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<P align=center><FONT face="CG Times" size=2>As filed with the Securities and
Exchange Commission April 17, 2006</FONT></P><FONT face="CG Times" size=2>
<HR color=#000000 SIZE=1>

<HR color=#000000 noShade>
</FONT>
<P align=center><B><FONT face="CG Times" size=5>SECURITIES AND EXCHANGE
COMMISSION</FONT></B></P>
<P align=center><FONT face="CG&#13;&#10;Times" size=2>WASHINGTON, D.C.
20549</FONT></P>
<P align=center><FONT face="CG&#13;&#10;Times"
size=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P align=center><B><FONT face="CG Times" size=5>Form S&#8209;8</FONT></B></P>
<P align=center><FONT face="CG Times" size=2>REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933</FONT></P>
<P align=center><FONT face="CG&#13;&#10;Times"
size=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P align=center><B><FONT face="CG Times" size=5>TAYLOR DEVICES,
INC.</FONT></B></P>
<P align=center><I><FONT face="CG Times" size=1>(Exact name of registrant as
specified in its charter)</FONT></I></P>
<TABLE cellSpacing=0 cellPadding=0 width=760 border=0>

  <TR>
    <TD vAlign=top width=369>
      <P align=center><B><FONT face="CG Times"
      size=2>New&nbsp;York</FONT></B><FONT face="CG Times" size=1><I><BR>(State
      or other jurisdiction</I></FONT><I><FONT face="CG Times" size=1><BR>of
      incorporation or organization)</FONT></I></P></TD>
    <TD vAlign=top width=391>
      <P align=center><B><FONT face="CG Times" size=2>16&#8209;0797789</FONT></B><FONT
      face="CG Times" size=1><I><BR>(I.R.S. Employer Identification
      No.)</I></FONT></P></TD></TR></TABLE>
<P align=center><B><FONT face="CG Times" size=2>90&nbsp;Taylor Drive<BR>North
Tonawanda, New&nbsp;York 14120&#8209;0748<BR>(716) 694-0800</FONT></B><FONT
face="CG Times" size=1><I><BR>(Address, including zip code, and telephone
number, including area code, of registrant's principal executive
offices)</I></FONT></P>
<P align=center><FONT face="CG&#13;&#10;Times"
size=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P align=center><FONT face="CG Times" size=2><B>2005 TAYLOR DEVICES, INC. STOCK
OPTION PLAN</B></FONT><FONT face="CG Times" size=1><I><BR>(Full title of the
plan)<BR></I></FONT><FONT face="CG&#13;&#10;Times"
size=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P align=center><B><FONT face="CG Times" size=2>SANDRA&nbsp;S. O'LOUGHLIN,
ESQ.</FONT></B><FONT face="CG&#13;&#10;Times" size=2><BR>Hiscock &amp; Barclay,
LLP<BR>1100 M&amp;T Center</FONT><FONT face="CG Times" size=2><BR>3 Fountain
Plaza</FONT><FONT face="CG&#13;&#10;Times" size=2><BR>Buffalo, New&nbsp;York
14203-1414<BR>Telephone (716) 856&#8209;5400</FONT><FONT face="CG Times"
size=2><I><BR></I></FONT><I><FONT face="CG&#13;&#10;Times" size=1>(Name, address
and telephone number, including area code, of agent for service)</FONT></I></P>
<P align=center>&nbsp;<B><FONT face="CG Times" size=2>Calculation of
Registration Fee</FONT></B></P>
<P></P>
<TABLE cellSpacing=0 cellPadding=0 width=734 border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: 1px solid; PADDING-RIGHT: 4px; BORDER-TOP: 1px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: 1px; BORDER-LEFT: 1px solid; PADDING-TOP: 1px; BORDER-BOTTOM: 1px solid"
    vAlign=top borderColor=#000000 width=142>
      <P align=center><FONT face="CG Times" size=1><BR>Title of securities to
      <BR>be registered</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; PADDING-RIGHT: 4px; BORDER-TOP: 1px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: 1px; BORDER-LEFT: 1px solid; PADDING-TOP: 1px; BORDER-BOTTOM: 1px solid"
    vAlign=top borderColor=#000000 width=152>
      <P align=center><FONT face="CG Times" size=1><BR>Amount to
      be<BR>registered</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; PADDING-RIGHT: 4px; BORDER-TOP: 1px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: 1px; BORDER-LEFT: 1px solid; PADDING-TOP: 1px; BORDER-BOTTOM: 1px solid"
    vAlign=top borderColor=#000000 width=149>
      <P align=center><FONT face="CG Times" size=1>Proposed maximum<BR>offering
      price per<BR>share <SUP>(1)</SUP></FONT></P></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; PADDING-RIGHT: 4px; BORDER-TOP: 1px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: 1px; BORDER-LEFT: 1px solid; PADDING-TOP: 1px; BORDER-BOTTOM: 1px solid"
    vAlign=top borderColor=#000000 width=150>
      <P align=center><FONT face="CG Times" size=1>Proposed maximum<BR>aggregate
      offering<BR>price <SUP>(1)</SUP></FONT></P></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; PADDING-RIGHT: 4px; BORDER-TOP: 1px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: 1px; BORDER-LEFT: 1px solid; PADDING-TOP: 1px; BORDER-BOTTOM: 1px solid"
    vAlign=top borderColor=#000000 width=141>
      <P align=center><FONT face="CG Times" size=1><BR>Amount of<BR>Registration
      Fee</FONT></P></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: 1px solid; PADDING-RIGHT: 4px; BORDER-TOP: 1px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: 1px; BORDER-LEFT: 1px solid; PADDING-TOP: 1px; BORDER-BOTTOM: 1px solid"
    vAlign=top borderColor=#000000 width=142>
      <P><FONT face="CG Times" size=1><BR>Common Stock, $.025<BR>&nbsp;par
      value</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; PADDING-RIGHT: 4px; BORDER-TOP: 1px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: 1px; BORDER-LEFT: 1px solid; PADDING-TOP: 1px; BORDER-BOTTOM: 1px solid"
    vAlign=top borderColor=#000000 width=152>
      <P align=center><BR><FONT face="CG Times" size=1>140,000
    Shares</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; PADDING-RIGHT: 4px; BORDER-TOP: 1px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: 1px; BORDER-LEFT: 1px solid; PADDING-TOP: 1px; BORDER-BOTTOM: 1px solid"
    vAlign=top borderColor=#000000 width=149>
      <P align=center><BR><FONT face="CG Times" size=1>$6.860</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; PADDING-RIGHT: 4px; BORDER-TOP: 1px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: 1px; BORDER-LEFT: 1px solid; PADDING-TOP: 1px; BORDER-BOTTOM: 1px solid"
    vAlign=top borderColor=#000000 width=150>
      <P align=center><BR><FONT face="CG Times" size=1>$960,400</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; PADDING-RIGHT: 4px; BORDER-TOP: 1px solid; PADDING-LEFT: 4px; PADDING-BOTTOM: 1px; BORDER-LEFT: 1px solid; PADDING-TOP: 1px; BORDER-BOTTOM: 1px solid"
    vAlign=top borderColor=#000000 width=141>
      <P align=center><BR><FONT face="CG Times"
  size=1>$102.76</FONT></P></TD></TR></TABLE>
<P><SUP><FONT face="CG Times" size=1>(1)</FONT></SUP> <FONT face="CG Times"
size=1>Estimated pursuant to Rule 457 solely for the purpose of calculating the
registration fee.&nbsp; The price per share is estimated to be $6.860 based on
the average of the high and low prices of the Common Stock reported in the
consolidated reporting system as of April 13, 2006 and reported by the NASDAQ
System for NASDAQ SmallCap Issues.</FONT></P>
<P><FONT face="CG Times" size=1>
<HR color=#000000>
</FONT>
<P></P>
<P></P>
<P></P>
<P></P>
<P></P>
<P align=center><B><FONT face="Times New Roman" size=5>PROSPECTUS</FONT><FONT
face="Times New&#13;&#10;Roman" size=5><BR>&nbsp;&nbsp;TAYLOR DEVICES,
INC.</FONT></B></P>
<P align=center><B><FONT face="Times New&#13;&#10;Roman" size=2>Common
Stock<BR>&nbsp;Par Value $.025 Per
Share<BR>&nbsp;_____________________</FONT></B></P>
<P align=center><B><FONT face="Times New&#13;&#10;Roman" size=2>&nbsp;2005
Taylor Devices, Inc.<BR>Stock Option Plan<BR></FONT></B><FONT
size=2><B>&nbsp;_____________________</B></FONT></P>
<P><FONT face="Times New Roman" size=2>The Common Stock, par value $.025 per
share, of Taylor Devices, Inc. (the "Company") offered hereby are those shares
to be purchased from time to time by exercise of employee stock options
("Options") granted under the 2005 Taylor Devices, Inc. Stock Option Plan (the
"Plan").</FONT></P>
<P><FONT face="Times New Roman" size=2>Options under the Plan are or will be
granted as set forth herein to eligible employees and directors of the Company
and its subsidiaries.</FONT></P>
<P><FONT face="Times New Roman" size=2>THE SECURITIES AND EXCHANGE COMMISSION
HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF
THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.</FONT></P>
<P align=center><B><FONT face="Times New&#13;&#10;Roman"
size=2>_____________________</FONT></B></P>
<P><FONT face="Times New Roman" size=2></FONT></P>
<P><B><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither delivery of this Prospectus nor any sale made hereunder shall, under any
circumstances, create any implication that there has been no change in the
affairs of Taylor Devices, Inc. since the date hereof or the dates as of which
information is set forth herein.</FONT></B></P>
<P align=center><B><FONT face="Times New&#13;&#10;Roman"
size=2>_____________________</FONT></B></P>
<P><FONT face="Times New Roman" size=2></FONT></P>
<P><B><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
document constitutes part of a Prospectus covering securities that have been
registered under the Securities Act of 1933.</FONT></B></P>
<P align=center><B><FONT face="Times New&#13;&#10;Roman"
size=2>_____________________</FONT></B></P>
<P><FONT face="Times New Roman" size=2></FONT></P>
<P><FONT face="Times New Roman" size=2></FONT></P>
<P align=center><FONT face="Times New&#13;&#10;Roman" size=2>The date of this
Prospectus is April 17, 2006</FONT></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2>PART I</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS</FONT></B></P>
<P><FONT face="Times New Roman" size=2>Item
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Information.
