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<P align=center><FONT face="CG Times">As filed with the Securities and Exchange
Commission on March 31, 2004</FONT></P><BR WP="BR1">&nbsp;
<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><FONT face="CG Times"></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>
<CENTER><FONT face="CG Times">REGISTRATION STATEMENT</FONT></CENTER>
<CENTER><FONT face="CG Times">under</FONT></CENTER>
<CENTER><FONT face="CG Times">THE SECURITIES ACT OF 1933</FONT></CENTER>
<P align=center><FONT
face="CG Times"><U>__________________________</U></FONT></P>
<CENTER><FONT face="CG Times" size=+1><STRONG>TAYLOR DEVICES,
INC.</STRONG></FONT><FONT face="CG Times"></FONT></CENTER>
<CENTER><FONT face="CG Times" size=-2><EM>(Exact name of registrant as specified
in its charter)</EM></FONT></CENTER>
<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> <BR><FONT
      face="CG Times" size=-2><EM>(State or other jurisdiction</EM></FONT>
      <BR><FONT face="CG Times" size=-2><EM>of incorporation or
      organization)</EM></FONT><FONT face="CG Times"></FONT></TD>
    <TD align=middle><FONT face="CG Times"><STRONG>16-0797789</STRONG></FONT>
      <BR><FONT face="CG Times" size=-2><EM>(I.R.S. Employer Identification
      No.)</EM></FONT><FONT face="Times New Roman"></FONT></TD></TR></TABLE>
<CENTER><FONT face="CG Times" size=-1><STRONG>90&nbsp;Taylor
Drive</STRONG></FONT></CENTER>
<CENTER><FONT face="CG Times" size=-1><STRONG>North Tonawanda, New&nbsp;York
14120-0748</STRONG> </FONT></CENTER>
<CENTER><FONT face="CG Times" size=-1><STRONG>(716)
694-0800</STRONG></FONT><FONT face="CG Times"></FONT></CENTER>
<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></CENTER>
<P align=center><FONT
face="CG Times"><U>__________________________</U></FONT></P>
<CENTER><FONT face="CG Times"><STRONG>2004 TAYLOR DEVICES, INC. EMPLOYEE STOCK
PURCHASE PLAN</STRONG></FONT></CENTER>
<CENTER><FONT face="CG Times" size=-2><EM>(Full title of the
plan)</EM></FONT><FONT face="CG Times"></FONT></CENTER>
<P align=center><FONT
face="CG Times"><U>__________________________</U></FONT></P>
<CENTER><FONT face="CG Times" size=-1><STRONG>SANDRA&nbsp;S. O'LOUGHLIN,
ESQ.</STRONG></FONT></CENTER>
<CENTER><FONT face="CG Times" size=-1>Hiscock &amp; Barclay, LLP
</FONT></CENTER>
<CENTER><FONT face="CG Times" size=-1>1100 M&amp;T Center</FONT></CENTER>
<CENTER><FONT face="CG Times" size=-1>3 Fountain Plaza</FONT></CENTER>
<CENTER><FONT face="CG Times" size=-1>Buffalo, New&nbsp;York
14203-1486</FONT></CENTER>
<CENTER><FONT face="CG Times" size=-1>Telephone (716) 566-1563</FONT></CENTER>
<CENTER><FONT face="CG Times" size=-2><EM>(Name, address and telephone number,
including area code, of agent for service)</EM></FONT></CENTER><BR WP="BR1"><BR
WP="BR2">
<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%">

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid"
    borderColor=#000000 align=middle>
      <P align=left><BR><BR><FONT face="CG Times" size=-1>Title of additional
      securities to be registered</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid"
    borderColor=#000000 align=middle><BR><FONT face="CG Times" size=-1>Amount
      to be</FONT> <BR><FONT face="CG Times" size=-1>Registered</FONT></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid"
    borderColor=#000000 align=middle><FONT face="CG Times" size=-1>Proposed
      maximum</FONT><BR><FONT face="CG Times" size=-1>offering price
      per</FONT><BR><FONT face="CG Times" size=-1>share <SUP>(1)</SUP></FONT></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid"
    borderColor=#000000 align=middle><FONT face="CG Times" size=-1>Proposed
      maximum</FONT><BR><FONT face="CG Times" size=-1>aggregate
      offering</FONT><BR><FONT face="CG Times" size=-1>price
      <SUP>(1)</SUP></FONT></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid"
    borderColor=#000000 align=middle><BR><FONT face="CG Times" size=-1>Amount
      of</FONT> <BR><FONT face="CG Times" size=-1>Registration Fee</FONT></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid"
    borderColor=#000000>
      <P align=left><BR><FONT face="CG Times" size=-1>Common Stock, $.025 par
      value</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid"
    borderColor=#000000 align=middle><FONT face="Times New Roman"><BR
      WP="BR2"></FONT><FONT face="CG Times" size=-1>295,000 Shares</FONT></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid"
    borderColor=#000000 align=middle><FONT face="Times New Roman"><BR
      WP="BR2"></FONT><FONT face="CG Times" size=-1>$2.270</FONT></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid"
    borderColor=#000000 align=middle><FONT face="Times New Roman"><BR
      WP="BR2"></FONT><FONT face="CG Times" size=-1>$</FONT><FONT
      size=2>669,650</FONT></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid"
    borderColor=#000000 align=middle><FONT face="CG Times" size=-1><U><BR
      WP="BR2"></U></FONT><FONT size=2>$84.84</FONT></TD></TR></TABLE>
<P align=left><FONT face="CG Times" size=-1>_____________________</FONT></P>
<P align=left><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 $2.270 based on the mean between the closing
bid and asked prices for the Common Stock traded over-the-counter as of March
26, 2004 and reported by the NASDAQ System for NASDAQ SmallCap
Issues.</FONT></P>
