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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">As filed
with the Securities and Exchange Commission June 13, 2019</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.75in"><FONT STYLE="letter-spacing: -0.1pt">Registration
No. _____________</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">UNITED
STATES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.2pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="height: 3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">Washington,
D.C. 20549</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.2pt"><B>Form
S-8</B></FONT></P>

<P STYLE="height: 3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>TAYLOR
DEVICES, INC.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><I>(Exact
name of registrant as specified in its charter)</I></FONT></P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>New&nbsp;York</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><I>(State
        or other jurisdiction</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><I>of
        incorporation or organization)</I></FONT></P></TD>
    <TD STYLE="width: 50%; padding-right: 0.25in; padding-left: 0.25in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>16-0797789</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><I>(I.R.S.
        Employer Identification No.)</I></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B><U>90&nbsp;Taylor
Drive, North Tonawanda, New&nbsp;York 14120-0748</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><I>(Address
of registrant's principal executive offices)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>2018
TAYLOR DEVICES, INC. STOCK OPTION PLAN</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><I>(Full
title of the plan)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>GUST
P. PULLMAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Barclay
Damon LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">200 Delaware
Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Suite 1200</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Buffalo,
New&nbsp;York 14202</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><U>Telephone
(716) 856-5500</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><I>(Name,
address and telephone number, including area code, of agent for service)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">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 &quot;large accelerated filer,&quot; &quot;accelerated filer,&quot; and &quot;smaller
reporting company&quot; in Rule 12b-2 of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Large
accelerated filer [ ]&#9;Accelerated filer [ ]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Non-accelerated
filer [ ] (Do not check if a smaller reporting company)&#9;Smaller reporting company [ X ]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Calculation
of Registration Fee</B></FONT></P>

<P STYLE="height: 3pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Title
        of securities to be registered</FONT></P></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Amount
        to be</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">registered
        <SUP>(1)</SUP></FONT></P></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Proposed
        maximum</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">offering
        price per</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">share
        <SUP>(2)</SUP></FONT></P></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Proposed
        maximum</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">aggregate
        offering</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">price
        <SUP>(2)</SUP></FONT></P></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Amount
        of</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Registration
        Fee</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 4.5pt; padding-bottom: 2.7pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Common Stock, $.025 par value</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">160,000
        Shares</FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">$10.624</FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">$1,699,840.00</FONT></P></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.7pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">$206.02</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><SUP>(1)
</SUP></FONT><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">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></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt"><SUP>(2)
</SUP>Estimated pursuant to Rule 457 solely for the purpose of calculating the registration fee. The price per share is estimated
to be $10.624 based on the average of the high and low prices of the Common Stock reported in the consolidated reporting system
as of June 10, 2019 for the NASDAQ Capital Market</FONT><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 1.&#9;Plan Information. *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 2. &#9;Registrant Information and Employee
Plan Annual Information. *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*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 &quot;Securities Act&quot;) and the &quot;Note&quot; to Part I of Form S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9;INFORMATION
REQUIRED IN REGISTRATION STATEMENT</B></FONT>&#9;(INFORMATION NOT REQUIRED IN THE PROSPECTUS)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 3. &#9;Incorporation of Documents by Reference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The following documents are
hereby incorporated by reference in this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)&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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">All documents filed by the
Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, (other than Current Reports furnished under Item
2.02 or item 7.01 of Form 8-K and exhibits furnished on such form that relate to such items), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 4.&#9; &#9;Description of securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">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.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">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, 4,029,431
shares of Common Stock are issued and outstanding; 550,872 shares of Common Stock are held in the Company's Treasury; 21,500 shares
of Common Stock are reserved for issuance under the 2015 Taylor Devices, Inc. Stock Option Plan; 221,627 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">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 &quot;Series 2008 Junior Participating Preferred Stock&quot; (&quot;Series 2008 Stock&quot;) in connection
with the issuance by the Company of certain shareholder rights (&quot;Rights&quot;), as more particularly described in the Rights
Agreement between the Company and Computershare Trust Company, N.A., as Rights Agent, dated as of October 5, 2018, attached as
Exhibit 4 to the Company's Registration Statement on Form 8-A filed with the Commission on or about October 5, 2018 (&quot;Rights
Agreement&quot;). 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 &quot;Amendment&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">As of October 5, 2018, the
Board of Directors of Taylor Devices, Inc.. (the &quot;Company&quot;) declared a dividend of one Right for each outstanding share
of the Company's Common Stock, par value $.025 per share (the &quot;Common Stock&quot;), to shareholders of record at the close
of business on October 19, 2018 (the &quot;Record Date&quot;). 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 A Junior Participating Preferred Stock, par value $.05 per
share (the &quot;Series A Preferred Stock&quot;), 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 &quot;Rights Agreement&quot;) between
the Company and Computershare Trust Company, N.A., as Rights Agent. Computershare Trust Company, N.A. currently serves as the Company&rsquo;s
Transfer Agent (the &ldquo;Transfer Agent&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;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 &quot;Acquiring Person&quot;) has
acquired, or obtained the right to acquire, beneficial ownership of 15% or more of the shares of Common Stock then outstanding<SUP>1</SUP>
(the &quot;Stock Acquisition Date&quot;), (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 &quot;Adverse Person&quot;, 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the business or prospects of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">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% (&quot;Stock Acquisition&quot;) 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)&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. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Common Stock is listed
on the NASDAQ Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 5. &#9;Interests of Named Experts and
Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.4in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 6.&#9; &#9;Indemnification of Directors
and Officers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9;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 &quot;BCL&quot;), 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)&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. 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.&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">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.</P>