*</FONT></P>
<P><FONT face="Times New Roman" size=2>Item
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant Information and
Employee Plan Annual Information. *</FONT></P>
<P><FONT face="Times New Roman" size=2>*Information required by Part I to be
included in the Section 19(a) prospectus is omitted from this Registration
Statement in accordance with Rule 428 under the Securities Act of 1933 (the
"Securities Act") and the "Note" to Part I of Form S-8.</FONT></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT face="Times New&#13;&#10;Roman" size=2>PART
II<BR><BR></FONT><FONT face="Times New Roman" size=2>&nbsp;INFORMATION REQUIRED
IN REGISTRATION STATEMENT</FONT></B><BR><FONT size=2>&nbsp;(INFORMATION NOT
REQUIRED IN THE PROSPECTUS)</FONT></P>
<P><FONT face="Times New Roman" size=2>Item
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incorporation of Documents by
Reference</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following documents are hereby incorporated by reference in this
Registration Statement:</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company's latest
annual report filed pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act;
and</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other reports
filed by the Company pursuant to Section 13(a) or 15(d) of the Exchange Act
since the end of the fiscal year covered by the annual report referred to in (a)
above.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, after the date hereof and prior to the filing with
the Commission of a post&#8209;effective amendment which indicates that the securities
offered hereby have been sold or which deregisters the securities covered hereby
then remaining unsold, shall also be deemed to be incorporated by reference into
this Registration Statement and to be a part hereof from the respective date of
filing of such documents.</FONT></P>
<P><FONT face="Times New Roman" size=2>Item
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Description of
securities</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the terms of the Plan, the Committee is authorized to issue, upon
exercise of the Options granted, Common Stock either from authorized but
unissued Common Stock, or from Common Stock reacquired by the Company.&nbsp; The
aggregate number of Common Stock which may be distributed under the Plan shall
not exceed 140,000, subject to proportional adjustment in the event of changes
in capitalization of the Company.</FONT></P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Certificate of Incorporation authorizes the Company to issue up to 8,000,000
shares of Common Stock, of which, as of the date of this Prospectus, 3,126,002
shares of Common Stock are issued and outstanding; 256,154 shares of Common
Stock are held in the Company's Treasury; 10,750 shares of Common Stock are
reserved for issuance under the 2001 Taylor Devices, Inc. Stock Option Plan;
249,339 shares of Common Stock are reserved for issuance under the 2004 Taylor
Devices, Inc. Employee Stock Purchase Plan; and 140,000 shares of Common Stock
are reserved for issuance under the Plan which is the subject of this
Registration Statement.</FONT>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Certificate of Incorporation of the Company authorizes the Board of
Directors to issue up to 2,000,000 shares of preferred stock, $.05 par value,
with such rights and privileges, including voting rights, as it may deem
appropriate.&nbsp; Five thousand (5,000) preferred shares have been designated
by the Board of Directors as "Series 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 9, 1998 (the "Amendment").</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In accordance with the Amendment and the Rights Agreement, the Company declared
a dividend of one Right for each outstanding share of the Company's Common
Stock, to shareholders of record at the close of business on October 19, 1998
(the "Record Date").&nbsp; Each Right entitles the registered holder to purchase
from the Company a unit consisting of one two&#8209;thousandths (1/2000th) of a share
of Series A Stock, at a purchase price of $5.00 per unit of 1/2000th of a share,
subject to adjustment.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Initially, the Rights are attached to all Common Stock certificates representing
shares then outstanding, and no separate Rights Certificates will be
distributed. A distribution date will occur and the Rights will separate from
the Common Stock upon the earliest of (1) 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 stock of Common Stock then outstanding; (2) 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 of Common Stock (unless such tender offer or exchange offer
is an offer for all outstanding shares of Common Stock which a majority of the
unaffiliated Directors who are not officers of the Company determine to be fair
to and otherwise in the best interests of the Company and its shareholders); and
(3) 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 of Common Stock 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 Common Stock
beneficially owned by such person or to cause pressure on the Company to take
action or enter into a transaction or series of transactions intended to provide
such person with short&#8209;term financial gain under circumstances where such
continuing Directors determine that the best long&#8209;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"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 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 Common Stock.&nbsp; In addition, the Board of
Directors' power to issue additional Common Stock may delay or deter a change in
control by increasing the number of Common Stock needed to gain
control.&nbsp;</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, under New&nbsp;York law, the Company cannot enter into certain
business combinations involving persons beneficially owning 20% or more of the
shares of Common Stock, unless the Board of Directors has approved the business
combination or the stock acquisition by which the person's interest reached 20%
("Stock Acquisition") prior to the date of the Stock Acquisition.&nbsp; This
restriction applies for 5 years after the date of the Stock Acquisition, and
thereafter, the Company may enter into a business combination with the
interested person (1)&nbsp;if the combination is approved by vote of the holders
of a majority of the Common Stock beneficially owned by disinterested
shareholders or (2)&nbsp;as part of the business combination if the
disinterested shareholders receive a price for their Common Stock equal to or
greater than the price determined in accordance with a statutory formula
intended to assure that the shareholder will receive an equitable price in the
business combination.&nbsp; New&nbsp;York law also prevents the Company from
purchasing more than 10% of the shares of Common Stock for more than their
market value unless the purchase is approved by the Board of Directors and by a
majority vote of all outstanding Common Stock, unless the offer to purchase is
extended to all shareholders, or unless the offer is for Common Stock the holder
has held for more than 2 years.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Common Stock is listed on the NASDAQ SmallCap Issues Market.</FONT></P>
<P><FONT face="Times New Roman" size=2>Item
5:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interests of Named Experts and Counsel.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not
applicable.</FONT></P>
<P><FONT face="Times New Roman" size=2>Item
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indemnification of Directors
and Officers</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Certificate of Incorporation of the Company eliminates or limits the
personal liability of the members of the Company's Board of Directors to the
fullest extent permitted under the New&nbsp;York Business Corporation Law (the
"BCL"), providing that directors will not be liable to the Company or its
shareholders for monetary damages for breach of fiduciary duty as a director,
except to the extent required by law.&nbsp; The BCL requires that a director be
liable if a judgment or other final disposition adverse to the director
establishes that (1)&nbsp;such director's acts or omissions were in bad faith or
involved intentional misconduct or knowing violation of law; or (2) such
director personally gained in fact a financial profit or other advantage to
which the director was not legally entitled; or (3)&nbsp;the acts of such
director violated Section&nbsp;719 of the BCL.&nbsp; Section&nbsp;719 provides
that, unless a director performs the duties of a director in good faith and with
a degree of care which an ordinary prudent person in a like position would use
under similar circumstances, the director may be liable for voting or concurring
in the following corporate actions; (a)&nbsp;the declaration of an illegal
dividend; (b)&nbsp;a corporation's repurchase of its own stock when the
repurchase is not authorized by New&nbsp;York law; (c)&nbsp;the distribution of
