by an Optionee
whose employment terminates for cause, as determined by the Committee, shall
expire immediately upon the date of termination unless some other expiration
date is fixed by the Committee.</FONT></P>
<P align=center><BR><BR><BR><FONT size=2>10</FONT></P>
<HR>

<P><FONT face="Times New Roman"
size=2>&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;
d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An Option held by an Optionee whose employment terminates for any reason other
than those specified in subsection (a), (b), or (c) above shall expire (i) in
the case of an Incentive Stock Option, three months after the date of
termination of employment, and (ii) in the case of a Non-Qualified Stock Option,
unless another date is fixed by the Committee, eighteen months after the date of
termination.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&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;
e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The foregoing notwithstanding, no Option shall be exercisable after its
expiration date.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Whether an authorized leave of absence or an absence for military or
governmental service shall constitute termination of employment for purposes of
the Plan shall be determined by the Committee, which determination shall be
final, conclusive, and binding upon the affected Optionee and any person
claiming under or through such Optionee.&nbsp;</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Exercise of Options</U>.&nbsp; The Optionee shall exercise all or any part of
the vested Options by giving written notice to the Company, in such form as the
Committee shall have prescribed or approved, of such election and of the number
of shares he or she has elected to purchase.&nbsp; The purchase price per share
of the Options shall be the price set forth in the Summary of Option Grant
above.&nbsp; The full purchase price of the stock as to which the Options are
being exercised shall be paid in cash; provided, however, that in lieu of cash,
with the approval of the Committee when the Options are granted or at or prior
to exercise, an Optionee may exercise his or her Options by tendering to the
Company shares of Common Stock owned by him or her pursuant to Section 9(b) of
the Plan.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Shareholder Rights</U>.&nbsp; Neither the Optionee nor any transferee under
this Agreement shall have any rights as a shareholder with respect to any shares
subject to Options until the date a stock certificate is issued evidencing
ownership of such shares.&nbsp; The Company shall deliver to the Optionee a
certificate representing the shares as to which options have been exercised as
soon as administratively feasible following such exercise.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Non-Transferability</U>.&nbsp; Options shall not be assignable or
transferable by the Optionee other than by will or the laws of descent and
distribution.&nbsp; During the lifetime of an Optionee, the Options shall be
exercisable only by such Optionee.&nbsp; Any transfer of Options attempted in
violation of this Agreement shall be void.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Compliance with Securities Laws</U>.&nbsp; No Options shall be exercisable in
whole or in part if at any time the Committee or the Board of Directors, as the
case may be, shall determine, in its discretion, that the listing, registration,
or qualification of the shares subject to such Options on any securities
exchange or under any applicable law, or the consent or approval of any
government regulatory body, is necessary or desirable as a condition of or in
connection with the granting of such Options or the issue of shares thereunder
unless such listing, registration, qualification, consent, or approval shall
have been effected or obtained free of any conditions not acceptable to the
Board.&nbsp; If a registration statement under the Securities Act of 1933 with
respect to shares issuable upon exercise of any Options is not in effect at the
time of exercise, the person exercising such Option shall give the Committee a
written statement, satisfactory in form and substance to the Committee, that he
or she is acquiring the shares for his or her own account for investment and not
with a view to their distribution, and the Company may place upon any stock
certificate for shares issuable upon exercise of such Options such legend as the
Committee may prescribe to prevent disposition of the shares in violation of the
Securities Act of 1933 and any other applicable law.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Reporting</U>.&nbsp; In the event the Optionee disposes of the shares
acquired from the Options and, as a result of the disposition, recognizes
ordinary income, the Optionee shall give written notice to the Company, as soon
as reasonably practicable, of such disposition and the amount taxable as
ordinary income to the Optionee as a result of the disposition.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Notices</U>.&nbsp; All notices provided for under this Agreement shall be in
writing and shall be delivered by hand or sent by certified mail to the
addresses specified in the Summary of Option Grant above or to such other