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<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 7.&#9;Exemption from Registration Claimed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Item 8.</TD><TD STYLE="text-align: justify">Exhibits</TD></TR></TABLE>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit Number</U></FONT></TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description</U></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: right"><U>Page</U></P>
        <P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2018
        Taylor Devices, Inc. Stock Option Plan (incorporated by reference to Appendix B to Taylor Devices, Inc. Proxy Statement dated September
        20, 2018, Commission File No.&nbsp;0-3498).</FONT>&#9;</P>
        <P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A HREF="summarystockoptiongrant.htm">Summary of Stock Option Grant.</A></P>
        <P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="legalityopinionandconsent.htm#a_001">Opinion of Barclay Damon LLP regarding legality of Common stock being registered</A>.</FONT>&#9;
        <P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <A HREF="auditorconsent.htm">Consent of Lumsden &amp; McCormick, LLP</A>
        <P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="legalityopinionandconsent.htm#a_002">Consent of Barclay Damon LLP (included in their Opinion filed as Exhibit 5).</A></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0 2in; text-align: justify; text-indent: -2in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 9.</TD><TD STYLE="text-align: justify">Undertakings</TD></TR></TABLE>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.4in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Company hereby undertakes:</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.8in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.8in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 <I>bona&nbsp;fide</I> offering.</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.8in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file a post-effective amendment to remove from registration any of the securities which remain unsold at the end of the offering.</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.4in">B.&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. 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.</P>

<P STYLE="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="height: 6pt">&nbsp;</P>

<P STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.8in"><FONT STYLE="letter-spacing: -0.1pt">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&nbsp;Tonawanda, State of New&nbsp;York, on the 11<SUP>th</SUP> day
of June 2019.</FONT></P>

<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.8in">&nbsp;</P>

<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.8in"><FONT STYLE="letter-spacing: -0.1pt"><B>TAYLOR
DEVICES, INC.</B></FONT></P>

<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">By:</FONT></TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>/s/Timothy
        J. Sopko</U></FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Timothy
        J. Sopko</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Chief
        Executive Officer</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">(<I>Principal
        Executive Officer</I>)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">And</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>/s/Mark
        V. McDonough</U></FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Mark
        V. McDonough</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Chief
        Financial Officer and Director</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">(<I>Principal
        Financial and Accounting Officer</I>)</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>POWER
OF ATTORNEY</B></FONT></P>

<P STYLE="height: 6pt">&nbsp;</P>

<P STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.8in"><FONT STYLE="letter-spacing: -0.1pt">Each
person whose signature appears below constitutes and appoints Timothy J. Sopko 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.</FONT></P>

<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.8in"><FONT STYLE="letter-spacing: -0.1pt">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 STYLE="height: 6pt">&nbsp;</P>

