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<P align=right><FONT face="CG Times">As filed with the Securities and Exchange
Commission on June 26, 2002</FONT></P>
<P align=center><FONT face="CG Times"></FONT><FONT face="CG Times"></FONT><FONT
face="CG Times" size=+2><STRONG>SECURITIES AND EXCHANGE
COMMISSION</STRONG></FONT></P>
<P align=center><FONT face="CG Times">WASHINGTON, D.C. 20549</FONT></P>
<P align=center><FONT
face="CG Times"><U>__________________________</U></FONT></P>
<P align=center><FONT face="CG Times" size=+2><STRONG>Form
S-8</STRONG></FONT><FONT face="CG Times"></FONT></P>
<P align=center><FONT face="CG Times">REGISTRATION STATEMENT</FONT></P>
<P align=center><FONT face="CG Times">under</FONT></P>
<P align=center><FONT face="CG Times">THE SECURITIES ACT OF 1933</FONT></P>
<P align=center><FONT
face="CG Times"><U>__________________________</U></FONT></P>
<P align=center><FONT face="CG Times" size=+1><STRONG>TAYLOR DEVICES,
INC.</STRONG></FONT><FONT face="CG Times"></FONT></P>
<P align=center><FONT face="CG Times" size=-2><EM>(Exact name of registrant as
specified in its charter</EM></FONT></P>
<TABLE width="100%">

  <TR vAlign=top>
    <TD align=middle><FONT face="Times New Roman"></FONT><FONT
      face="Times New Roman"></FONT><FONT
      face="CG Times"><STRONG>New&nbsp;York</STRONG></FONT>
      <P><FONT face="CG Times" size=-2><EM>(State or other
      jurisdiction</EM></FONT></P>
      <P><FONT face="CG Times" size=-2><EM>of incorporation or
      organization)</EM></FONT><FONT face="CG Times"></FONT></P></TD>
    <TD align=middle><FONT face="CG Times"><STRONG>16-0797789</STRONG></FONT>
      <P></P>
      <P><FONT face="CG Times" size=-2><EM>(I.R.S. Employer Identification
      No.)</EM></FONT><FONT
face="Times New Roman"></FONT></P></TD></TR></TABLE>
<P align=center><FONT face="CG Times" size=-1><STRONG>90&nbsp;Taylor
Drive</STRONG></FONT></P>
<P align=center><FONT face="CG Times" size=-1><STRONG>North Tonawanda,
New&nbsp;York 14120-0748</STRONG> </FONT></P>
<P align=center><FONT face="CG Times" size=-1><STRONG>(716)
694-0800</STRONG></FONT><FONT face="CG Times"></FONT></P>
<P align=center><FONT face="CG Times" size=-2><EM>(Address, including zip code,
and telephone number, including area code, of registrant's principal executive
offices)</EM></FONT><FONT face="CG Times"></FONT></P>
<P align=center><FONT
face="CG Times"><U>__________________________</U></FONT></P>
<P align=center><FONT face="CG Times"><STRONG>2002 TAYLOR DEVICES, INC. EMPLOYEE
STOCK PURCHASE PLAN</STRONG></FONT></P>
<P align=center><FONT face="CG Times" size=-2><EM>(Full title of the
plan)</EM></FONT><FONT face="CG Times"></FONT></P>
<P align=center><FONT
face="CG Times"><U>__________________________</U></FONT></P>
<P align=center><FONT face="CG Times" size=-1><STRONG>SANDRA&nbsp;S. O'LOUGHLIN,
ESQ.</STRONG></FONT></P>
<P align=center><FONT face="CG Times" size=-1>Hiscock &amp; Barclay, LLP
</FONT></P>
<P align=center><FONT face="CG Times" size=-1>1100 M&amp;T Center</FONT></P>
<P align=center><FONT face="CG Times" size=-1>3 Fountain Plaza</FONT></P>
<P align=center><FONT face="CG Times" size=-1>Buffalo, New&nbsp;York
14203-1486</FONT></P>
<P align=center><FONT face="CG Times" size=-1>Telephone (716)
566-1563</FONT></P>
<P align=center><FONT face="CG Times" size=-2><EM>(Name, address and telephone
number, including area code, of agent for service)</EM></FONT></P>
<P align=center><FONT face="CG Times"></FONT><FONT face="CG Times"
size=-1><STRONG>Calculation of Registration Fee</STRONG></FONT></P>
<TABLE width="100%">
73:
  <TR vAlign=top>
    <TD align=middle><FONT face="Times New Roman"></FONT><FONT
      face="Times New Roman"></FONT><FONT face="CG Times" size=-1>Title of
      additional <BR>securities to be <BR>registered</FONT><FONT
      face="CG Times"></FONT><FONT face="Times New Roman"></FONT></TD>
    <TD align=middle><FONT face="Times New Roman"></FONT><FONT face="CG Times"
      size=-1></FONT><FONT face="CG Times" size=-1>Amount to be</FONT> <BR><FONT
      size=-1></FONT><FONT face="CG Times" size=-1>Registered</FONT><FONT
      face="CG Times"></FONT><FONT face="Times New Roman"></FONT></TD>
    <TD align=middle><FONT face="Times New Roman"></FONT><FONT face="CG Times"
      size=-1>Proposed maximum</FONT> <BR><FONT face="CG Times" size=-1>offering
      price per</FONT> <BR><FONT size=-1></FONT><FONT face="CG Times"
      size=-1>share <SUP>(1)</SUP></FONT><FONT face="Times New Roman"></FONT></TD>
    <TD align=middle><FONT face="Times New Roman"></FONT><FONT face="CG Times"
      size=-1>Proposed maximum</FONT> <BR><FONT face="CG Times"
      size=-1>aggregate offering</FONT> <BR><FONT size=-1></FONT><FONT
      face="CG Times" size=-1>price <SUP>(1)</SUP></FONT><FONT
      face="Times New Roman"></FONT></TD>
    <TD align=middle><FONT face="Times New Roman">
      <P></P></FONT><FONT face="CG Times" size=-1></FONT><FONT face="CG Times"
      size=-1>Amount of</FONT> <BR><FONT size=-1></FONT><FONT face="CG Times"
      size=-1>Registration Fee</FONT><FONT face="Times New Roman"></FONT></TD></TR>
  <TR vAlign=top>
    <TD><FONT face="Times New Roman"></FONT><FONT face="Times New Roman"
      size=-1></FONT><FONT face="CG Times" size=-1>Common Stock, $.025 par
      value</FONT><FONT face="CG Times"></FONT><FONT
      face="Times New Roman"></FONT></TD>
    <TD align=middle><FONT face="Times New Roman">
      <P></P></FONT><FONT face="CG Times" size=-1></FONT><FONT
      size=-1></FONT><FONT face="CG Times" size=-1>135,000 Shares</FONT><FONT
      face="CG Times"></FONT><FONT face="Times New Roman"></FONT></TD>
    <TD align=middle><FONT face="Times New Roman"></FONT><FONT face="CG Times"
      size=-1></FONT><FONT size=-1></FONT><FONT face="CG Times"
      size=-1>$4.175</FONT><FONT face="CG Times"></FONT><FONT
      face="Times New Roman"></FONT></TD>
    <TD align=middle><FONT face="Times New Roman"></FONT><FONT face="CG Times"
      size=-1></FONT><FONT size=-1></FONT><FONT face="CG Times"
      size=-1>$563,625<U></U></FONT></TD>
    <TD align=middle><FONT face="CG Times" size=-1><U></U></FONT>$ 51.86 <FONT
      face="Times New Roman"></FONT></TD></TR></TABLE>
<P><FONT face="CG Times" size=-1>_____________________</FONT></P>
<P><FONT face="CG Times" size=-1><SUP>(1)</SUP> Estimated pursuant to
Rule&nbsp;457 solely for the purpose of calculating the registration fee. The
price per share is estimated to be $4.175 based on the mean between the closing
bid and asked prices for the Common Stock traded over-the-counter as of
June&nbsp;20, 2002 and reported by the NASDAQ System for NASDAQ SmallCap
Issues.</FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"><STRONG>PART I</STRONG></FONT></P>
<P><FONT face="Times New Roman"><STRONG></STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>INFORMATION REQUIRED IN THE
SECTION 10(a) PROSPECTUS</STRONG></FONT></P>
<P><FONT face="Times New Roman"><STRONG></STRONG></FONT></P>
<P><FONT face="Times New Roman">Item 1. Plan Information.<SUP></SUP></FONT><FONT
face=Symbol>*</FONT><FONT face="Times New Roman"> </FONT></P>
<P><FONT face="Times New Roman" size=-1></FONT><FONT
face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman">Item 2. Registrant Information and Employee Plan
Annual Information.<SUP></SUP></FONT><FONT face=Symbol>*</FONT><FONT
face="Times New Roman"> </FONT></P>
<P><FONT face="Times New Roman" size=-1></FONT></P>
<P><FONT face=Symbol size=-1>*</FONT><FONT face="Times New Roman" size=-1>
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. </FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"><STRONG>PART II</STRONG></FONT></P>
<P align=center>&nbsp;</P>
<P align=center><FONT face="Times New Roman"><STRONG>INFORMATION REQUIRED IN
REGISTRATION STATEMENT</STRONG></FONT></P>
<P><FONT face="Times New Roman">Item 3. Incorporation of Documents by
Reference.</FONT></P>
<BLOCKQUOTE>
  <P><FONT face="Times New Roman">The following documents are hereby
  incorporated by reference in this Registration
Statement:</FONT></P></BLOCKQUOTE>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)
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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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.</FONT></P>
<P><FONT face="Times New Roman">&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-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">Item 4. Description of Securities.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the terms of the 2002 Taylor Devices, Inc. Employee Stock Purchase
Plan ("the Plan"), the Company may use either shares of authorized but unissued
$0.025 par value common stock ("Shares"), or Shares reacquired by the Company.