assets to shareholders after dissolution of the corporation without adequately
providing for known liabilities of the corporation; and (d)&nbsp;a loan by a
corporation to any director unless the loan is authorized by a vote of
shareholders.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company's by&#8209;laws require the Company to indemnify any person (including any
director, officer or employee) to the full extent permitted by law, who is made,
or threatened to be made, a party to any action or proceeding, whether criminal
or civil, by reason of the fact that such person is or was a director or officer
of the Company or serves or served any other corporation in any capacity at the
request of the Company.&nbsp;</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 1996, the Company also entered into Indemnity Agreements (each, an "Indemnity
Agreement") with certain of its executive officers and directors (the
"Indemnitees") by which the Company formally agreed to indemnify them 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"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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.&nbsp; 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" size=2>Item
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Exemption from Registration Claimed.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not
applicable.</FONT></P>
<P><FONT face="Times New Roman" size=2>Item
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Exhibits</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=762 border=0>

  <TR>
    <TD vAlign=top width=87>
      <P align=center><U><FONT face="Times New Roman" size=2>Exhibit
      Number<BR>&nbsp;</FONT></U></P></TD>
    <TD vAlign=top width=637>
      <P align=center><U><FONT face="Times New Roman"
      size=2>Description</FONT></U></P></TD>
    <TD vAlign=top width=38>
      <P align=right><U><FONT face="Times New Roman"
    size=2>Page</FONT></U></P></TD></TR>
  <TR>
    <TD vAlign=top width=87>
      <P align=center><FONT face="Times New Roman" size=2>4.1</FONT></P></TD>
    <TD vAlign=top width=637>
      <P><FONT face="Times New Roman" size=2>2005 Taylor Devices, Inc. Stock
      Option Plan (incorporated by reference to Appendix "B" to Taylor Devices,
      Inc. Proxy Statement dated September 27, 2005, Commission File
      No.&nbsp;0&#8209;3498).</FONT><FONT size=2><BR>&nbsp;</FONT></P></TD>
    <TD vAlign=top width=38>
      <P align=right><FONT face="Times New Roman" size=2>20</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width=87>
      <P align=center><FONT face="Times New Roman" size=2>4.2</FONT></P></TD>
    <TD vAlign=top width=637>
      <P><FONT face="Times New Roman" size=2>Form of Stock Option
      Agreement.<BR>&nbsp;</FONT></P></TD>
    <TD vAlign=top width=38>
      <P align=right><FONT face="Times New Roman" size=2>21</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width=87>
      <P align=center><FONT face="Times New Roman" size=2>5</FONT></P></TD>
    <TD vAlign=top width=637>
      <P><FONT face="Times New Roman" size=2>Opinion of Hiscock &amp; Barclay,
      LLP regarding legality of Common stock being registered.</FONT><FONT
      size=2><BR>&nbsp;</FONT></P></TD>
    <TD vAlign=top width=38>
      <P align=right><FONT face="Times New Roman" size=2>25</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width=87>
      <P align=center><FONT face="Times New Roman" size=2>23.1</FONT></P></TD>
    <TD vAlign=top width=637>
      <P><FONT face="Times New Roman" size=2>Consent of Lumsden &amp; McCormick,
      LLP<BR>&nbsp;</FONT></P></TD>
    <TD vAlign=top width=38>
      <P align=right><FONT face="Times New Roman" size=2>27</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width=87>
      <P align=center><FONT face="Times New Roman" size=2>23.2</FONT></P></TD>
    <TD vAlign=top width=637>
      <P><FONT face="Times New Roman" size=2>Consent of Hiscock &amp; Barclay,
      LLP (included in their Opinion filed as Exhibit 5).</FONT></P></TD>
    <TD vAlign=top width=38></TD></TR></TABLE>
<P><FONT face="Times New Roman" size=2>Item
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Undertakings</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned Company hereby undertakes:</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp; To file, during any period in which the Company
offers or sells securities, a post&#8209;effective amendment to this Registration
Statement, to include any additional or changed material information on the plan
of distribution.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp; For determining liability under the Securities Act,
to treat each post&#8209;effective amendment as a new registration statement of the
securities offered, and the offering of such securities at that time to be the
initial <I>bona&nbsp;fide</I> offering.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp; To file a post&#8209;effective amendment to remove from
registration any of the securities which remain unsold at the end of the
offering.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Insofar as indemnification for liabilities arising under the Securities Act may
be permitted to directors, officers and controlling persons of the Company
pursuant to the foregoing provisions, or otherwise, the Company has been advised
that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore,
unenforceable.&nbsp; In the event that a claim for indemnification against such
liabilities (other than the payment by the Company of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the
Company will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by the Company is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.</FONT></P>
<P><FONT face="Times New Roman" size=2></FONT></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT face="Times New&#13;&#10;Roman"
size=2>SIGNATURES</FONT></B></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, the Company
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S&#8209;8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of North&nbsp;Tonawanda, State of New&nbsp;York, on the
9th day of March, 2006</FONT></P>
<P><FONT face="Times New Roman" size=2></FONT></P>
<P><B><FONT face="Times New&#13;&#10;Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P>
<P align=center><B><FONT face="Times New&#13;&#10;Roman" size=2>&nbsp;TAYLOR
DEVICES, INC.</FONT></B><FONT size=2></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=676 border=0>

  <TR>
    <TD vAlign=top width=544>
      <P align=right><FONT face="Times New Roman" size=2>By:</FONT></P></TD>
    <TD vAlign=top width=25>
      <P align=right>&nbsp;</P></TD>
    <TD vAlign=top width=500>
      <P><U><FONT face="Times New Roman" size=2>/s/Douglas P.
      Taylor</FONT></U><FONT face="Times New Roman" size=2><BR>Douglas P.
      Taylor,<BR>President, Chief Executive Officer and
      Director<BR>(<I>Principal Executive Officer</I>)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width=544>&nbsp;</TD>
    <TD vAlign=top width=25></TD>
    <TD vAlign=top width=500>
      <P>&nbsp;</P>
      <P><FONT face="Times New Roman" size=2><BR>And</FONT></P>
      <P><BR>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width=544>
      <P align=right><FONT face="Times New Roman" size=2>By:</FONT></P></TD>
    <TD vAlign=top width=25>
      <P align=right>&nbsp;</P></TD>
    <TD vAlign=top width=500>
      <P><U><FONT face="Times New Roman" size=2>/s/Mark V.
      McDonough</FONT></U><FONT face="Times New Roman" size=2><BR>Mark V.
      McDonough,<BR>Chief Financial Officer<BR>(<I>Principal Financial and
      Accounting Officer</I>)</FONT></P></TD></TR></TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align=center><B><FONT face="Times New&#13;&#10;Roman" size=2>POWER OF
ATTORNEY</FONT></B></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each person whose signature appears below constitutes and appoints
Douglas&nbsp;P. Taylor his attorney&#8209;in&#8209;fact, with the power of substitution, for
him in any and all capacities, to sign any amendments to this registration
statement, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission, hereby
ratifying and confirming all that said attorney&#8209;in&#8209;fact, or his substitute or
substitutes, may do or cause to be done by virtue hereof.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed below by the following persons in the capacities and
on the date indicated.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=675 border=0>

  <TR>
    <TD vAlign=top width=355>
      <P><B><FONT face="Times New Roman"
      size=2>Signature<BR>&nbsp;</FONT></B></P></TD>
    <TD vAlign=top width=320></TD></TR>
  <TR height=74>
    <TD vAlign=top width=355 height=74>
      <P><U><FONT face="Times New Roman" size=2></FONT></U></P>
      <P><U><FONT face="Times New Roman" size=2>/s/ Randall L.
      Clark</FONT></U><FONT face="Times New Roman" size=2><BR>Randall L. Clark,
      Director<BR>Date:&nbsp; March 9, 2006</FONT></P></TD>
    <TD vAlign=top width=320 height=74>
      <P><U><FONT face="Times New Roman" size=2></FONT></U></P>
      <P><U><FONT face="Times New Roman" size=2>/s/ Richard G.