addresses that the respective parties may designate in writing.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>No Right to Employment</U>.&nbsp; Nothing contained in this Agreement, nor
the granting of any Options to the Optionee hereunder, shall constitute or be
evidence of any agreement or understanding, express or implied, on the part of
the Company to employ or continue employment of Optionee for any specific
period.</FONT></P>
<P align=center><BR><BR><BR><FONT size=2>11</FONT></P>
<HR>

<P><FONT face="Times New Roman"
size=2><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Interpretation</U>.&nbsp; This Agreement shall be governed by and construed
under the laws of the State of New York, without reference to conflict-of-laws
principles. All decisions and interpretations made by the Committee or the Board
of Directors with respect to any question arising under this Agreement or the
Plan shall be conclusive and binding upon the Optionee.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Amendment</U>.&nbsp; No term, condition, understanding or agreement
purporting to modify the terms of this Agreement shall be binding unless made in
writing and signed by both parties hereto.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Waiver</U>.&nbsp; No failure of a party to exercise any power given to it
under this Agreement or to insist upon strict compliance with any obligation or
condition thereunder, and no custom or practice of the parties at variance with
the terms hereof shall constitute a waiver by such party of its rights to demand
exact compliance with the terms of this Agreement.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Binding on Heirs, etc</U>.&nbsp; This Agreement shall inure to the benefit of
and be binding upon the Company and its successors and the Optionee and his or
her heirs, executors and administrators.</FONT></P>
<P align=center><BR><BR><BR><FONT size=2>12</FONT></P>
<HR>

<P><FONT face="Times New Roman" size=3></FONT></P></DIV>
<DIV>
<DIV id=ftn1>
<P><FONT size=1></FONT>&nbsp;</P></DIV></DIV></BODY></HTML>
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Taylor Devices S8 1998 [wp5.1]
As filed with the Securities and
Exchange Commission November 7, 2012
Registration No. __________
.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S‑8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
TAYLOR DEVICES,
INC.
(Exact name of registrant
as specified in its charter)
New York
(State or other jurisdiction
of incorporation or
    organization)
16‑0797789
(I.R.S. Employer Identification
  No.)
90 Taylor Drive, North
Tonawanda, New York 14120‑0748
(Address of registrant's principal executive
offices)
2012 TAYLOR DEVICES, INC.
STOCK OPTION PLAN
(Full title
of the plan)
SANDRA S. O'LOUGHLIN,
ESQ.
Hiscock & Barclay,
LLP
1100 M&T Center
3 Fountain Plaza
Buffalo, New York
14203-1414
Telephone (716) 856‑5400
(Name, address and telephone
number, including area code, of agent for service)
Indicate by check mark whether the registrant is
a large accelerated filer, an accelerated filer, a non-accelerated filer, or a
smaller reporting company.  See the definitions of "large accelerated
filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of
the Exchange Act.
Large accelerated filer [  
]           
                       
                       
           
                                             
Accelerated filer [   ]
Non-accelerated filer  
[   ] (Do not check if a smaller reporting
company)     
                                                     
Smaller reporting company [ X ]
Calculation of Registration
Fee
Title of securities to
be
      registered
Amount to be
registered
(1)
Proposed maximum
offering
      price per
share
(2)
Proposed maximum
aggregate
      offering
price
(2)
Amount of
Registration
      Fee
Common Stock,
$.025 par
      value
160,000
    Shares
$8.6489
$1,383,824.00
$188.75
(1)
The Registration Statement also covers an indeterminate number of
additional options and shares that may be offered and issued pursuant to the
antidilution provisions of the Plan.
(2)
Estimated pursuant to
Rule 457 solely for the purpose of calculating the registration fee.  The
price per share is estimated to be $8.65 based on the average of the high and
low prices of the Common Stock reported in the consolidated reporting system as
of November 2, 2012 for the NASDAQ Capital Market.
1
PART
I
INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS
Item
1.             
             Plan
Information. *
Item 2.
            
Registrant Information and Employee Plan Annual Information. *
*Information required by Part I to be
included in the Section 10(a) prospectus is omitted from this Registration
Statement in accordance with Rule 428 under the Securities Act of 1933 (the
"Securities Act") and the "Note" to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN
REGISTRATION STATEMENT
(INFORMATION NOT REQUIRED IN
THE PROSPECTUS)
Item 3.
            
Incorporation of Documents by Reference
The
following documents are hereby incorporated by reference in this Registration
Statement:
(a)             
             The
Company's latest annual report filed pursuant to Section 13(a) or 15(d) of
the Exchange Act; and
(b)             
             All
other reports filed by the Company pursuant to Section 13(a) or 15(d) of the
Exchange Act since the end of the fiscal year covered by the annual report
referred to in (a) above.