<P align=left>&nbsp;</P>
<P align=left>&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">Item 1. Plan Information.<SUP></SUP></FONT><FONT
face=Symbol>*</FONT><FONT face="Times New Roman">

</P>
<P><FONT face="Times New Roman">Item 2. Registrant Information and Employee Plan
Annual Information.<SUP></SUP></FONT><FONT face=Symbol>*</FONT></P>
<P><FONT face="Times New Roman" size=-1></FONT><FONT
face="Times New Roman"></FONT></P><BR WP="BR1"><BR WP="BR2">
<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>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following documents are hereby incorporated by reference in this
Registration Statement:</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the terms of the 2004 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 295,000, 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;&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, 2,973,603 Shares
are issued and outstanding; 241,801 Shares are held in the Company's Treasury;
83,500 Shares are reserved for issuance of unexercised options under the 2001
Taylor Devices,&nbsp;Inc. Stock Option Plan; 4,315 Shares are reserved for
issuance under the 2002 Employee Stock Purchase Plan; and 295,000 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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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.</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;
Not applicable.</FONT></P>
<P><FONT face="Times New Roman">Item 8. Exhibits.</FONT></P>
<P><FONT face="Times New Roman"></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">2004 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT
face="Times New Roman">A. The undersigned Company hereby undertakes:</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&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;&nbsp;&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;&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>&nbsp;</P>
<P>&nbsp;</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;&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
3<SUP>rd</SUP> day of March, 2004.</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
TAYLOR DEVICES, INC.</STRONG></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;
By: <U>/s/ Douglas&nbsp;P. Taylor </U></FONT><BR><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;
Douglas P. Taylor, President, Chief </FONT><BR><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;
Executive Officer and Director</FONT> <BR><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;
(</FONT><FONT face="Times New Roman" size=-1><EM>Principal Executive
Officer</EM></FONT><FONT face="Times New Roman">)</FONT></P><BR WP="BR1"><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;
and</FONT>
<P><BR WP="BR1"><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;
By: <U>/s/ Mark V. McDonough </U></FONT><BR><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;
Mark V. McDonough</FONT> <BR><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;
Chief Financial Officer</FONT> <BR><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;
(</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>&nbsp;</P>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman"><STRONG>POWER OF
ATTORNEY</STRONG></FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each person whose signature appears below constitutes and appoints
Douglas&nbsp;P. Taylor his attorney-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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed below by the following persons in the capacities and
on the date indicated.</FONT></P>
<P><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;&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><BR><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;&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> <BR><FONT face="Times New Roman">Date: March
3,
2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: March 3, 2004</FONT> <BR WP="BR1"><BR WP="BR2"><BR WP="BR1"><BR
WP="BR2"><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;&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><BR>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;&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 <BR><FONT face="Times New Roman">Date: March 3,
2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: March 3, 2004</FONT>
<P>&nbsp;
<P>&nbsp;
<P><FONT face="Times New Roman"></FONT><FONT face="Times New Roman"
size=-2></FONT><FONT face="Times New Roman">Exhibit 4.1</FONT> <BR><FONT
face="Times New Roman"></FONT><FONT face="Times New Roman" size=-2></FONT><FONT
face="Times New Roman">2004 Taylor Devices, Inc.</FONT> <BR><FONT
face="Times New Roman"></FONT><FONT face="Times New Roman" size=-2></FONT><FONT
face="Times New Roman">Employee Stock Purchase Plan</FONT> <BR><FONT
face="Times New Roman"></FONT><FONT face="Times New Roman" size=-2></FONT><FONT
size=-2></FONT><FONT face="Times New Roman"></FONT></P>
<CENTER><FONT face="Times New Roman"><STRONG>2004 TAYLOR DEVICES,
INC.</STRONG></FONT></CENTER>
<CENTER><FONT face="Times New Roman"><STRONG>EMPLOYEE STOCK PURCHASE
PLAN</STRONG></FONT></CENTER>
<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"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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 an incentive to increased efficient and profitable operations and to