      Hill</FONT></U><FONT face="Times New Roman" size=2><BR>Richard G. Hill,
      Director<BR>Date:&nbsp; March 9, 2006</FONT></P></TD></TR>
  <TR height=107>
    <TD vAlign=top width=355 height=107>
      <P><FONT face="Times New Roman" size=2></FONT></P>
      <P><FONT face="Times New Roman" size=2></FONT></P>
      <P><U><FONT face="Times New Roman" size=2>/s/ Reginald B. Newman
      II</FONT></U><FONT face="Times New Roman" size=2><BR>Reginald B. Newman
      II, Director<BR>Date:&nbsp; March 9, 2006</FONT></P></TD>
    <TD vAlign=top width=320 height=107>
      <P><FONT face="Times New Roman" size=2></FONT></P>
      <P><FONT face="Times New Roman" size=2></FONT></P>
      <P><U><FONT face="Times New Roman" size=2>/s/ Donald B.
      Hofmar</FONT></U><FONT face="Times New Roman" size=2><BR>Donald B. Hofmar,
      Director<BR>Date:&nbsp; March 9, 2006</FONT></P></TD></TR></TABLE>
<P><FONT face="Times New Roman" size=2></FONT></P>
<P><FONT face="Times New Roman" size=2></FONT></P><FONT face="Times New Roman"
size=2><BR clear=all></FONT>
<P><FONT face="Times New Roman" size=2>Exhibit 4.1<BR>2005 Taylor Devices,
Inc.<BR>Stock Option Plan</FONT></P>
<P><FONT face="Times New Roman" size=2></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>INCORPORATED BY REFERENCE TO
2005 PROXY STATEMENT<BR>&nbsp;FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION<BR></FONT><FONT face="Times New&#13;&#10;Roman" size=2>&nbsp;ON
SEPTEMBER 27, 2005</FONT></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=left><FONT face="Times New&#13;&#10;Roman" size=2><BR clear=all>Exhibit
4.2</FONT><FONT face="Times New Roman" size=2><BR>Form of Stock Option
Agreement</FONT></P>
<P><FONT face="CG&#13;&#10;Times"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></DIV>
<P align=center><B><FONT face="Times New&#13;&#10;Roman" size=2>SUMMARY OF
OPTION GRANT<BR></FONT><FONT face="Times New Roman" size=2>&nbsp;2005 TAYLOR
DEVICES, INC. STOCK OPTION PLAN</FONT></B></P>
<DIV>
<P><B><FONT face="Times New&#13;&#10;Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P>
<P><B><FONT face="Times New Roman" size=2>Name of Optionee</FONT></B><FONT
size=2>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><BR></U></FONT><B><FONT
face="Times New Roman" size=2>Address of Optionee</FONT></B><FONT size=2>:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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;</U></FONT></P>
<P><B><FONT face="Times New Roman" size=2>Taxpayer Identification
Number:</FONT></B><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></P>
<P><B><FONT face="Times New Roman" size=2>Number of Options</FONT></B><FONT
size=2>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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;</U></FONT></P>
<P><FONT face="Times New Roman" size=2>&nbsp;&nbsp;</FONT><B><FONT
face="Times New Roman" size=2>Exercise Price per Share</FONT></B><FONT
size=2>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman" size=2>&nbsp;</FONT><U><FONT
face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U> <B><FONT
size=2>&nbsp;&nbsp; Incentive Stock Options
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
OR</FONT></P>
<P><U><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</FONT></U> <FONT size=2>&nbsp;&nbsp; <B>Non-Qualified Stock
Options&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of Grant:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> &nbsp; Expiration Date:
<U>&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></P>
<P><B><FONT face="Times New Roman" size=2>STOCK OPTION AGREEMENT</FONT></B></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned, TAYLOR DEVICES, INC., a New York corporation with offices at
90&nbsp;Taylor Drive, North Tonawanda, New York 14120 (the "Company") and the
above named Optionee, an individual residing at the address shown in the above,
hereby enter into this STOCK OPTION AGREEMENT effective as of the Date of Grant
(the "Agreement"), as stated above, upon the Terms and Conditions attached
hereto and expressly incorporated into this Agreement (the "Terms and
Conditions").</FONT></P>
<P><FONT face="Times New&#13;&#10;Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; <B>TAYLOR DEVICES, INC.</B></FONT></P>
<P><FONT face="Times New&#13;&#10;Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;
By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Douglas P. Taylor, President</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned Optionee hereby agrees to the Terms and Conditions, and
acknowledges receipt from the Company of a copy of the 2005 Taylor Devices, Inc.
Stock Option Plan.</FONT></P>
<P><FONT face="Times New&#13;&#10;Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
OPTIONEE:</B></FONT></P>
<P><FONT face="Times New&#13;&#10;Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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;</U></FONT><FONT
face="Times New&#13;&#10;Roman"
size=3><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[NAME]</FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=3>TERMS AND
CONDITIONS</FONT><FONT face="Times New Roman" size=2><BR>OF<BR>2005 TAYLOR
DEVICES, INC. STOCK OPTION PLAN</FONT></B></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Optionee is an [employee/director] of the Company.&nbsp; The Compensation
Committee of the Company (the "Committee") has determined that the Optionee is a
key employee of the Company, or has otherwise met the criteria necessary for the
grant of options under the 2005 Taylor Devices, Inc. Stock Option Plan (the
"Plan").&nbsp; The Plan was adopted by the Board of Directors of the Company and
approved by shareholders on November 11, 2005.&nbsp; The Committee has elected
to grant options to the Optionee, which options shall be exercised in accordance
with this Agreement and the Plan; and</FONT></P>
<P><FONT face="Times New Roman" size=2>Optionee wishes to accept this
grant.</FONT></P>
<P><B><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW,
THEREFORE,</FONT></B><FONT size=2> the Company and the Optionee agree as
follows:</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Grant of
Options</U>.&nbsp; By this Agreement, the Company grants to the Optionee, and
the Optionee accepts from the Company as of the date of this Agreement, on the
terms and conditions set forth herein, options (individually or collectively
referred to as the "Options") to purchase the number of shares of its Common
stock, $0.025 par value (the "Common Stock"), at the purchase price per share,
set forth above in the Summary of Option Grant.&nbsp; As specified in such
Summary of Option Grant, the Options are either Incentive Stock Options, or
Non-Qualified Stock Options which will not be treated as "Incentive Stock
Options" under the Internal Revenue Code of 1986, as amended (the "Code").&nbsp;
As provided in the Plan, to the extent that the aggregate fair market value
(determined as of the Grant Date) of Common Stock with respect to which Options
are exercisable for the first time by Optionee during any calendar year (under
all plans of the Company and its Subsidiaries) exceeds one hundred thousand
dollars ($100,000), the Options or portions thereof which exceed such limit
(according to the order in which granted) shall be treated as Non-Qualified
Stock Options notwithstanding any inconsistent designation in the Summary of
Option Grant.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Options are issued under and subject to all of the terms and conditions of the
Plan. The Plan, except as expressly modified by the provisions set forth in this
Agreement, is hereby incorporated by reference into this Agreement.&nbsp; Terms
defined in the Plan and not otherwise defined in this Agreement shall have the
meanings set forth in the Plan.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Term of Option</U>.&nbsp;
The Options shall terminate on and shall not be exercisable after the Expiration
Date set forth above in the Summary of Option Grant and in no event more than
ten (10) years after the Date of Grant.&nbsp; In the event that the Options
shall be designated as Incentive Stock Options and granted to a more than ten
percent (10%) shareholder of the Company, the Options shall terminate not later
than five (5) years after the Date of Grant, as set forth in this
Agreement.&nbsp; Except as provided herein, the Options may be exercised only
during the continuance of the Optionee's employment with the Company.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Option held by an Optionee
whose employment is terminated due to becoming Permanently and Totally Disabled
shall terminate (i) in the case of an Incentive Stock Option, one year after the
date of termination of employment, and (ii) in the case of a Non-Qualified Stock
Option, upon its expiration date.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Option held by an Optionee
whose employment is terminated due to death or who dies within three months
after termination of employment shall terminate (i) in the case of an Incentive
Stock Option, one year after the date of termination of employment, and (ii) in
the case of a Non-Qualified Stock Option, within one year from the date the
Optionee's death, and the Option shall be exercisable within such period of one
year by the executor or administrator of the Optionee's estate or by the person
to whom the Optionee shall have transferred such right by last will and
testament or by the laws of descent or distribution.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Incentive Stock Option or
a Non-Qualified Stock Option held by an Optionee whose employment terminates for
cause, as determined by the Committee, shall expire immediately upon the date of
termination unless some other expiration date is fixed by the
Committee.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Option held by an Optionee
whose employment terminates for any reason other than those specified in
subsection (a), (b), or (c) above shall expire (i) in the case of an Incentive
Stock Option, three months after the date of termination of employment, and (ii)
in the case of a Non-Qualified Stock Option, unless another date is fixed by the
Committee, eighteen months after the date of termination.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing
notwithstanding, no Option shall be exercisable after its expiration
date.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Whether an authorized leave of absence or an absence for military or
governmental service shall constitute termination of employment for purposes of
the Plan shall be determined by the Committee, which determination shall be
final, conclusive, and binding upon the affected Optionee and any person
claiming under or through such Optionee.&nbsp;</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Exercise of
Options</U>.&nbsp; The Optionee shall exercise all or any part of the vested
Options by giving written notice to the Company, in such form as the Committee
shall have prescribed or approved, of such election and of the number of shares
he or she has elected to purchase.&nbsp; The purchase price per share of the
Options shall be the price set forth in the Summary of Option Grant above.&nbsp;