The aggregate number of Shares which may be distributed under the Employee Plan
shall not exceed 135,000, subject to proportional adjustment in the event of
changes of capitalization of the Company.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Certificate of Incorporation authorizes the Company to issue up to 8,000,000
Shares, of which, on the date of this Registration Statement, 2,871,557 Shares
are issued and outstanding; 207,401 Shares are held in the Company's Treasury;
127,000 Shares are reserved for issuance of unexercised options under the 2001
Taylor Devices,&nbsp;Inc. Stock Option Plan; 15,761 Shares are reserved for
issuance under the 1999 Employee Stock Purchase Plan; and 135,000 Shares are
reserved for issuance under the Employee Plan. Shares are entitled (a)&nbsp;to
dividends when and as declared by the Board of Directors, subject to any rights
of preferred stock of the Company that may be hereafter issued; (b)&nbsp;to one
vote per share on each matter properly submitted to shareholders for their vote;
and (c)&nbsp;to participate ratably in the net assets of the Company in the
event of liquidation, subject to any prior rights of preferred stock of the
Company that may hereafter be issued. The Company is currently restricted from
issuing dividends under credit arrangements with its lender. Outstanding Shares
are fully paid and are not subject to further calls or assessments. Holders of
Shares do not have preemptive rights.</FONT></P>
<P><FONT face="Times New Roman">&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. Five
thousand (5,000) preferred shares have been designated by the Board of Directors
as "Series A Junior Participating Preferred Stock" ("Series A 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 October 5,
1998, attached as Exhibit 4 to the Company's Registration Statement on Form 8-A
filed with the Commission on or about October 6, 1998 ("Rights Agreement"). The
Certificate of Amendment to the Company's Certificate of Incorporation
designating the Series A Stock was filed by the New York Secretary of State on
October&nbsp;9, 1998 (the "Amendment").</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
accordance with the Amendment and the Rights Agreement, the Company declared a
dividend of one Right for each outstanding Share, to shareholders of record at
the close of business on October 19, 1998 (the "Record Date"). Each Right
entitles the registered holder to purchase from the Company a unit consisting of
one two-thousandths (1/2000<SUP>th</SUP>) of a share of Series A Stock, at a
purchase price of $5.00 per unit of 1/2000<SUP>th</SUP> of a share, subject to
adjustment.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Initially, the Rights will be attached to all 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 30% or more
of the Shares then outstanding, (ii) 10 business days following the commencement
of a tender offer or exchange offer that would result in a person or group
beneficially owning 24% or more of such outstanding Shares (unless such tender
offer or exchange offer is an offer for all outstanding Shares 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) and (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 24% or more of the Shares outstanding, and upon a determination by at
least a majority of the continuing Directors who are not officers of the
Company, after reasonable inquiry and investigation, that (a) such beneficial
ownership by such person is intended to cause the Company to repurchase the
Shares 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>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
power of the Board of Directors to issue preferred shares, such as Series A
Stock, may enable the Board of Directors to prevent a change in control despite
a shift in ownership of the Shares. In addition, the Board of Directors' power
to issue additional Shares may delay or deter a change in control by increasing
the number of shares needed to gain control.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under
New&nbsp;York law, the Company cannot enter into certain business combinations
involving persons beneficially owing 20% or more of the Shares 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)&nbsp;if the combination is approved
by vote of the holders of a majority of the Shares beneficially owned by
disinterested shareholders or (2)&nbsp;as part of the business combination if
the disinterested shareholders receive a price for their Shares 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 for more than their market value unless
the purchase is approved by the Board of Directors and by a majority vote of all
outstanding Shares, unless the offer to purchase is extended to all
shareholders, or unless the offer is for Shares the holder has held for more
than 2 years.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Common Stock is traded over-the-counter and reported on the NASDAQ System for
NASDAQ SmallCap Issues.</FONT></P>
<P><FONT face="Times New Roman">Item 5. Interests of Named Experts and
Counsel.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not
applicable.</FONT></P>
<P><FONT face="Times New Roman">Item 6. Indemnification of Directors and
Officers.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Certificate of Incorporation of the Company 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. 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 shares 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.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 serves any other corporation in any capacity at the
request of the Company.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company maintains a director and officer indemnification insurance policy, which
is renewed annually. The policy provides indemnification benefits and the
payment of expenses in actions instituted against any director or officer of the
Company for claimed liability arising out of his conduct in such capacities. No
payments or claims for indemnification or expenses have ever been made under any
such policy.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
1996, the Company entered into Indemnity Agreements with certain of its
executive officers and directors (the "Indemnitees"), to the extent not covered
by director and officer indemnification insurance. Under the terms of the
Indemnity Agreements, the Company formally agreed to indemnify the Indemnitees
in the event that they, or any of them, is made a party to or is threatened to
be made a party to, or is otherwise involved in a proceeding (other than a
proceeding by or in the right of the Company to procure a judgment in its
favor), against all expenses, liabilities, judgments, fines and penalties
actually and reasonably incurred by Indemnitee in connection with the defense or
settlement of such proceeding, but only if Indemnitee acted in good faith and in
a manner which he reasonably believed to be in or not opposed to the best
interests of the Company and, in the case of a criminal proceeding, in addition,
had no reasonable cause to believe that his conduct was
unlawful.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under
the Indemnity Agreement, no indemnification can be made for (i)&nbsp;judgments,
fines, penalties, or amounts paid in settlement by or on behalf of Indemnitee;
or (ii)&nbsp;other expenses with respect to any claim, issue or matter as to
which Indemnitee shall have been adjudged to be liable to the Company, unless
and only to the extent that any court in which such proceeding was brought
determines upon application that, despite any adjudication of liability but in
view of all circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnity for such judgments, fines, penalties, or expenses as such
court shall deem proper. The Indemnity Agreement also excludes, among others,
any right to payments made under any insurance policy, or payments paid to an
Indemnitee, otherwise than pursuant to the Indemnity Agreement.</FONT></P>
<P><FONT face="Times New Roman">Item 7. Exemption from Registration
Claimed.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not
applicable.</FONT></P>
<P><FONT face="Times New Roman">Item 8. Exhibits.</FONT></P>
<TABLE width="100%">

  <TR vAlign=top>
    <TD><FONT face="Times New Roman"></FONT><FONT
      face="Times New Roman"><U>Exhibit Number</U></FONT> </TD>
    <TD><FONT face="Times New Roman"><U>Description</U></FONT></TD>
    <TD align=middle><FONT face="Times New Roman"><U>Page</U></FONT></TD></TR>
  <TR vAlign=top>
    <TD><FONT face="Times New Roman">4.1</FONT></TD>
    <TD><FONT face="Times New Roman">2002 Taylor Devices, Inc. Employee Stock
      Purchase Plan</FONT> </TD>
    <TD align=middle><FONT face="Times New Roman">10</FONT></TD></TR>
  <TR vAlign=top>
    <TD><FONT face="Times New Roman">4.2</FONT></TD>
    <TD><FONT face="Times New Roman">Application Form</FONT> </TD>
    <TD align=middle><FONT face="Times New Roman">15</FONT></TD></TR>
  <TR vAlign=top>
    <TD><FONT face="Times New Roman">5</FONT></TD>
    <TD><FONT face="Times New Roman">Opinion of Hiscock &amp; Barclay, LLP
      regarding legality of common stock being registered</FONT> </TD>
    <TD align=middle><FONT face="Times New Roman">17</FONT></TD></TR>
  <TR vAlign=top>
    <TD><FONT face="Times New Roman">23.1</FONT></TD>
    <TD><FONT face="Times New Roman">Consent of Lumsden &amp; McCormick,