<P STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/12.2pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>Signature</B></FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>/s/John
        Burgess</U></FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">John
        Burgess, Chairman of the Board</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Date:&#9;June
        11, 2019</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>/s/Randall
        L. Clark</U></FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Randall
        L. Clark, Director</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Date:&#9;June
        11, 2019</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>/s/Fritz
        Eric Armenat</U></FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">F.
        Eric Armenat, Director</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Date:&#9;June
        11, 2019</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 12pt 9pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
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.</P>



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[{"type": "S-8", "sequence": "1", "filename": "tayds8190613.htm", "secsgml_size_bytes": 56063}]
{"company-data": {"conformed-name": "TAYLOR DEVICES INC", "cik": "0000096536", "assigned-sic": "3569", "irs-number": "160797789", "state-of-incorporation": "NY", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-232121", "film-number": "19898521"}, "business-address": {"street1": "90 TAYLOR DR", "street2": "P O BOX 748", "city": "NORTH TONAWANDA", "state": "NY", "zip": "14120", "phone": "7166940800"}, "mail-address": {"street1": "90 TAYLOR DR", "city": "N TONAWANDA", "state": "NY", "zip": "14120-0748"}}
As filed
with the Securities and Exchange Commission June 13, 2019
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)
2018
TAYLOR DEVICES, INC. STOCK OPTION PLAN
(Full
title of the plan)
GUST
P. PULLMAN
Barclay
Damon LLP
200 Delaware
Avenue
Suite 1200
Buffalo,
New York 14202
Telephone
(716) 856-5500
(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
$10.624
$1,699,840.00
$206.02
(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 $10.624 based on the average of the high and low prices of the Common Stock reported in the consolidated reporting system
as of June 10, 2019 for the NASDAQ Capital Market
.
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, (other than Current Reports furnished under Item
2.02 or item 7.01 of Form 8-K and exhibits furnished on such form that relate to such items), 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.
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, 4,029,431
shares of Common Stock are issued and outstanding; 550,872 shares of Common Stock are held in the Company's Treasury; 21,500 shares
of Common Stock are reserved for issuance under the 2015 Taylor Devices, Inc. Stock Option Plan; 221,627 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 Computershare Trust Company, N.A., as Rights Agent, dated as of October 5, 2018, attached as
Exhibit 4 to the Company's Registration Statement on Form 8-A filed with the Commission on or about October 5, 2018 ("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").
As of October 5, 2018, the
Board of Directors of Taylor Devices, Inc.. (the "Company") declared 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 19, 2018 (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 A Junior Participating Preferred Stock, par value $.05 per
share (the "Series A 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 Computershare Trust Company, N.A., as Rights Agent. Computershare Trust Company, N.A. currently 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.
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.
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.
Item 8.
Exhibits
Exhibit Number
Description
Page
4.1
2018
        Taylor Devices, Inc. Stock Option Plan (incorporated by reference to Appendix B to Taylor Devices, Inc. Proxy Statement dated September
        20, 2018, Commission File No. 0-3498).
4.2
Summary of Stock Option Grant.
5
Opinion of Barclay Damon LLP regarding legality of Common stock being registered
.
23.1
Consent of Lumsden & McCormick, LLP
23.2
Consent of Barclay Damon LLP (included in their Opinion filed as Exhibit 5).
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.
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 11
th
day
of June 2019.
TAYLOR
DEVICES, INC.
By:
/s/Timothy
        J. Sopko
Timothy
        J. Sopko
Chief
        Executive Officer
(
Principal
        Executive Officer
)
And
By:
/s/Mark
        V. McDonough
Mark
        V. McDonough
Chief
        Financial Officer and Director
(
Principal
        Financial and Accounting Officer
)
POWER
OF ATTORNEY
Each
person whose signature appears below constitutes and appoints Timothy J. Sopko 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/John
        Burgess
John
        Burgess, Chairman of the Board
Date:	June
        11, 2019
/s/Randall
        L. Clark
Randall
        L. Clark, Director
Date:	June
        11, 2019
/s/Fritz
        Eric Armenat
F.
        Eric Armenat, Director
Date:	June
        11, 2019
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.