The full purchase price of the stock as to which the Options are being exercised
shall be paid in cash; provided, however, that in lieu of cash, with the
approval of the Committee at or prior to exercise, an Optionee may exercise his
or her Options by tendering to the Company shares of Common Stock owned by him
or her pursuant to Section 9(b) of the Plan.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Shareholder
Rights</U>.&nbsp; Neither the Optionee nor any transferee under this Agreement
shall have any rights as a shareholder with respect to any shares subject to
Options until the date a stock certificate is issued evidencing ownership of
such shares.&nbsp; The Company shall deliver to the Optionee a certificate
representing the shares as to which options have been exercised as soon as
administratively feasible following such exercise.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Non-Transferability</U>.&nbsp; Options shall not be assignable or
transferable by the Optionee other than by will or the laws of descent and
distribution. During the lifetime of an Optionee, the Options shall be
exercisable only by such Optionee.&nbsp; Any transfer of Options attempted in
violation of this Agreement shall be void.</FONT></P><FONT
face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Compliance with Securities
Laws</U>.&nbsp; No Options shall be exercisable in whole or in part if at any
time the Committee or the Board of Directors, as the case may be, shall
determine, in its discretion, that the listing, registration, or qualification
of the shares subject to such Options on any securities exchange or under any
applicable law, or the consent or approval of any government regulatory body, is
necessary or desirable as a condition of or in connection with the granting of
such Options or the issue of shares thereunder unless such listing,
registration, qualification, consent, or approval shall have been effected or
obtained free of any conditions not acceptable to the Board.&nbsp; If a
registration statement under the Securities Act of 1933 with respect to shares
issuable upon exercise of any Options is not in effect at the time of exercise,
the person exercising such Option shall give the Committee a written statement,
satisfactory in form and substance to the Committee, that he or she is acquiring
the shares for his or her own account for investment and not with a view to
their distribution, and the Company may place upon any stock certificate for
shares issuable upon exercise of such Options such legend as the Committee may
prescribe to prevent disposition of the shares in violation of the Securities
Act of 1933 and any other applicable law.</FONT>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Reporting</U>.&nbsp; In
the event the Optionee disposes of the shares acquired from the Options and, as
a result of the disposition, recognizes ordinary income, the Optionee shall give
written notice to the Company, as soon as reasonably practicable, of such
disposition and the amount taxable as ordinary income to the Optionee as a
result of the disposition.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notices</U>.&nbsp; All
notices provided for under this Agreement shall be in writing and shall be
delivered by hand or sent by certified mail to the addresses specified in the
Summary of Option Grant above or to such other addresses that the respective
parties may designate in writing.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>No Right to
Employment</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Nothing contained in this Agreement, nor the granting of any Options to the
Optionee hereunder, shall constitute or be evidence of any agreement or
understanding, express or implied, on the part of the Company to employ or
continue employment of Optionee for any specific period.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Interpretation</U>.&nbsp; This
Agreement shall be governed by and construed under the laws of the State of New
York, without reference to conflict-of-laws principles. All decisions and
interpretations made by the Committee or the Board of Directors with respect to
any question arising under this Agreement or the Plan shall be conclusive and
binding upon the Optionee.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Amendment</U>.&nbsp; No term,
condition, understanding or agreement purporting to modify the terms of this
Agreement shall be binding unless made in writing and signed by both parties
hereto.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Waiver</U>.&nbsp; No failure of
a party to exercise any power given to it under this Agreement or to insist upon
strict compliance with any obligation or condition thereunder, and no custom or
practice of the parties at variance with the terms hereof shall constitute a
waiver by such party of its rights to demand exact compliance with the terms of
this Agreement.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Binding on Heirs,
etc</U>.&nbsp; This Agreement shall inure to the benefit of and be binding upon
the Company and its successors and the Optionee and his or her heirs, executors
and administrators.</FONT></P>
<P><FONT face="Times New Roman" size=2></FONT></P></DIV>
<P>&nbsp;</P>
<DIV>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><FONT face="Times New Roman" size=2>Exhibit 5<BR>Legality Opinion and
Consent</FONT></P>
<P><FONT face="Times New&#13;&#10;Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
April 17, 2006</FONT></P>
<P><FONT face="Times New Roman" size=2>Taylor Devices, Inc.<BR>90 Taylor
Drive<BR>PO Box 748<BR>North Tonawanda, New York 14120-0748<BR>Attention:&nbsp;
Douglas P. Taylor, President and CEO</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005
Taylor Devices, Inc. Stock Option Plan</FONT></P>
<P><FONT face="Times New Roman" size=2>Ladies and Gentlemen:</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have represented Taylor Devices, Inc. (the "Company") in connection with the
issuance by the Company of up to 140,000 shares of its Common stock, par value
$0.025 per share (the "Stock"), subject to options to be granted ("Stock
Options") pursuant to the 2005 Taylor Devices, Inc. Stock Option Plan (the
"Plan").&nbsp; This opinion is being submitted at your request for use as an
Exhibit to the Company's Registration Statement on Form S-8 in accordance with
the Securities Act of 1933 (the "Act"), which Registration Statement is to be
filed with the Securities and Exchange Commission (the "SEC") on or about April
17, 2006 (the "Registration Statement").</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In preparing this opinion, we examined (1) the Plan; (2) the Company's
Certificate of Incorporation and By-laws, each as amended; (3) the Annual Report
on Form 10-KSB for the fiscal year ended May 31, 2005; (4) the Current Report on
Form 8-K dated July 29, 2005; (5) the Quarterly Reports on Forms 10-QSB for the
fiscal quarters ended August 31, 2005, November 30, 2005 and February 28, 2006;
(6) the Proxy Statement, dated September 27, 2005, mailed to shareholders in
connection with the Annual Meeting of Shareholders held on November 11, 2005;
(7) the resolutions of the Board of Directors approving the Plan, dated August
2, 2005; (8) the Issuer Statement on Form M-11 filed with the New York
Department of Law on January 25, 1999, renewed effective January 25, 2003 and
supplemented by statements on Form M-3 filed on or about March 31, 2004 and
March 9, 2006 (collectively, the "Reviewed Documents"), and such questions of
law as we have deemed necessary or appropriate.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In rendering this opinion, other than our review of the Reviewed Documents, we
have made no inquiry as to any factual matter.&nbsp; Based on the foregoing, and
assuming that:</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) the Plan has been duly adopted;</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) on the dates of exercise, the Stock Options (i) will have been duly granted
in accordance with the Plan; (ii) will constitute the legal, valid, and binding
obligations of the Company; and, (iii) subject to applicable bankruptcy,
insolvency and other laws affecting the enforceability of creditors' rights
generally, will be enforceable as to the Company in accordance with the terms of
the Plan; and</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c) no change occurs in the applicable law or the pertinent facts,</FONT></P>
<P><FONT face="Times New Roman" size=2>it is our opinion that the Stock are duly
authorized and, when the Stock Options are exercised in accordance with their
terms and the terms of the Plan, the Stock will be validly issued, fully paid
and nonassessable.</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 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.</FONT></P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&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.&nbsp;&nbsp; In giving our 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 of the Rules and Regulations of the SEC thereunder.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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,<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Hiscock &amp; Barclay, LLP</FONT></P>
<P><FONT face="Times New Roman" size=2></FONT></P>
<P><FONT face="Times New Roman" size=2></FONT></P><FONT face="Times New Roman"
size=2><BR clear=all></FONT>
<P>&nbsp;</P>
<P><FONT face="Times New Roman" size=2>Exhibit 23.1<BR>Consent of Lumsden &amp;
McCormick, LLP<BR>&nbsp;</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>[LETTERHEAD OF LUMSDEN
&amp; McCORMICK, LLP]</FONT></B></P>
<P><FONT face="Times New Roman" size=2>To the Board of Directors of<BR>Taylor
Devices, Inc.</FONT></P>
<P><FONT face="Times New Roman" size=2>Gentlemen:</FONT></P>
<P><FONT face="Times New Roman"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We hereby consent to the incorporation by reference in this Registration
Statement on Form&nbsp;S&#8209;8 of our report dated July 22, 2005, which appears on
page&nbsp;23 of the Annual Report to the Securities and Exchange Commission of
Taylor Devices, Inc. on Form&nbsp;10&#8209;KSB for the fiscal year ended May&nbsp;31,
2005.</FONT></P>
<BLOCKQUOTE>
  <BLOCKQUOTE>
    <BLOCKQUOTE>
      <BLOCKQUOTE>
        <BLOCKQUOTE>
          <BLOCKQUOTE>
            <BLOCKQUOTE>
              <P align=left><B><FONT face="Times New Roman" size=2>LUMSDEN &amp;
              McCORMICK, LLP</FONT></B><FONT face="Times New Roman"
              size=2><BR>Buffalo, New&nbsp;York<BR>April 17,
            2006</FONT></P></BLOCKQUOTE></BLOCKQUOTE></BLOCKQUOTE></BLOCKQUOTE></BLOCKQUOTE></BLOCKQUOTE></BLOCKQUOTE>
<P><FONT face="Times New Roman" size=2></FONT></P></DIV></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": "333-133340", "film-number": "06763412"}, "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"}}
Taylor Devices S8 1998 [wp5.1]
As filed with the Securities and
Exchange Commission April 17, 2006
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)
2005 TAYLOR DEVICES, INC. STOCK
OPTION PLAN
(Full title of the
plan)
SANDRA S. O'LOUGHLIN,
ESQ.