encourage employee investment in its $0.025 par value common stock (the
"Shares"), hereby establishes the 2004 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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 295,000 Shares will be available for
application of the Plan, subject to adjustment in accordance with
Section&nbsp;13.</FONT></P>
<P><FONT face="Times New Roman"></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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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><FONT face="Times New Roman"></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><FONT
face="Times New Roman"><U></U></FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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><FONT face="Times New Roman"></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><FONT face="Times New Roman"><U></U></FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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><FONT face="Times New Roman"></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><FONT face="Times New Roman"><U></U></FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certificates may be registered only in the name of the Eligible
Employee.</FONT></P>
<P><FONT face="Times New Roman"></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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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><FONT face="Times New Roman"></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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><FONT face="Times New Roman"></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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><FONT face="Times New Roman"></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><FONT face="Times New Roman"><U></U></FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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>&nbsp;</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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><FONT face="Times New Roman"></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><FONT
face="Times New Roman"><U></U></FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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><FONT face="Times New Roman"></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><FONT face="Times New Roman"><U></U></FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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><FONT face="Times New Roman"></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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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 March 31, 2004</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><BR WP="BR1"><BR WP="BR2">
<P><FONT face="Times New Roman"></FONT><FONT face="Times New Roman">Exhibit
4.2</FONT> <BR><FONT face="Times New Roman">Application Form</FONT></P>
<P><FONT face="Times New Roman"><STRONG></STRONG></FONT></P>
<P>&nbsp;</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>
<CENTER><FONT face="Times New Roman"><STRONG>APPLICATION
FORM</STRONG></FONT></CENTER>
<CENTER><FONT face="Times New Roman"><STRONG>2004 TAYLOR DEVICES,
INC.</STRONG></FONT></CENTER>
<CENTER><FONT face="Times New Roman"><STRONG>EMPLOYEE STOCK PURCHASE
PLAN</STRONG></FONT></CENTER>
<P><FONT face="Times New Roman"><STRONG></STRONG></FONT></P>
<P><FONT face="Times New Roman"><EM>Please Print</EM></FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 cellSpacing=0
cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="12%"><FONT face="Times New Roman">Employee:</FONT></TD>
    <TD
      width="43%"><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;
      </U></TD>
    <TD width="15%"><FONT face="Times New Roman">Date of Birth:</FONT></TD>
    <TD
      width="30%"><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></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD width="43%"><FONT
      face="Times New Roman">First&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;
      Last</FONT></TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="30%"><FONT
      face="Times New Roman">Mo.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Day&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year</FONT></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD></TR></TABLE><BR><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;&nbsp;&nbsp;
</U></FONT>
<P></P>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 cellSpacing=0
cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="25%">
      <P align=center><FONT face="Times New Roman">Street</FONT></P></TD>
    <TD width="25%">
      <P align=center><FONT face="Times New Roman">City</FONT></P></TD>
    <TD width="25%">
      <P align=center><FONT face="Times New Roman">&nbsp; State</FONT></P></TD>
    <TD width="25%">
      <P align=left><FONT
  face="Times New Roman">&nbsp;Zip</FONT></P></TD></TR></TABLE>
<P>&nbsp;</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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;