      LLP</FONT> </TD>
    <TD align=middle><FONT face="Times New Roman">19</FONT></TD></TR>
  <TR vAlign=top>
    <TD><FONT face="Times New Roman">23.2</FONT></TD>
    <TD><FONT face="Times New Roman">Consent of Hiscock &amp; Barclay, LLP
      (included in their Opinion filed as Exhibit 5)</FONT> </TD>
    <TD align=middle><FONT
face="Times New Roman">17</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman"></FONT><FONT face="Times New Roman">Item 9.
Undertakings.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.
The undersigned Company hereby
undertakes:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement to (a) include any
prospectus required by Section 10(a)(3) of the Securities Act; (b) reflect in a
prospectus filed under Section 10(a)(3) or Rule 424(b) of the Securities Act,
any facts or events which, individually or together, represent a fundamental
change in this Registration Statement; and (c) include any additional or changed
material information on the plan of distribution not previously disclosed in
this Registration Statement.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)
For the purpose of determining any 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
<EM>bona&nbsp;fide</EM> offering.</FONT></P>
<P><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)
To file a post-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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 is against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.</FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT
face="Times New Roman"><STRONG>SIGNATURES</STRONG></FONT></P>
<P><FONT face="Times New Roman">&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-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
25<SUP>th</SUP> day of June, 2002.</FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT
face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.</STRONG></FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>/s/ Douglas&nbsp;P. Taylor </U></FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, Chief Executive Officer and</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Director</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><FONT face="Times New Roman" size=-1><EM>Principal Executive
Officer</EM></FONT><FONT face="Times New Roman">)</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>/s/ Kenneth&nbsp;G. Bernstein </U></FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Kenneth G. Bernstein, Treasurer</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><FONT face="Times New Roman" size=-1><EM>Principal Financial and
Accounting Officer</EM></FONT><FONT face="Times New Roman">)</FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman"><STRONG>POWER OF ATTORNEY</STRONG></FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman">Each person whose signature appears below
constitutes and appoints Douglas&nbsp;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.</FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman">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><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman"><U>/s/ Randall L.
Clark</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;
<U>/s/ Joseph P. Gastel </U></FONT></P>
<P><FONT face="Times New Roman">Randall L. Clark,
Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Joseph P. Gastel, Director</FONT></P>
<P><FONT face="Times New Roman">Date: June 25,
2002&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Date: June 25, 2002</FONT></P>
<P>&nbsp;</P>
<P><FONT face="Times New Roman"><U>/s/ Richard G. Hill
</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;
<U>/s/ Donald B. Hofmar </U></FONT></P>
<P><FONT face="Times New Roman">Richard G. Hill,
Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Donald B. Hofmar, Director</FONT></P>
<P><FONT face="Times New Roman">Date: June 25,
2002&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Date: June 25, 2002</FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><FONT face="Times New Roman"></FONT><FONT face="Times New Roman"
size=-2></FONT><FONT face="Times New Roman">Exhibit 4.1</FONT></P>
<P><FONT face="Times New Roman"></FONT><FONT face="Times New Roman"
size=-2></FONT><FONT face="Times New Roman">2002 Taylor Devices, Inc.</FONT></P>
<P><FONT face="Times New Roman"></FONT><FONT face="Times New Roman"
size=-2></FONT><FONT face="Times New Roman">Employee Stock Purchase
Plan</FONT></P>
<P><FONT face="Times New Roman"></FONT><FONT face="Times New Roman"
size=-2></FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>2002 TAYLOR DEVICES,
INC.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>EMPLOYEE STOCK PURCHASE
PLAN</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
1.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG><U>ESTABLISHMENT OF
PLAN</U></STRONG></FONT></P>
<P><FONT face="Times New Roman"><U></U><STRONG>1.1</STRONG> The Board of
Directors of Taylor Devices, Inc. (the "Company"), in order to promote loyalty
and a sense of common purpose among its employees, as well as to encourage
employee investment in its $0.025 par value common stock (the "Shares"), hereby
establishes the 2002 Taylor Devices, Inc. Employee Stock Purchase Plan (the
"Plan"). The Plan is designed to provide eligible employees of the Company and
its subsidiaries, if any, with an option to invest in the Shares on a convenient
payment basis, with assistance from the Company, and without payment of brokers'
commissions or the necessity of establishing a brokers' account. </FONT></P>
<P><FONT face="Times New Roman"><STRONG>1.2</STRONG> The Company shall use, for
purposes of the Plan, authorized but unissued shares, or treasury stock, as
determined from time to time by the Company's Board of Directors. A maximum of
135,000 Shares will be available for application of the Plan, subject to
adjustment in accordance with Section&nbsp;13.</FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
2.</STRONG></FONT></P>
<P align=center><FONT
face="Times New Roman"><STRONG><U>ELIGIBILITY</U></STRONG></FONT></P>
<P><FONT face="Times New Roman"><STRONG>2.1</STRONG> Except as hereinafter
provided, all employees of the Company and its subsidiaries over the age of 18
years who have been employees of the Company or its subsidiaries for 6 months or
more may participate in the Plan (the "Eligible Employees").</FONT></P>
<P><FONT face="Times New Roman"><STRONG>2.2</STRONG> A person shall not be an
Eligible Employee whose customary employment is less than 1,600 hours in any
12-month period.</FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
3</STRONG></FONT></P>
<P align=center><FONT
face="Times New Roman"><STRONG><U>APPLICATION</U></STRONG></FONT></P>
<P><FONT face="Times New Roman">Each Eligible Employee shall be permitted to
purchase Shares on the terms and conditions set forth in the Plan. Applications
of Eligible Employees to purchase Shares may only be made in writing on forms
provided by the Company.</FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
4.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG><U>PURCHASE
PRICE</U></STRONG></FONT></P>
<P><FONT face="Times New Roman">The purchase price per Share will be the mean
between the closing bid and asked prices of the Company's common stock on the
last day of each calendar quarter. The Shares are traded over the counter and
are reported by the National Association of Securities Dealers Automated
Quotation System for NASDAQ SmallCap Issues. The market price of Shares
represents estimated prices between dealers without retail mark up, mark down or
commission. Prices will not necessarily represent actual transactions on the
last trading day of the quarter because trades in the Shares are
sporadic.</FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
5.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG><U>REGISTRATION OF
CERTIFICATES</U></STRONG></FONT></P>
<P><FONT face="Times New Roman">Certificates may be registered only in the name
of the Eligible Employee.</FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
6.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG><U>METHOD OF PAYMENT AND
PURCHASE</U></STRONG></FONT></P>
<P><FONT face="Times New Roman"><STRONG>6.1</STRONG> Payment for Shares is to be
made through payroll deductions authorized in the Eligible Employee's
application to the Plan. An Eligible Employee may elect to contribute a
percentage of his or her gross compensation, ranging from 1% to 10%, but not
less than $10.00 per month.</FONT></P>
<P><FONT face="Times New Roman"><STRONG>6.2</STRONG> The Company will contribute
to an Eligible Employee's account based on a percentage of an Eligible
Employee's contribution. The percentage rate will be determined by the length of
time that an Eligible Employee has been an employee of the Company. The Company
will match 30% of contributions of Eligible Employees who have been continuously
employed by the Company for a period of less than 4&nbsp;years; 40% for Eligible
Employees who have been continuously employed by the Company for 4 years to 7
years; and 50% for Eligible Employees who have been continuously employed by the
Company for more than 7 years.</FONT></P>
<P><FONT face="Times New Roman"><STRONG>6.3</STRONG> At the end of each calendar
quarter, the Company's and an Eligible Employee's contribution will be applied
to the purchase of full Shares at the price determined under Section&nbsp;4.