Hiscock & Barclay,
LLP
1100 M&T Center
3 Fountain
Plaza
Buffalo, New York
14203-1414
Telephone (716) 856‑5400
(Name, address
and telephone number, including area code, of agent for service)
Calculation of
Registration Fee
Title of 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
140,000
    Shares
$6.860
$960,400
$102.76
(1)
Estimated pursuant to Rule 457 solely for the purpose of calculating the
registration fee.  The price per share is estimated to be $6.860 based on
the average of the high and low prices of the Common Stock reported in the
consolidated reporting system as of April 13, 2006 and reported by the NASDAQ
System for NASDAQ SmallCap Issues.
PROSPECTUS
TAYLOR DEVICES,
INC.
Common
Stock
Par Value $.025 Per
Share
_____________________
2005
Taylor Devices, Inc.
Stock Option Plan
_____________________
The Common Stock, par value $.025 per
share, of Taylor Devices, Inc. (the "Company") offered hereby are those shares
to be purchased from time to time by exercise of employee stock options
("Options") granted under the 2005 Taylor Devices, Inc. Stock Option Plan (the
"Plan").
Options under the Plan are or will be
granted as set forth herein to eligible employees and directors of the Company
and its subsidiaries.
THE SECURITIES AND EXCHANGE COMMISSION
HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF
THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
_____________________
Neither delivery of this Prospectus nor any sale made hereunder shall, under any
circumstances, create any implication that there has been no change in the
affairs of Taylor Devices, Inc. since the date hereof or the dates as of which
information is set forth herein.
_____________________
This
document constitutes part of a Prospectus covering securities that have been
registered under the Securities Act of 1933.
_____________________
The date of this
Prospectus is April 17, 2006
PART I
INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS
Item
1.         Plan Information.
*
Item
2.         Registrant Information and
Employee Plan Annual Information. *
*Information required by Part I to be
included in the Section 19(a) prospectus is omitted from this Registration
Statement in accordance with Rule 428 under the Securities Act of 1933 (the
"Securities Act") and the "Note" to Part I of Form S-8.
PART
II
INFORMATION REQUIRED
IN REGISTRATION STATEMENT
(INFORMATION NOT
REQUIRED IN THE PROSPECTUS)
Item
3.         Incorporation of Documents by
Reference
The following documents are hereby incorporated by reference in this
Registration Statement:
(a)          The Company's latest
annual report filed pursuant to Section 13(a) or 15(d) of the Exchange Act;
and
(b)          All other reports
filed by the Company pursuant to Section 13(a) or 15(d) of the Exchange Act
since the end of the fiscal year covered by the annual report referred to in (a)
above.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, after the date hereof and prior to the filing with
the Commission of a post‑effective amendment which indicates that the securities
offered hereby have been sold or which deregisters the securities covered hereby
then remaining unsold, shall also be deemed to be incorporated by reference into
this Registration Statement and to be a part hereof from the respective date of
filing of such documents.
Item
4.         Description of
securities
Pursuant to the terms of the Plan, the Committee is authorized to issue, upon
exercise of the Options granted, Common Stock either from authorized but
unissued Common Stock, or from Common Stock reacquired by the Company.  The
aggregate number of Common Stock which may be distributed under the Plan shall
not exceed 140,000, subject to proportional adjustment in the event of changes
in capitalization of the Company.
The Certificate of Incorporation authorizes the Company to issue up to 8,000,000
shares of Common Stock, of which, as of the date of this Prospectus, 3,126,002
shares of Common Stock are issued and outstanding; 256,154 shares of Common
Stock are held in the Company's Treasury; 10,750 shares of Common Stock are
reserved for issuance under the 2001 Taylor Devices, Inc. Stock Option Plan;
249,339 shares of Common Stock are reserved for issuance under the 2004 Taylor
Devices, Inc. Employee Stock Purchase Plan; and 140,000 shares of Common Stock
are reserved for issuance under the Plan which is the subject of this
Registration Statement.
The Certificate of Incorporation of the Company authorizes the Board of
Directors to issue up to 2,000,000 shares of preferred stock, $.05 par value,
with such rights and privileges, including voting rights, as it may deem
appropriate.  Five thousand (5,000) preferred shares have been designated
by the Board of Directors as "Series 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 of the Company's Common
Stock, 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 (1/2000th) of a share
of Series A Stock, at a purchase price of $5.00 per unit of 1/2000th of a share,
subject to adjustment.
Initially, the Rights are attached to all Common Stock certificates representing
shares then outstanding, and no separate Rights Certificates will be
distributed. A distribution date will occur and the Rights will separate from
the Common Stock upon the earliest of (1) 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 stock of Common Stock then outstanding; (2) 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 of Common Stock (unless such tender offer or exchange offer
is an offer for all outstanding shares of Common Stock which a majority of the
unaffiliated Directors who are not officers of the Company determine to be fair
to and otherwise in the best interests of the Company and its shareholders); and
(3) 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 of Common Stock 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 Common Stock
beneficially owned by such person or to cause pressure on the Company to take
action or enter into a transaction or series of transactions intended to provide
such person with short‑term financial gain under circumstances where such
continuing Directors determine that the best long‑term interests of the Company
and its shareholders would not be served by taking such action or entering into
such transactions or series of transactions at that time; or (b) such beneficial
ownership is causing or reasonably likely to cause a material adverse impact
(including, but not limited to, impairment of relationships with customers,
impairment of the Company's ability to maintain its competitive position or
impairment of the Company's business reputation or ability to deal with
governmental agencies) on the business or prospects of the Company.
The power of the Board of Directors to issue preferred shares, such as Series A
Stock, may enable the Board of Directors to prevent a change in control despite
a shift in ownership of the Common Stock.  In addition, the Board of
Directors' power to issue additional Common Stock may delay or deter a change in
control by increasing the number of Common Stock needed to gain
control.
In addition, under New York law, the Company cannot enter into certain
business combinations involving persons beneficially owning 20% or more of the
shares of Common Stock, unless the Board of Directors has approved the business
combination or the stock acquisition by which the person's interest reached 20%
("Stock Acquisition") prior to the date of the Stock Acquisition.  This
restriction applies for 5 years after the date of the Stock Acquisition, and
thereafter, the Company may enter into a business combination with the
interested person (1) if the combination is approved by vote of the holders
of a majority of the Common Stock beneficially owned by disinterested
shareholders or (2) as part of the business combination if the
disinterested shareholders receive a price for their Common Stock equal to or
greater than the price determined in accordance with a statutory formula
intended to assure that the shareholder will receive an equitable price in the
business combination.  New York law also prevents the Company from
purchasing more than 10% of the shares of Common Stock for more than their
market value unless the purchase is approved by the Board of Directors and by a
majority vote of all outstanding Common Stock, unless the offer to purchase is
extended to all shareholders, or unless the offer is for Common Stock the holder
has held for more than 2 years.