</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 2004 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 style="MARGIN-LEFT: 200px; MARGIN-RIGHT: 100px"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[&nbsp;&nbsp;] 6%</FONT><BR><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[&nbsp;&nbsp;] 7%</FONT><BR><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[&nbsp;&nbsp;] 8%</FONT><BR><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[&nbsp;&nbsp;] 9%</FONT><BR><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[&nbsp;&nbsp;] 10%</FONT><BR><FONT face="Times New Roman">[&nbsp;&nbsp;] $10.00
per month (minimum contribution)</FONT>
<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;
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;
</U></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;
</U>&nbsp;&nbsp;&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;
</U>&nbsp;&nbsp; Zip:
<U>&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">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;
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;
</U></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;
</U>&nbsp;&nbsp;&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;
</U>&nbsp;&nbsp; Zip:
<U>&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">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;
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;
</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></FONT></P><BR WP="BR1"><BR WP="BR2">
<P>&nbsp;</P>
<P><FONT face="Times New Roman"></FONT><FONT face="Times New Roman">Exhibit
5</FONT> <BR><FONT face="Times New Roman">Legality Opinion </FONT><BR><FONT
face="Times New Roman">and Consent</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>[LETTERHEAD OF HISCOCK
&amp; BARCLAY, LLP]</STRONG></FONT></P>
<P align=center>&nbsp;</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;
March 31, 2004</FONT></P>
<P><FONT face="Times New Roman">Taylor Devices, Inc.</FONT> <BR><FONT
face="Times New Roman">90 Taylor Drive</FONT> <BR><FONT
face="Times New Roman">PO Box 748</FONT> <BR><FONT face="Times New Roman">North
Tonawanda, New York 14120-0748</FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman">Attention: Douglas&nbsp;P. Taylor,
</FONT><BR><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"></FONT></P>
<P><FONT
face="Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>Re: 2004 Taylor Devices, Inc. Employee Stock Purchase Plan</FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman">Ladies and Gentlemen:</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have represented Taylor Devices, Inc. (the "Company") in connection with the
issuance by the Company of up to 295,000 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 2004 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 March 3, 2004.
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 March 31, 2004 (the "Registration Statement").</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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, 2003; (5) its Quarterly Reports on Form&nbsp;10-QSB for the
fiscal quarters ended&nbsp; August 31, 2003 and November 30, 2003; (6)&nbsp;
Resolutions of the Board of Directors adopted March 3, 2004; (7) the Issuer
Statement on Form M-11 filed with the New York Department of Law on or about
October 25, 2002 and effective January 25, 2003, and the Supplement on Form M-3
thereto filed with the New York Department of Law on or about March 31, 2004;
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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) the Plan has been duly adopted; and</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Very truly yours,</FONT></P>
<P>&nbsp;</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;
/<U>s/Hiscock &amp; Barclay, LLP </U></FONT><BR><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
HISCOCK &amp; BARCLAY, LLP</STRONG></FONT></P>
<P><FONT face="Times New Roman"><STRONG></STRONG></FONT></P><BR WP="BR1"><BR
WP="BR2">
<P>&nbsp;</P>
<P><FONT face="Times New Roman"></FONT><FONT
face="Times New Roman">Exhibit&nbsp;23.1</FONT> <BR><FONT
face="Times New Roman">Consent of Independent Auditors</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>[LETTERHEAD OF LUMSDEN
&amp; McCORMICK, LLP]</STRONG></FONT></P>
<P align=center>&nbsp;</P>
<P><FONT face="Times New Roman">To the Board of Directors of </FONT><BR><FONT
face="Times New Roman">Taylor Devices, Inc.</FONT></P>
<P><FONT face="Times New Roman"></FONT></P>
<P><FONT face="Times New Roman">Gentlemen:</FONT></P>
<P><FONT
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We hereby consent to the incorporation by reference in this Registration
Statement on Form&nbsp;S-8 of our report dated August 8, 2003, which appears on
page&nbsp;26 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,
2003.</FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</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;
<U>/s/ Lumsden &amp; McCormick, LLP </U></FONT><BR><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
LUMSDEN &amp; McCORMICK, LLP</STRONG></FONT> <BR><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>Buffalo, New&nbsp;York</FONT> <BR><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;
March 31, 2004</FONT></P>
<P><FONT face="Times New Roman"></FONT><FONT face="CG Times"></FONT></P>
<P><A name=N_1_>1. </A>
<P></FONT><FONT face="Times New Roman" size=-1></FONT><FONT
face="Times New Roman"><SUP></SUP></FONT><FONT face=Symbol
size=-1><SUP></SUP>*</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.