Fractional Shares will not be purchased. Amounts remaining in the Eligible
Employee's account after Shares are purchased will be carried forward for the
purchase of Shares in succeeding quarters. </FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
7.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG><U>STOCK
OWNERSHIP</U></STRONG></FONT></P>
<P><FONT face="Times New Roman">Eligible Employees will have rights as
shareholders, including voting rights, notwithstanding that the Company is the
custodian for their Shares. Eligible Employees will receive direct payment of
any cash dividends which may be declared on the Shares held in their account.
Rights and warrants, if any, issued by the Company will be distributed to
Eligible Employees. Rights and warrants, if any, for fractional shares will be
sold and the cash proceeds paid to the Eligible Employees. Shares acquired
pursuant to stock splits, if any, will also be credited to the Eligible
Employees' accounts and distributed at the end of the calendar
quarter.</FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
8.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG><U>DELIVERY OF
STOCK</U></STRONG></FONT></P>
<P><FONT face="Times New Roman">After the end of each calendar quarter, or upon
withdrawal from the Plan by an Eligible Employee, the Company will authorize the
issuance of Certificates representing shares acquired by an Eligible Employee.
Issuance of Shares shall not be required before the Company has had reasonable
time following full payment for the shares to complete requirements of any
securities laws or regulations of a national security exchange or association
(if any).</FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
9.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG><U>RIGHTS TO PURCHASE
SHARES NON-TRANSFERABLE</U></STRONG></FONT></P>
<P><FONT face="Times New Roman">An Eligible Employee's rights under the Plan may
not be sold, pledged, assigned or transferred in any manner. If this provision
is violated, the Eligible Employee's election to purchase Shares shall terminate
and he or she shall be considered as withdrawing from the Plan as provided for
in Section 11.2.</FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
10.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG><U>CHANGES TO
CONTRIBUTIONS</U></STRONG></FONT></P>
<P><FONT face="Times New Roman">An Eligible Employee may change his or her rate
of contribution to the Plan within the limits specified in Section&nbsp;6.1. Any
change in contributions will become effective with the first payroll period in
the month following receipt of the written authorization for the
change.</FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
11.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG><U>DISCONTINUANCE AND
WITHDRAWAL FROM THE PLAN</U></STRONG></FONT></P>
<P><FONT face="Times New Roman"><STRONG>11.1</STRONG> An Eligible Employee may
discontinue participation in the Plan for a period of up to 14 months, after
which deductions will be automatically resumed. Only one discontinuance is
permitted in any 20-month period. During the period in which a participant's
contributions are suspended, Company contributions will also be suspended. The
suspension in participation shall not be deemed to be a break in continuous
participation for purposes of determining the level of the Company's
contributions.</FONT></P>
<P><FONT face="Times New Roman"><STRONG>11.2</STRONG> An Eligible Employee who
is laid off from employment in the Company will be considered discontinued from
participation in the Plan. A discontinuance caused by a lay off is not deemed to
be a break in continuous participation for the purposes of determining the level
of the Company's contribution.</FONT></P>
<P><FONT face="Times New Roman"><STRONG>11.3</STRONG> An Eligible Employee may
withdraw from the Plan at any time. Upon withdrawal, the Company will authorize
the issuance of stock certificates representing Shares purchased for the
Eligible Employee preceding the request for withdrawal. The withdrawing Eligible
Employee will also receive all cash contributed by him or for his account by the
Company, if any, which has not been used to purchase Shares. Once an Eligible
Employee withdraws, he or she will not be permitted to participate again in the
Plan for a period of 12 months. Upon re-entering the Plan, the withdrawal will
be considered a break in service and the Eligible Employee will receive only the
minimum employee contribution. Death, termination of employment or retirement at
age 62 or older will also constitute a withdrawal from the Plan. </FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
12.</STRONG></FONT></P>
<P align=center><FONT
face="Times New Roman"><STRONG><U>REPORTS</U></STRONG></FONT></P>
<P><FONT face="Times New Roman">At the end of each calendar quarter, each
Eligible Employee will receive an itemized statement of account showing the
number of Shares purchased for him or her during such quarter, and the price
paid per Share. </FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
13.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG><U>CHANGES IN SHARES OF
CAPITAL STOCK</U></STRONG></FONT></P>
<P><FONT face="Times New Roman">If there is a stock dividend, share
distribution, subdivision or a contribution of the outstanding shares, the
number of Shares as reserved for the Plan will be deemed to be proportionately
increased or decreased. In the event of a reclassification or other change in
the outstanding Shares, such action shall be taken as in the opinion of the
Board of Directors of the Company will be appropriate under the circumstances.
</FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>Section
14.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG><U>COMPANY
RIGHTS</U></STRONG></FONT></P>
<P><FONT face="Times New Roman"><STRONG>14.1</STRONG> The Company reserves the
right to withdraw, suspend, modify or terminate the Plan at any time. In the
event of Plan termination, Eligible Employees shall have the rights available to
withdrawing employees under Section 11.3.</FONT></P>
<P><FONT face="Times New Roman"><STRONG>14.2</STRONG> The Company reserves the
right to determine conclusively for all parties any questions which may arise
with respect to the interpretation or application of the provisions of the Plan.