The Common Stock is listed on the NASDAQ SmallCap Issues Market.
Item
5:             
Interests of Named Experts and Counsel.
Not
applicable.
Item
6.         Indemnification of Directors
and Officers
The Certificate of Incorporation of the Company eliminates or limits the
personal liability of the members of the Company's Board of Directors to the
fullest extent permitted under the New York Business Corporation Law (the
"BCL"), providing that directors will not be liable to the Company or its
shareholders for monetary damages for breach of fiduciary duty as a director,
except to the extent required by law.  The BCL requires that a director be
liable if a judgment or other final disposition adverse to the director
establishes that (1) such director's acts or omissions were in bad faith or
involved intentional misconduct or knowing violation of law; or (2) such
director personally gained in fact a financial profit or other advantage to
which the director was not legally entitled; or (3) the acts of such
director violated Section 719 of the BCL.  Section 719 provides
that, unless a director performs the duties of a director in good faith and with
a degree of care which an ordinary prudent person in a like position would use
under similar circumstances, the director may be liable for voting or concurring
in the following corporate actions; (a) the declaration of an illegal
dividend; (b) a corporation's repurchase of its own stock when the
repurchase is not authorized by New York law; (c) the distribution of
assets to shareholders after dissolution of the corporation without adequately
providing for known liabilities of the corporation; and (d) a loan by a
corporation to any director unless the loan is authorized by a vote of
shareholders.
The Company's by‑laws require the Company to indemnify any person (including any
director, officer or employee) to the full extent permitted by law, who is made,
or threatened to be made, a party to any action or proceeding, whether criminal
or civil, by reason of the fact that such person is or was a director or officer
of the Company or serves or served any other corporation in any capacity at the
request of the Company.
In 1996, the Company also entered into Indemnity Agreements (each, an "Indemnity
Agreement") with certain of its executive officers and directors (the
"Indemnitees") by which the Company formally agreed to indemnify them 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
2005 Taylor Devices, Inc. Stock
      Option Plan (incorporated by reference to Appendix "B" to Taylor Devices,
      Inc. Proxy Statement dated September 27, 2005, Commission File
      No. 0‑3498).
20
4.2
Form of Stock Option
      Agreement.
21
5
Opinion of Hiscock & Barclay,
      LLP regarding legality of Common stock being registered.
25
23.1
Consent of Lumsden & McCormick,
      LLP
27
23.2
Consent of Hiscock & Barclay,
      LLP (included in their Opinion filed as Exhibit 5).
Item
9.             
Undertakings
A.               
The undersigned Company hereby undertakes:
(a)     To file, during any period in which the Company
offers or sells securities, a post‑effective amendment to this Registration
Statement, to include any additional or changed material information on the plan
of distribution.
(b)     For determining liability under the Securities Act,
to treat each post‑effective amendment as a new registration statement of the
securities offered, and the offering of such securities at that time to be the
initial
bona fide
offering.
(c)     To file a post‑effective amendment to remove from
registration any of the securities which remain unsold at the end of the
offering.
B.               
Insofar as indemnification for liabilities arising under the Securities Act may
be permitted to directors, officers and controlling persons of the Company
pursuant to the foregoing provisions, or otherwise, the Company has been advised
that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore,
unenforceable.  In the event that a claim for indemnification against such
liabilities (other than the payment by the Company of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the
Company will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by the Company is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Company
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S‑8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of North Tonawanda, State of New York, on the
9th day of March, 2006
TAYLOR
DEVICES, INC.
By:
/s/Douglas P.
      Taylor
Douglas P.
      Taylor,
President, Chief Executive Officer and
      Director
(
Principal Executive Officer
)
And
By:
/s/Mark V.
      McDonough
Mark V.
      McDonough,
Chief Financial Officer
(
Principal Financial and
      Accounting Officer
)
POWER OF
ATTORNEY
Each person whose signature appears below constitutes and appoints
Douglas P. Taylor his attorney‑in‑fact, with the power of substitution, for
him in any and all capacities, to sign any amendments to this registration
statement, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission, hereby
ratifying and confirming all that said attorney‑in‑fact, or his substitute or
substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed below by the following persons in the capacities and
on the date indicated.
Signature
/s/ Randall L.
      Clark
Randall L. Clark,
      Director
Date:  March 9, 2006
/s/ Richard G.
      Hill
Richard G. Hill,
      Director
Date:  March 9, 2006
/s/ Reginald B. Newman
      II
Reginald B. Newman
      II, Director
Date:  March 9, 2006
/s/ Donald B.
      Hofmar
Donald B. Hofmar,
      Director
Date:  March 9, 2006
Exhibit 4.1
2005 Taylor Devices,
Inc.
Stock Option Plan
INCORPORATED BY REFERENCE TO
2005 PROXY STATEMENT
FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION
ON
SEPTEMBER 27, 2005
Exhibit
4.2
Form of Stock Option
Agreement
SUMMARY OF
OPTION GRANT
2005 TAYLOR
DEVICES, INC. STOCK OPTION PLAN
Name of Optionee
:
Address of Optionee
:
Taxpayer Identification
Number:
Number of Options
:
Exercise Price per Share
:
Incentive Stock Options
OR
Non-Qualified Stock
Options        Date of Grant:
Expiration Date:
STOCK OPTION AGREEMENT
The undersigned, TAYLOR DEVICES, INC., a New York corporation with offices at
90 Taylor Drive, North Tonawanda, New York 14120 (the "Company") and the
above named Optionee, an individual residing at the address shown in the above,
hereby enter into this STOCK OPTION AGREEMENT effective as of the Date of Grant
(the "Agreement"), as stated above, upon the Terms and Conditions attached
hereto and expressly incorporated into this Agreement (the "Terms and
Conditions").
TAYLOR DEVICES, INC.
By:
Douglas P. Taylor, President
The undersigned Optionee hereby agrees to the Terms and Conditions, and
acknowledges receipt from the Company of a copy of the 2005 Taylor Devices, Inc.
Stock Option Plan.
OPTIONEE:
[NAME]
TERMS AND
CONDITIONS
OF
2005 TAYLOR
DEVICES, INC. STOCK OPTION PLAN
Optionee is an [employee/director] of the Company.  The Compensation
Committee of the Company (the "Committee") has determined that the Optionee is a
key employee of the Company, or has otherwise met the criteria necessary for the
grant of options under the 2005 Taylor Devices, Inc. Stock Option Plan (the
"Plan").  The Plan was adopted by the Board of Directors of the Company and
approved by shareholders on November 11, 2005.  The Committee has elected
to grant options to the Optionee, which options shall be exercised in accordance
with this Agreement and the Plan; and
Optionee wishes to accept this
grant.
NOW,
THEREFORE,
the Company and the Optionee agree as
follows:
1.
Grant of
Options
.  By this Agreement, the Company grants to the Optionee, and
the Optionee accepts from the Company as of the date of this Agreement, on the
terms and conditions set forth herein, options (individually or collectively
referred to as the "Options") to purchase the number of shares of its Common
stock, $0.025 par value (the "Common Stock"), at the purchase price per share,
set forth above in the Summary of Option Grant.  As specified in such
Summary of Option Grant, the Options are either Incentive Stock Options, or
Non-Qualified Stock Options which will not be treated as "Incentive Stock
Options" under the Internal Revenue Code of 1986, as amended (the "Code"). 
As provided in the Plan, to the extent that the aggregate fair market value
(determined as of the Grant Date) of Common Stock with respect to which Options
are exercisable for the first time by Optionee during any calendar year (under
all plans of the Company and its Subsidiaries) exceeds one hundred thousand
dollars ($100,000), the Options or portions thereof which exceed such limit
(according to the order in which granted) shall be treated as Non-Qualified
Stock Options notwithstanding any inconsistent designation in the Summary of
Option Grant.
The
Options are issued under and subject to all of the terms and conditions of the
Plan. The Plan, except as expressly modified by the provisions set forth in this
Agreement, is hereby incorporated by reference into this Agreement.  Terms
defined in the Plan and not otherwise defined in this Agreement shall have the
meanings set forth in the Plan.
2.
Term of Option
. 