All
documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, after the date hereof and prior to the filing with
the Commission of a post‑effective amendment which indicates that the securities
offered hereby have been sold or which deregisters the securities covered hereby
then remaining unsold, shall also be deemed to be incorporated by reference into
this Registration Statement and to be a part hereof from the respective date of
filing of such documents.
Item 4.
            
Description of securities
Pursuant to the terms of the Plan, the Committee is authorized to issue, upon
exercise of the Options granted, Common Stock either from authorized but
unissued Common Stock, or from Common Stock reacquired by the Company.  The
aggregate number of Common Stock which may be distributed under the Plan shall
not exceed 160,000, subject to proportional adjustment in the event of changes
in capitalization of the Company.
2
The Certificate of Incorporation authorizes the Company to issue up to 8,000,000
shares of Common Stock, of which, as of the date of this Prospectus, 3,310,341
shares of Common Stock are issued and outstanding; 530,143 shares of Common
Stock are held in the Company's Treasury; 14,500 shares of Common Stock are
reserved for issuance under the 2008 Taylor Devices, Inc. Stock Option Plan;
232,074 shares of Common Stock are reserved for issuance under the 2004 Taylor
Devices, Inc. Employee Stock Purchase Plan; and 160,000 shares of Common Stock
are reserved for issuance under the Plan which is the subject of this
Registration Statement.
The
Certificate of Incorporation of the Company authorizes the Board of Directors to
issue up to 2,000,000 shares of preferred stock, $.05 par value, with such
rights and privileges, including voting rights, as it may deem
appropriate.  Five thousand (5,000) preferred shares have been designated
by the Board of Directors as "Series 2008 Junior Participating Preferred Stock"
("Series 2008 Stock") in connection with the issuance by the Company of certain
shareholder rights ("Rights"), as more particularly described in the Rights
Agreement between the Company and Regan & Associates, Inc., as Rights Agent,
dated as of October 5, 2008, attached as Exhibit 4 to the Company's Registration
Statement on Form 8-A filed with the Commission on or about October 3, 2008
("Rights Agreement"). The Certificate of Amendment to the Company's Certificate
of Incorporation designating the Series 2008 Stock was filed by the New York
Secretary of State on September 16, 2008 (the "Amendment").
On September 15, 2008, the Board of Directors of Taylor Devices, Inc. (the
"Company") declared (i) a dividend of one Right for each outstanding share of
the Company's Common Stock, par value $.025 per share (the "Common Stock"), to
shareholders of record at the close of business on October 3, 2008 (the "Record
Date").  Each Right entitles the registered holder to purchase from the
Company a unit consisting of one two-thousandths (1/2000) of a share of Series
2008 Junior Participating Preferred Stock, par value $.05 per share (the "Series
2008 Preferred Stock"), at a Purchase Price of $5.00 per unit of one
two-thousandths of a share, subject to adjustment.  The description and
terms of the Rights are set forth in a Rights Agreement (the "Rights Agreement")
between the Company and Regan & Associates, Inc., as Rights Agent. 
Registrar and Transfer Company, with offices located at 10 Commerce Drive,
Cranford, NJ 07016-3572, serves as the Company's transfer agent (the "Transfer
Agent").