The Company may prescribe administrative rules hereunder and may, from time to
time, waive the requirements of the Plan or supply omissions thereunder to meet
special circumstances not anticipated or covered in the Plan.</FONT></P>
<P><FONT face="Times New Roman">Dated: As of June 26, 2002</FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman"></FONT><FONT face="Times New Roman">Exhibit
4.2</FONT></P>
<P><FONT face="Times New Roman">Application Form</FONT></P>
<P><FONT face="Times New Roman"><STRONG>GIVE THIS FORM TO YOUR PAYROLL
SUPERVISOR</STRONG></FONT></P>
<P><FONT face="Times New Roman"><STRONG></STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>APPLICATION
FORM</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>2002 TAYLOR DEVICES,
INC.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>EMPLOYEE STOCK PURCHASE
PLAN</STRONG></FONT></P>
<P><FONT face="Times New Roman"><STRONG></STRONG></FONT></P>
<P><FONT face="Times New Roman"><EM>Please Print</EM></FONT></P>
<P><FONT
face="Times New Roman">Employee:<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;
</U>Date of
Birth:<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;
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
First&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Middle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Last&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mo.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Day&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Year</FONT></P>
<P><FONT face="Times New Roman">Address:
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;
Street&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
City&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
State&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Zip</FONT></P>
<P><FONT face="Times New Roman">Social Security No.:
<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;
</U></FONT></P>
<P><FONT face="Times New Roman">Department:
<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;
</U>Employment 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></FONT></P>
<P><FONT face="Times New Roman">Ladies and Gentlemen:</FONT></P>
<P><FONT face="Times New Roman">I am an employee of TAYLOR DEVICES, INC. (the
"Company"), have completed _________of continuous full time employment, and
hereby apply for participation in the 2002 Taylor Devices, Inc. Employee Stock
Purchase Plan (the "Plan"). You are hereby authorized to arrange that the
portion of my gross compensation designated below be withheld regularly and
deposited to the Plan on my account. I understand that the Company will make an
appropriate contribution to my account, and I hereby acknowledge my
responsibility to pay any and all taxes resulting from the Company's
contribution.</FONT></P>
<P><FONT face="Times New Roman">The portion of my gross compensation to be
deducted each pay period for participation in the Plan shall be:</FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman">[&nbsp;&nbsp;]
1%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[&nbsp;&nbsp;] 6%</FONT></P>
<P align=center><FONT face="Times New Roman">[&nbsp;&nbsp;]
2%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[&nbsp;&nbsp;] 7%</FONT></P>
<P align=center><FONT face="Times New Roman">[&nbsp;&nbsp;]
3%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[&nbsp;&nbsp;] 8%</FONT></P>
<P align=center><FONT face="Times New Roman">[&nbsp;&nbsp;]
4%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[&nbsp;&nbsp;] 9%</FONT></P>
<P align=center><FONT face="Times New Roman">[&nbsp;&nbsp;]
5%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[&nbsp;&nbsp;] 10%</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[&nbsp;&nbsp;] $10.00 per month (minimum contribution)</FONT></P>
<P><FONT face="Times New Roman">My beneficiary, who shall receive all stock and
cash due me from the Plan in event of my death, is:</FONT></P>
<P><FONT face="Times New Roman">Name:
<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;
</U>Address:<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;
</U>&nbsp;</FONT></P>
<P><FONT face="Times New Roman">Relation:
<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;
</U>City &amp;
State:<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;
</U>&nbsp;Zip:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>&nbsp;</FONT></P>
<P><FONT face="Times New Roman">In the event the above named person predeceases
me, then my contingent beneficiary shall be:</FONT></P>
<P><FONT face="Times New Roman">Name:
<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;
</U>Address:<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;
</U>&nbsp;</FONT></P>
<P><FONT
face="Times New Roman">Relation:<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;
</U>&nbsp;City &amp;
State:<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;
</U>Zip:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>&nbsp;</FONT></P>
<P><FONT face="Times New Roman">I reserve the right to change the designation of
my beneficiary or contingent beneficiary at any time without notice to either of
them.</FONT></P>
<P><FONT face="Times New Roman">I acknowledge receipt of the Prospectus and the
Plan and agree to abide by the rules contained in the Plan, and any amendments
thereto.</FONT></P>
<P><FONT face="Times New Roman">Witness:
<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;
</U>Signature of Employee:
<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;
</U></FONT></P>
<P><FONT face="Times New Roman"><U></U>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;&nbsp;&nbsp;&nbsp;
</U></FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><FONT face="Times New Roman"></FONT><FONT face="Times New Roman">Exhibit
5</FONT></P>
<P><FONT face="Times New Roman">Legality Opinion </FONT></P>
<P><FONT face="Times New Roman">and Consent</FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>[LETTERHEAD OF HISCOCK
&amp; BARCLAY, LLP]</STRONG></FONT></P>
<P align=right><FONT face="Times New Roman">June 26, 2002</FONT></P>
<P><FONT face="Times New Roman">Taylor Devices, Inc.</FONT></P>
<P><FONT face="Times New Roman">90 Taylor Drive</FONT></P>
<P><FONT face="Times New Roman">PO Box 748</FONT></P>
<P><FONT face="Times New Roman">North Tonawanda, New York 14120-0748</FONT></P>
<P>&nbsp;</P>
<P><FONT face="Times New Roman">Attention: Douglas&nbsp;P. Taylor, </FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
President &amp; Chief Executive Officer</FONT></P>
<P><FONT face="Times New Roman"><STRONG></STRONG>Re: 2002 Taylor Devices, Inc.
Employee Stock Purchase Plan</FONT></P>
<P><FONT face="Times New Roman">Ladies and Gentlemen:</FONT></P>
<P><FONT face="Times New Roman">We have represented Taylor Devices, Inc. (the
"Company") in connection with the issuance by the Company of up to 135,000
shares of its common stock, par value $0.025 per share ("Shares") which may be
purchased by eligible employees of the Company and its subsidiaries, if any,
pursuant to the 2002 Taylor Devices, Inc. Employee Stock Purchase Plan (the
"Plan"), approved and adopted by the Board of Directors of the Company at a
meeting duly called and held on August 22, 2001 and thereafter approved,
ratified and confirmed by unanimous written consent to action by the directors
without a meeting, dated as of June 26, 2002 (together, the "Resolutions"). This
opinion is being submitted at your request for use as an Exhibit to the
Company's Registration Statement on Form S-8 under the Securities Act of 1933
(the "Act"), to be filed with the Securities and Exchange Commission (the "SEC")
on or about June 26, 2002 (the "Registration Statement").</FONT></P>
<P><FONT face="Times New Roman">In preparing this opinion, we have examined (1)
the Plan; (2) the Company's Certificate of Incorporation and all amendments; (3)
the Company's By-laws and all amendments; (4) its Annual Report on
Form&nbsp;10-KSB for the fiscal year ended May&nbsp;31, 2001; (5) its Quarterly
Reports on Form&nbsp;10-QSB for the fiscal quarters ended (a) August 31, 2001;
(b) November 30, 2001; and (c) February 28, 2002; (6) the Resolutions; (7) the
Issuer Statement on Form M-11 filed with the New York Department of Law on or
about December 10, 1998, and related matters (collectively, the "Reviewed
Documents"), and such questions of law as we have considered necessary or
appropriate under the circumstances. </FONT></P>
<P><FONT face="Times New Roman">In rendering this opinion, other than our review
of the Reviewed Documents, we have made no inquiry as to any factual matter.