<P>&nbsp;
<P></FONT><FONT face="Times New Roman"
size=-1><SUP></SUP></FONT></P></BODY></HTML>
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{"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": "333-114085", "film-number": "04706085"}, "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 March 31, 2004
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)
__________________________
2004 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
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
295,000 Shares
$2.270
$
669,650
$84.84
_____________________
(1)
Estimated pursuant to
Rule 457 solely for the purpose of calculating the registration fee. The
price per share is estimated to be $2.270 based on the mean between the closing
bid and asked prices for the Common Stock traded over-the-counter as of March
26, 2004 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.
*
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 2004 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 295,000, 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, 2,973,603 Shares
are issued and outstanding; 241,801 Shares are held in the Company's Treasury;
83,500 Shares are reserved for issuance of unexercised options under the 2001
Taylor Devices, Inc. Stock Option Plan; 4,315 Shares are reserved for
issuance under the 2002 Employee Stock Purchase Plan; and 295,000 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
2004 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
3
rd
day of March, 2004.
TAYLOR DEVICES, INC.
By:
/s/ Douglas P. Taylor
Douglas P. Taylor, President, Chief
Executive Officer and Director
(
Principal Executive
Officer
)
and
By:
/s/ Mark V. McDonough
Mark V. McDonough
Chief Financial Officer
(
Principal Financial and
Accounting Officer
)
POWER OF
ATTORNEY
Each person whose signature appears below constitutes and appoints
Douglas P. Taylor his attorney-in-fact, with the power of substitution, for
him in any and all capacities, to sign any amendments to this registration
statement, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission, hereby
ratifying and confirming all that said attorney-in-fact, or his substitute or
substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed below by the following persons in the capacities and
on the date indicated.
/s/ Randall L.
Clark
/s/ Joseph P. Gastel
Randall L.
Clark,
Director                                                    
Joseph P. Gastel, Director
Date: March
3,
2004                                                            
Date: March 3, 2004
/s/ Richard G. Hill
/s/ Donald B. Hofmar
Richard G. Hill,
Director                                                      
Donald B. Hofmar, Director
Date: March 3,
2004                                                           
Date: March 3, 2004
Exhibit 4.1
2004 Taylor Devices, Inc.
Employee Stock Purchase Plan
2004 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 an incentive to increased efficient and profitable operations and to
encourage employee investment in its $0.025 par value common stock (the
"Shares"), hereby establishes the 2004 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 295,000 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 March 31, 2004
Exhibit
4.2
Application Form
GIVE THIS FORM TO YOUR PAYROLL
SUPERVISOR
APPLICATION
FORM
2004 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 2004 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]
March 31, 2004
Taylor Devices, Inc.
90 Taylor Drive
PO Box 748
North
Tonawanda, New York 14120-0748
Attention: Douglas P. Taylor,
President & Chief Executive Officer
Re: 2004 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 295,000 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 2004 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 March 3, 2004.
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 March 31, 2004 (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, 2003; (5) its Quarterly Reports on Form 10-QSB for the
fiscal quarters ended  August 31, 2003 and November 30, 2003; (6) 
Resolutions of the Board of Directors adopted March 3, 2004; (7) the Issuer
Statement on Form M-11 filed with the New York Department of Law on or about
October 25, 2002 and effective January 25, 2003, and the Supplement on Form M-3
thereto filed with the New York Department of Law on or about March 31, 2004;
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 8, 2003, which appears on
page 26 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,
2003.
/s/ Lumsden & McCormick, LLP
LUMSDEN & McCORMICK, LLP
Buffalo, New York
March 31, 2004
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.