Initially, the Rights will be attached to all Common Stock certificates
representing shares then outstanding, and no separate Rights Certificates will
be distributed. A Distribution Date will occur and the Rights will separate from
the Common Stock upon the earliest of (i) 10 days following a public
announcement that a Person or group of affiliated or associated Persons (an
"Acquiring Person") has acquired, or obtained the right to acquire, beneficial
ownership of 15% or more of the shares of Common Stock then outstanding
1
(the "Stock
Acquisition Date"), (ii) 10 business days following the commencement of a tender
offer or exchange offer that would result in a Person or group beneficially
owning 10% or more of such outstanding shares of Common Stock (unless such
tender offer or exchange offer is an offer for all outstanding shares of Common
Stock which a majority of the unaffiliated Directors who are not officers of the
Company determine to be fair to and otherwise in the best interests of the
Company and its shareholders) or (iii) the date the Board of Directors declares
a person to be an "Adverse Person", upon a determination by the Board that such
Person, together with his affiliates or associates, is or has become the
beneficial owner of 10% or more of the shares of Common Stock outstanding, and
upon a determination by at least a majority of the Continuing Directors (as
defined below) who are not officers of the Company, after reasonable inquiry and
investigation, including consultation with such persons as such Directors shall
deem appropriate, that (a) such beneficial ownership by such person is intended
to cause the Company to repurchase the Common Stock beneficially owned by such
person or to cause pressure on the Company to take action or enter into a
transaction or series of transactions intended to provide such person with
short-term financial gain under circumstances where such Continuing Directors
determine that the best long-term interests of the Company and its shareholders
would not be served by taking such action or entering into such transactions or
series of transactions at that time, or (b) such beneficial ownership is causing
or reasonably likely to cause a material adverse impact (including, but not
limited to, impairment of relationships with customers, impairment of the
Company's ability to maintain its competitive position or impairment of the
Company's business reputation or ability to deal with governmental agencies) on
the business or prospects of the Company.
.
1
Under the Rights
      Agreement, for purposes of calculating percentages of Common Stock
      outstanding, shares of Common Stock outstanding shall include all shares
      of Common Stock deemed to be beneficially owned by a person and its
      affiliates and associates, even if not actually then
  outstanding.
3
The power of the Board of Directors to issue preferred shares, such as Series
2008 Stock, may enable the Board of Directors to prevent a change in control
despite a shift in ownership of the Common Stock.  In addition, the Board
of Directors' power to issue additional Common Stock may delay or deter a change
in control by increasing the number of Common Stock needed to gain
control.
In
addition, under New York law, the Company cannot enter into certain
business combinations involving persons beneficially owning 20% or more of the
shares of Common Stock, unless the Board of Directors has approved the business
combination or the stock acquisition by which the person's interest reached 20%
("Stock Acquisition") prior to the date of the Stock Acquisition.  This
restriction applies for 5 years after the date of the Stock Acquisition, and
thereafter, the Company may enter into a business combination with the
interested person (1) if the combination is approved by vote of the holders
of a majority of the Common Stock beneficially owned by disinterested
shareholders or (2) as part of the business combination if the
disinterested shareholders receive a price for their Common Stock equal to or
greater than the price determined in accordance with a statutory formula
intended to assure that the shareholder will receive an equitable price in the
business combination.  New York law also prevents the Company from
purchasing more than 10% of the shares of Common Stock for more than their
market value unless the purchase is approved by the Board of Directors and by a
majority vote of all outstanding Common Stock, unless the offer to purchase is
extended to all shareholders, or unless the offer is for Common Stock the holder
has held for more than 2 years.
The
Common Stock is listed on the NASDAQ Capital Market.
Item 5.
            
Interests of Named Experts and Counsel.
Not applicable.
Item 6. 
            
Indemnification of Directors and Officers
The
Certificate of Incorporation of the Company eliminates or limits the personal
liability of the members of the Company's Board of Directors to the fullest
extent permitted under the New York Business Corporation Law (the "BCL"),
providing that directors will not be liable to the Company or its shareholders
for monetary damages for breach of fiduciary duty as a director, except to the
extent required by law.  The BCL requires that a director be liable if a
judgment or other final disposition adverse to the director establishes that
(1) such director's acts or omissions were in bad faith or involved
intentional misconduct or knowing violation of law; or (2) such director
personally gained in fact a financial profit or other advantage to which the
director was not legally entitled; or (3) the acts of such director
violated Section 719 of the BCL.  Section 719 provides that,
unless a director performs the duties of a director in good faith and with a
degree of care which an ordinary prudent person in a like position would use
under similar circumstances, the director may be liable for voting or concurring
in the following corporate actions; (a) the declaration of an illegal
dividend; (b) a corporation's repurchase of its own stock when the
repurchase is not authorized by New York law; (c) the distribution of
assets to shareholders after dissolution of the corporation without adequately
providing for known liabilities of the corporation; and (d) a loan by a
corporation to any director unless the loan is authorized by a vote of
shareholders.
The Company's by‑laws require the Company to indemnify any person (including any
director, officer or employee) to the full extent permitted by law, who is made,
or threatened to be made, a party to any action or proceeding, whether criminal
or civil, by reason of the fact that such person is or was a director or officer
of the Company or serves or served any other corporation in any capacity at the
request of the Company.