Based on the foregoing, and assuming that: </FONT></P>
<P><FONT face="Times New Roman">(a) the Plan has been duly adopted;
and</FONT></P>
<P><FONT face="Times New Roman">(b) no change occurs in the applicable law or
the pertinent facts,</FONT></P>
<P><FONT face="Times New Roman">it is our opinion that the Shares are duly
authorized and, when purchased in accordance with the terms of the Plan, the
Shares will be validly issued, fully paid, and non-assessable.</FONT></P>
<P><FONT face="Times New Roman">The foregoing opinion is limited to the federal
laws of the United&nbsp;States and the laws of the State of New&nbsp;York, and
we express no opinion as to the effect of the laws of any other
jurisdiction.</FONT></P>
<P><FONT face="Times New Roman">We consent to the use of this opinion as an
Exhibit to the Registration Statement. In giving such consent, we do not thereby
admit that we are in the category of persons whose consent is required under
Section&nbsp;7 of the Act or the Rules and Regulations of the SEC
thereunder.</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Very truly yours,</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>/s/Hiscock &amp; Barclay, LLP </U></FONT></P>
<P><FONT
face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
HISCOCK &amp; BARCLAY, LLP</STRONG></FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><FONT face="Times New Roman"></FONT><FONT
face="Times New Roman">Exhibit&nbsp;23.1</FONT></P>
<P><FONT face="Times New Roman">Consent of Independent Auditors</FONT></P>
<P align=center><FONT face="Times New Roman"><STRONG>[LETTERHEAD OF LUMSDEN
&amp; McCORMICK, LLP]</STRONG></FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman">To the Board of Directors of </FONT></P>
<P><FONT face="Times New Roman">Taylor Devices, Inc.</FONT></P>
<P>&nbsp;</P>
<P><FONT face="Times New Roman">Gentlemen:</FONT></P>
<P><FONT face="Times New Roman">We hereby consent to the incorporation by
reference in this Registration Statement on Form&nbsp;S-8 of our report dated
August 2, 2001, which appears on page&nbsp;21 of the Annual Report to the
Securities and Exchange Commission of Taylor Devices, Inc. on Form&nbsp;10-KSB
for the fiscal year ended May&nbsp;31, 2001.</FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>/s/ Lumsden &amp; McCormick, LLP </U></FONT></P>
<P><FONT
face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
LUMSDEN &amp; McCORMICK, LLP</STRONG></FONT></P>
<P><FONT
face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>Buffalo, New&nbsp;York</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
June&nbsp;26, 2002</FONT></P>
<P><FONT face="Times New Roman"></FONT><FONT face="CG Times"></FONT></P>
<P>&nbsp;
<P></FONT><FONT face="Times New Roman" size=-1></FONT><FONT
face="Times New Roman"><SUP></SUP></FONT><FONT face="Times New Roman" size=-1>
<P>&nbsp;
<P></FONT><FONT face="Times New Roman"
size=-1><SUP></SUP></FONT></P></BODY></HTML>
[{"type": "S-8", "sequence": "1", "filename": "espp-2002.htm", "description": "2002 EMPLOYEE STOCK PURCHASE PLAN", "secsgml_size_bytes": 70754}]
{"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": "333-91232", "film-number": "02687906"}, "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 on June 26, 2002
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
(716)
694-0800
(Address, including zip code,
and telephone number, including area code, of registrant's principal executive
offices)
__________________________
2002 TAYLOR DEVICES, INC. EMPLOYEE
STOCK PURCHASE PLAN
(Full title of the
plan)
__________________________
SANDRA S. O'LOUGHLIN,
ESQ.
Hiscock & Barclay, LLP
1100 M&T Center
3 Fountain Plaza
Buffalo, New York
14203-1486
Telephone (716)
566-1563
(Name, address and telephone
number, including area code, of agent for service)
Calculation of Registration Fee
73:
Title of
      additional
securities to be
registered
Amount to be
Registered
Proposed maximum
offering
      price per
share
(1)
Proposed maximum
aggregate offering
price
(1)
Amount of
Registration Fee
Common Stock, $.025 par
      value
135,000 Shares
$4.175
$563,625
$ 51.86
_____________________
(1)
Estimated pursuant to
Rule 457 solely for the purpose of calculating the registration fee. The
price per share is estimated to be $4.175 based on the mean between the closing
bid and asked prices for the Common Stock traded over-the-counter as of
June 20, 2002 and reported by the NASDAQ System for NASDAQ SmallCap
Issues.
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
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 2002 Taylor Devices, Inc. Employee Stock Purchase
Plan ("the Plan"), the Company may use either shares of authorized but unissued
$0.025 par value common stock ("Shares"), or Shares reacquired by the Company.
The aggregate number of Shares which may be distributed under the Employee Plan
shall not exceed 135,000, subject to proportional adjustment in the event of
changes of capitalization of the Company.
The
Certificate of Incorporation authorizes the Company to issue up to 8,000,000
Shares, of which, on the date of this Registration Statement, 2,871,557 Shares
are issued and outstanding; 207,401 Shares are held in the Company's Treasury;
127,000 Shares are reserved for issuance of unexercised options under the 2001
Taylor Devices, Inc. Stock Option Plan; 15,761 Shares are reserved for
issuance under the 1999 Employee Stock Purchase Plan; and 135,000 Shares are
reserved for issuance under the Employee Plan. Shares are entitled (a) to
dividends when and as declared by the Board of Directors, subject to any rights
of preferred stock of the Company that may be hereafter issued; (b) to one
vote per share on each matter properly submitted to shareholders for their vote;
and (c) to participate ratably in the net assets of the Company in the
event of liquidation, subject to any prior rights of preferred stock of the
Company that may hereafter be issued. The Company is currently restricted from
issuing dividends under credit arrangements with its lender. Outstanding Shares
are fully paid and are not subject to further calls or assessments. Holders of
Shares do not have preemptive rights.
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 A Junior Participating Preferred Stock" ("Series A 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 October 5,
1998, attached as Exhibit 4 to the Company's Registration Statement on Form 8-A
filed with the Commission on or about October 6, 1998 ("Rights Agreement"). The
Certificate of Amendment to the Company's Certificate of Incorporation
designating the Series A Stock was filed by the New York Secretary of State on
October 9, 1998 (the "Amendment").
In
accordance with the Amendment and the Rights Agreement, the Company declared a
dividend of one Right for each outstanding Share, to shareholders of record at
the close of business on October 19, 1998 (the "Record Date"). Each Right
entitles the registered holder to purchase from the Company a unit consisting of
one two-thousandths (1/2000
th
) of a share of Series A Stock, at a
purchase price of $5.00 per unit of 1/2000
th
of a share, subject to
adjustment.
Initially, the Rights will be attached to all 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 30% or more
of the Shares then outstanding, (ii) 10 business days following the commencement
of a tender offer or exchange offer that would result in a person or group
beneficially owning 24% or more of such outstanding Shares (unless such tender
offer or exchange offer is an offer for all outstanding Shares 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) and (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 24% or more of the Shares outstanding, and upon a determination by at
least a majority of the continuing Directors who are not officers of the
Company, after reasonable inquiry and investigation, that (a) such beneficial
ownership by such person is intended to cause the Company to repurchase the
Shares 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 A
Stock, may enable the Board of Directors to prevent a change in control despite
a shift in ownership of the Shares. In addition, the Board of Directors' power
to issue additional Shares may delay or deter a change in control by increasing
the number of shares needed to gain control.
Under
New York law, the Company cannot enter into certain business combinations
involving persons beneficially owing 20% or more of the Shares 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 Shares beneficially owned by
disinterested shareholders or (2) as part of the business combination if
the disinterested shareholders receive a price for their Shares 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 for more than their market value unless
the purchase is approved by the Board of Directors and by a majority vote of all
outstanding Shares, unless the offer to purchase is extended to all
shareholders, or unless the offer is for Shares the holder has held for more
than 2 years.
The
Common Stock is traded over-the-counter and reported on the NASDAQ System for
NASDAQ SmallCap Issues.
Item 5. Interests of Named Experts and
Counsel.
Not
applicable.
Item 6. Indemnification of Directors and
Officers.
The
Certificate of Incorporation of the Company 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 shares 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 serves any other corporation in any capacity at the
request of the Company.
The
Company maintains a director and officer indemnification insurance policy, which
is renewed annually. The policy provides indemnification benefits and the
payment of expenses in actions instituted against any director or officer of the
Company for claimed liability arising out of his conduct in such capacities. No
payments or claims for indemnification or expenses have ever been made under any
such policy.
In
1996, the Company entered into Indemnity Agreements with certain of its
executive officers and directors (the "Indemnitees"), to the extent not covered
by director and officer indemnification insurance. Under the terms of the
Indemnity Agreements, the Company formally agreed to indemnify the Indemnitees
in the event that they, or any of them, is made a party to or is threatened to
be made a party to, or is otherwise involved in a proceeding (other than a
proceeding by or in the right of the Company to procure a judgment in its
favor), against all expenses, liabilities, judgments, fines and penalties
actually and reasonably incurred by Indemnitee in connection with the defense or
settlement of such proceeding, but only if Indemnitee acted in good faith and in
a manner which he reasonably believed to be in or not opposed to the best
interests of the Company and, in the case of a criminal proceeding, in addition,
had no reasonable cause to believe that his conduct was
unlawful.