The Options shall terminate on and shall not be exercisable after the Expiration
Date set forth above in the Summary of Option Grant and in no event more than
ten (10) years after the Date of Grant.  In the event that the Options
shall be designated as Incentive Stock Options and granted to a more than ten
percent (10%) shareholder of the Company, the Options shall terminate not later
than five (5) years after the Date of Grant, as set forth in this
Agreement.  Except as provided herein, the Options may be exercised only
during the continuance of the Optionee's employment with the Company.
a.         An Option held by an Optionee
whose employment is terminated due to becoming Permanently and Totally Disabled
shall terminate (i) in the case of an Incentive Stock Option, one year after the
date of termination of employment, and (ii) in the case of a Non-Qualified Stock
Option, upon its expiration date.
b.         An Option held by an Optionee
whose employment is terminated due to death or who dies within three months
after termination of employment shall terminate (i) in the case of an Incentive
Stock Option, one year after the date of termination of employment, and (ii) in
the case of a Non-Qualified Stock Option, within one year from the date the
Optionee's death, and the Option shall be exercisable within such period of one
year by the executor or administrator of the Optionee's estate or by the person
to whom the Optionee shall have transferred such right by last will and
testament or by the laws of descent or distribution.
c.         An Incentive Stock Option or
a Non-Qualified Stock Option held by an Optionee whose employment terminates for
cause, as determined by the Committee, shall expire immediately upon the date of
termination unless some other expiration date is fixed by the
Committee.
d.         An Option held by an Optionee
whose employment terminates for any reason other than those specified in
subsection (a), (b), or (c) above shall expire (i) in the case of an Incentive
Stock Option, three months after the date of termination of employment, and (ii)
in the case of a Non-Qualified Stock Option, unless another date is fixed by the
Committee, eighteen months after the date of termination.
e.         The foregoing
notwithstanding, no Option shall be exercisable after its expiration
date.
Whether an authorized leave of absence or an absence for military or
governmental service shall constitute termination of employment for purposes of
the Plan shall be determined by the Committee, which determination shall be
final, conclusive, and binding upon the affected Optionee and any person
claiming under or through such Optionee.
3.
Exercise of
Options
.  The Optionee shall exercise all or any part of the vested
Options by giving written notice to the Company, in such form as the Committee
shall have prescribed or approved, of such election and of the number of shares
he or she has elected to purchase.  The purchase price per share of the
Options shall be the price set forth in the Summary of Option Grant above. 
The full purchase price of the stock as to which the Options are being exercised
shall be paid in cash; provided, however, that in lieu of cash, with the
approval of the Committee at or prior to exercise, an Optionee may exercise his
or her Options by tendering to the Company shares of Common Stock owned by him
or her pursuant to Section 9(b) of the Plan.
4.
Shareholder
Rights
.  Neither the Optionee nor any transferee under this Agreement
shall have any rights as a shareholder with respect to any shares subject to
Options until the date a stock certificate is issued evidencing ownership of
such shares.  The Company shall deliver to the Optionee a certificate
representing the shares as to which options have been exercised as soon as
administratively feasible following such exercise.
5.
Non-Transferability
.  Options shall not be assignable or
transferable by the Optionee other than by will or the laws of descent and
distribution. During the lifetime of an Optionee, the Options shall be
exercisable only by such Optionee.  Any transfer of Options attempted in
violation of this Agreement shall be void.
6.
Compliance with Securities
Laws
.  No Options shall be exercisable in whole or in part if at any
time the Committee or the Board of Directors, as the case may be, shall
determine, in its discretion, that the listing, registration, or qualification
of the shares subject to such Options on any securities exchange or under any
applicable law, or the consent or approval of any government regulatory body, is
necessary or desirable as a condition of or in connection with the granting of
such Options or the issue of shares thereunder unless such listing,
registration, qualification, consent, or approval shall have been effected or
obtained free of any conditions not acceptable to the Board.  If a
registration statement under the Securities Act of 1933 with respect to shares
issuable upon exercise of any Options is not in effect at the time of exercise,
the person exercising such Option shall give the Committee a written statement,
satisfactory in form and substance to the Committee, that he or she is acquiring
the shares for his or her own account for investment and not with a view to
their distribution, and the Company may place upon any stock certificate for
shares issuable upon exercise of such Options such legend as the Committee may
prescribe to prevent disposition of the shares in violation of the Securities
Act of 1933 and any other applicable law.
7.
Reporting
.  In
the event the Optionee disposes of the shares acquired from the Options and, as
a result of the disposition, recognizes ordinary income, the Optionee shall give
written notice to the Company, as soon as reasonably practicable, of such
disposition and the amount taxable as ordinary income to the Optionee as a
result of the disposition.
8.
Notices
.  All
notices provided for under this Agreement shall be in writing and shall be
delivered by hand or sent by certified mail to the addresses specified in the
Summary of Option Grant above or to such other addresses that the respective
parties may designate in writing.
9.
No Right to
Employment
.          
Nothing contained in this Agreement, nor the granting of any Options to the
Optionee hereunder, shall constitute or be evidence of any agreement or
understanding, express or implied, on the part of the Company to employ or
continue employment of Optionee for any specific period.
10.
Interpretation
.  This
Agreement shall be governed by and construed under the laws of the State of New
York, without reference to conflict-of-laws principles. All decisions and
interpretations made by the Committee or the Board of Directors with respect to
any question arising under this Agreement or the Plan shall be conclusive and
binding upon the Optionee.
11.
Amendment
.  No term,
condition, understanding or agreement purporting to modify the terms of this
Agreement shall be binding unless made in writing and signed by both parties
hereto.
12.
Waiver
.  No failure of
a party to exercise any power given to it under this Agreement or to insist upon
strict compliance with any obligation or condition thereunder, and no custom or
practice of the parties at variance with the terms hereof shall constitute a
waiver by such party of its rights to demand exact compliance with the terms of
this Agreement.
13.
Binding on Heirs,
etc
.  This Agreement shall inure to the benefit of and be binding upon
the Company and its successors and the Optionee and his or her heirs, executors
and administrators.
Exhibit 5
Legality Opinion and
Consent
April 17, 2006
Taylor Devices, Inc.
90 Taylor
Drive
PO Box 748
North Tonawanda, New York 14120-0748
Attention: 
Douglas P. Taylor, President and CEO
Re:            2005
Taylor Devices, Inc. Stock Option Plan
Ladies and Gentlemen:
We have represented Taylor Devices, Inc. (the "Company") in connection with the
issuance by the Company of up to 140,000 shares of its Common stock, par value
$0.025 per share (the "Stock"), subject to options to be granted ("Stock
Options") pursuant to the 2005 Taylor Devices, Inc. Stock Option Plan (the
"Plan").  This opinion is being submitted at your request for use as an
Exhibit to the Company's Registration Statement on Form S-8 in accordance with
the Securities Act of 1933 (the "Act"), which Registration Statement is to be
filed with the Securities and Exchange Commission (the "SEC") on or about April
17, 2006 (the "Registration Statement").
In preparing this opinion, we examined (1) the Plan; (2) the Company's
Certificate of Incorporation and By-laws, each as amended; (3) the Annual Report
on Form 10-KSB for the fiscal year ended May 31, 2005; (4) the Current Report on
Form 8-K dated July 29, 2005; (5) the Quarterly Reports on Forms 10-QSB for the
fiscal quarters ended August 31, 2005, November 30, 2005 and February 28, 2006;
(6) the Proxy Statement, dated September 27, 2005, mailed to shareholders in
connection with the Annual Meeting of Shareholders held on November 11, 2005;
(7) the resolutions of the Board of Directors approving the Plan, dated August
2, 2005; (8) the Issuer Statement on Form M-11 filed with the New York
Department of Law on January 25, 1999, renewed effective January 25, 2003 and
supplemented by statements on Form M-3 filed on or about March 31, 2004 and
March 9, 2006 (collectively, the "Reviewed Documents"), and such questions of
law as we have deemed necessary or appropriate.
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;
(b) on the dates of exercise, the Stock Options (i) will have been duly granted
in accordance with the Plan; (ii) will constitute the legal, valid, and binding
obligations of the Company; and, (iii) subject to applicable bankruptcy,
insolvency and other laws affecting the enforceability of creditors' rights
generally, will be enforceable as to the Company in accordance with the terms of
the Plan; and
(c) no change occurs in the applicable law or the pertinent facts,
it is our opinion that the Stock are duly
authorized and, when the Stock Options are exercised in accordance with their
terms and the terms of the Plan, the Stock will be validly issued, fully paid
and nonassessable.
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 our 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 of the Rules and Regulations of the SEC thereunder.
Very truly
yours,
/s/ Hiscock & Barclay, LLP
Exhibit 23.1
Consent of Lumsden &
McCormick, LLP
[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 July 22, 2005, which appears on
page 23 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,
2005.
LUMSDEN &
              McCORMICK, LLP
Buffalo, New York
April 17,
            2006