4
The Company has entered into indemnity agreements with its directors and certain
executive officers.  These agreements provide broad indemnification, within
the limits permitted by law, and provide that funds will be advanced to the
indemnities to cover expenses and losses, subject to reimbursement if it is
later determined that indemnification is not permitted.  In addition, the
Company annually purchases directors and officers liability
insurance.
Item 7.   
             
Exemption from Registration Claimed.
Not applicable.
5
Item 8.   
Exhibits
Exhibit
      Number
Description
Page
4.1
2012 Taylor Devices, Inc. Stock
      Option Plan (incorporated by reference to Appendix "B" to Taylor Devices,
      Inc. Proxy Statement dated September 18, 2012, Commission File
      No. 0‑3498).
4.2
Summary of Stock Option
      Grant.
9
5
Opinion of Hiscock & Barclay,
      LLP regarding legality of Common stock being registered.
23.1
Consent of Lumsden & McCormick,
      LLP
23.2
Consent of Hiscock & Barclay,
      LLP (included in their Opinion filed as Exhibit 5).
6
Item
9.                               
Undertakings
A.              
             The
undersigned Company hereby undertakes:
(a)             To
file, during any period in which the Company offers or sells securities, a
post‑effective amendment to this Registration Statement, to include any
additional or changed material information on the plan of
distribution.
(b)             For
determining liability under the Securities Act, to treat each post‑effective
amendment as a new registration statement of the securities offered, and the
offering of such securities at that time to be the initial
bona fide
offering.
(c)             To
file a post‑effective amendment to remove from registration any of the
securities which remain unsold at the end of the offering.
B.              
             Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Company pursuant
to the foregoing provisions, or otherwise, the Company has been advised that in
the opinion of the Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable.  In the
event that a claim for indemnification against such liabilities (other than the
payment by the Company of expenses incurred or paid by a director, officer or
controlling person of the Company 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 Company 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 the Company is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such
issue.
7
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Company
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 North Tonawanda, State of New York, on the
2nd day of November, 2012.
TAYLOR DEVICES, INC.
By:
/s/Douglas P.
      Taylor
Douglas P.
      Taylor,
President, Chief Executive Officer and
      Director
(
Principal Executive Officer
)
and
By:
/s/Mark V.
      McDonough
Mark V.
      McDonough,
Chief Financial Officer
(
Principal Financial and
      Accounting Officer
)
POWER OF
ATTORNEY
Each
person whose signature appears below constitutes and appoints Douglas P.
Taylor his attorney‑in‑fact, with the power of substitution, for him in any and
all capacities, to sign any amendments to this registration statement, and to
file the same, with exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, hereby ratifying and
confirming all that said attorney‑in‑fact, or his substitute or substitutes, may
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 below by the following persons in the capacities and
on the date indicated.
Signature
/s/ Randall L.
      Clark
Randall L. Clark,
      Director
Date:   November 2, 2012
/s/ Richard G.
      Hill
Richard G. Hill,
      Director
Date:   November 2 , 2012
/s/ Reginald B.
      Newman II
Reginald B.
      Newman II, Director
Date:   November 2, 2012
/s/ John
      Burgess
John Burgess,
      Director
Date:   November 2,
2012
8
Exhibit 4.2
Summary of Stock
Option Grant
SUMMARY OF OPTION
GRANT
2012 TAYLOR DEVICES, INC. STOCK OPTION
PLAN
Name of
      Optionee
:
Address of
      Optionee
:
Taxpayer
      Identification Number:
Number of
      Options
:
Exercise Price
      per Share
:
.
Incentive
      Stock Options
Does Optionee have right to pay
      option price by
OR
means of Company
      shares?
.
Non-Qualified Stock Options
Yes
No
.
Date of Grant:
Expiration Date:
STOCK OPTION AGREEMENT
The undersigned, TAYLOR DEVICES, INC., a New York corporation with offices at
90 Taylor Drive, North Tonawanda, New York 14120 (the "Company") and the
above named Optionee, an individual residing at the address shown in the above,
hereby enter into this STOCK OPTION AGREEMENT effective as of the Date of Grant
(the "Agreement"), as stated above, upon the Terms and Conditions attached
hereto and expressly incorporated into this Agreement (the "Terms and
Conditions").