Under
the Indemnity Agreement, no indemnification can be made for (i) judgments,
fines, penalties, or amounts paid in settlement by or on behalf of Indemnitee;
or (ii) other expenses with respect to any claim, issue or matter as to
which Indemnitee shall have been adjudged to be liable to the Company, unless
and only to the extent that any court in which such proceeding was brought
determines upon application that, despite any adjudication of liability but in
view of all circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnity for such judgments, fines, penalties, or expenses as such
court shall deem proper. The Indemnity Agreement also excludes, among others,
any right to payments made under any insurance policy, or payments paid to an
Indemnitee, otherwise than pursuant to the Indemnity Agreement.
Item 7. Exemption from Registration
Claimed.
Not
applicable.
Item 8. Exhibits.
Exhibit Number
Description
Page
4.1
2002 Taylor Devices, Inc. Employee Stock
      Purchase Plan
10
4.2
Application Form
15
5
Opinion of Hiscock & Barclay, LLP
      regarding legality of common stock being registered
17
23.1
Consent of Lumsden & McCormick,
      LLP
19
23.2
Consent of Hiscock & Barclay, LLP
      (included in their Opinion filed as Exhibit 5)
17
Item 9.
Undertakings.
A.
The undersigned Company hereby
undertakes:
(1)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement to (a) include any
prospectus required by Section 10(a)(3) of the Securities Act; (b) reflect in a
prospectus filed under Section 10(a)(3) or Rule 424(b) of the Securities Act,
any facts or events which, individually or together, represent a fundamental
change in this Registration Statement; and (c) include any additional or changed
material information on the plan of distribution not previously disclosed in
this Registration Statement.
(2)
For the purpose of determining any 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.
(3)
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 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
25
th
day of June, 2002.
TAYLOR DEVICES, INC.
By:
/s/ Douglas P. Taylor
Douglas P. Taylor, President, Chief Executive Officer and
Director
(
Principal Executive
Officer
)
and
By:
/s/ Kenneth G. Bernstein
Kenneth G. Bernstein, Treasurer
(
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.
/s/ Randall L.
Clark
/s/ Joseph P. Gastel
Randall L. Clark,
Director                              
Joseph P. Gastel, Director
Date: June 25,
2002                                      
Date: June 25, 2002
/s/ Richard G. Hill
/s/ Donald B. Hofmar
Richard G. Hill,
Director                                
Donald B. Hofmar, Director
Date: June 25,
2002                                      
Date: June 25, 2002
Exhibit 4.1
2002 Taylor Devices, Inc.
Employee Stock Purchase
Plan
2002 TAYLOR DEVICES,
INC.
EMPLOYEE STOCK PURCHASE
PLAN
Section
1.
ESTABLISHMENT OF
PLAN
1.1
The Board of
Directors of Taylor Devices, Inc. (the "Company"), in order to promote loyalty
and a sense of common purpose among its employees, as well as to encourage
employee investment in its $0.025 par value common stock (the "Shares"), hereby
establishes the 2002 Taylor Devices, Inc. Employee Stock Purchase Plan (the
"Plan"). The Plan is designed to provide eligible employees of the Company and
its subsidiaries, if any, with an option to invest in the Shares on a convenient
payment basis, with assistance from the Company, and without payment of brokers'
commissions or the necessity of establishing a brokers' account.
1.2
The Company shall use, for
purposes of the Plan, authorized but unissued shares, or treasury stock, as
determined from time to time by the Company's Board of Directors. A maximum of
135,000 Shares will be available for application of the Plan, subject to
adjustment in accordance with Section 13.
Section
2.
ELIGIBILITY
2.1
Except as hereinafter
provided, all employees of the Company and its subsidiaries over the age of 18
years who have been employees of the Company or its subsidiaries for 6 months or
more may participate in the Plan (the "Eligible Employees").
2.2
A person shall not be an
Eligible Employee whose customary employment is less than 1,600 hours in any
12-month period.
Section
3
APPLICATION
Each Eligible Employee shall be permitted to
purchase Shares on the terms and conditions set forth in the Plan. Applications
of Eligible Employees to purchase Shares may only be made in writing on forms
provided by the Company.
Section
4.
PURCHASE
PRICE
The purchase price per Share will be the mean
between the closing bid and asked prices of the Company's common stock on the
last day of each calendar quarter. The Shares are traded over the counter and
are reported by the National Association of Securities Dealers Automated
Quotation System for NASDAQ SmallCap Issues. The market price of Shares
represents estimated prices between dealers without retail mark up, mark down or
commission. Prices will not necessarily represent actual transactions on the
last trading day of the quarter because trades in the Shares are
sporadic.
Section
5.
REGISTRATION OF
CERTIFICATES
Certificates may be registered only in the name
of the Eligible Employee.
Section
6.
METHOD OF PAYMENT AND
PURCHASE
6.1
Payment for Shares is to be
made through payroll deductions authorized in the Eligible Employee's
application to the Plan. An Eligible Employee may elect to contribute a
percentage of his or her gross compensation, ranging from 1% to 10%, but not
less than $10.00 per month.
6.2
The Company will contribute
to an Eligible Employee's account based on a percentage of an Eligible
Employee's contribution. The percentage rate will be determined by the length of
time that an Eligible Employee has been an employee of the Company. The Company
will match 30% of contributions of Eligible Employees who have been continuously
employed by the Company for a period of less than 4 years; 40% for Eligible
Employees who have been continuously employed by the Company for 4 years to 7
years; and 50% for Eligible Employees who have been continuously employed by the
Company for more than 7 years.
6.3
At the end of each calendar
quarter, the Company's and an Eligible Employee's contribution will be applied
to the purchase of full Shares at the price determined under Section 4.
Fractional Shares will not be purchased. Amounts remaining in the Eligible
Employee's account after Shares are purchased will be carried forward for the
purchase of Shares in succeeding quarters.
Section
7.
STOCK
OWNERSHIP
Eligible Employees will have rights as
shareholders, including voting rights, notwithstanding that the Company is the
custodian for their Shares. Eligible Employees will receive direct payment of
any cash dividends which may be declared on the Shares held in their account.
Rights and warrants, if any, issued by the Company will be distributed to
Eligible Employees. Rights and warrants, if any, for fractional shares will be
sold and the cash proceeds paid to the Eligible Employees. Shares acquired
pursuant to stock splits, if any, will also be credited to the Eligible
Employees' accounts and distributed at the end of the calendar
quarter.
Section
8.
DELIVERY OF
STOCK
After the end of each calendar quarter, or upon
withdrawal from the Plan by an Eligible Employee, the Company will authorize the
issuance of Certificates representing shares acquired by an Eligible Employee.
Issuance of Shares shall not be required before the Company has had reasonable
time following full payment for the shares to complete requirements of any
securities laws or regulations of a national security exchange or association
(if any).
Section
9.
RIGHTS TO PURCHASE
SHARES NON-TRANSFERABLE
An Eligible Employee's rights under the Plan may
not be sold, pledged, assigned or transferred in any manner. If this provision
is violated, the Eligible Employee's election to purchase Shares shall terminate
and he or she shall be considered as withdrawing from the Plan as provided for
in Section 11.2.
Section
10.
CHANGES TO
CONTRIBUTIONS
An Eligible Employee may change his or her rate
of contribution to the Plan within the limits specified in Section 6.1. Any
change in contributions will become effective with the first payroll period in
the month following receipt of the written authorization for the
change.
Section
11.
