TRANSCAT INC — Director's Dealing 2003

Jul 24, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TRANSCAT INC (TRNS)
CIK: 0000099302
Period of Report: 2003-07-22

Reporting Person: KLIMASEWSKI ROBERT G (Director)

Footnotes

F1: Automatic grant pursuant to the Transcat, Inc. Directors' Stock Plan in a transaction exempt under Rule 16b-3. For awards granted after 4/1/02, Mr. Klimasewski has elected to defer receipt of all of the shares credited to his participant stock account under the Directors' Stock Plan until the expiration of the deferral period, at which time the shares will be issued pursuant to the terms of his prior election.

F2: Mr. Klimasewski also directly owns the following stock options (all of which were previously reported): an option to purchase 20,000 shares at $3.785, which option expires on 10/27/03, and an option to purchase 200,000 shares at $2.4062, which option is exercisable in cumulative increments of 50,000 shares on various dates and under various circumstances; to the extent the market price requirements are not met, the option becomes exercisable on 12/17/03 and expires on 12/16/04. Mr. Klimasewski also directly owns a non-transferable warrant (which was previously reported) to purchase 4,000 shares at $.97, exercisable in cumulative increments of 1,000 shares on various dates and under various circumstances; to the extent the market price requirements are not met, the warrant becomes exercisable on 8/20/06 and expires on 8/19/07.