TAYLOR DEVICES, INC.
By:
Douglas P. Taylor, President
The undersigned Optionee hereby agrees to the Terms and Conditions, and
acknowledges receipt from the Company of a copy of the 2012 Taylor Devices, Inc.
Stock Option Plan.
OPTIONEE:
[NAME]
9
TERMS AND
CONDITIONS
Optionee is an [employee/director] of the Company.  The Compensation
Committee of the Company (the "Committee") has determined that the Optionee is a
key employee of the Company, or has otherwise met the criteria necessary for the
grant of options under the 2012 Taylor Devices, Inc. Stock Option Plan (the
"Plan").  The Plan was adopted by the Board of Directors of the Company and
approved by shareholders on November 2, 2012.  The Committee has elected to
grant options to the Optionee, which options shall be exercised in accordance
with this Agreement and the Plan; and
Optionee wishes to accept this
grant.
NOW, THEREFORE,
the Company and the Optionee agree as
follows:
1.
Grant of Options
.  By this Agreement, the Company grants to the
Optionee, and the Optionee accepts from the Company as of the date of this
Agreement, on the terms and conditions set forth herein, options (individually
or collectively referred to as the "Options") to purchase the number of shares
of its Common stock, $0.025 par value (the "Common Stock"), at the purchase
price per share, set forth above in the Summary of Option Grant.  As
specified in such Summary of Option Grant, the Options are either Incentive
Stock Options, or Non-Qualified Stock Options which will not be treated as
"Incentive Stock Options" under the Internal Revenue Code of 1986, as amended
(the "Code").  As provided in the Plan, to the extent that the aggregate
fair market value (determined as of the Grant Date) of Common Stock with respect
to which Options are exercisable for the first time by Optionee during any
calendar year (under all plans of the Company and its Subsidiaries) exceeds one
hundred thousand dollars ($100,000), the Options or portions thereof which
exceed such limit (according to the order in which granted) shall be treated as
Non-Qualified Stock Options notwithstanding any inconsistent designation in the
Summary of Option Grant.
The Options are issued under and subject to all of the terms and conditions of
the Plan. The Plan, except as expressly modified by the provisions set forth in
this Agreement, is hereby incorporated by reference into this Agreement. 
Terms defined in the Plan and not otherwise defined in this Agreement shall have
the meanings set forth in the Plan.
2.
Term of Option
.  The Options shall terminate on and shall not be
exercisable after the Expiration Date set forth above in the Summary of Option
Grant and in no event more than ten (10) years after the Date of Grant.  In
the event that the Options shall be designated as Incentive Stock Options and
granted to a more than ten percent (10%) shareholder of the Company, the Options
shall terminate not later than five (5) years after the Date of Grant, as set
forth in this Agreement.  Except as provided herein, the Options may be
exercised only during the continuance of the Optionee's employment with the
Company.
a.              
An Option held by an Optionee whose employment is terminated due to becoming
Permanently and Totally Disabled shall terminate (i) in the case of an Incentive
Stock Option, one year after the date of termination of employment, and (ii) in
the case of a Non-Qualified Stock Option, upon its expiration date.
b.               
An Option held by an Optionee whose employment is terminated due to death or who
dies within three months after termination of employment shall terminate (i) in
the case of an Incentive Stock Option, one year after the date of termination of
employment, and (ii) in the case of a Non-Qualified Stock Option, within one
year from the date the Optionee's death, and the Option shall be exercisable
within such period of one year by the executor or administrator of the
Optionee's estate or by the person to whom the Optionee shall have transferred
such right by last will and testament or by the laws of descent or
distribution.
c.               
An Incentive Stock Option or a Non-Qualified Stock Option held by an Optionee
whose employment terminates for cause, as determined by the Committee, shall
expire immediately upon the date of termination unless some other expiration
date is fixed by the Committee.
10
d.               
An Option held by an Optionee whose employment terminates for any reason other
than those specified in subsection (a), (b), or (c) above shall expire (i) in
the case of an Incentive Stock Option, three months after the date of
termination of employment, and (ii) in the case of a Non-Qualified Stock Option,
unless another date is fixed by the Committee, eighteen months after the date of
termination.
e.               
The foregoing notwithstanding, no Option shall be exercisable after its
expiration date.