DISCONTINUANCE AND
WITHDRAWAL FROM THE PLAN
11.1
An Eligible Employee may
discontinue participation in the Plan for a period of up to 14 months, after
which deductions will be automatically resumed. Only one discontinuance is
permitted in any 20-month period. During the period in which a participant's
contributions are suspended, Company contributions will also be suspended. The
suspension in participation shall not be deemed to be a break in continuous
participation for purposes of determining the level of the Company's
contributions.
11.2
An Eligible Employee who
is laid off from employment in the Company will be considered discontinued from
participation in the Plan. A discontinuance caused by a lay off is not deemed to
be a break in continuous participation for the purposes of determining the level
of the Company's contribution.
11.3
An Eligible Employee may
withdraw from the Plan at any time. Upon withdrawal, the Company will authorize
the issuance of stock certificates representing Shares purchased for the
Eligible Employee preceding the request for withdrawal. The withdrawing Eligible
Employee will also receive all cash contributed by him or for his account by the
Company, if any, which has not been used to purchase Shares. Once an Eligible
Employee withdraws, he or she will not be permitted to participate again in the
Plan for a period of 12 months. Upon re-entering the Plan, the withdrawal will
be considered a break in service and the Eligible Employee will receive only the
minimum employee contribution. Death, termination of employment or retirement at
age 62 or older will also constitute a withdrawal from the Plan.
Section
12.
REPORTS
At the end of each calendar quarter, each
Eligible Employee will receive an itemized statement of account showing the
number of Shares purchased for him or her during such quarter, and the price
paid per Share.
Section
13.
CHANGES IN SHARES OF
CAPITAL STOCK
If there is a stock dividend, share
distribution, subdivision or a contribution of the outstanding shares, the
number of Shares as reserved for the Plan will be deemed to be proportionately
increased or decreased. In the event of a reclassification or other change in
the outstanding Shares, such action shall be taken as in the opinion of the
Board of Directors of the Company will be appropriate under the circumstances.
Section
14.
COMPANY
RIGHTS
14.1
The Company reserves the
right to withdraw, suspend, modify or terminate the Plan at any time. In the
event of Plan termination, Eligible Employees shall have the rights available to
withdrawing employees under Section 11.3.
14.2
The Company reserves the
right to determine conclusively for all parties any questions which may arise
with respect to the interpretation or application of the provisions of the Plan.
The Company may prescribe administrative rules hereunder and may, from time to
time, waive the requirements of the Plan or supply omissions thereunder to meet
special circumstances not anticipated or covered in the Plan.
Dated: As of June 26, 2002
Exhibit
4.2
Application Form
GIVE THIS FORM TO YOUR PAYROLL
SUPERVISOR
APPLICATION
FORM
2002 TAYLOR DEVICES,
INC.
EMPLOYEE STOCK PURCHASE
PLAN
Please Print
Employee:
Date of
Birth:
First             
Middle                   
Last                       
Mo.           
Day             
Year
Address:
Street                                                    
City                                            
State                   
Zip
Social Security No.:
Department:
Employment Date:
Ladies and Gentlemen:
I am an employee of TAYLOR DEVICES, INC. (the
"Company"), have completed _________of continuous full time employment, and
hereby apply for participation in the 2002 Taylor Devices, Inc. Employee Stock
Purchase Plan (the "Plan"). You are hereby authorized to arrange that the
portion of my gross compensation designated below be withheld regularly and
deposited to the Plan on my account. I understand that the Company will make an
appropriate contribution to my account, and I hereby acknowledge my
responsibility to pay any and all taxes resulting from the Company's
contribution.
The portion of my gross compensation to be
deducted each pay period for participation in the Plan shall be:
[  ]
1%                   
[  ] 6%
[  ]
2%                   
[  ] 7%
[  ]
3%                   
[  ] 8%
[  ]
4%                   
[  ] 9%
[  ]
5%                 
[  ] 10%
[  ] $10.00 per month (minimum contribution)
My beneficiary, who shall receive all stock and
cash due me from the Plan in event of my death, is:
Name:
Address:
Relation:
City &
State:
Zip:
In the event the above named person predeceases
me, then my contingent beneficiary shall be:
Name:
Address:
Relation:
City &
State:
Zip:
I reserve the right to change the designation of
my beneficiary or contingent beneficiary at any time without notice to either of
them.
I acknowledge receipt of the Prospectus and the
Plan and agree to abide by the rules contained in the Plan, and any amendments
thereto.
Witness:
Signature of Employee:
Date:
Exhibit
5
Legality Opinion
and Consent
[LETTERHEAD OF HISCOCK
& BARCLAY, LLP]
June 26, 2002
Taylor Devices, Inc.
90 Taylor Drive
PO Box 748
North Tonawanda, New York 14120-0748
Attention: Douglas P. Taylor,
President & Chief Executive Officer
Re: 2002 Taylor Devices, Inc.
Employee Stock Purchase Plan
Ladies and Gentlemen:
We have represented Taylor Devices, Inc. (the
"Company") in connection with the issuance by the Company of up to 135,000
shares of its common stock, par value $0.025 per share ("Shares") which may be
purchased by eligible employees of the Company and its subsidiaries, if any,
pursuant to the 2002 Taylor Devices, Inc. Employee Stock Purchase Plan (the
"Plan"), approved and adopted by the Board of Directors of the Company at a
meeting duly called and held on August 22, 2001 and thereafter approved,
ratified and confirmed by unanimous written consent to action by the directors
without a meeting, dated as of June 26, 2002 (together, the "Resolutions"). This
opinion is being submitted at your request for use as an Exhibit to the
Company's Registration Statement on Form S-8 under the Securities Act of 1933
(the "Act"), to be filed with the Securities and Exchange Commission (the "SEC")
on or about June 26, 2002 (the "Registration Statement").
In preparing this opinion, we have examined (1)
the Plan; (2) the Company's Certificate of Incorporation and all amendments; (3)
the Company's By-laws and all amendments; (4) its Annual Report on
Form 10-KSB for the fiscal year ended May 31, 2001; (5) its Quarterly
Reports on Form 10-QSB for the fiscal quarters ended (a) August 31, 2001;
(b) November 30, 2001; and (c) February 28, 2002; (6) the Resolutions; (7) the
Issuer Statement on Form M-11 filed with the New York Department of Law on or
about December 10, 1998, and related matters (collectively, the "Reviewed
Documents"), and such questions of law as we have considered necessary or
appropriate under the circumstances.
In rendering this opinion, other than our review
of the Reviewed Documents, we have made no inquiry as to any factual matter.
Based on the foregoing, and assuming that:
(a) the Plan has been duly adopted;
and
(b) no change occurs in the applicable law or
the pertinent facts,
it is our opinion that the Shares are duly
authorized and, when purchased in accordance with the terms of the Plan, the
Shares will be validly issued, fully paid, and non-assessable.
The foregoing opinion is limited to the federal
laws of the United States and the laws of the State of New York, and
we express no opinion as to the effect of the laws of any other
jurisdiction.
We consent to the use of this opinion as an
Exhibit to the Registration Statement. In giving such consent, we do not thereby
admit that we are in the category of persons whose consent is required under
Section 7 of the Act or the Rules and Regulations of the SEC
thereunder.
Very truly yours,
/s/Hiscock & Barclay, LLP
HISCOCK & BARCLAY, LLP
Exhibit 23.1
Consent of Independent Auditors
[LETTERHEAD OF LUMSDEN
& McCORMICK, LLP]
To the Board of Directors of
Taylor Devices, Inc.
Gentlemen:
We hereby consent to the incorporation by
reference in this Registration Statement on Form S-8 of our report dated
August 2, 2001, which appears on page 21 of the Annual Report to the
Securities and Exchange Commission of Taylor Devices, Inc. on Form 10-KSB
for the fiscal year ended May 31, 2001.
/s/ Lumsden & McCormick, LLP
LUMSDEN & McCORMICK, LLP
Buffalo, New York
June 26, 2002