Whether an authorized leave of absence or an absence for military or
governmental service shall constitute termination of employment for purposes of
the Plan shall be determined by the Committee, which determination shall be
final, conclusive, and binding upon the affected Optionee and any person
claiming under or through such Optionee.
3.
Exercise of Options
.  The Optionee shall exercise all or any part of
the vested Options by giving written notice to the Company, in such form as the
Committee shall have prescribed or approved, of such election and of the number
of shares he or she has elected to purchase.  The purchase price per share
of the Options shall be the price set forth in the Summary of Option Grant
above.  The full purchase price of the stock as to which the Options are
being exercised shall be paid in cash; provided, however, that in lieu of cash,
with the approval of the Committee when the Options are granted or at or prior
to exercise, an Optionee may exercise his or her Options by tendering to the
Company shares of Common Stock owned by him or her pursuant to Section 9(b) of
the Plan.
4.
Shareholder Rights
.  Neither the Optionee nor any transferee under
this Agreement shall have any rights as a shareholder with respect to any shares
subject to Options until the date a stock certificate is issued evidencing
ownership of such shares.  The Company shall deliver to the Optionee a
certificate representing the shares as to which options have been exercised as
soon as administratively feasible following such exercise.
5.
Non-Transferability
.  Options shall not be assignable or
transferable by the Optionee other than by will or the laws of descent and
distribution.  During the lifetime of an Optionee, the Options shall be
exercisable only by such Optionee.  Any transfer of Options attempted in
violation of this Agreement shall be void.
6.
Compliance with Securities Laws
.  No Options shall be exercisable in
whole or in part if at any time the Committee or the Board of Directors, as the
case may be, shall determine, in its discretion, that the listing, registration,
or qualification of the shares subject to such Options on any securities
exchange or under any applicable law, or the consent or approval of any
government regulatory body, is necessary or desirable as a condition of or in
connection with the granting of such Options or the issue of shares thereunder
unless such listing, registration, qualification, consent, or approval shall
have been effected or obtained free of any conditions not acceptable to the
Board.  If a registration statement under the Securities Act of 1933 with
respect to shares issuable upon exercise of any Options is not in effect at the
time of exercise, the person exercising such Option shall give the Committee a
written statement, satisfactory in form and substance to the Committee, that he
or she is acquiring the shares for his or her own account for investment and not
with a view to their distribution, and the Company may place upon any stock
certificate for shares issuable upon exercise of such Options such legend as the
Committee may prescribe to prevent disposition of the shares in violation of the
Securities Act of 1933 and any other applicable law.
7.
Reporting
.  In the event the Optionee disposes of the shares
acquired from the Options and, as a result of the disposition, recognizes
ordinary income, the Optionee shall give written notice to the Company, as soon
as reasonably practicable, of such disposition and the amount taxable as
ordinary income to the Optionee as a result of the disposition.
8.
Notices
.  All notices provided for under this Agreement shall be in
writing and shall be delivered by hand or sent by certified mail to the
addresses specified in the Summary of Option Grant above or to such other
addresses that the respective parties may designate in writing.
9.
No Right to Employment
.  Nothing contained in this Agreement, nor
the granting of any Options to the Optionee hereunder, shall constitute or be
evidence of any agreement or understanding, express or implied, on the part of
the Company to employ or continue employment of Optionee for any specific
period.
11
10.
Interpretation
.  This Agreement shall be governed by and construed
under the laws of the State of New York, without reference to conflict-of-laws
principles. All decisions and interpretations made by the Committee or the Board
of Directors with respect to any question arising under this Agreement or the
Plan shall be conclusive and binding upon the Optionee.
11.
Amendment
.  No term, condition, understanding or agreement
purporting to modify the terms of this Agreement shall be binding unless made in
writing and signed by both parties hereto.
12.
Waiver
.  No failure of a party to exercise any power given to it
under this Agreement or to insist upon strict compliance with any obligation or
condition thereunder, and no custom or practice of the parties at variance with
the terms hereof shall constitute a waiver by such party of its rights to demand
exact compliance with the terms of this Agreement.
13.
Binding on Heirs, etc
.  This Agreement shall inure to the benefit of
and be binding upon the Company and its successors and the Optionee and his or
her heirs, executors and administrators.
12